公 司 报 告 证 券 研 究 报 告 2024年08月27日 计算机 推荐 ( 维持) 事项： 股价:89.76元 平安观点： 行情走势图 研究助理 主要数据 | --- | --- | |-------------------|-----------------------------| | 行业 | 计算机 | | 公司网址 | www.desaysv.com | | 大股东/持股 | 广东德赛集团有限公司/28.31% | | 实际控制人 | | | 总股本(百万股) | 555 | | 流通A股(百万股) | 552 | | 流通B/H股(百万股) | | | 总市值(亿元) | 498 | | 流通A股市值(亿元) | 495 | | 每股净资产(元) | 15.07 | | 资产负债率(%) | 50.8 | 闫磊 投资咨询资格编号 S1060517070006 YANLEI511@pingan.com.cn 黄韦涵 投资咨询资格编号 S1060523070003 HUANGWEIHAN235@pingan.com.cn | --- | --- | --- | --- | --- | --- | ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 116.16 CNY from the previous 154.98 CNY [4][5]. Core Insights - The company has demonstrated strong revenue growth, with a 34.0% year-on-year increase in H1 2024 revenue, reaching 11.69 billion CNY, and a 38.1% increase in net profit attributable to shareholders, amounting to 840 million CNY [4]. - The company is benefiting from the demand for intelligent products driven by technological advancements and the trend of international expansion [4]. - The gross margin for Q2 improved to 21.3%, up 1.0 percentage points year-on-year, attributed to optimized product and customer structure [4]. Summary by Sections Financial Performance - H1 2024 revenue was 11.69 billion CNY, a 34.0% increase year-on-year, while net profit was 840 million CNY, up 38.1% [4]. - Q2 2024 revenue reached 6.05 billion CNY, reflecting a 27.5% year-on-year increase and a 7.0% quarter-on-quarter increase, with net profit of 450 million CNY, a 64.1% year-on-year increase [4][10]. Cost Management - Q2 2024 gross margin was 21.3%, with significant cost reduction achievements reflected in the overall expense ratio, which decreased year-on-year [4]. International Expansion - The company is actively pursuing an internationalization strategy, with the establishment of a new technology park in Germany and an office in Paris to enhance local service capabilities [4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 134.90 CNY [2][4] Core Insights - The company's performance met expectations, with a revenue of 11.692 billion CNY in the first half of the year, representing a year-on-year growth of 34.0%. The net profit attributable to the parent company was 838 million CNY, up 38.1% year-on-year [1][2] - The gross margin improved in the second quarter, reaching 21.3%, a year-on-year increase of 1.0 percentage points, attributed to the enhanced gross margin of smart driving products and an increase in the proportion of connected services [1] - The smart cockpit business continues to expand in both domestic and international markets, generating revenue of 7.965 billion CNY, a year-on-year increase of 27.4% [1] - The intelligent driving and connected services business maintained rapid growth, with revenues of 2.667 billion CNY and 1.060 billion CNY, respectively, reflecting year-on-year growth of 45.1% and 66.9% [1] Financial Summary - The company achieved a net cash flow from operating activities of 615 million CNY, a year-on-year increase of 103.4% [1] - The forecasted EPS for 2024-2026 is 3.55 CNY, 4.49 CNY, and 5.65 CNY, respectively, with an average PE of 38 times for comparable companies in 2024 [2][3] - The gross margin for 2023 is projected to be 20.4%, with a net profit margin of 7.1% [3][4]

Group 1: Financial Performance - In the first half of 2024, the company achieved revenue of 11.692 billion CNY, a year-on-year increase of 34.02% [4] - The net profit attributable to shareholders was 838 million CNY, reflecting a growth of 38.11% compared to the previous year [4] Group 2: Business Expansion and Internationalization - The company is actively pursuing a localization strategy in international markets, with the establishment of a new technology park in Weimar, Germany, and an office in Paris, France [4] - A smart factory project has been initiated in Spain to enhance local production capabilities and reduce delivery times [4] Group 3: Product Development and Market Position - The high-performance intelligent driving domain controller has been mass-produced for clients such as Li Auto and Zeekr, with new project orders from major automotive manufacturers like Toyota and Great Wall [4] - The third-generation intelligent cockpit domain controller has also been mass-produced for various clients, including Chery and GAC, with significant market growth [5] Group 4: Competitive Advantages - The company is enhancing its competitive edge through a comprehensive product matrix, agile iterations, and diverse collaboration models [5] - Strong technical reserves, highly automated manufacturing systems, recognized quality control capabilities, and robust information security measures contribute to the company's overall competitiveness [5]

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 129.85 CNY for 2024, based on a PE ratio of 35X [2][3]. Core Insights - The company is positioned as a leader in the domestic domain controller market, benefiting from the high demand for automotive intelligence and the ongoing construction of overseas factories to enhance revenue [2][36]. - The company has achieved significant revenue growth, with a projected increase in revenue from 285.70 billion CNY in 2024 to 442.80 billion CNY in 2026, alongside a steady rise in net profit [2][36]. - The collaboration with NVIDIA has strengthened the company's position in the intelligent driving sector, enabling the development of advanced domain controllers [31][34]. Summary by Sections Company Overview - The company has evolved from a focus on automotive audio systems to becoming a leader in intelligent automotive electronics, particularly in smart cockpits and intelligent driving [8][11]. - The ownership structure is stable, with significant shares held by local state-owned enterprises [9]. Market Demand and Policy Support - The demand for intelligent automotive products is increasing, driven by supportive government policies aimed at enhancing the penetration of smart vehicles [19][20]. - The market for autonomous driving is projected to grow significantly, with the scale of the market expected to reach 3,832 billion CNY by 2024 [22]. Product Development and Innovation - The company has launched differentiated smart cockpit solutions and has established a comprehensive product matrix, including collaborations with Qualcomm and self-developed platforms [29][34]. - The intelligent driving segment has seen rapid growth, with new project orders contributing to a significant increase in revenue [13][36]. Financial Performance - The company reported a revenue of 21.91 billion CNY in 2023, a 46.71% increase year-on-year, with a compound annual growth rate of 47.70% from 2020 to 2023 [13][36]. - The gross margin for the intelligent driving segment has faced pressure due to increased competition, but overall financial stability is maintained [15][17]. Global Expansion - The company has successfully penetrated international markets, securing new project orders from major clients such as AUDI and TATA MOTORS, with overseas revenue reaching 1.64 billion CNY in 2023 [34]. - The establishment of new factories in Mexico and plans for expansion in Europe are expected to enhance production capacity and support growth in overseas markets [34].

Investment Rating - The investment rating for the company is "Buy" (maintained) as of August 22, 2024 [1] Core Insights - The company achieved a revenue of 11.692 billion yuan in H1 2024, representing a year-on-year increase of 34%. The net profit attributable to the parent company was 838 million yuan, up 38.1% year-on-year, with a non-recurring net profit of 790 million yuan, increasing by 49.7% [2][3] - The growth was driven by the enhancement of the company's smart cockpit and smart driving business competitiveness, the launch of new products and technologies, and the expansion of new customers and businesses [3] - The smart cockpit business generated 8 billion yuan in revenue, a 27% increase year-on-year, while the smart driving business achieved 2.7 billion yuan, up 45% year-on-year [3] Financial Performance Summary - In H1 2024, the company's gross profit margin was 20.33%, a decrease of 0.33 percentage points year-on-year, while the net profit margin was 7.24%, an increase of 0.29 percentage points year-on-year [3] - The smart cockpit business had a gross margin of 19.6%, down 0.02 percentage points year-on-year, and the smart driving business had a gross margin of 18.94%, up 1.93 percentage points year-on-year [3] - The company is expected to achieve total revenue of 28.1 billion yuan, 34.9 billion yuan, and 41.7 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 28%, 24%, and 20% [4][5] Business Development - The company is actively expanding its smart cockpit, smart driving, and connected services, which are expected to inject growth momentum into the business [3] - The third and fourth generation smart cockpit domain controllers have been mass-produced and received orders from multiple clients, including Li Auto and Geely. The company is also advancing new product business development, with body domain controllers and HUD products gaining new project orders [3] - The high-performance smart driving domain controllers have been mass-produced for clients such as Li Auto and Zeekr, and the company has signed strategic cooperation agreements to accelerate the deployment of next-generation integrated cockpit and driving platforms [3]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 110.60 CNY per share, reflecting a reasonable PE of 30 times for 2024 [4][13]. Core Insights - The company continues to demonstrate high growth, with a significant increase in revenue and net profit for the first half of 2024. Revenue reached 11.69 billion CNY, up 34.0% year-on-year, while net profit was 840 million CNY, up 38.1% year-on-year [2][10]. - The company has made substantial progress in international markets, particularly in Europe and India, with expectations for significant contributions to performance starting in 2026 [2][11]. - The report highlights the resilience of the company's gross margin, which improved in Q2 2024, driven by factors such as low-cost inventory procurement and scale effects [2][10]. Financial Performance Summary 2024 H1 Financial Data - Revenue: 11.69 billion CNY, up 34.0% YoY - Net Profit: 840 million CNY, up 38.1% YoY - Non-recurring Net Profit: 790 million CNY, up 49.7% YoY [7][10]. 2024 Q2 Financial Data - Revenue: 6.04 billion CNY, up 27.5% YoY - Net Profit: 450 million CNY, up 64.0% YoY - Non-recurring Net Profit: 420 million CNY, up 77.3% YoY [8][10]. Margin Analysis - Q1 2024 Gross Margin: 19.3% - Q2 2024 Gross Margin: 21.3%, showing a year-on-year increase of 1.0 percentage points [2][10]. Profit Forecast and Investment Recommendations - The company is expected to achieve net profits of 2.046 billion CNY, 2.651 billion CNY, and 3.759 billion CNY for 2024, 2025, and 2026, respectively [13][14]. - The report emphasizes the company's strong order backlog and successful business expansion, which are expected to drive future growth [13][14].

Investment Rating - The investment rating for the company is "Buy" (maintained) [6]. Core Insights - The company reported a significant increase in revenue and profit margins in Q2, with a year-on-year revenue growth of 34.02% and a net profit growth of 38.11% for the first half of 2024 [10]. - The company has a strong order backlog and is enhancing its platform capabilities, which lays a solid foundation for long-term growth [10]. Financial Performance Summary - In the first half of 2024, the company achieved a revenue of 11.692 billion yuan, with a year-on-year growth of 34.02%. The net profit attributable to shareholders was 838 million yuan, up 38.11% year-on-year [10]. - The company’s Q2 revenue was 6.045 billion yuan, reflecting a year-on-year increase of 27.50% and a quarter-on-quarter increase of 7.03% [10]. - The gross profit margin for Q2 was 21.25%, which is an increase of 0.96 percentage points year-on-year and 1.91 percentage points quarter-on-quarter [10]. - The company’s three main business segments—smart cockpit, intelligent driving, and connected services—reported revenues of 7.965 billion, 2.667 billion, and 1.060 billion yuan respectively, with year-on-year growth rates of 27.43%, 45.05%, and 66.90% [10]. Future Projections - Revenue projections for 2024, 2025, and 2026 are 28.319 billion, 35.421 billion, and 42.342 billion yuan respectively, with year-on-year growth rates of 29.26%, 25.08%, and 19.54% [11]. - The net profit attributable to shareholders is expected to be 2.111 billion, 2.728 billion, and 3.377 billion yuan for the same years, with growth rates of 36.49%, 29.24%, and 23.77% respectively [11]. - The earnings per share (EPS) are projected to be 3.80, 4.92, and 6.08 yuan per share for 2024, 2025, and 2026, indicating a compound annual growth rate (CAGR) of 29.73% over three years [10][11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported its 2024 mid-year results, achieving revenue of 11.7 billion yuan, a year-on-year increase of 34%, and a net profit attributable to shareholders of 840 million yuan, up 38% year-on-year, exceeding expectations [3] - The sales volume of core customers has increased, and the intelligent driving business is rapidly expanding, with significant contributions to revenue growth from both existing and new customers [3][4] - The gross margin for Q2 2024 was 21.3%, exceeding expectations, driven by scale effects from production capacity and new project mass production [3] Summary by Sections Financial Performance - For H1 2024, the intelligent cockpit business generated revenue of 8 billion yuan (up 27.4% YoY), while the intelligent driving business brought in 2.7 billion yuan (up 45.1% YoY) [3] - The company expects revenue for 2024-2026 to be 28.5 billion, 36.9 billion, and 46.2 billion yuan, respectively, with year-on-year growth rates of 30%, 30%, and 25% [4] - The net profit attributable to shareholders is forecasted to be 2.29 billion, 3.07 billion, and 3.95 billion yuan for 2024-2026, with growth rates of 48%, 34%, and 29% [4] Market Position and Strategy - The company is positioned as a leader in the intelligent driving components sector, accelerating its internationalization efforts with new facilities and offices in Europe [4] - The establishment of a new technology park in Germany and an office in Paris, along with a smart factory project in Spain, aims to enhance local production capabilities and responsiveness to market demands [4] Valuation Metrics - The current P/E ratio is 33.84, with projections of 22.85, 17.05, and 13.24 for the years 2024-2026 [2][10] - The company’s market capitalization is approximately 49.1 billion yuan, with a circulating A-share market value of about 48.8 billion yuan [6]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 133 CNY, compared to the current price of 94.30 CNY [2][3]. Core Views - The company's smart driving products have seen significant growth, leading to a high increase in performance, with revenue reaching 11.692 billion CNY, a year-on-year increase of 34.02%, and a net profit of 838 million CNY, up 38.11% [2][3]. - The smart cockpit business has successfully expanded its product categories, generating revenue of 7.965 billion CNY, a year-on-year increase of 27.43% [3]. - The company has secured new project orders from major clients, including Li Auto, Chery, and GAC, enhancing its market share in various international markets [3]. - The report highlights the positive impact of government policies and industry trends on the company's performance, particularly in the context of smart connected vehicles [3]. Financial Summary - For 2024, the company is projected to achieve total revenue of 28.136 billion CNY, with a growth rate of 28.4%, and a net profit of 2.107 billion CNY, reflecting a growth rate of 36.2% [4][10]. - The company's gross margin for the first half of 2024 is reported at 20.33%, with a net margin of 7.24%, indicating continuous improvement in cost efficiency [3]. - The operating cash flow for the first half of 2024 is 615 million CNY, an increase of 313 million CNY year-on-year [3].