惠州市德赛西威汽车电子股份有限公司 4、会议召开日期和时间 证券代码：002920 证券简称：德赛西威 公告编号：2024-025 惠州市德赛西威汽车电子股份有限公司 关于召开 2023 年度股东大会的提示性公告 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。 惠州市德赛西威汽车电子股份有限公司（以下简称"公司"、"本公司"或"德赛 西威"）第三届董事会第二十二次会议审议通过了《关于提议召开公司 2023 年度股东 大会的议案》，决定于 2024 年 4 月 18 日召开公司 2023 年度股东大会，公司已于 2024 年 3 月 28 日在巨潮资讯网（http://www.cninfo.com.cn）和《证券时报》、《中国证券 报》、《上海证券报》、《证券日报》上披露了《关于召开 2023 年度股东大会的通知》 （公告编号：2024-021）。本次股东大会采取现场投票与网络投票结合的方式进行，现 将本次股东大会的有关事项再次通知如下： 一、召开会议的基本情况 1、股东大会届次：2023 年度股东大会 2、股东大会的召集人：公司董事会 3、会议召开的合法、合规性： ...

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：2024-024 惠州市德赛西威汽车电子股份有限公司 关于公司变更注册资本并修订《公司章程》完成工商变更登记的公告 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 2023 年 12 月 22 日召开第三届董事会第二十一次会议，于 2024 年 1 月 10 日召开 2024 年第 一次临时股东大会，审议通过了《关于公司变更注册资本并修订<公司章程>的 议案》，具体内容请详见公司于 2023 年 12 月 23 日与 2024 年 1 月 11 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）上披露的相关公告。 一、工商变更登记办理情况 截至本公告披露日，公司已完成了上述注册资本变更事项的工商登记及《公 司章程》的备案手续，并取得了惠州市市场监督管理局换发的《营业执照》，具 体登记信息如下： 二、其 ...

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：2024-023 具体内容详见公司于 2023 年 10 月 25 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）披露的《关于公 司全资子公司拟与专业投资机构共同投资设立产业基金的公告》（公告编号： 2023-050）。 二、共同投资进展情况 公司于近日收到通知，长江中大西威（杭州）股权投资基金合伙企业（有限 惠州市德赛西威汽车电子股份有限公司 合伙）已完成工商登记设立手续。具体注册信息如下： 惠州市德赛西威汽车电子股份有限公司 关于公司全资子公司与专业投资机构共同投资设立产业基金的进展 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。 一、共同投资概述 惠州市德赛西威汽车电子股份有限公司 (以下简称"公司") 于 2023 年 10 月 24 日召开第三届董事会第二十次会议审议通过了《关于公司全资子公司拟与 专业投资机构共同投资设立产业基金的议案》，同意公司的全资子公司深圳市德 赛西威产业投资有限公 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided content, but the report indicates a positive outlook based on revenue and profit growth [1]. Core Viewpoints - The company achieved a revenue of 21.91 billion yuan in 2023, representing a year-on-year increase of 46.7%, and a net profit attributable to shareholders of 1.55 billion yuan, up 30.6% year-on-year [1]. - The company’s gross profit margin for 2023 was 20.4%, a decrease of 2.6 percentage points year-on-year, while the net profit margin was 7.04%, down 0.8 percentage points year-on-year [1]. - The company has three main business drivers: smart cockpit, intelligent driving, and connected services, which contributed to record revenue growth [1]. - The company has made significant progress in international markets, securing new project orders from major clients such as AUDI, VOLKSWAGEN, and STELLANTIS [1]. Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 7.44 billion yuan, a year-on-year increase of 54.2%, and a net profit of 586 million yuan, up 19.3% year-on-year [1]. - The company’s revenue from the smart cockpit business was 15.80 billion yuan, up 34.42% year-on-year, driven by the mass production of third-generation high-performance smart cockpit products [1]. - The intelligent driving business generated 4.49 billion yuan in revenue, a year-on-year increase of 74.43%, primarily from the scale launch of advanced intelligent driving solutions [1]. - The connected services business achieved revenue of 1.62 billion yuan, a significant increase of 167.39% year-on-year [1]. Cost and Efficiency - The company’s management, sales, and R&D expense ratios for 2023 were 2.3%, 1.4%, and 9.1%, respectively, showing a decrease compared to the previous year [1]. - The report indicates that the company’s operating efficiency is improving, with the potential for continued profit margin recovery in the future [1]. Market Expansion - The company has successfully expanded its international market presence, establishing a global service system and securing new clients across Europe, Southeast Asia, Japan, and North America [1]. - The report highlights the company’s strong development momentum in technology and product areas, which is expected to enhance its client base and market balance [1]. Profit Forecast - The company is projected to benefit from increasing recognition and penetration of intelligent technologies, with expected net profits of 2.14 billion yuan, 2.74 billion yuan, and 3.83 billion yuan for 2024, 2025, and 2026, respectively [2]. - Corresponding EPS estimates for the same years are 3.86 yuan, 4.93 yuan, and 6.91 yuan, with P/E ratios of 34.81, 27.27, and 19.47 [2].

德赛西威（002920.SZ）：充裕订单支撑业绩，全球化战略迎来突破 德赛西威(002920.SZ)/计算 证券研究报告/公司点评 2024 年04 月06 日 机 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：127.95元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 14,933 21,908 27,519 34,315 42,472 分析师：孙行臻 增长率yoy% 56% 47% 26% 25% 24% 执业证书编号：S0740524030002 净利润（百万元） 1,184 1,547 2,054 2,669 3,636 电话：13430277882 增长率yoy% 42% 31% 33% 30% 36% 每股收益（元） 2.13 2.79 3.70 4.81 6.55 Email：sunxz@zts.com.cn 每股现金流量 1.10 2.06 0.94 -0.09 8.17 净资产收益率 18% 19% 21% 21% 23% P/E 60.0 45.9 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 145.55 CNY [3]. Core Insights - The company's 2023 revenue reached 21.908 billion CNY, a year-on-year increase of 46.7%, with a net profit attributable to shareholders of 1.547 billion CNY, up 30.6% [1][2]. - The fourth quarter saw a revenue of 7.438 billion CNY, representing a 54.2% year-on-year growth and a 29.4% quarter-on-quarter increase [1]. - The company plans to distribute a dividend of 8.4 CNY per 10 shares for 2023 [1]. Financial Performance - The gross margin for 2023 was 20.4%, a decrease of 2.6 percentage points year-on-year, while the fourth quarter gross margin improved to 21.5% [1]. - Operating cash flow for 2023 was 1.141 billion CNY, an increase of 87.2% year-on-year, attributed to increased sales collections [1]. - The company reported a 12.9% expense ratio for 2023, down 2.4 percentage points year-on-year [1]. Business Segments - The smart cockpit business generated 15.802 billion CNY in revenue, a 34.4% increase year-on-year, with a gross margin of 20.6% [1]. - The smart driving and connected services segments saw revenues of 4.485 billion CNY and 1.621 billion CNY, respectively, with year-on-year growth rates of 74.4% and 167.4% [1]. - The company secured new project orders from over 10 automotive manufacturers, including Li Auto and Aion, contributing to a projected annual sales of over 80 billion CNY for the smart driving segment [1]. Earnings Forecast - The report adjusts revenue and profit forecasts, projecting EPS for 2024-2026 to be 3.55 CNY, 4.49 CNY, and 5.65 CNY respectively [1][2]. - The average PE ratio for comparable companies in the automotive electronics and components sector is estimated at 41 times for 2024 [1].

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 02 日 德 赛西威(002920.SZ) 证券研究报告 业绩持续高增，智驾业务迎来海外突破 汽车零部件Ⅲ 投资评级 买入-A 事件概述 维持评级 德赛西威于近期发布2023年年报。公司2023年实现营业收入219.08 6个月目标价 154.4元 亿元，同比增长 46.71%，实现归母净利润 15.47 亿元，同比增长 股价 (2024-04-01) 125.40元 30.57%，扣非归母净利润14.67 亿元，同比增长41.47%。 交易数据 智能座舱和智能驾驶双轮驱动，单Q4毛利率环比修复 总市值(百万元) 69,597.76 收入端，得益于智能座舱和智能驾驶业务的双轮驱动，公司全年实现 流通市值(百万元) 69,159.69 营收 219.08 亿元，同比增长 46.71%。其中，1）智能座舱业务实现 总股本(百万股) 555.01 收入 158 亿元，同比增长34%，高于行业水平。我们认为座舱业务的 流通股本(百万股) 551.51 持续高增主要系新产品如域控制器的放量以及海外客户拓展。2）智 12个月价格区间 ...

股 票 研 究 [Table_industryInfo] 运输设备业/可选消费品 [ Table_Main[德ITnaf 赛bol]e 西_Ti威tle]( 002920) [评Tab级le_：Inv est] 增持 上次评级： 增持 全年实现高增长，海外业务持续突破 目标价格： 156.09 上次预测： 156.09 公 德赛西威 2023年年度报告点评 当前价格： 126.00 司 吴晓飞(分析师) 多飞舟(分析师) 2024.03.31 更 0755-23976003 010-83939800 [交Ta易bl数e_M据a rket] 新 wuxiaofei@gtjas.com duofeizhou026148@gtjas.com 证书编号 S0880517080003 S0880523020001 52周内股价区间（元） 80.54-172.50 报 总市值（百万元） 69,931 告 本报告导读： 总股本/流通 A股（百万股） 555/552 公司系国内汽车电子龙头，充分受益于汽车智能化浪潮，未来公司智能驾驶、智能座 流通 B股/H股（百万股） 0/0 流通股比例 99% 舱等产品需求有望快速提升，带 ...

证券研究报告 | 公司动态点评 2024 年 03月 28日 德赛西威（002920.SZ） 业绩再创新高，持续拓展产品和市场，看好公司受益汽车智能化升 级快速发展 财务指标 2022A 2023A 2024E 2025E 2026E 买入（维持评级） 营业收入（百万元） 14,933 21,908 28,174 35,555 43,982 股票信息 增长率yoy（%） 56.0 46.7 28.6 26.2 23.7 归母净利润（百万元） 1,185 1,547 2,088 2,814 3,278 行业 汽车 增长率yoy（%） 42.2 30.6 35.0 34.8 16.5 2024年3月27日收盘价（元） 120.00 ROE（%） 17.9 19.1 23.2 25.7 24.6 总市值（百万元） 66,600.73 EPS最新摊薄（元） 2.13 2.79 3.76 5.07 5.91 流通市值（百万元） 66,181.52 P/E（倍） 59.0 45.2 33.5 24.9 21.3 总股本（百万股） 555.01 P/B（倍） 10.8 8.8 7.3 5.8 4.7 流通股本（百万股） 5 ...

Investment Rating - The investment rating for the company is "Buy" with initial coverage [1]. Core Views - The company achieved a revenue of 21.91 billion yuan in 2023, representing a year-on-year increase of 46.7%, and a net profit attributable to shareholders of 1.55 billion yuan, up 30.6% year-on-year [1]. - The significant increase in orders is driving revenue growth, with new projects expected to inject long-term growth potential into the business [1]. - The company is accelerating its expansion into international markets, securing new projects with major clients in Europe, Asia, and the Americas [1]. Summary by Relevant Sections Financial Performance - In Q4 2023, the company reported a revenue of 7.44 billion yuan, a year-on-year increase of 54.2%, and a net profit of 590 million yuan, up 19.1% year-on-year [1]. - The revenue growth is driven by a 46.1% increase in sales volume and an annualized sales amount of over 24.5 billion yuan from new project orders [1]. - The smart cockpit and intelligent driving segments generated revenues of 15.80 billion yuan and 4.49 billion yuan, respectively, with year-on-year growth rates of 34.4% and 74.4% [1]. Market Expansion - The company has made significant strides in international markets, including securing new projects with Volkswagen, Audi, and Stellantis in Europe, and establishing a new R&D center in Japan [1]. - A new factory in Mexico has been completed to meet product and service demands in North America [1]. Profitability Forecast - The company is expected to maintain high growth rates in net profit, with projections of 2.07 billion yuan, 2.79 billion yuan, and 3.48 billion yuan for 2024, 2025, and 2026, respectively [3]. - The projected P/E ratios for the next three years are 33.32, 24.79, and 19.88, indicating a favorable valuation trend [3].