上 市 公 司 计算机 2024 年04月 21 日 德赛西威 (002920) 公 司 研 究 ——收入高增符合预期，利润经常性项目可圈可点 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持）  事件：公司披露2024年一季度报告，公司2024年第一季度实现营业收入 56.48亿元， 同比增长41.78%；归母净利润3.85亿元，同比增长16.41%；扣非净利润3.7亿元，同 证 市场数据： 2024年04月19日 比增长27.23%。 券 收盘价（元） 118.01 研 一年内最高/最低（元） 179.5/76.44  收入符合预期。公司一季度收入增长 42%，我们此前预测增速 45%，基本符合预期。 究 市净率 7.8 报 息率（分红/股价） 0.71 2024Q1乘用车上限量增长17.2%，公司收入体现出较强的alpha。 告 流通A股市值（百万元） 65084 上证指数/深证成指 3065.26/9279.46  利润略低预期，可能由于额外的资产减值损失，以及ADAS销售占比提升带来的毛利率下 注：“息率”以最近一年已公布分红计算 降。 基础数据: 2024年03月31日 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 142.94 CNY per share, reflecting a reasonable PE of 35 times for 2024 [4][16]. Core Views - The company's revenue performance is in line with expectations, with a significant increase in revenue driven by new products and key customer growth. In Q1 2024, the company reported revenue of 5.65 billion CNY, a year-on-year increase of 41.8%, and a net profit attributable to shareholders of 380 million CNY, up 16.4% year-on-year [2][13]. - The company is expected to benefit from overseas projects, which are anticipated to contribute significantly to performance by 2026. Recent breakthroughs in Europe and Japan indicate a positive outlook for long-term profitability [2][14]. - The report forecasts net profits for 2024-2026 to be 2.267 billion CNY, 2.962 billion CNY, and 4.195 billion CNY, respectively, driven by a robust order book and successful business expansion [16][19]. Financial Summary - In Q1 2024, the company achieved a gross margin of 19.34%, a decrease of 1.75 percentage points year-on-year, primarily due to the faster growth of lower-margin intelligent driving business and OEM price competition [2][13]. - The company expects a revenue growth rate of approximately 31.4% for 2024, which is projected to help reduce the expense ratio significantly [2][13]. - The company’s financial metrics indicate a strong growth trajectory, with expected revenue growth rates of 56.0% in 2022, 46.7% in 2023, and 31.4% in 2024 [19][20]. Profitability and Valuation - The report highlights the company's strong market position and growth certainty, with a projected ROE of 22% for 2024, compared to lower figures for comparable companies [16][17]. - The company is expected to see a significant increase in profitability, with net profit growth rates projected at 46.6% for 2024 and 30.7% for 2025 [19][20]. Strategic Outlook - The company is making substantial progress in international markets, with new projects from major clients like Volkswagen and Audi, and plans for a new factory in Europe [2][14]. - The report emphasizes the potential benefits from advancements in AI and smart vehicle technology, which could enhance the company's core business prospects [14].

Stock Data - Total Shares Outstanding / Float (billion shares): 5.55 / 5.55 [1] - Total Market Cap / Float (billion RMB): 727.72 / 727.72 [1] - 12-Month High / Low Price (RMB): 179.5 / 76.44 [1] Company Performance - Q1 2024 Revenue: 5.648 billion RMB, up 41.78% YoY [2] - Q1 2024 Net Profit Attributable to Parent Company: 385 million RMB, up 16.41% YoY [2] - Q1 2024 Non-GAAP Net Profit: 371 million RMB, up 27.23% YoY [2] - Q1 2024 Non-GAAP Net Profit Margin: 6.56%, down 0.75pct YoY [2] - Q1 2024 Sales / Management / R&D / Financial Expense Ratios: 1.28% / 1.78% / 9.26% / 0.64%, with changes of -0.17pct / -0.58pct / -0.83pct / +0.43% YoY [2] Overseas Expansion - Significant breakthroughs in Europe, Southeast Asia, India, and Japan in 2023 [2] - New R&D center established in Yokohama and new factory built in Mexico [2] - Plans to establish a new factory in Europe [2] - Continued focus on expanding in Japan, Europe, the US, Southeast Asia, and South Korea [2] Financial Projections - 2024-2026 Revenue Projections: 29.631 billion RMB, 37.293 billion RMB, 47.023 billion RMB, with growth rates of 35.25%, 25.86%, and 26.09% respectively [2][3] - 2024-2026 Net Profit Attributable to Parent Company Projections: 2.029 billion RMB, 2.625 billion RMB, 3.313 billion RMB, with growth rates of 31.17%, 29.40%, and 26.19% respectively [2][3] - 2024-2026 PE Ratios: 34x, 27x, 21x [2][3] Investment Rating - Maintained "Buy" rating due to strong order book, intelligent product matrix, and accelerated international expansion [2] Financial Metrics - 2024-2026 Gross Margin Projections: 20.14%, 19.81%, 19.46% [4] - 2024-2026 Net Profit Margin Projections: 6.85%, 7.04%, 7.05% [4] - 2024-2026 ROE Projections: 20.37%, 20.90%, 20.90% [4] - 2024-2026 EPS Projections: 3.66 RMB, 4.73 RMB, 5.97 RMB [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a strong revenue growth of 42% year-on-year in Q1 2024, but profits faced slight pressure, resulting in overall performance below expectations [3] - Revenue growth was primarily driven by increased sales from key clients, with significant year-on-year increases from major customers such as Li Auto (+44%), Geely (+55%), and Chery (+88%) [3] - The company is expected to benefit from new project launches throughout 2024, particularly with the updated L series models from Li Auto and new clients in the intelligent driving sector [3] - Gross margin faced pressure due to changes in product mix, with a gross margin of 19.3% in Q1 2024, down 1.8 percentage points year-on-year [3] - The company is positioned as a leader in intelligent driving components and is expected to benefit from the industry's growth, with new project orders projected to generate annual sales of over 24.5 billion [3] Financial Forecasts and Valuation - Revenue forecasts for 2024-2026 are set at 285 billion, 369 billion, and 462 billion respectively, with year-on-year growth rates of 30% for 2024 and 2025, and 25% for 2026 [4] - Net profit forecasts for the same period are 22.9 billion, 30.8 billion, and 39.6 billion respectively, with growth rates of 48% for 2024, 34% for 2025, and 29% for 2026 [4] - The corresponding P/E ratios are projected to be 29, 21, and 17 for 2024, 2025, and 2026 respectively [4]

Investment Rating - The report maintains an "Accumulate" rating for Desay SV (002920) with a target price of 156.09 CNY, unchanged from the previous rating [1][2]. Core Insights - Desay SV is positioned as a leading player in the automotive electronics sector, benefiting from the wave of automotive intelligence. The demand for products related to intelligent driving and smart cockpits is expected to drive revenue growth [1]. - The company reported a significant year-on-year revenue growth of 41.8% in Q1 2024, with total revenue reaching 5.65 billion CNY. The net profit attributable to shareholders was 390 million CNY, reflecting a 16.4% increase year-on-year [1][2]. - The gross margin for Q1 2024 was reported at 19.3%, showing a slight decline compared to the previous quarter, attributed to increased market competition [1]. Financial Performance Summary - Revenue is projected to grow from 21.91 billion CNY in 2023 to 27.21 billion CNY in 2024, representing a 24% increase [3][4]. - The operating profit (EBIT) is expected to rise from 1.57 billion CNY in 2023 to 2.13 billion CNY in 2024, indicating a growth rate of 36% [3][4]. - The net profit attributable to shareholders is forecasted to increase from 1.55 billion CNY in 2023 to 2.02 billion CNY in 2024, a growth of 30% [3][4]. Market Expansion and Strategy - The company is accelerating its international market expansion and strengthening its customer base. It aims to build a global service system and has already secured new project orders from key international clients [1]. - Desay SV plans to enhance its product supply categories for core customers while focusing on high-end brands and tackling key clients in the market [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：2024-028 惠州市德赛西威汽车电子股份有限公司 2023 年年度权益分派实施公告 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、 股东大会审议通过权益分派方案情况 惠州市德赛西威汽车电子股份有限公司（以下简称"公司"、"本公司"）2023 年度权益分派方案已获 2024 年 4 月 18 日召开的 2023 年度股东大会审议通过。 现将权益分派事宜公告如下： 2、自 2023 年度权益分派方案披露至实施期间，公司股本总额未发生变化。 3、本次实施的权益分派方案以固定总额的方式分配，与 2023 年年度股东 大会审议通过的分配方案一致。 4、本次实施分配方案距离股东大会审议通过的时间未超过两个月。 二、本次实施的权益分派方案 本公司 2023 年年度权益分派方案为：以公司现有总股本剔除已回购股份 0 股后的 555,006,100 股为基数，向全体股东每 10 股派 8.400000 元人民币现金（含 税；扣税后，通过深股通持有股份的香港市场投资者、QFII、R ...

证券研究报告 公 2024年04月19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： 118.01元 季 自主品牌客户放量，2024 年 Q1 收入高增 目标价格： 报 点 事件： 评 基本数据 4月18日，公司发布2024年一季度业绩报告，2024年Q1公司实现营业收 总股本/流通股本(百万股) 555.01/551.51 入 56.48 亿元，同比增长 41.78%；实现归母净利润 3.85 亿元，同比增长 流通A股市值(百万元) 65,084.01 16.41%；实现扣非归母净利润3.71亿元，同比增长27.23%。 每股净资产(元) 15.06 ➢ 受益自主客户放量，2024年Q1收入高增 2024年Q1公司实现营业收入56.48亿元，同比增长41.78%，收入保持较 资产负债率(%) 54.18 高增速。下游客户来看，合资客户表现分化，一汽大众/上汽大众/一汽丰 一年内最高/最低(元) 179.50/76.44 田/广汽丰田2024年Q1销量同比增速分别为4.6%/9.6%/1%/-29.1%；自主 股价相对走势 方面，奇瑞汽车/理想汽车/吉 ...

Group 1 - The Beijing International Auto Show will take place from April 25 to May 4, 2024, focusing on automotive intelligence with notable models like Xiaomi SU7, Xiangjie S9, Zhiji L6, Huawei Wenjie M9, and Li Auto L6 being showcased [1] - On April 19, A-share indices fell collectively, with the smart car ETF (159888) experiencing a decline of over 3%, and stocks such as Desay SV and Weir Group dropping significantly [1] - The global trend towards automotive electrification remains strong, with continuous growth in the production and sales of new energy vehicles and battery installations [1] Group 2 - AI technology innovations are accelerating the promotion of automotive intelligence, supported by policies exploring the implementation of L3 autonomous driving [1] - The smart car ETF (159888) tracks the CSI Smart Car Theme Index, selecting companies that provide terminal perception and platform applications for smart vehicles, reflecting the overall performance of the smart car industry [1] - The current popularity of the Huaxia Fund's automotive parts ETF (562700) indicates a broad development space for domestic parts companies under the trends of electrification and intelligence in the automotive sector [1]

惠州市德赛西威汽车电子股份有限公司 2023 年度股东大会 之 法律意见书 GLG/SZ/A2577/FY/2024-290 国浩律师（深圳）事务所（以下简称"本所"）接受惠州市德赛西威汽 车电子股份有限公司（以下简称"公司"）的委托，指派律师出席了公司 2023 年度股东大会（以下简称"本次股东大会"）。现根据《中华人民共和 国公司法》《中华人民共和国证券法》《深圳证券交易所上市公司自律监管 指引第 1 号——主板上市公司规范运作指引》等法律、法规、规范性文件以 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》"）的规定，对本次股东大会的召集和召开程序、召集人和出席人员资 格、本次会议审议的议案、会议表决程序和表决结果等事宜出具法律意见。 致：惠州市德赛西威汽车电子股份有限公司 国浩律师（深圳）事务所 关于 为出具本法律意见书，本所律师对本次股东大会所涉及的事项进行了审 查，查阅了本所律师认为出具法律意见书所必需查阅的文件，并对有关问题 进行了必要的核查和验证。 本所同意将本法律意见书随公司本次股东大会的决议一起予以公告，并 依法对本所出具的法律意见承担相应的责任。 根据相关法律法规的 ...

[Key Financial Data](index=2&type=section&id=%E4%B8%80%E3%80%81%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE) [Key Accounting Data and Financial Indicators](index=2&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%20%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company achieved steady growth in Q1 2024, with significant increases in operating revenue, net profit, total assets, and shareholder equity Key Financial Indicators for Q1 2024 | Indicator | Current Period | Prior-Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 5,647,731,859.41 | 3,983,427,024.66 | 41.78% | | Net Profit Attributable to Shareholders (Yuan) | 384,770,978.67 | 330,525,213.28 | 16.41% | | Net Profit after Non-recurring Items (Yuan) | 370,530,965.09 | 291,239,259.29 | 27.23% | | Net Cash Flow from Operating Activities (Yuan) | 198,468,612.94 | 192,607,804.95 | 3.04% | | Basic Earnings Per Share (Yuan/Share) | 0.70 | 0.60 | 16.67% | | Weighted Average Return on Equity | 4.72% | 4.96% | -0.24% | | **Indicator** | **End of Current Period** | **End of Prior Year** | **Period-over-Period Change (%)** | | Total Assets (Yuan) | 18,483,103,014.85 | 18,014,086,502.65 | 2.60% | | Equity Attributable to Shareholders (Yuan) | 8,356,224,727.17 | 7,952,283,330.30 | 5.08% | [Non-recurring Profit and Loss Items and Amounts](index=2&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%20%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) Total non-recurring profit and loss for the period was ¥14.24 million, primarily composed of ¥19.71 million in government subsidies Details of Non-recurring Profit and Loss for Q1 2024 | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -546,403.50 | | Government Subsidies Included in Current Profit/Loss | 19,708,247.06 | | Fair Value Change Gains/Losses on Financial Assets/Liabilities | -504,679.20 | | Other Non-operating Income and Expenses | -2,055,878.61 | | **Total** | **14,240,013.58** | [Analysis of Changes in Key Financial Indicators](index=3&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%20%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87%E5%8F%91%E7%94%9F%E5%8F%98%E5%8A%A8%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%8E%9F%E5%9B%A0) Significant changes occurred in financial indicators, including growth in financial assets and receivables, a 41.78% revenue increase, and reduced net cash flows from investing and financing activities - **Trading financial assets** increased by **194.68%** YoY, mainly due to an increase in floating-rate wealth management products[9](index=9&type=chunk) - **Other receivables** increased by **131.50%** YoY, mainly due to an increase in tax refunds receivable at the end of the period[9](index=9&type=chunk) - **Contract liabilities** increased by **45.07%** YoY, mainly due to an increase in advance payments received[9](index=9&type=chunk) - **Other current liabilities** increased by **1530.26%** YoY, mainly due to an increase in output tax corresponding to advance receipts[9](index=9&type=chunk) - **Operating revenue** increased by **41.78%** YoY, mainly due to an increase in orders during the period[10](index=10&type=chunk) - **R&D expenses** increased by **30.10%** YoY, reflecting the company's continued investment in research and development[10](index=10&type=chunk) - **Financial expenses** increased by **325.99%** YoY, mainly due to an increase in foreign exchange losses[10](index=10&type=chunk) - **Asset impairment losses** changed significantly by **-6585.02%** YoY, mainly due to increased provisions for inventory write-downs[10](index=10&type=chunk) - **Net cash flow from investing activities** net outflow decreased by **30.17%** YoY, mainly due to a reduction in wealth management investments[10](index=10&type=chunk) - **Net cash flow from financing activities** net inflow decreased by **90.29%** YoY, mainly due to a reduction in bank credit borrowings[10](index=10&type=chunk) [Shareholder Information](index=4&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E4%BF%A1%E6%81%AF) [Shareholding of Common Stockholders](index=4&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%20%E6%99%AE%E9%80%9A%E8%82%A1%E8%82%A1%E4%B8%9C%E6%80%BB%E6%95%B0%E5%92%8C%E8%A1%A8%E5%86%B3%E6%9D%83%E6%81%A2%E5%A4%8D%E7%9A%84%E4%BC%98%E5%85%88%E8%82%A1%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E5%89%8D%E5%8D%81%E5%90%8D%E8%82%A1%E4%B8%9C%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5%E8%A1%A8) As of the reporting date, the company had 32,706 common stockholders, with a concentrated ownership structure led by two major shareholders holding 28.31% and 27.46% respectively - As of the end of the reporting period, the total number of common stockholders was **32,706**[12](index=12&type=chunk) Top Three Shareholders' Holdings | Shareholder Name | Shareholding Ratio (%) | Number of Shares | | :--- | :--- | :--- | | Guangdong Desay Group Co, Ltd | 28.31% | 157,106,250.00 | | Huizhou Innovation Investment Co, Ltd | 27.46% | 152,418,750.00 | | Xinyu Weili De Investment Consulting Partnership (Limited Partnership) | 3.46% | 19,177,494.00 | [Other Important Matters](index=5&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) Effective February 3, 2024, the company's control structure changed to having no controlling shareholder or actual controller due to the restoration of certain shareholder voting rights - Effective February 3, 2024, the company transitioned to a state of **no controlling shareholder and no actual controller** due to the restoration of certain shareholder voting rights[14](index=14&type=chunk) [Quarterly Financial Statements](index=5&type=section&id=%E5%9B%9B%E3%80%81%E5%AD%A3%E5%BA%A6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) [Consolidated Balance Sheet](index=5&type=section&id=1%E3%80%81%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of March 31, 2024, total assets were ¥18.48 billion, up 2.60%, while total liabilities were ¥10.01 billion, and equity attributable to shareholders grew by 5.08% to ¥8.36 billion Key Items of the Consolidated Balance Sheet | Item | Ending Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | **Total Assets** | **18,483,103,014.85** | **18,014,086,502.65** | | Total Current Assets | 13,975,734,121.56 | 13,675,161,455.51 | | Total Non-current Assets | 4,507,368,893.29 | 4,338,925,047.14 | | **Total Liabilities** | **10,013,563,582.65** | **9,953,950,597.00** | | Total Current Liabilities | 8,783,939,756.92 | 8,722,675,954.02 | | Total Non-current Liabilities | 1,229,623,825.73 | 1,231,274,642.98 | | **Total Equity** | **8,469,539,432.20** | **8,060,135,905.65** | | Equity Attributable to Parent Company | 8,356,224,727.17 | 7,952,283,330.30 | [Consolidated Income Statement](index=7&type=section&id=2%E3%80%81%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In Q1 2024, the company's total operating revenue was ¥5.65 billion, up 41.78% YoY, with net profit attributable to the parent company reaching ¥385 million, a 16.41% increase Key Items of the Consolidated Income Statement | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 5,647,731,859.41 | 3,983,427,024.66 | | Total Operating Costs | 5,305,646,263.49 | 3,718,853,610.02 | | R&D Expenses | 523,037,588.65 | 402,031,516.04 | | Operating Profit | 455,259,697.87 | 389,646,764.79 | | Total Profit | 452,657,415.76 | 389,690,154.52 | | Net Profit | 389,874,356.71 | 329,545,260.52 | | Net Profit Attributable to Parent Company | 384,770,978.67 | 330,525,213.28 | | Basic Earnings Per Share | 0.70 | 0.60 | [Consolidated Cash Flow Statement](index=9&type=section&id=3%E3%80%81%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) Net cash from operating activities was ¥198 million in Q1 2024, while net cash used in investing activities decreased and net cash from financing activities significantly declined Key Items of the Consolidated Cash Flow Statement | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 198,468,612.94 | 192,607,804.95 | | Net Cash Flow from Investing Activities | -453,192,106.33 | -648,984,657.35 | | Net Cash Flow from Financing Activities | 32,696,940.76 | 336,797,098.58 | | Net Increase in Cash and Cash Equivalents | -223,744,626.05 | -110,373,856.63 | | Ending Balance of Cash and Cash Equivalents | 909,415,728.39 | 926,450,901.73 | [Audit Status](index=11&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%20%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's financial report for the first quarter of 2024 has not been audited - The company's first-quarter report is **unaudited**[25](index=25&type=chunk)