Investment Rating - The investment rating for the company is "Buy" (maintained) [2][10]. Core Views - The company achieved significant growth in Q3 2024, with a year-on-year increase in net profit attributable to shareholders of 60.9% and a quarter-on-quarter increase of 25.3% [3][4]. - The smart driving domain controller is expected to support rapid growth in the smart driving business, with mass production already underway for major clients such as Li Auto and Zeekr [4]. - The company has secured new project orders from mainstream clients like Toyota and Great Wall, indicating a strong demand for its products [4]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 18.975 billion yuan, a year-on-year increase of 31.1%, and a net profit of 1.407 billion yuan, up 46.5% year-on-year [3]. - In Q3 2024 alone, the company achieved revenue of 7.282 billion yuan, a 26.7% increase year-on-year, and a net profit of 568 million yuan, reflecting a 60.9% year-on-year growth [3]. - The net profit margin improved to 7.84% in Q3 2024, an increase of 1.71 percentage points year-on-year [4]. Future Earnings Forecast - The company is expected to achieve total revenue of 28.121 billion yuan in 2024, with a year-on-year growth rate of 28%, and a net profit of 2.140 billion yuan, reflecting a growth rate of 38% [5][8]. - Projections for 2025 and 2026 indicate continued revenue growth, with expected revenues of 34.872 billion yuan and 41.702 billion yuan, respectively, and net profits of 2.881 billion yuan and 3.690 billion yuan [8][10].

证券研究报告·公司点评报告·软件开发 德赛西威（002920） 2024 年三季报点评：非经营科目压制不减高 业绩兑现度，业绩再超预期 2024 年 11 月 01 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|-------|-------|-------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 14933 | 21908 | 28511 | 36938 | 46173 | | 同比（ % ） | 56.05 | 46.71 | 30.14 | 29.56 | 25.00 | | 归母净利润（百万元） | 1185 | 1547 | 2290 | 3079 | 3963 | | 同比（ % ） | 42.22 | 30.57 | 48.07 | 34.43 | 28.71 | | EPS- 最新摊薄（元 / 股） | 2.13 | 2.79 | 4 ...

Investment Rating - The report maintains a "Buy" rating for the company, Desay SV, indicating a strong expectation for performance exceeding the market by over 20% [4][13]. Core Insights - Desay SV's Q3 2024 results significantly exceeded expectations, with revenue of 73 billion yuan and a non-net profit of 6.6 billion yuan, surpassing prior forecasts by 32% [4][8]. - The company's revenue for the first three quarters reached 189.8 billion yuan, a year-on-year increase of 31.1%, while net profit grew by 46.5% to 14.1 billion yuan [4][8]. - The improvement in performance is attributed to stable gross margins in the ADAS business and enhanced research and sales efficiency [4][8]. Financial Performance Summary - For Q3 2024, the gross margin was reported at 20.9%, an increase of 2.2 percentage points year-on-year, with cash flow implied gross margin at 16.4%, up 4.7 percentage points [5][9]. - The company anticipates continued growth in ADAS revenue, driven by key model shipments and increased sales of cockpit domain controllers [4][8]. - The forecast for total revenue from 2024 to 2026 is 270.2 billion, 340.3 billion, and 422.7 billion yuan, respectively, with net profits projected at 22.49 billion, 28.33 billion, and 35.35 billion yuan [4][13]. Operational Insights - The company is expected to expand production capacity following a planned 4.5 billion yuan capital increase aimed at capacity expansion and R&D projects [6][12]. - The cash flow and balance sheet analysis indicates a significant increase in construction investments, with cash reserves decreasing to 620 million yuan from 1.276 billion yuan at the end of 2023 [6][12]. - The report highlights Desay SV's competitive advantages in the ADAS sector, emphasizing its technological and manufacturing strengths for international expansion [4][13].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in net profit attributable to shareholders, exceeding expectations, showcasing its leading position in the automotive intelligence supply sector [3][4] - The company has experienced rapid growth in sales of models equipped with its products, leading to a substantial performance increase [3] - The company is expanding its international presence, having entered markets in Europe, Southeast Asia, Japan, and North America, with plans for a capital increase to support production capacity and R&D projects [5] Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 18.975 billion yuan, a year-on-year increase of 31.13%, and a net profit attributable to shareholders of 1.407 billion yuan, up 46.49% [3] - The third quarter of 2024 saw operating revenue of 7.282 billion yuan, a year-on-year increase of 26.74%, with a net profit of 568 million yuan, reflecting a 60.90% increase [3] - The company's gross profit margin for the first three quarters was 19.34%, 21.25%, and 20.91%, indicating a continuous improvement in profitability [4] - The company’s projected net profits for 2024-2026 are 2.259 billion, 3.006 billion, and 3.734 billion yuan, respectively, with corresponding EPS of 4.07, 5.42, and 6.73 yuan per share [3][6] Market Expansion and Future Outlook - The company is accelerating its internationalization efforts, with a new technology park in Europe and ongoing expansion into international markets [5] - The introduction of new products, including the IPU14 smart driving domain controller and other advanced technologies, is expected to enhance the company's product portfolio [5] - A planned capital increase of up to 4.5 billion yuan aims to support capacity expansion and the development of integrated cockpit platforms [5]

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 122.46 CNY per share, corresponding to a PE ratio of 33 for 2024 [4]. Core Insights - The company reported a revenue of 18.975 billion CNY for the first three quarters of 2024, representing a year-on-year increase of 31.13%. The net profit attributable to shareholders reached 1.407 billion CNY, up 46.49% year-on-year, with a significant increase in the net profit margin [2]. - The company is focusing on product innovation, particularly in high-level intelligent driving and integrated cockpit solutions, showcasing new products that leverage advanced technologies [2]. - A planned capital increase aims to raise up to 4.5 billion CNY to support capacity expansion and R&D projects, which is expected to enhance the company's long-term growth prospects [2]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 7.282 billion CNY, a year-on-year increase of 26.74% and a quarter-on-quarter increase of 20.48%. The net profit for the same period was 568 million CNY, reflecting a year-on-year growth of 60.90% [2]. - The gross profit margin for Q3 2024 was 20.91%, an increase of 2.20 percentage points year-on-year, while the net profit margin reached 7.80%, up 1.65 percentage points year-on-year [2]. - The company forecasts revenues of 28.231 billion CNY, 34.107 billion CNY, and 40.222 billion CNY for 2024, 2025, and 2026 respectively, with net profits projected at 2.085 billion CNY, 2.652 billion CNY, and 3.178 billion CNY for the same years [3][5].

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company's Q3 2024 profit exceeded expectations, with a revenue of 7.282 billion yuan, representing a year-on-year growth of 26.74%, and a net profit attributable to shareholders of 568 million yuan, up 60.90% year-on-year [1]. - The revenue growth is healthy and robust, while the profit growth is significantly above expectations, with a non-recurring net profit growth of 96.11% [1][2]. - The gross margin remains stable, reflecting a stabilizing competitive landscape in the automotive industry, further solidifying the company's leading position [1]. - Effective cost control has led to a reduction in selling, administrative, and R&D expense ratios compared to the same period in 2023, showcasing the company's management capabilities [2]. Financial Summary - For 2024E, the company is expected to achieve a net profit of 2.144 billion yuan, with corresponding P/E ratios of 32x, 25x, and 20x for 2024E, 2025E, and 2026E respectively [2][3]. - The company's revenue is projected to grow from 21.908 billion yuan in 2023 to 28.580 billion yuan in 2024, with a year-on-year growth rate of 30.5% [3][11]. - The net profit is expected to increase from 1.547 billion yuan in 2023 to 2.144 billion yuan in 2024, reflecting a year-on-year growth rate of 38.6% [3][11]. - The latest diluted EPS is projected to be 3.86 yuan for 2024, increasing to 4.91 yuan in 2025 and 6.08 yuan in 2026 [3][11].

Revenue and Profit Growth - Revenue for the third quarter reached RMB 7.28 billion, a year-on-year increase of 26.74%[2] - Net profit attributable to shareholders of the listed company for the third quarter was RMB 568.39 million, up 60.90% year-on-year[2] - Total revenue for the first nine months of 2024 was RMB 18.97 billion, a 31.13% increase compared to the same period last year[2] - Net profit attributable to shareholders for the first nine months was RMB 1.41 billion, up 46.49% year-on-year[2] - Total revenue for the period reached 18,974,765,447.01 RMB, up from 14,470,391,710.46 RMB in the previous period, indicating strong revenue growth[15] - Net profit attributable to the parent company's owners increased to 5,466,047,466.49 RMB from 4,525,509,117.22 RMB, showing improved profitability[14] - Net profit attributable to parent company shareholders reached 1,406,806,972.61 yuan, an increase of 46.5% compared to the same period last year[16] - Revenue from sales of goods and services reached 19,883,026,667.72 yuan, up 49.1% from the previous year[18] - Basic earnings per share rose to 2.55 yuan, a 46.6% increase compared to the same period last year[17] - The company's total comprehensive income reached 1,412,947,153.28 yuan, representing a 47.6% year-over-year growth[17] Cash Flow and Financial Position - Operating cash flow for the first nine months was RMB 839.04 million, a 94.35% increase compared to the same period last year[2] - Operating cash flow increased by 94.35% to 839,035,141.40 RMB in the first nine months of 2024, driven by increased sales and customer repayments[8] - Investment cash flow decreased by 146.22% to -1,001,798,333.54 RMB due to increased cash outflows for fixed asset purchases[8] - Financing cash flow decreased by 211.16% to -393,568,388.09 RMB, mainly due to reduced borrowing and increased dividend payments[8] - Operating cash flow increased by 94.3% year-over-year to 839,035,141.40 yuan[18] - Investment cash outflow increased by 62.4% to 1,184,774,440.21 yuan, mainly due to increased capital expenditures[19] - Cash and cash equivalents decreased by 555,776,555.27 yuan, primarily due to increased investment activities[19] Asset and Liability Changes - Total assets as of September 30, 2024, were RMB 19.32 billion, a 7.25% increase from the end of the previous year[2] - Short-term borrowings increased by 53.41% to RMB 308.80 million due to higher bank loans[6] - Contract liabilities surged by 101.23% to RMB 694.16 million, reflecting an increase in advance payments[6] - Monetary funds decreased to 615,922,634.96 RMB at the end of the period from 1,275,610,667.54 RMB at the beginning[12] - Accounts receivable increased to 8,635,167,055.21 RMB from 7,168,091,903.87 RMB, reflecting growth in receivables[12] - Inventory increased to 4,002,507,642.12 RMB from 3,259,942,818.97 RMB, indicating higher stock levels[12] - Total current assets increased to 14,571,902,722.99 RMB from 13,675,161,455.51 RMB, showing overall growth in liquid assets[12] - Fixed assets slightly increased to 2,106,062,534.59 RMB from 2,099,727,457.39 RMB, reflecting ongoing capital investments[12] - Total assets increased to 19,319,287,484.02 RMB from 18,014,086,502.65 RMB, reflecting growth in the company's asset base[13] - Short-term borrowings grew to 308,798,896.47 RMB from 201,293,456.06 RMB, reflecting increased short-term financing needs[13] - Contract liabilities increased significantly to 694,159,112.39 RMB from 344,952,727.29 RMB, indicating higher advance payments from customers[13] - Total liabilities rose to 10,243,842,275.29 RMB from 9,953,950,597.00 RMB, reflecting an increase in the company's financial obligations[13] - Intangible assets grew to 428,623,561.50 RMB from 397,795,112.39 RMB, suggesting increased investment in intellectual property and other intangible assets[13] - Total assets increased by 12.8% compared to the beginning of the year, reaching 13.56 billion yuan[18] Investment and R&D - The company's investment in construction projects increased significantly, with the value of construction in progress rising by 255.38% to RMB 591.84 million[6] - Research and development expenses rose to 1,651,320,904.19 RMB, compared to 1,379,298,376.37 RMB in the prior period, highlighting increased investment in innovation[15] - R&D investment increased significantly, with cash payments for fixed assets and intangible assets reaching 1,000,414,440.21 yuan, up 59.1% year-over-year[19] Shareholder and Equity Information - Guangdong Desay Group Co., Ltd. holds 28.31% of the company's shares, totaling 157,106,250 shares[9] - Huizhou Innovation Investment Co., Ltd. holds 26.49% of the company's shares, totaling 147,012,350 shares[9] - The company's equity attributable to the parent company's owners increased to 8,955,958,033.81 RMB from 7,952,283,330.30 RMB, reflecting growth in shareholder value[14] Financial Expenses and Other Income - Financial expenses rose sharply by 233.68% to RMB 87.85 million, mainly due to increased foreign exchange losses[7] - Other comprehensive income decreased to 124,284,932.32 RMB from 128,632,630.69 RMB, indicating a slight decline in non-operating income[14] - The company's operating profit margin improved to 7.35%, up from 6.89% in the same period last year[16]

关于公司 2024 年 1-9 月计提资产减值准备的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 惠州市德赛西威汽车电子股份有限公司（以下简称"公司"）于 2024 年 10 月 30 日召开的第四届董事会第四次会议、第四届监事会第四次会议审议通 过了《关于公司 2024 年 1-9 月计提资产减值准备的议案》，根据《深圳证券 交易所股票上市规则》等法律法规、规范性文件及《公司章程》等相关规定， 本次事项无需提交股东大会审议。具体内容公告如下： 一、本次计提信用与资产减值准备的概述 （一）本次计提信用与资产减值准备的原因 惠州市德赛西威汽车电子股份有限公司 证券代码：002920 证券简称：德赛西威 公告编号：2024-069 惠州市德赛西威汽车电子股份有限公司 根据《企业会计准则》、《深圳证券交易所股票上市规则》相关规定的要求， 为了更加客观、真实、准确地反映公司截止 2024 年 9 月 30 日的资产状况和财务 状况，基于谨慎性原则，按照《企业会计准则》和公司相关会计处理规定，公司 及合并报表范围内各公司对 2024 年 9 月 30 日所属资产 ...

惠州市德赛西威汽车电子股份有限公司 证券代码：002920 证券简称：德赛西威 公告编号：2024-067 惠州市德赛西威汽车电子股份有限公司 第四届董事会第四次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、董事会会议召开情况 惠州市德赛西威汽车电子股份有限公司（以下简称"公司"）第四届董事会第四次 会议通知于 2024 年 10 月 21 日以电子邮件的形式发出，并于 2024 年 10 月 30 日以现 场及通讯表决方式召开。本次会议由公司董事长高大鹏先生召集并主持，应到董事 9 人，实到 9 人，其中董事徐建先生和独立董事熊明良先生、罗中良先生以通讯方式参 加。本次会议的召集和召开符合《公司法》等法律、行政法规、规范性文件以及《公 司章程》的规定。 二、会议审议情况 （一）审议通过《关于公司 2024 年第三季度报告的议案》 表决结果：9 票赞成，0 票反对，0 票弃权。表决结果：通过 具体内容详见公司于同日在《证券日报》、《证券时报》、《上海证券报》、《中国证 券报》和巨潮资讯网（www.cninfo.com.cn）上披露的公司《202 ...

惠州市德赛西威汽车电子股份有限公司 证券代码：002920 证券简称：德赛西威 公告编号：2024-068 惠州市德赛西威汽车电子股份有限公司 二、会议审议情况 第四届监事会第四次会议决议公告 （一）审议通过《关于公司 2024 年第三季度报告的议案》 经审核，监事会认为：董事会编制和审核《公司 2024 年第三季度报告》的程序 符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了公司 的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 表决结果：3 票赞成，0 票反对，0 票弃权。表决结果：通过 一、监事会会议召开情况 惠州市德赛西威车电子股份有限公司（以下简称"公司"）第四届监事会第四次会 议通知于 2024 年 10 月 21 日以电子邮件的形式发出，并于 2024 年 10 月 30 日在公司 会议室召开。本次会议由公司监事会主席余孝海先生召集并主持，应到监事 3 人，实 到 3 人。本次会议的召集和召开符合《公司法》等法律、行政法规、规范性文件以及 《公司章程》的规定。 公司第四届监 ...