Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported its 2024 mid-year results, achieving revenue of 11.7 billion yuan, a year-on-year increase of 34%, and a net profit attributable to shareholders of 840 million yuan, up 38% year-on-year, exceeding expectations [3] - The sales volume of core customers has increased, and the intelligent driving business is rapidly expanding, with significant contributions to revenue growth from both existing and new customers [3][4] - The gross margin for Q2 2024 was 21.3%, exceeding expectations, driven by scale effects from production capacity and new project mass production [3] Summary by Sections Financial Performance - For H1 2024, the intelligent cockpit business generated revenue of 8 billion yuan (up 27.4% YoY), while the intelligent driving business brought in 2.7 billion yuan (up 45.1% YoY) [3] - The company expects revenue for 2024-2026 to be 28.5 billion, 36.9 billion, and 46.2 billion yuan, respectively, with year-on-year growth rates of 30%, 30%, and 25% [4] - The net profit attributable to shareholders is forecasted to be 2.29 billion, 3.07 billion, and 3.95 billion yuan for 2024-2026, with growth rates of 48%, 34%, and 29% [4] Market Position and Strategy - The company is positioned as a leader in the intelligent driving components sector, accelerating its internationalization efforts with new facilities and offices in Europe [4] - The establishment of a new technology park in Germany and an office in Paris, along with a smart factory project in Spain, aims to enhance local production capabilities and responsiveness to market demands [4] Valuation Metrics - The current P/E ratio is 33.84, with projections of 22.85, 17.05, and 13.24 for the years 2024-2026 [2][10] - The company’s market capitalization is approximately 49.1 billion yuan, with a circulating A-share market value of about 48.8 billion yuan [6]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 133 CNY, compared to the current price of 94.30 CNY [2][3]. Core Views - The company's smart driving products have seen significant growth, leading to a high increase in performance, with revenue reaching 11.692 billion CNY, a year-on-year increase of 34.02%, and a net profit of 838 million CNY, up 38.11% [2][3]. - The smart cockpit business has successfully expanded its product categories, generating revenue of 7.965 billion CNY, a year-on-year increase of 27.43% [3]. - The company has secured new project orders from major clients, including Li Auto, Chery, and GAC, enhancing its market share in various international markets [3]. - The report highlights the positive impact of government policies and industry trends on the company's performance, particularly in the context of smart connected vehicles [3]. Financial Summary - For 2024, the company is projected to achieve total revenue of 28.136 billion CNY, with a growth rate of 28.4%, and a net profit of 2.107 billion CNY, reflecting a growth rate of 36.2% [4][10]. - The company's gross margin for the first half of 2024 is reported at 20.33%, with a net margin of 7.24%, indicating continuous improvement in cost efficiency [3]. - The operating cash flow for the first half of 2024 is 615 million CNY, an increase of 313 million CNY year-on-year [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance in the first half of 2024 met expectations, with significant growth in the smart driving business [4] - The company is benefiting from the trend of automotive intelligence, with revenue and net profit showing substantial year-on-year growth [4] - The forecast for net profit from 2024 to 2026 is projected at 2.208 billion, 3.006 billion, and 3.734 billion yuan respectively, with corresponding EPS of 1.24, 1.63, and 2.07 yuan per share [4] Financial Performance Summary - In the first half of 2024, the company achieved operating revenue of 11.692 billion yuan, a year-on-year increase of 34.02%, and a net profit attributable to shareholders of 838 million yuan, up 38.11% [4] - For Q2 2024, the company reported operating revenue of 6.045 billion yuan, a 27.50% increase year-on-year, and a net profit of 454 million yuan, which is a 64.05% increase [4] - The smart cockpit, smart driving, and smart connected businesses generated revenues of 7.965 billion, 2.667 billion, and 1.060 billion yuan respectively, with year-on-year growth rates of 27.43%, 45.05%, and 66.90% [5] Business Expansion and Internationalization - The company is expanding its product offerings and accelerating its internationalization efforts, securing new orders from major clients such as Great Wall, Toyota, and SAIC General [6] - The company has entered markets in Europe, Southeast Asia, Japan, and North America, with the first phase of a new technology park in Europe underway [6] Financial Projections - The company’s projected operating revenue for 2024 is 29.028 billion yuan, with a year-on-year growth rate of 32.5% [7] - The projected net profit for 2024 is 2.208 billion yuan, reflecting a year-on-year increase of 42.7% [7] - The company’s P/E ratios for 2024, 2025, and 2026 are projected to be 22.2, 16.3, and 13.1 respectively [7]

Investment Rating - The report maintains a "Buy" rating for Desay SV [6][12] Core Views - Desay SV's 2024H1 operating results show revenue in line with expectations at 11.69 billion yuan, a year-on-year increase of 34%, and net profit exceeding expectations at 838 million yuan, a year-on-year increase of 38.11% [5][8] - The improvement in gross margin is primarily driven by the ADAS business, with Q2 gross margin reaching 21.25%, marking significant improvements both quarter-on-quarter and year-on-year [5][8] - Cash flow and other key quality indicators are also strong, with accounts receivable and inventory showing minimal increases, indicating healthy operations [5][10] Summary by Sections Financial Performance - For 2024H1, Desay SV achieved revenue of 11.69 billion yuan and net profit of 838 million yuan, both exceeding previous forecasts [5][8] - The company’s gross margin improved significantly, particularly in the ADAS segment, which reached 18.9% in Q2, the highest in a year [5][8] Business Segments - The ADAS and cockpit electronics segments saw revenue growth of 45% and 27.4% respectively in 2024H1, meeting expectations [5][10] - New product developments in ADAS, including IPU04 and next-generation products, have been successfully launched, with significant orders from major automotive clients [10][12] R&D and Efficiency - Despite ongoing R&D and commercial breakthroughs, the report highlights optimistic trends in R&D efficiency and compensation plans, with R&D expenses growing only 8% year-on-year, below revenue growth [5][10] - The company’s operational efficiency is underscored by a notable increase in cash inflows compared to salary growth rates, indicating effective cost management [10][12] Future Projections - Revenue forecasts for 2024-2026 are set at 27.02 billion, 34.03 billion, and 42.27 billion yuan respectively, with net profits projected at 2.25 billion, 2.83 billion, and 3.54 billion yuan [6][12]

公司点评报告 ·汽车行业 产品结构改善提盈利能力,国际化稳中有进 2024 年半年报业绩点评 核心观点 ● ● 事件:公司发布 2024年半年报,上半年公司实现营业收入 116.92 亿元,同 比+34.02%,实现归母净利润 8.38 亿元,同比+38.11%,实现扣非归母净利 润 7.90 亿元,同比+49.66%, EPS 为 1.51元,同比+37.27%。2024年 Q2, 公司实现营业收入 60.45 亿元,同比+27.50%,环比+7.03%,实现归母净利 润 4.54 亿元,同比+64.05%,环比+17.90%,实现扣非归母净利润 4.19亿元, 同比+77.30%,环比+13.13%。 智驾产品结构改善,毛利率同环比增长明显:2024年 H1,公司营收延续新 业务占比持续增长趋势,智能座舱/智能驾驶/网联服务及其他分别实现营收 79.65 亿元/26.67 亿元/10.60 亿元, 同比分别+27.43%/+45.05%/+66.90%, 智能驾驶与网联服务营收占比持续提升。2024年 H1,公司毛利率同比微降 0.33pct至20.33%,其中智能座舱业务毛利率为19.60%,同比-0. ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% in the next 6 to 12 months compared to the benchmark index [5]. Core Insights - The company reported strong growth momentum in H1 2024, with revenue reaching 11.692 billion yuan, a year-on-year increase of 34.02%, and net profit attributable to shareholders of 838 million yuan, up 38.11% year-on-year [3]. - The company is experiencing a robust order intake across its smart cockpit and smart driving segments, which is expected to drive revenue growth [2]. - The financial forecasts for net profit from 2024 to 2026 have been adjusted to 21.07 billion yuan, 28.17 billion yuan, and 36.17 billion yuan, reflecting year-on-year growth rates of 36%, 34%, and 28% respectively [2]. Financial Performance Summary - **Revenue and Profitability**: - Revenue for 2022 was 14.933 billion yuan, projected to grow to 47.976 billion yuan by 2026, with a compound annual growth rate (CAGR) of 26% [2]. - Net profit for 2022 was 1.184 billion yuan, expected to reach 3.617 billion yuan by 2026, with a CAGR of 28% [2]. - **Earnings Per Share (EPS)**: - EPS was 2.13 yuan in 2022, projected to increase to 6.52 yuan by 2026 [2]. - **Valuation Ratios**: - The Price-to-Earnings (P/E) ratio is expected to decrease from 41.5 in 2022 to 13.6 by 2026, indicating improving valuation as earnings grow [2]. - The Price-to-Book (P/B) ratio is projected to decline from 7.6 in 2022 to 3.1 by 2026 [2]. Segment Performance - **Smart Cockpit**: - Revenue from smart cockpit products was 7.965 billion yuan in H1 2024, a year-on-year increase of 27.43%, accounting for 68.12% of total revenue [3]. - The gross margin for this segment slightly decreased to 19.60% [3]. - **Smart Driving**: - Revenue from smart driving products reached 2.667 billion yuan in H1 2024, up 45.05% year-on-year, representing 22.81% of total revenue [3]. - The gross margin improved to 18.94% [3]. International Expansion - The company is advancing its internationalization strategy, with the establishment of a smart factory in Spain to enhance local production capabilities and respond to customer demands effectively [2].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price of 88.46 CNY per share on August 20, 2024 [2][6]. Core Views - The company has demonstrated rapid profit growth, with a 34.02% year-on-year increase in revenue to 11.692 billion CNY in H1 2024 and a 38.11% increase in net profit attributable to shareholders to 838 million CNY [1]. - The company is accelerating its domestic internationalization strategy, establishing a global service system with projects in key automotive industrial regions such as Germany and Spain [1]. - The company is focusing on diversifying its intelligent driving domain control solutions to meet varying market demands, with significant orders from major clients [1]. Financial Performance - In Q2 2024, the company achieved a revenue of 6.045 billion CNY, a year-on-year increase of 27.50% and a quarter-on-quarter increase of 7.03% [1]. - The net profit attributable to shareholders for Q2 2024 was 454 million CNY, reflecting a year-on-year increase of 64.05% and a quarter-on-quarter increase of 17.90% [1]. - The gross profit margin for Q2 2024 reached 21.25%, up 0.96 percentage points year-on-year, while the net profit margin was 7.50%, up 1.67 percentage points year-on-year [1]. Future Projections - Revenue projections for 2024-2026 are estimated at 28.231 billion CNY, 34.107 billion CNY, and 40.222 billion CNY respectively, with net profits expected to be 2.085 billion CNY, 2.650 billion CNY, and 3.177 billion CNY [2][6]. - The earnings per share (EPS) are projected to be 3.76 CNY, 4.78 CNY, and 5.72 CNY for the years 2024, 2025, and 2026 respectively [2][6].

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 08 月 21 日 德赛西威(002920.SZ) 24H1 收入保持高增，盈利能力企稳回升 事件概述 8 月 20 日，德赛西威发布 2024 年半年报，2024 上半年公司实现营业 收入 116.92 亿元，同比增长 34.02%；实现归母净利润 8.38 亿元， 同比增长 38.11%，扣非归母净利润 7.90 亿元，同比增长 49.66%。 24H1 收入保持高增，盈利能力企稳回升 收入端，得益于智能座舱和智能驾驶业务的双轮驱动，公司 24H1 保 持高速增长，实现营收 116.92 亿元（yoy+34.02%）。其中，1）智能 座舱业务实现收入 79.65 亿元，同比增长 27%，高于行业水平。我们 认为座舱业务的持续高增主要系公司的第三代和第四代智能座舱域 控制器在理想、奇瑞、广汽等车型上规模化量产，以及 IVI、显示系 统和液晶仪表的份额提升。2）智能驾驶业务实现收入 26.67 亿元， 同比增长 45%，主要来自于高阶智能驾驶域控制器在理想、极氪等车 型上的规模化量产。此外，公司网联服务收入达到 10.60 亿元，同 ...

证券研究报告 | 半年报点评 gszqdatemark 2024 08 21 年 月 日 德赛西威（002920.SZ） 半年报增速亮眼，毛利率改善与控费得当带来利润端空间 事件：2024/8/20 晚，公司发布 2024 半年报，2024 年 1-6 月，公司实现 营业收入 116.92 亿元，同比增长 34.02%；归属于上市公司股东的净利润 8.38 亿元，同比增长 38.11%。 智能座舱业务增长稳健，获得多个客户新项目定点，全球份额持续扩大。 2024H1，公司智能座舱业务同比增长 27.43%，增速稳健。公司信息娱乐 系统、显示系统和液晶仪表已在国内拥有领先地位，持续扩大全球市场份 额，在欧洲、日本、东南亚等多个国际市场获得多个客户新项目定点。目 前，信息娱乐系统已获得广汽埃安、广汽乘用车、长城汽车、MAZDA、Toyota Indonesia 等客户新项目定点；显示系统已获得奇瑞汽车、吉利汽车、长 城汽车、VOLKSWAGEN、丰田汽车、CEER、SEAT、Audi、CAT 等海内外 客户多个新项目订单。 智能驾驶业务订单饱满，是公司最重要的成长动力。2024H1，公司智能驾 驶业务占公司收入比 ...

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：2024-046 惠州市德赛西威汽车电子股份有限公司 一、董事会会议召开情况 惠州市德赛西威车电子股份有限公司（以下简称"公司"）第四届董事会第二次会 议通知于 2024 年 8 月 9 日以电子邮件的形式发出，并于 2024 年 8 月 20 日在公司办 公室召开。本次会议由公司董事长高大鹏先生召集并主持，应到董事 9 人，实到 8 人， 其中董事罗翔先生因个人安排冲突委托董事邱耀文先生参加。本次会议的召集和召开 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 第四届董事会第二次会议决议公告 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。 （一）审议通过《关于公司 2024 年半年度报告全文及其摘要的议案》 上述议案提交董事会审议前，已经董事会审计委员会全票同意审议通过。 表决结果：9 票赞成，0 票反对，0 票弃权。表决结果：通过 具体内容详见公司于同日在《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 ...