| 日期 | 2025/3/18 | | --- | --- | | 当前股价(元) | 120.00 | | 一年最高最低(元) | 144.50/82.87 | | 总市值(亿元) | 665.95 | | 流通市值(亿元) | 663.76 | | 总股本(亿股) | 5.55 | | 流通股本(亿股) | 5.53 | | 近 3 个月换手率(%) | 75.79 | 伐谋-中小盘信息更新 德赛西威（002920.SZ） 智能驾驶业务快速增长，海外布局提速打开成长空间 2025 年 03 月 18 日 投资评级：买入（维持） 中小盘研究团队 任浪（分析师） 赵旭杨（分析师） renlang@kysec.cn 证书编号：S0790519100001 zhaoxuyang@kysec.cn 证书编号：S0790523090002 2024 年业绩稳健增长，营收三年复合增长率达到 42.38%彰显龙头实力 2024 年，公司实现营业收入 276.18 亿元，同比+26.06%，实现归母净利润 20.05 亿元，同比+29.62%；2024 年四季度，公司实现营业收入 86.43 亿元，同比+16.21%， ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Insights - The company is experiencing rapid growth in its intelligent driving business, with significant overseas expansion opening up growth opportunities [1][5] - In 2024, the company achieved a revenue of 27.618 billion yuan, a year-on-year increase of 26.06%, and a net profit attributable to shareholders of 2.005 billion yuan, up 29.62% year-on-year [3][6] - The company has a strong order backlog and competitive advantages, maintaining a robust growth outlook despite slight downward adjustments in profit forecasts for 2025-2026 [3][4] Financial Performance Summary - Revenue for 2024 is projected at 27.618 billion yuan, with a compound annual growth rate (CAGR) of 42.38% from 2021 to 2024 [3] - The company’s gross margin is 19.88%, and net margin is 7.31%, with a slight year-on-year decrease in gross margin [4][6] - The earnings per share (EPS) for 2025 is estimated at 4.90 yuan, with a price-to-earnings (P/E) ratio of 24.5 times [3][6] Business Segment Performance - The intelligent cockpit and intelligent driving segments generated revenues of 182.30 billion yuan and 73.14 billion yuan, respectively, with year-on-year growth of 15.37% and 63.08% [4] - The company has secured new project orders from well-known enterprises, contributing to a significant increase in overseas order scale, which exceeded 5 billion yuan, growing over 120% year-on-year [5] Market Position and Strategy - The company is positioned as a leading player in the intelligent automotive components sector, with a strong focus on expanding its international market presence [3][5] - The company is actively penetrating high-end and joint venture brands in the domestic market, enhancing its competitive edge [5]

公 司 报 告 股价:120元 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) | 553 | | 流通B/H股(百万股) | | | 总市值(亿元) | 666 | | 流通A股市值(亿元) | 664 | | 每股净资产(元) | 17.38 | | 资产负债率(%) | 54.5 | 行情走势图 证券分析师 计算机 2025年03月18日 德赛西威(002920.SZ) 核心业务驱动业绩增长，海外市场拓展成效明显 推荐 ( 维持) | 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 事项： 公司公告2024年年度报告。2024年，公司实现营业收入276.18亿元，同 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6]. Core Views - The company achieved a revenue of 27.618 billion yuan in 2024, representing a year-on-year growth of 26.06%, and a net profit attributable to shareholders of 2.005 billion yuan, up 29.62% year-on-year [4][12]. - The company plans to distribute a cash dividend of 12 yuan (including tax) for every 10 shares to all shareholders in 2024 [4][12]. - The company has a strong order backlog, with annualized sales from new project orders exceeding 27 billion yuan, including over 16 billion yuan from smart cockpits and nearly 10 billion yuan from smart driving [15]. Financial Performance - In Q4 2024, the company reported revenue of 8.643 billion yuan, a year-on-year increase of 16.21% and a quarter-on-quarter increase of 18.69%. The net profit for the same period was 598 million yuan, up 1.99% year-on-year and 5.22% quarter-on-quarter [4][12]. - The company's gross margin in Q4 2024 was 18.40%, a decrease of 3.14 percentage points year-on-year and 2.51 percentage points quarter-on-quarter [14]. - The company expects revenues for 2025-2027 to be 35.167 billion yuan, 43.770 billion yuan, and 53.213 billion yuan, with year-on-year growth rates of 27.33%, 24.46%, and 21.57%, respectively [15][16]. Financial Data and Valuation - The company’s total assets are projected to grow from 21.483 billion yuan in 2024 to 40.762 billion yuan in 2027 [21]. - The earnings per share (EPS) are expected to increase from 3.61 yuan in 2024 to 7.85 yuan in 2027, with a compound annual growth rate (CAGR) of 29.50% over three years [15][16]. - The price-to-earnings (P/E) ratio is projected to decrease from 34.3 in 2024 to 15.8 in 2027, indicating an improving valuation over time [16].

进一步统计，近3个月内该股累计发生65笔大宗交易，合计成交金额为4.06亿元。 德赛西威3月18日大宗交易平台共发生2笔成交，合计成交量73.44万股，成交金额8029.93万元。成交价 格均为109.34元，相对今日收盘价折价8.88%。从参与大宗交易营业部来看，机构专用席位共出现在1笔 成交的买方或卖方营业部中，合计成交金额为3000.29万元，净买入3000.29万元。 证券时报·数据宝统计显示，德赛西威今日收盘价为120.00元，下跌1.23%，日换手率为1.55%，成交额 为10.25亿元，全天主力资金净流出923.81万元，近5日该股累计下跌1.82%，近5日资金合计净流入 2034.29万元。 两融数据显示，该股最新融资余额为6.74亿元，近5日增加3495.62万元，增幅为5.47%。 机构评级来看，近5日共有9家机构给予该股评级，预计目标价最高的是华创证券，3月18日华创证券发 布的研报预计公司目标价为165.90元。（数据宝） 德赛西威发生2笔大宗交易 合计成交8029.93万元 | 成交量 （万 | 成交金额 | 成交价 | 相对当日收盘 | 买方营业部 | 卖方营业部 | | --- ...

公司点评报告 ·汽车行业 智驾业务蓬勃发展,国际化布局提速 2024 年年报业绩点评 2025 年 3 月 17 日 核心观点 国际化发展潜力十足,全球化开拓取得亮眼成绩,西班牙工厂 2026年投 ● 产深化智能化出海:2024年公司通过全方位推进国际化布局在全球市场取得 亮眼成绩，目前公司已获得 TATA MOTORS、VOLKSWAGEN、MAZDA、 STELLANTIS、SEAT、TOYOTA 、SKODA、VOLVO、FORD、AUDI、LEXUS、 SUZUKI 等国际知名车企的新项目订单,并成功突破白点客户 HONDA。2024 年公司境外收入仅为 17.08亿元,同比+3.89%,公司 2024年海外订单规模超 过 50 亿元,同比增幅超过 120%,国际化发展潜力十足。产能出海方面,公 司西班牙智能工厂已开工建设,预计 2025年底竣工,2026年开始向客户供应 智能座舱、智能驾驶等一系列智能化产品。全球化客户拓展叠加产能出海持续 石金漫 ☎：010-80927689 网: shijinman_yj@chinastock.com.cn 分析师登记编码：S0130522030002 研究助理 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][9]. Core Insights - The company has achieved impressive results in its international expansion, securing new project orders from renowned global automotive brands such as TATA MOTORS, VOLKSWAGEN, and TOYOTA, among others. The overseas revenue for 2024 reached 1.708 billion yuan, a year-on-year increase of 3.89%, with overseas order scale exceeding 5 billion yuan, reflecting a growth of over 120% [2]. - The smart driving business has significantly contributed to the company's revenue growth, with 2024 revenue from this segment reaching 7.314 billion yuan, a year-on-year increase of 63.06%, accounting for 26.48% of total revenue. The company has a robust order backlog, with annualized sales from new project orders nearing 10 billion yuan [6][9]. - The company is also expanding its production capacity internationally, with a smart factory in Spain under construction, expected to be completed by the end of 2025 and to start supplying smart cockpit and smart driving products in 2026 [2][6]. Financial Performance Summary - In 2024, the company achieved total revenue of 27.618 billion yuan, a year-on-year increase of 26.06%, and a net profit attributable to shareholders of 2.005 billion yuan, up 29.62% year-on-year. The earnings per share (EPS) for 2024 was 3.63 yuan, reflecting a year-on-year increase of 29.18% [6][11]. - The company forecasts revenue growth for the next three years, with expected revenues of 34.488 billion yuan in 2025, 41.850 billion yuan in 2026, and 49.360 billion yuan in 2027, alongside net profits of 2.710 billion yuan, 3.524 billion yuan, and 4.495 billion yuan respectively [9][11]. - The gross profit margin for 2024 was reported at 19.88%, with a slight decrease expected in the following years, stabilizing around 19.49% to 19.86% [11]. Business Segment Performance - The smart cockpit business generated revenue of 18.230 billion yuan in 2024, a year-on-year increase of 15.36%, with new project orders exceeding 16 billion yuan annually [6]. - The connected services and other business segments achieved revenue of 2.074 billion yuan, reflecting a year-on-year growth of 27.99% [6]. Future Projections - The company is projected to maintain a strong growth trajectory, with expected revenue growth rates of 24.87% in 2025, 21.35% in 2026, and 17.94% in 2027 [9][11]. - The projected EPS for the next three years is expected to rise to 4.88 yuan in 2025, 6.35 yuan in 2026, and 8.10 yuan in 2027 [9][11].

Summary of Huizhou Desay SV Automotive Co Ltd Conference Call Company Overview - **Company**: Huizhou Desay SV Automotive Co Ltd - **Industry**: China Autos & Shared Mobility - **Stock Ticker**: 002920.SZ - **Market Cap**: Rmb68,527 million - **Current Stock Price**: Rmb124.00 - **Price Target**: Rmb160.00, indicating a 29% upside potential Key Financial Results - **4Q24 Earnings**: Reported earnings grew 2% YoY to Rmb598 million, but recurring earnings fell 18% YoY to Rmb497 million, missing market expectations [1][4] - **Impairment Loss**: Rmb325 million impairment loss in 4Q24, up 13% YoY and 150% QoQ, primarily affecting inventory and account receivable provisions [1] - **Gross Margin**: Decreased by 1.8 percentage points YoY to 18.4% in 4Q24, indicating pressure from OEMs due to auto price competition [1] - **Revenue Growth**: Total revenue for 2024 reached Rmb27,618 million, a 26% increase YoY [4] Revenue Segments - **Smart Driving Revenue**: Revenue from autonomous domain controllers surged 63% YoY in 2024 and 76% YoY in 2H24, driven by projects from Li Auto, Xiaomi, and Zeekr [2] Future Outlook - **Growth Potential**: Anticipated benefits from the rising adoption of L2-3 smart driving technologies and integrated smart cockpit solutions [3] - **Partnership with Nvidia**: Potential to supply domain controllers for Nvidia's humanoid computing platform Jetson Thor, which could enhance Desay's valuation [3] Risks and Challenges - **Price Competition**: Increasing pressure from competitors in the automotive sector could impact margins and profitability [1][11] - **Supply Chain Risks**: Potential supply risks for upstream components may affect production and delivery capabilities [11] Valuation Metrics - **P/E Ratio**: Expected to decrease from 46.5 in 2023 to 22.1 by 2026, indicating improving valuation as earnings grow [6] - **EBITDA Growth**: Projected EBITDA growth from Rmb2,155 million in 2023 to Rmb4,069 million by 2026 [6] Conclusion - Despite a modest shortfall in 4Q24 earnings, the company is positioned to benefit from the growing demand for smart driving solutions and partnerships with key technology players. However, it faces challenges from competitive pricing pressures and supply chain risks. The overall outlook remains positive with a recommendation to stay overweight on the stock.

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][20]. Core Insights - The company reported a revenue of 27.618 billion yuan for 2024, a year-on-year increase of 26.06%, and a net profit attributable to shareholders of 2.005 billion yuan, up 29.62% year-on-year [2][4]. - The fourth quarter of 2024 saw revenues of 8.643 billion yuan, reflecting a 16.21% increase year-on-year, while the net profit for the same period was 598 million yuan, a 1.99% increase year-on-year [2]. - The company is expanding its smart driving and smart cockpit business, with significant revenue contributions from these segments [2][4]. Financial Performance Summary - **Revenue Growth**: The company achieved a total revenue of 27.618 billion yuan in 2024, with projected revenues of 33.980 billion yuan, 41.202 billion yuan, and 49.049 billion yuan for 2025, 2026, and 2027 respectively, indicating growth rates of 23.0%, 21.3%, and 19.0% [4][9]. - **Net Profit**: The net profit attributable to shareholders for 2024 was 2.005 billion yuan, with forecasts of 2.628 billion yuan, 3.404 billion yuan, and 4.377 billion yuan for the following three years, corresponding to growth rates of 31.1%, 29.5%, and 28.6% [4][9]. - **Earnings Per Share (EPS)**: The EPS for 2024 is projected at 3.61 yuan, increasing to 4.74 yuan, 6.13 yuan, and 7.89 yuan in the subsequent years [4][9]. Business Segment Performance - **Smart Cockpit**: Revenue from smart cockpit solutions reached 18.230 billion yuan, a 15.36% increase year-on-year, with a new AI chip enabling the fifth-generation smart cockpit platform [2][4]. - **Smart Driving**: This segment generated 7.314 billion yuan in revenue, marking a 63.06% increase year-on-year, with significant new orders contributing to future growth [2][4]. - **Connected Business**: Revenue from connected services was 2.074 billion yuan, up 27.99% year-on-year, with ongoing collaborations with major automotive brands [2][4]. Valuation and Price Target - The report sets a target price of 165.9 yuan for the company's stock, based on a price-to-earnings (P/E) ratio of 35 for 2025 [4][9].

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company achieved a revenue of 27.62 billion yuan in 2024, representing a year-on-year growth of 26.06%, and a net profit attributable to shareholders of 2.00 billion yuan, up 29.62% year-on-year [8] - The three main business segments of the company showed positive growth, with the smart cockpit business generating 18.23 billion yuan in revenue, a 15.36% increase, and the smart driving business reaching 7.31 billion yuan, a 63.06% increase [8] - The company successfully secured new project orders from domestic automakers such as Great Wall Motors and Chery, as well as international clients including Tata Motors and Toyota, with overseas orders exceeding 5 billion yuan, a growth of over 120% [8] Financial Forecasts - Revenue forecasts for 2025 and 2026 are maintained at 36.94 billion yuan and 46.17 billion yuan, respectively, with expected year-on-year growth rates of 34% and 25% [3] - The net profit forecasts for 2025 and 2026 are adjusted to 2.76 billion yuan and 3.67 billion yuan, with year-on-year growth rates of 37% and 33% [3] - The report projects earnings per share (EPS) to be 3.61 yuan in 2024, increasing to 4.97 yuan in 2025 and 6.62 yuan in 2026 [3]