Investment Rating - The report maintains a "Buy" rating for the company [1][2][4]. Core Insights - The company achieved a revenue of 21.9 billion yuan in 2023, representing a year-on-year growth of 46.71%, with a net profit of 1.547 billion yuan, up 30.65% year-on-year [1][5]. - In Q4 2023, the company reported a revenue of 7.438 billion yuan, a year-on-year increase of 54.24%, and a net profit of 586 million yuan, up 19.29% year-on-year [1][5]. - The company’s smart cockpit and smart driving products saw significant sales increases, with Q4 revenue growth outpacing the automotive industry's production growth by 31 percentage points [1][11]. - The company has a robust order backlog, with annualized new project orders exceeding 24.5 billion yuan, indicating strong future revenue potential [2][15]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 21.908 billion yuan, with a compound annual growth rate (CAGR) of 47.70% from 2020 to 2023 [3][5]. - The net profit for 2023 was 1.547 billion yuan, with a CAGR of 30.57% over the same period [3][5]. - The company’s gross margin for Q4 2023 was 21.5%, with a year-on-year decrease of 0.0 percentage points, while the net margin was 7.8%, down 2.2 percentage points year-on-year [1][11]. Business Segments - The smart cockpit segment generated revenue of 15.802 billion yuan in 2023, growing 34% year-on-year, while the smart driving segment achieved 4.485 billion yuan, a 74.43% increase year-on-year [1][5]. - The company has secured new project orders for its third and fourth generation smart cockpit products from major clients such as Chery and BYD [1][18]. - The smart driving business is expanding rapidly, with new project orders exceeding 8 billion yuan, supported by partnerships with various automotive manufacturers [1][19]. Market Position and Strategy - The company is focusing on enhancing its international presence, having secured new project orders from global clients including AUDI and VOLKSWAGEN [1][20]. - The company’s strategy includes a strong emphasis on research and development, with R&D expenditures amounting to 2.029 billion yuan in 2023, representing 9.26% of sales [21][22]. - The workforce in R&D has increased to 3,886 employees, accounting for 45.26% of the total workforce, indicating a commitment to innovation and product development [21][22].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Views - The company has shown strong performance with a significant increase in orders, indicating a robust growth trajectory in the global market [4][6]. - The company achieved a revenue of 21.91 billion yuan in 2023, representing a year-on-year growth of 46.71%, and a net profit of 1.55 billion yuan, up 30.57% year-on-year [4]. - The company is positioned as a leader in the smart automotive sector, with expectations for continued high growth in the coming years [4][5]. Financial Performance Summary - In Q4 2023, the company reported a revenue of 7.44 billion yuan, a year-on-year increase of 54.24%, and a net profit of 586 million yuan, up 19.13% year-on-year [4]. - The smart cockpit business generated revenue of 15.80 billion yuan, growing 34.42% year-on-year, while the smart driving business saw revenue of 4.49 billion yuan, a growth of 74.43% [5]. - The company secured new project annual sales exceeding 24.5 billion yuan, with significant contributions from both the smart cockpit and smart driving sectors [6]. Business Growth and Market Position - The company has established a strong competitive position with its products, leading to rapid growth across all business segments [5]. - The gross margin for the smart cockpit business was 20.58%, a slight decline of 0.76 percentage points year-on-year, while the smart driving business had a gross margin of 16.22%, down 5.30 percentage points [5]. - The company is expected to benefit from the ongoing trend of automotive industry intelligence, expanding from a domestic to a global market presence [6].

证券研究报告 公 2024年03月29日 司 报 告 德赛西威(002920) 行 业： 计算机/软件开发 │ 公 投资评级： 司 当前价格： 126.00元 智驾保持高成长，平台化能力持续提升 年 目标价格： 报 点 事件： 评 基本数据 3月27日，德赛西威发布2023年年报，公司2023年实现营业收入219.1 总股本/流通股本(百万股) 555.01/551.51 亿元，YOY+47%；实现归母净利润 15.5 亿元，YOY+31%。其中 Q4 实现营业 流通A股市值(百万元) 69,490.59 收入74.4亿元，YOY+54%；实现归母净利润5.9亿元，YOY+19%。 每股净资产(元) 14.33 ➢ 智驾业务保持高增速，全年业绩符合预期 2023年公司实现营业收入219.1亿元，YOY+47%，实现归母净利润15.5亿 资产负债率(%) 55.26 元，YOY+31%，全年业绩符合预期。分业务来看，智能座舱业务实现营收158 一年内最高/最低(元) 179.50/76.44 亿元，YOY+34%，智能驾驶业务实现营收45亿元，YOY+74%，核心业务营业 股价相对走势 收入保持高增速。核心客户 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported its 2023 annual results, which exceeded expectations, achieving a total revenue of 21.9 billion yuan, a year-on-year increase of 46.7%, and a net profit attributable to shareholders of 1.55 billion yuan, a year-on-year increase of 30.6% [3][4] - The cabin and intelligent driving businesses are driving growth, with cabin revenue reaching 15.8 billion yuan, up 34% year-on-year, and intelligent driving revenue reaching 4.49 billion yuan, up 74% year-on-year [4] - The company has a strong order backlog, with annualized sales from new projects exceeding 24.5 billion yuan, supporting future revenue growth [4][5] Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 21.9 billion yuan, with a year-on-year growth of 46.7% and a net profit of 1.55 billion yuan, reflecting a 30.6% increase [3] - The fourth quarter of 2023 saw revenue of 7.44 billion yuan, with a year-on-year increase of 54.2% and a net profit of 586 million yuan, up 19.3% year-on-year [3][4] Business Segments - The cabin business saw a revenue increase of 34% year-on-year, driven by new product launches and increased production from key clients [4] - The intelligent driving business reported a revenue increase of 74% year-on-year, significantly outperforming the overall market [4] Future Projections - Revenue forecasts for 2024 and 2025 have been raised to 28.5 billion yuan and 36.9 billion yuan, respectively, with expected growth rates of 30% for both years [5] - The projected net profit for 2024 is 2.29 billion yuan, with a year-on-year growth of 48% [5] Market Position - The company has accelerated its globalization strategy, securing new international clients and establishing a manufacturing facility in Mexico [4][5] - The stock is currently priced at 126 yuan, with a market capitalization of approximately 69.93 billion yuan [7]

Investment Rating - The report maintains a "Recommend" rating for the company [2][7] Core Views - The company achieved significant revenue growth in 2023, with total revenue reaching 21.91 billion yuan, a year-on-year increase of 46.71% [4][6] - The net profit attributable to shareholders was 1.55 billion yuan, up 30.57% year-on-year, indicating strong profitability [4][6] - The company is expanding its presence in high-end and international markets, with a focus on smart cockpit, smart driving, and connected services [6][7] Summary by Sections Financial Performance - In 2023, the company reported revenue of 21.91 billion yuan, with a compound annual growth rate (CAGR) of 47.70% from 2020 to 2023 [4][5] - The smart cockpit segment generated 15.80 billion yuan in revenue, a 34.42% increase, accounting for 72.13% of total revenue [4][5] - The smart driving segment saw revenue of 4.49 billion yuan, growing 74.43%, representing 20.47% of total revenue [4][5] - The connected services segment experienced a remarkable growth of 167.39%, reaching 1.62 billion yuan, contributing 7.40% to total revenue [4][5] Business Development - The company has established a comprehensive business matrix centered on smart cockpit, smart driving, and connected services [4][6] - New product launches, including advanced smart cockpit solutions, have enhanced user experience and market competitiveness [4][6] - The company has secured new project orders with major automotive brands, expanding its customer base significantly [6][7] Market Expansion - The company is actively pursuing high-end market opportunities and has made significant inroads into international markets, including Europe, Southeast Asia, Japan, and North America [6][7] - The company has received multiple awards from automotive manufacturers, reflecting its strong partnerships and reputation in the industry [6][7] Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 2.06 billion yuan in 2024, 2.73 billion yuan in 2025, and 3.56 billion yuan in 2026 [5][7] - Earnings per share (EPS) are forecasted to increase to 3.72 yuan in 2024, 4.92 yuan in 2025, and 6.41 yuan in 2026 [5][7]

Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Views - The company's revenue for 2023 reached 21.908 billion yuan, a year-on-year increase of 46.71%, with a net profit attributable to shareholders of 1.547 billion yuan, up 30.65% year-on-year [1]. - The intelligent driving and connected products business experienced significant revenue growth, with the three main product lines generating revenues of 15.802 billion yuan, 4.485 billion yuan, and 1.621 billion yuan, reflecting year-on-year increases of 34.42%, 74.43%, and 167.39% respectively [1]. - The company has established close partnerships with leading new energy vehicle manufacturers, resulting in a robust order backlog that supports sustained high performance [1]. Financial Summary - The company forecasts revenues of 26.075 billion yuan, 29.689 billion yuan, and 32.593 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 2.007 billion yuan, 2.505 billion yuan, and 2.800 billion yuan [2][3]. - The gross profit margin for 2023 was 20.44%, a decrease of 2.59 percentage points year-on-year, primarily due to a decline in the gross margin of intelligent driving products [1]. - The company’s operating expenses as a percentage of sales decreased, driven by the scaling effects of production and reduced promotional costs for new products [1]. Order and Project Highlights - The company has secured new project orders with major clients such as Chery, GAC, and BYD, with annual sales from new project orders in intelligent cockpits exceeding 15 billion yuan [1]. - The intelligent driving segment has new project orders with an annual sales potential exceeding 8 billion yuan, contributing to the company's core revenue growth [1].

Investment Rating - The report maintains a "Buy" rating for the company [8][16]. Core Insights - The company reported a revenue of 21.908 billion yuan for 2023, a year-on-year increase of 46.71%, and a net profit of 1.547 billion yuan, up 30.57% year-on-year [8][11]. - The company has secured new project orders with an annualized sales amount exceeding 24.5 billion yuan, indicating a strategy focused on customer retention rather than solely profit margins [12][16]. - The company’s overseas revenue reached 1.644 billion yuan, growing 52% year-on-year, outpacing domestic growth [15][16]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 21.908 billion yuan, with a net profit of 1.547 billion yuan, and a non-recurring net profit of 1.467 billion yuan, reflecting growth rates of 46.71%, 30.57%, and 41.37% respectively [8][11]. - The fourth quarter alone saw a revenue of 7.438 billion yuan, marking a 54.24% increase year-on-year, surpassing market expectations [12][16]. Cost and Margin Analysis - The company’s gross margin began to stabilize in Q4 2023, with cash flow metrics indicating a healthy balance between cash inflow and outflow [12][16]. - R&D expenses grew at a slower rate than revenue, achieving a "positive scissors effect" in cost management [13][16]. Market Expansion - The company has made significant strides in international markets, securing new clients in Europe and Japan, and establishing a new R&D center in Yokohama [15][16]. - New project orders in the ADAS segment reached 8 billion yuan, with over 10 new project orders from various automotive manufacturers [15][16]. Future Projections - The report forecasts revenues of 27.020 billion yuan and 34.030 billion yuan for 2024 and 2025 respectively, with net profits projected at 2.249 billion yuan and 2.833 billion yuan [16][17].

证券研究报告 | 年报点评报告 2024年03月28日 德赛西威（002920.SZ） 年报业绩亮眼，汽车智能化景气度高企带来饱满订单 事件：2024/3/27，公司发布2023年报，2023年公司实现营业收入219.08 买入（维持） 亿元，同比增长46.71%，实现归母净利润15.47亿元，同比增长30.57%。 股票信息 年报业绩亮眼，汽车智能化产业大趋势带来饱满订单。近年来，汽车行业一 行业 软件开发 直处于“新四化”变革以及整合的阶段，汽车智能化特别是高级别智能驾驶 前次评级 买入 功能应用提速，促进中国汽车电子行业加速发展。2023 年度，公司营业收 3月28日收盘价(元) 126.00 入突破 200亿，达到 219.08 亿元，同比增长 46.71%，2020-2023年复合 总市值(百万元) 69,930.77 增长率 47.70%；实现归属于上市公司股东的净利润 15.47 亿，同比增长 总股本(百万股) 555.01 30.57%，2020-2023年复合增长率43.99%；获得新项目订单年化销售额突 其中自由流通股(%) 99.37 破245亿元。 30日日均成交量(百万股) 8.07 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][6] Core Insights - The company achieved a revenue of 21.908 billion yuan in 2023, representing a year-on-year increase of 46.7%. The net profit attributable to shareholders was 1.547 billion yuan, up 30.6% year-on-year. The non-recurring net profit was 1.467 billion yuan, reflecting a growth of 41.4% [3][4] - The growth in revenue is attributed to a rapid release of orders, with a significant increase in sales volume of automotive electronic products by 46.11% compared to the previous year. The smart cockpit business generated 15.802 billion yuan, up 34.4%, while the smart driving business saw a revenue of 4.485 billion yuan, increasing by 74.4%. The connected services and other businesses achieved 1.621 billion yuan, a remarkable growth of 167.4% [3][4] - The company is focusing on three main growth engines: smart cockpit, smart driving, and connected services. The third-generation high-performance smart cockpit products are driving growth, with new products in development for major clients. The smart driving segment includes a variety of high-tech products, and the connected services encompass a wide range of offerings, with new orders from various clients [3][4] Revenue and Profit 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%. The net profit attributable to shareholders is projected to be 2.039 billion yuan, reflecting a growth rate of 32% [4][5] - For the years 2025 and 2026, the revenue is forecasted to be 34.872 billion yuan and 41.702 billion yuan, with growth rates of 24% and 20% respectively. The net profit for these years is expected to be 2.715 billion yuan and 3.492 billion yuan, with growth rates of 33% and 29% respectively [4][5] Financial Metrics - The company's overall gross margin for 2023 was 20.44%, with the smart cockpit business gross margin at 20.58% and the smart driving business gross margin at 16.22% [3][4] - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 3.67 yuan, 4.89 yuan, and 6.29 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 34, 26, and 20 times [4][5][6]

Financial Performance - Revenue in 2023 reached 21.908 billion yuan, a significant milestone for the company[2] - Revenue for 2023 reached RMB 21,908,002,559.19, a 46.71% increase compared to 2022[25] - Net profit attributable to shareholders in 2023 was RMB 1,546,735,979.88, up 30.57% year-over-year[25] - Operating cash flow surged by 87.18% to RMB 1,141,042,734.59 in 2023[25] - Basic earnings per share increased by 30.70% to RMB 2.81 in 2023[25] - Total assets grew by 30.95% to RMB 18,014,086,502.65 at the end of 2023[25] - Net assets attributable to shareholders rose by 22.77% to RMB 7,952,283,330.30 in 2023[26] - Q4 2023 revenue was RMB 7,437,610,848.73, the highest among all quarters[29] - Q4 2023 net profit attributable to shareholders reached RMB 586,407,355.48, the highest quarterly figure[29] - Revenue in 2023 reached 21.908 billion yuan, a year-on-year increase of 46.71%[47] - Net profit attributable to shareholders in 2023 was 1.547 billion yuan, a year-on-year increase of 30.57%[47] - Revenue in 2023 reached 21.908 billion yuan, a year-on-year increase of 46.71%, with a compound annual growth rate (CAGR) of 47.70% from 2020 to 2023[99] - Net profit attributable to shareholders in 2023 was 1.547 billion yuan, a year-on-year increase of 30.57%, with a CAGR of 43.99% from 2020 to 2023[99] R&D and Innovation - R&D personnel increased to 3,886, enhancing R&D efficiency[9] - The company's R&D investment in 2023 was approximately 2.029 billion yuan, accounting for 9.26% of revenue. The company has applied for over 3,200 patents and has released more than 80 technical standards[38] - The company's R&D investment in 2023 was 2.029 billion yuan, accounting for 9.26% of sales revenue, with R&D personnel making up 45.26% of the total workforce[50] - The company filed 515 new patent applications in 2023, a year-on-year increase of 26.23%, and participated in or led over 80 domestic and international standard-setting and discussions[50] - R&D investment in 2023 was 2.029 billion yuan, accounting for 9.26% of total sales[99] - R&D personnel accounted for 45.26% of the company's total workforce in 2023[99] - The company filed 515 new patent applications in 2023, a year-on-year increase of 26.23%[99] - The company has over 10 R&D institutions globally and has participated in or led more than 80 domestic and international standard-setting activities[99] International Expansion - The company secured new projects with major clients in Europe, including Volkswagen, Audi, and Stellantis[6] - Expansion in international markets includes new factories in Europe and Mexico, and a new R&D center in Yokohama, Japan[8] - The company is accelerating its internationalization strategy, with breakthroughs in markets like India and Japan[6][8] - The company has subsidiaries in Germany, Singapore, and Japan, indicating international market expansion[15] - The company established new subsidiaries in Chengdu, Mexico, and Hong Kong to support regional capacity needs and expand its industrial layout[65] - The company has expanded its international presence by establishing a second factory in Europe, offices in Toyota City and Yokohama, Japan, and a factory in Mexico[100] Product and Technology Development - The company is focusing on integrated cockpit and autonomous driving products, aiming for mass production[5] - Desay SV Automotive is involved in advanced automotive technologies such as Navigate on Autopilot (NOA) and Head-Up Display (HUD)[17] - The company's smart driving domain controller products have maintained industry leadership for several years, with high-computing platforms mass-produced for clients such as Li Auto, XPeng Motors, Lotus, GAC Aion, and Zeekr[55] - The company launched the Smart Solution 2.0, an integrated smart mobility solution, providing users with a more comprehensive autonomous driving experience[51] - The company's HUD business secured project orders and won the Golden Steering Wheel Award for "Oblique Projection & Dual Image Plane AR-HUD"[53] - The company's 77GHz millimeter-wave radar product CRD03 obtained ISO 26262 ASIL B certification, marking a leading position in the industry[56] - The company's connected services business expanded its ecosystem with advanced technologies such as large models and 3D immersive engines, enhancing user experience[56] - The fourth-generation intelligent cockpit project is expected to achieve mass production in 2024, aiming to redefine user value and enhance the company's leadership in intelligent cockpits[70] - The intelligent driving domain control platform has been mass-produced, aiming to capture market share in different computing power levels and meet customer demand for intelligent driving products[70] Market and Sales Performance - The company's ranking in the global automotive parts supplier list improved by 4 positions to 89th[2] - Per capita revenue reached 2.6654 million yuan per person, with a compound annual growth rate of 19.94% from 2020 to 2023[9] - The company secured new project orders with an annualized sales value exceeding 24.5 billion yuan in 2023[47] - New project orders in 2023 reached an annualized sales value of 24.5 billion yuan[99] - The company's global ranking in the automotive parts supplier list improved to 89th in 2023[98] - The company was selected as a key enterprise in the "Intelligent Connected Vehicle Industry Chain" in Guangdong Province[98] - The company's sales volume increased by 46.11% year-on-year, reaching 27,478,001 units[62] - The total sales amount of the top five customers is RMB 12,247,235,971.85, accounting for 55.90% of the total annual sales[66] - The top customer contributed RMB 5,170,336,450.90, representing 23.60% of the total annual sales[66] Corporate Governance and Compliance - Desay SV Automotive's stock code is 002920, listed on the Shenzhen Stock Exchange[19] - The company's registered address is No. 103, Hechang Fifth Road West, Zhongkai High-tech Zone, Huizhou, with a postal code of 516006[19] - Desay SV Automotive's legal representative is TAN CHOON LIM[19] - The company's office address is No. 6, Huitai North Road, Huinan High-tech Industrial Park, Huizhou, Guangdong, with a postal code of 516025[19] - The company's website is www.desaysv.com, and the email for securities-related inquiries is Securities@desaysv.com[19] - The Board Secretary is Zhang Jun, and the Securities Affairs Representative is Lin Xunpei, both reachable at 0752-2638669[20] - The company's annual reports are disclosed on media platforms such as "Securities Times," "China Securities Journal," "Shanghai Securities News," and "Securities Daily," and are available on the website http://www.cninfo.com.cn (CNINFO)[22] - The company has maintained the highest level of information disclosure rating (Grade A) from the Shenzhen Stock Exchange for five consecutive years (2018-2022)[101] - The company has a board of directors consisting of 9 members, including 3 independent directors, one of whom is an accounting professional[105] - The company has a comprehensive internal control system in place to ensure standardized operations and protect shareholder interests[108] - The company maintains complete independence in business, personnel, assets, organization, and finance, with no reliance on shareholders or related parties[109] - The company has an independent financial department with dedicated personnel, separate bank accounts, and independent tax filing[110] - The company's internal control system was fully compliant and effective in 2023, with no significant defects identified in financial or non-financial reporting[151] - 100% of the company's total assets and revenue were included in the internal control evaluation scope for 2023[153] - No major defects in financial reporting and non-financial reporting were identified for the year 2023[155] - The company maintained effective financial reporting controls as of December 31, 2023, in accordance with the "Basic Standards for Enterprise Internal Control"[156] - The internal control audit report was disclosed on March 28, 2024, with a standard unqualified opinion[156] Sustainability and Social Responsibility - The company has committed to carbon neutrality goals aligned with the 1.5°C temperature rise target and started publishing ESG sustainability reports in 2022[103] - The company's 2023 Sustainability Report, including environmental and social responsibility details, is available on the Cninfo website[158][159] - The company's efforts in rural revitalization and poverty alleviation are detailed in the 2023 Sustainability Report[160] - The company is not listed as a key pollutant discharge unit by environmental protection authorities[158] Shareholder and Investor Relations - The company plans to distribute a cash dividend of 8.40 yuan per 10 shares[12] - The company has distributed a cumulative cash dividend of 1.021 billion yuan over the past three years[103] - 2023 profit distribution plan: RMB 8.40 per 10 shares, totaling RMB 466,205,124 in cash dividends[143] - 2023 cash dividend policy: 100% of the profit distribution is in cash, with a total of RMB 466,205,124 distributed[143] - The company's independent directors approved the use of financial derivatives for hedging purposes, with a maximum contract amount of 15 billion RMB (or equivalent in foreign currency) over a 12-month period[84] - The company did not engage in any speculative derivative investments during the reporting period[85] - The company did not use any raised funds during the reporting period[87] - The company did not sell any significant assets or equity during the reporting period[88][89] - The company's total actual guarantee balance for subsidiaries at the end of the reporting period was RMB 105,164.84 thousand, accounting for 13.22% of the company's net assets[191] - The company's total entrusted financial management amount during the reporting period was RMB 45,000 thousand, all of which were bank financial products using self-owned funds[192] Human Resources and Talent Management - Total number of employees at the end of the reporting period is 8,585, with 7,334 from the parent company and 1,251 from major subsidiaries[139] - Employee composition includes 3,522 production personnel, 162 sales personnel, 3,886 technical personnel, 67 financial personnel, 309 administrative personnel, and 639 logistics and procurement personnel[139] - Educational background of employees: 25 with PhD, 684 with master's degree, 3,698 with bachelor's degree, 1,005 with associate degree, 876 with high school diploma, and 2,297 with vocational school or below[139] - Total labor outsourcing hours: 428,800 hours, with total payment of RMB 10,753,974[142] - 2023 training program: Over 50 team projects and 500 individual projects completed, 2 internationally certified black belt talents trained, and 166 new courses added[141] - 2021 restricted stock incentive plan approved by the board and shareholders, with 149 employees listed as incentive targets[144][145][146] - The company completed the registration of the 2021 restricted stock incentive plan on December 29, 2021, with the restricted stocks officially listed on that date[147] - In 2022, the company repurchased and canceled 76,000 restricted shares held by 14 incentive recipients[147] - In 2023, the company repurchased and canceled 174,600 restricted shares held by 28 incentive recipients[148] - In 2024, the company repurchased and canceled 14,500 restricted shares from 2 departed employees and 2,800 restricted shares from 4 employees who failed to meet performance targets[148] - The first unlock period of the 2021 restricted stock incentive plan was completed on December 29, 2023, with the unlocked shares becoming tradable[148] - Xu Jian, the Vice General Manager, held 50,000 restricted shares at the beginning of the year, unlocked 16,667 shares during the reporting period, and held 33,333 shares at the end of the period[149] - The company has established a comprehensive performance management and incentive mechanism for senior management, combining base salary with year-end performance evaluation[149] Industry and Market Trends - China's automobile production and sales exceeded 30 million units for the first time, with automobile exports ranking first globally. Passenger vehicle production and sales reached 26.124 million and 26.063 million units, up 9.6% and 10.6% year-on-year, respectively. New energy vehicle sales increased by 36.7%, with a market penetration rate of 34.1%[33] - The company's automotive electronics production increased by 49.38% to 28,870,370 units, and sales increased by 46.11% to 27,478,001 units compared to the previous year[36] - Domestic production of automotive electronics increased by 48.90% to 26,704,353.33 units, and sales increased by 45.65% to 25,416,447.65 units. Overseas production increased by 55.44% to 2,166,016.67 units, and sales increased by 52.04% to 2,061,553.35 units[36] - The company anticipates continued growth in the automotive electronics industry, driven by trends such as increased penetration of new energy vehicles, rising market share of domestic brands, and accelerated adoption of high-level autonomous driving technologies[90] Strategic Initiatives and Future Plans - In 2024, the company plans to focus on cultural development, customer service, technological R&D, organizational management, ecosystem building, talent acquisition, market expansion, and international operations to enhance its comprehensive competitiveness[91] - The company's IPU02 intelligent driving domain controller is currently in progress, with discussions on the market size of domain controllers and advancements in vehicle sensors[93] - In Q1 2023, the company's R&D expenses were discussed, along with the progress of its intelligent cockpit business product implementation[94] - The company's overseas layout and the progress of its IPU02 intelligent driving domain controller were highlighted, along with the product structure and competitiveness of its intelligent cockpit business[94] - The company's intelligent driving domain controllers IPU02 and IPU04 are being expanded, with a focus on the domestic and international development of its intelligent cockpit business[94] - The company's competitive advantages and the industry advantages of its intelligent driving business were discussed, along with the progress of its intelligent cockpit business and overseas layout[94] - The company has significantly improved operational efficiency through organizational reforms, with per capita output continuously reaching new highs[100] - The company will strictly implement the current dividend policy and actively promote profit distribution to shareholders when conditions are met, ensuring stable and scientific returns to investors[167] - The company will optimize governance structure, strengthen internal control, and enhance cost control to improve operational efficiency[167] - The company currently has no equity incentive plan, but any future equity incentive will be linked to the execution of the return-filling measures[168] Related-Party Transactions and Guarantees - The company reported total related-party transactions of RMB 1,947,988,500 in 2023, accounting for 8.08% of total sales[179] - The company's related-party transactions included sales of goods (RMB 1,770,331,700), technical services (RMB 100,923,300), and labor services (RMB 885,010)[179] - The company's related-party transactions with its associate, Fursai Automotive Electronics Co., Ltd., amounted to RMB 20,152,100 for labor services and RMB 182,260 for leasing services[179] - The company's fixed asset procurement from related parties totaled RMB 45,908,700 in 2023[179] - The company provided a guarantee of RMB 25,106.5 thousand for Desay SV Japan Co., Ltd., with the guarantee period from December 25, 2023, to December 31, 2026[190][191] - The company provided a guarantee of RMB 88,000 thousand for Desay SV Germany Co., Ltd., with the guarantee period from October 31, 2022, to October 31, 2023[191] - The company provided a guarantee of RMB 3,143.6 thousand for Desay SV Germany Co., Ltd., with the guarantee period from December 11, 2023, to December 11, 2024[191] - The company provided a guarantee of RMB 1,414.6 thousand for Desay SV Germany Co., Ltd., with the guarantee period from February 17, 2023, to May 8, 2023[191] - The company provided a guarantee of RMB 75,500 thousand for Desay SV Germany Co., Ltd., with the guarantee period from the start of the project until 15 years after the project ends[191] - The company's total actual guarantee balance for subsidiaries at the end of the reporting period was RMB 105,164.84 thousand, accounting for 13.22% of the company's net assets[191] Legal and Regulatory Compliance - The company disclosed litigation and arbitration cases with a total amount of RMB 85,510,000, with some cases already adjudicated or settled and others still pending[178] - The company's wholly-owned subsidiary, Shenzhen Desay SV Industry Investment Co., Ltd., plans to jointly establish an industrial fund with professional investment institutions, with a planned subscription scale of RMB 300 million, of which RMB 280 million has been confirmed[186] - The industrial fund, Guangdong Yuecai Xivei Automotive Venture Capital Partnership (Limited Partnership), completed its industrial and commercial registration on December 19, 2023, and obtained the "Private Investment Fund Filing Certificate" in February 2024[186] - The company's domestic audit firm, Rongcheng Certified Public Accountants, was paid RMB 970,000 for audit services in 2023, marking the 4th consecutive year of engagement[176] - The company's internal