证券研究报告·公司点评报告·软件开发 德赛西威（002920） 2024 年年报点评：双智驱动业绩高增，海内 外订单齐突破 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 21908 | 27618 | 36938 | 46173 | 56469 | | 同比（%） | 46.71 | 26.06 | 33.75 | 25.00 | 22.30 | | 归母净利润（百万元） | 1547 | 2005 | 2756 | 3673 | 4711 | | 同比（%） | 30.57 | 29.62 | 37.45 | 33.30 | 28.25 | | EPS-最新摊薄（元/股） | 2.79 | 3.61 | 4.97 | 6.62 | 8.49 | | P/E（现价&最新摊薄） | 43.59 | 33.63 | 24.47 | 18.35 | 14.31 | [Table_Tag] [Table_Summary ...

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 159.66 [7][8]. Core Views - The company reported a revenue of RMB 27.618 billion for 2024, reflecting a year-over-year growth of 26.06%, and a net profit of RMB 2.005 billion, up 29.62% year-over-year. The revenue for Q4 was RMB 8.643 billion, showing a year-over-year increase of 16.2% [1][2]. - The company is expected to benefit from accelerated adoption of intelligent driving technologies and increasing overseas market contributions, leading to strong revenue and profit growth from 2025 to 2027 [1][4]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of RMB 27.618 billion, which is in line with expectations, and a net profit of RMB 2.005 billion, slightly below expectations by 4.6% [1][2]. - The revenue breakdown for 2024 includes RMB 18.230 billion from cockpit, RMB 7.314 billion from intelligent driving, and RMB 2.074 billion from connectivity and other businesses, with growth rates of 15.36%, 63.06%, and 27.99% respectively [2]. Profitability Metrics - The Q4 gross margin was 18.40%, down 3.14 percentage points quarter-over-quarter, primarily due to changes in accounting policies and increased financial expenses [3]. - The net profit margin for Q4 was 6.95%, also reflecting a decline of 0.89 percentage points quarter-over-quarter [3]. Growth Projections - Revenue projections for 2025 to 2027 are RMB 34.193 billion, RMB 41.201 billion, and RMB 49.615 billion respectively, with growth rates of 23.81%, 20.50%, and 20.42% [4][6]. - The net profit projections for the same period are RMB 2.599 billion, RMB 3.174 billion, and RMB 4.008 billion, with growth rates of 29.65%, 22.11%, and 26.29% respectively [4][6]. Market Position and Strategy - The company has demonstrated a leading market position in intelligent driving and smart cockpit sectors, with new annual orders exceeding RMB 27 billion in 2024 [2]. - The company is expanding its overseas presence, with international orders exceeding RMB 5 billion in 2024 and establishing new facilities in Germany, France, and Spain [2].

3 月 14 日晚公司发布 2024 年年度报告，2024 年分别实现营收、归母净利 润、扣非归母净利润 276.18、20.05、19.46 亿元，同比分别+26.06%、 +29.61%、+32.65%；销售毛利率 19.88%；销售净利率 7.31%。 证券研究报告 | 公司点评报告 2025 年 03 月 17 日 德赛西威（002920.SZ） 2024 年业绩高增，智驾业务维持高速增长 中游制造/汽车 ❑ 2024Q4 营收净利双升。2024Q4，公司分别实现营收、归母、扣非归母 86.43、 5.98、4.97 亿元，同比分别+16.20%、+2.05%、-17.58%，环比分别+18.69%、 +5.28%、-24.58%。毛利率 18.40%，同比-3.14pct，环比-2.51pct；净利率 6.95%，同比-0.89pct，环比-0.89pct。 ❑ 智能座舱：2024 年，智能座舱业务实现营收 182.30 亿元，同比+15.36%。 智能座舱域控：2024 年，公司智能座舱新项目订单年化销售额超 160 亿元。 公司第四代智能座舱平台已实现规模化量产，并在理想汽车等客户中成功配 套。 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index within the next 12 months [6][13]. Core Views - The company achieved a revenue of 27.618 billion yuan in 2024, representing a year-on-year growth of 26.06%. The net profit attributable to shareholders reached 2.005 billion yuan, up 29.62% year-on-year [1][5]. - The company is experiencing rapid revenue growth driven by strong sales from major clients, with Q4 2024 revenue reaching 8.643 billion yuan, a 16.21% increase year-on-year [2]. - The company is expanding its international presence, with overseas orders exceeding 5 billion yuan, a growth of over 120% year-on-year [4]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 27.618 billion yuan, with a net profit of 2.005 billion yuan. The projected revenues for 2025, 2026, and 2027 are 33.431 billion yuan, 40.081 billion yuan, and 47.846 billion yuan respectively, with corresponding net profits of 2.616 billion yuan, 3.135 billion yuan, and 3.744 billion yuan [5][9]. - The gross profit margin for Q4 2024 was 18.40%, showing a slight decline compared to the previous year [2]. Business Segments - The smart cockpit segment generated 18.230 billion yuan in revenue for 2024, growing 15.36% year-on-year. The smart driving segment saw a significant increase of 63.06%, reaching 7.314 billion yuan [3]. - The connected services segment achieved a revenue of 2.074 billion yuan, marking a year-on-year growth of 27.99% [3]. International Expansion - The company has successfully entered new international markets, including securing orders from Honda. The expansion of production capacity includes a completed facility in Germany and a new factory in Mexico, with a smart factory in Spain expected to be operational by the end of 2025 [4]. Investment Outlook - The company is well-positioned to benefit from trends in large-screen and multi-screen smart cockpit products, as well as advancements in smart driving technologies. The projected earnings per share (EPS) for 2025, 2026, and 2027 are 4.71 yuan, 5.65 yuan, and 6.75 yuan respectively, with corresponding price-to-earnings (PE) ratios of 26, 22, and 18 [4][5].

➢ 营收高速增长 订单再创新高。1）收入端：2024Q4 营收 86.43 亿元，同比 +16.21%，环比+18.69%。2024Q4，公司主要客户中，理想销量同比+20.40%， 环比+3.84%，奇瑞销量同比+24.06%，环比+26.11%，吉利销量同比+35.01%， 环比+25.34%，驱动公司收入快速增长；2）利润端：2024Q4 归母净利 5.98 亿 元，同比+1.99%，环比+5.22%；扣非后归母净利 4.97 亿元，同比-17.54%， 环比-24.50%。2024Q4 毛利率达 18.40%，同比-1.76pct，环比-2.51pct，归母 净利率达 6.92%，同比-0.96pct，环比-0.88pct。归母净利实现稳步增长；3） 费 用 端 ： 2024Q4 销 售 / 管 理 / 研 发 / 财 务 费 用 率 分 别 0.31%/1.94%/6.99%/0.81%，同比分别-0.88/-0.41/-1.11/+0.51pct，环比分 别-0.84/-0.08/-1.32/+0.83pct，规模效应带动公司费用率整体下降，降本增效 成果逐步显现。 ➢ 三大业务裂变升级 深化汽车 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 168.34 CNY, based on an expected EPS of 4.43, 5.43, and 6.67 CNY for 2025-2027 [2][6]. Core Views - The company is expected to see steady growth in its smart cockpit and intelligent driving businesses, driven by new customers and projects [1][9]. - The revenue forecast for 2025-2027 shows a growth trajectory with expected revenues of 33.73 billion CNY, 40.99 billion CNY, and 49.03 billion CNY respectively, reflecting a year-on-year growth of 22.1%, 21.5%, and 19.6% [4][12]. Financial Performance Summary - The company reported a revenue of 27.62 billion CNY in 2024, a year-on-year increase of 26.1%, with a net profit of 2.01 billion CNY, up 29.6% [9]. - The gross margin for 2024 is projected to be 19.9%, with a net margin of 7.3% [4][12]. - The earnings per share (EPS) are expected to grow from 2.79 CNY in 2023 to 6.67 CNY by 2027 [4][12]. Business Segment Insights - The smart cockpit business is anticipated to grow by 15.4% in 2024, with new project orders exceeding an annualized sales amount of 16 billion CNY [9]. - The intelligent driving business is projected to see a significant increase in revenue, with a year-on-year growth of 63.1% in 2024, reaching 7.31 billion CNY [9].

预计新客户、新项目促进智能座舱及智驾 业务稳步增长 核心观点 盈利预测与投资建议 ⚫ 调整收入、毛利率及费用率等，新增 2027 年预测，预测 2025-2027 年 EPS 为 4.43、5.43、6.67 元（原 2025-2026 年 4.87、6.19 元），可比公司 2025 年 PE 平 均估值 38 倍，目标价 168.34 元，维持买入评级。 风险提示 乘用车行业销量低于预期；车载娱乐系统、车载信息系统和驾驶信息系统配套量低于预 期；车联网、液晶显示屏及 ADAS 业务收入低于预期。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 21,908 | 27,618 | 33,728 | 40,993 | 49,027 | | 同比增长 (%) | 46.7% | 26.1% | 22.1% | 21.5% | 19.6% | | 营业利润(百万元) | 1,537 | 2,099 | 2,590 | 3,176 | 3,899 | | ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 03 15 年 月 日 德赛西威（002920.SZ） 2024 年报业绩增长亮眼，智能驾驶业务景气度持续高企 事件：2025/3/14 晚，公司发布 2024 年报。2024 年，公司营业收入同比 增长 26.06%，归母净利润同比增长 29.62%，公司业绩增速稳健亮眼。 智能座舱业务增长稳健，彰显公司扎实基本盘。2024 年，公司智能座舱 业务在产品组合多元化、市场延伸策略以及新客户订单的强劲推动下，继 续保持快速增长，全年营业收入达到 182.30 亿元，新项目订单年化销售 额超过 160 亿元。报告期内，公司第四代智能座舱平台已实现规模化量 产，并在理想汽车等客户中成功配套。同时，公司持续获得奇瑞汽车、吉 利汽车、广汽丰田、理想汽车、广汽埃安、TATA 等多家车企的新项目订 单，进一步巩固了市场地位。 智能驾驶业务成长强劲，下游需求景气度持续高企。报告期内，公司智能 驾驶业务持续保持强劲增长态势，全年实现营业收入 73.14 亿元，同比增 长 63.06%，新项目订单年化销售额接近 100 亿元。随着智能驾驶技术的 快速普及，城市 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][5]. Core Views - The company reported a robust performance in 2024, with operating revenue increasing by 26.06% year-on-year, and net profit attributable to shareholders rising by 29.62% year-on-year, indicating strong growth momentum [1]. - The smart cockpit business demonstrated steady growth, achieving operating revenue of 18.23 billion yuan, driven by product diversification, market expansion strategies, and strong new customer orders [1]. - The smart driving business showed significant growth, with operating revenue reaching 7.31 billion yuan, a year-on-year increase of 63.06%, supported by the rapid commercialization of advanced driving features [2]. - The company effectively controlled costs, leading to improved profit margins, as evidenced by a marginal decrease in sales, management, and R&D expense ratios compared to the previous year [2]. Financial Summary - In 2024, the company achieved operating revenue of 27.62 billion yuan and a net profit of 2.01 billion yuan, with projected profits for 2025, 2026, and 2027 expected to be 2.80 billion yuan, 3.60 billion yuan, and 4.62 billion yuan respectively [4]. - The company's earnings per share (EPS) for 2024 was 3.61 yuan, with projections of 5.04 yuan, 6.48 yuan, and 8.32 yuan for the following years [4]. - The price-to-earnings (P/E) ratio is projected to decrease from 34.3 in 2024 to 14.9 by 2027, indicating potential for value appreciation [4].

Group 1 - The company reported a revenue of 27.618 billion yuan for 2024, representing a year-on-year growth of 26.06% [1] - The net profit for 2024 reached 2.005 billion yuan, with a year-on-year increase of 29.62% [1] - The basic earnings per share were 3.63 yuan [1] Group 2 - The company plans to distribute a cash dividend of 12 yuan (including tax) for every 10 shares to all shareholders [2] - The company is seizing opportunities in automotive intelligence development, leading to significant growth in its core business [2] - The market penetration rates for high-end intelligent cockpits and high-end intelligent driving products continue to rise, expanding the customer base for product lines such as displays and infotainment systems [2]