惠州市德赛西威汽车电子股份有限公司 （1）现场会议时间：2024 年 9 月 24 日下午 14:30 4、会议召开日期和时间 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"）第四届董事会第三次会议审议通过了《关于提议召开公司 2024 年第四 次临时股东大会的议案》，决定于 2024 年 9 月 24 日召开公司 2024 年第四次临 时股东大会，公司已于 2024 年 9 月 7 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 2024 年第四次临时股东大会的通知》（公告编号：2024-060）。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：2024 年第四次临时股东大会 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：本次股东大会会议的召集、召开程序符合《中 华人民共和国公司法》《上市公司股东大会规则》和《惠州市德赛西威汽车电子 股份有限公司章程》的有关规定。 证券 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 129.85 CNY, indicating an expected return of over 20% within the next six months [4][14]. Core Views - The company's recent capital increase for expansion reflects strong confidence in current and future orders, with significant investments planned for various projects [2][3]. - The company is positioned to benefit from the high growth in automotive intelligence, being a leading manufacturer of domain controllers in China, and is expected to enhance its overseas revenue as factory construction progresses [2][3]. Financial Projections - Revenue is projected to grow from 28.57 billion CNY in 2024 to 44.28 billion CNY in 2026, with a compound annual growth rate (CAGR) of approximately 23.07% [3][8]. - Net profit attributable to the parent company is expected to increase from 2.06 billion CNY in 2024 to 3.47 billion CNY in 2026, reflecting a strong growth trajectory [3][8]. - Earnings per share (EPS) are forecasted to rise from 3.71 CNY in 2024 to 6.26 CNY in 2026 [3][8]. Capital Increase Details - The company plans to raise up to 4.5 billion CNY through a private placement, with the funds allocated to three major projects: the construction of an automotive electronics base, production of intelligent automotive electronic systems, and the development of an intelligent computing center [2][3]. - The first phase of the automotive electronics base in Chengdu is expected to require an investment of 1.96 billion CNY, while the intelligent automotive electronic systems project in Huizhou is projected to need 2.912 billion CNY [2][3]. Market Position - The company is recognized as a leader in the domain controller sector in China, with ongoing efforts to expand its manufacturing capabilities globally, thereby increasing its competitiveness in both domestic and international markets [2][3].

Investment Rating - Strong Buy (Maintained) with a target price of 109.5 RMB [1] Core Views - The company is a leader in automotive electronics, strategically focusing on smart cockpit, smart driving, and connected services, benefiting from the rapid growth of intelligent vehicle products driven by the increasing penetration of new energy vehicles [1] - The smart cockpit market is evolving into a "third living space," with significant growth potential in the cockpit domain controller market, expected to reach 13.5 billion RMB by 2026 [1][8] - The smart driving market is advancing towards higher levels of autonomy, with L3 autonomous driving expected to be officially implemented after pilot programs, driving the demand for high-performance domain controllers [1][8] - The company's international expansion and high-performance products, developed in collaboration with NVIDIA, have led to significant growth in smart driving business, with new project orders exceeding 8 billion RMB in 2023 [1] Financial Projections - Revenue for 2024-2026 is projected to be 28.913 billion RMB, 36.615 billion RMB, and 45.116 billion RMB, with year-on-year growth rates of 32.0%, 26.6%, and 23.2% respectively [1][2] - Net profit attributable to the parent company for 2024-2026 is expected to be 2.026 billion RMB, 2.621 billion RMB, and 3.309 billion RMB, with year-on-year growth rates of 31.0%, 29.4%, and 26.3% respectively [1][2] Industry Analysis Smart Cockpit - The smart cockpit market is transitioning towards a "third living space," with the cockpit domain controller being the core of development, expected to reach a market size of 13.5 billion RMB by 2026 [1][8] - The penetration rate of cockpit domain controllers in the 10-200k RMB vehicle segment is around 20%, indicating significant growth potential [1][8] - The company is a leading domestic supplier of cockpit domain controllers, with a market share of 17.3% in 2023 [1][52] Smart Driving - The smart driving market is advancing towards higher levels of autonomy, with L3 autonomous driving expected to be officially implemented after pilot programs, driving the demand for high-performance domain controllers [1][8] - The penetration rate of NOA (Navigate on Autopilot) in the Chinese market was 5.21% in Q1 2024, with further growth expected as L2+ advanced driver assistance systems continue to be deployed [1][8] - The smart driving domain controller market is expected to reach 91.5 billion RMB by 2027, driven by the increasing demand for computing power to support more complex driving scenarios [1][8] Company Strategy - The company is focusing on smart cockpit and smart driving businesses, with smart driving business accounting for 20.47% of revenue in 2023, a year-on-year increase of 74.43% [1] - The company has developed high-performance products IPU03 and IPU04 in collaboration with NVIDIA, securing new project orders from over ten automakers [1] - The company is expanding its international presence, with breakthroughs in key markets such as Europe, North America, Japan, and Southeast Asia, securing new project orders from clients like Audi, Tata Motors, Volkswagen, and Suzuki [1] Valuation - The company is valued at 30x PE for 2024, with a target price of 109.5 RMB, based on its leading position in the industry, capacity adjustments, and deepening internationalization [1][10]

惠州市德赛西威汽车电子股份有限公司 股票代码：002920 股票简称：德赛西威 惠州市德赛西威汽车电子股份有限公司 投资者关系活动记录表 编号：2024-014 | --- | --- | --- | --- | --- | --- | |---------------------|---------------------------------------------------|---------------------------------------------------|----------------------------------------------|--------------------------------------|-------| | 投资者关系活动 类别 | □ 媒体采访 \n□ 新闻发布会 \n□ 现场参观 \n□ 其他 | \n（请文字说明其他活动内容） | □ 业绩说明会 \n□ 路演活动 | | | | | √ 特定对象调研 | | □ 分析师会议 | | | | | | BlackRock Asset Management Alex Tang | | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6]. Core Insights - The company announced a plan to issue up to 167 million shares to specific investors, raising a total of up to 4.5 billion yuan for three projects aimed at expanding production capacity in automotive electronics [10]. - The new orders from various clients, including major automotive manufacturers, provide strong support for the company's expansion plans [10]. - The projected revenue growth for 2024-2026 is expected to be 29.26%, 25.08%, and 19.54% respectively, with net profit growth rates of 36.49%, 29.24%, and 23.77% [10]. Summary by Sections Company Overview - The company operates in the computer/software development industry and has a current stock price of 97.26 yuan [6]. - The total share capital is 555.01 million shares, with a market capitalization of approximately 53.64 billion yuan [6]. Financial Projections - Revenue is projected to reach 28.32 billion yuan in 2024, 35.42 billion yuan in 2025, and 42.34 billion yuan in 2026, with corresponding growth rates of 29.26%, 25.08%, and 19.54% [11]. - The expected net profit for the same years is 2.11 billion yuan, 2.73 billion yuan, and 3.38 billion yuan, with growth rates of 36.49%, 29.24%, and 23.77% [11]. - Earnings per share (EPS) are forecasted to be 3.80 yuan, 4.92 yuan, and 6.08 yuan for 2024, 2025, and 2026 respectively [10]. Capital Raising and Investment Projects - The funds raised will be allocated to three key projects: the construction of an automotive electronics base, production of intelligent automotive electronic systems, and the development of a smart computing center [10]. - The total investment for these projects is approximately 57.43 billion yuan, with significant portions funded by the new share issuance [10]. Market Position and Orders - The company has secured new project orders from major clients such as Ideal Auto, GAC, and Geely, which are expected to bolster its production capabilities in smart driving and smart cockpit technologies [10]. - The ongoing demand for new projects is seen as a strong underpinning for the company's growth and expansion strategy [10].

1 未来三年（2024-2026 年）股东分红回报规划 三、未来三年（2024 年—2026 年）股东回报的具体规划 未来三年（2024-2026 年）股东分红回报规划 惠州市德赛西威汽车电子股份有限公司 未来三年（2024-2026 年）股东分红回报规划 惠州市德赛西威汽车电子股份有限公司（以下简称"公司"）为完善和健全 科学、持续和稳定的分红决策和监督机制，增加利润分配政策决策的透明度和可 操作性，积极回报投资者，引导投资者树立长期投资和理性投资理念，根据《中 华人民共和国公司法》及中国证监会《关于进一步落实上市公司现金分红有关事 项的通知》《上市公司监管指引第 3 号——上市公司现金分红（2023 年修订）》 （证监会公告〔2023〕61 号）等相关文件要求，以及《惠州市德赛西威汽车电 子股份有限公司章程》（以下简称"《公司章程》"）的有关规定，公司董事会 结合公司实际情况，制定了《惠州市德赛西威汽车电子股份有限公司未来三年 （2024-2026 年）股东分红回报规划》（以下简称"本规划"）。具体内容如下： 一、本规划的制定原则 股东分红回报规划的制定应符合相关法律法规、规范性文件及《公司章程》 的规定 ...

惠州市德赛西威汽车电子股份有限公司 2024 年度向特定对象发行 A 股股票预案 证券简称：德赛西威 证券代码：002920 惠州市德赛西威汽车电子股份有限公司 2024 年度向特定对象发行 A 股股票预案 4、本预案是公司董事会对本次向特定对象发行股票的说明，任何与之不一 致的声明均属不实陈述。 5、本预案所述事项并不代表审批机构对于本次向特定对象发行股票相关事 项的实质性判断、确认、批准或核准，本预案所述本次向特定对象发行股票相关 事项尚需公司股东大会的审议通过、深圳证券交易所审核通过并经中国证券监督 管理委员会同意注册后方可实施。 6、投资者如有任何疑问，应咨询自己的股票经纪人、律师、会计师或其他 专业顾问。 1 二〇二四年九月 惠州市德赛西威汽车电子股份有限公司 2024 年度向特定对象发行 A 股股票预案 公司声明 1、公司及董事会全体成员保证本预案的内容真实、准确、完整，并确认不 存在虚假记载、误导性陈述或重大遗漏，并对本预案内容的真实性、准确性、完 整性承担个别及连带的法律责任。 2、本预案按照《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司证券发行注册管理办法》等法规及规范性文件的 ...

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：2024-060 惠州市德赛西威汽车电子股份有限公司 关于召开 2024 年第四次临时股东大会的通知 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"）第四届董事会第三次会议审议通过了《关于提议召开公司 2024 年第四 次临时股东大会的议案》，决定于 2024 年 9 月 24 日召开公司 2024 年第四次临 时股东大会，现将本次股东大会有关事项公告如下： 一、召开会议的基本情况 1、股东大会届次：2024 年第四次临时股东大会 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：本次股东大会会议的召集、召开程序符合《中 华人民共和国公司法》《上市公司股东大会规则》和《惠州市德赛西威汽车电子 股份有限公司章程》的有关规定。 4、会议召开日期和时间 （1）现场会议时间：2024 年 9 月 24 日下午 14:30 （2）网络投票时间：2024 年 9 月 24 日 通过深圳证券交易所 ...

本公司不存在向参与认购的投资者作出保底保收益或变相保底保收益承诺 的情形，不存在直接或间接通过利益相关方向参与认购的投资者提供财务资助或 补偿的情形。 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：2024-061 惠州市德赛西威汽车电子股份有限公司 关于本次向特定对象发行 A 股股票不存在直接或通过利益相关方 向参与认购的投资者提供财务资助或补偿的公告 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。 2024 年 9 月 6 日，惠州市德赛西威汽车电子股份有限公司（以下简称"公 司"或"上市公司"）召开第四届董事会第三次会议、第四届监事会第三次会议， 审议通过了关于公司 2024 年度向特定对象发行 A 股股票（以下简称"本次发 行"）的相关议案。 现就本次向特定对象发行 A 股股票不存在向参与认购的投资者作出保底保 收益或变相保底保收益承诺，也不存在直接或通过利益相关方向参与认购的投资 者提供财务资助或者补偿的事项承诺如下： 特此公告。 惠州市德赛西威汽车电子股份有限公司 董事会 2024 年 9 月 6 日 1 ...

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：2024-056 惠州市德赛西威汽车电子股份有限公司 第四届监事会第三次会议决议公告 本公司及监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、监事会会议召开情况 惠州市德赛西威汽车电子股份有限公司（以下简称"公司"）第四届监事会 第三次会议通知于 2024 年 9 月 3 日以电子邮件形式发出，并于 2024 年 9 月 6 日 以通讯方式召开。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。本次会议召集和召开程序符合《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 1. 审议通过《关于公司符合向特定对象发行股票条件的议案》 公司对照《中华人民共和国公司法》（以下简称"《公司法》"）《中华人民共 和国证券法》（以下简称"《证券法》"）以及中国证券监督管理委员会（以下简称 "中国证监会"）颁布实施的《上市公司证券发行注册管理办法》等有关法律、 法规、规章和规范性文件的规定，经过自查和论证，认为公司符合向特定对象发 行股 ...