德赛西威：应收账款攀至百亿元，智驾生态步入“耐压测试”

Core Insights - BYD's "Tian Shen Zhi Yan" has initiated the "Intelligent Driving Equality" era, shifting competition in the automotive industry from price to intelligence [1] - Desay SV's 2024 performance shows a profit growth of nearly 30%, but fourth-quarter results indicate pressure from price wars in the supply chain [1][2] Financial Performance - Desay SV reported a revenue of 27.618 billion yuan in 2024, a year-on-year increase of 26.06%, and a net profit of 2.005 billion yuan, up 29.62% [2] - The company's revenue growth in the first three quarters was 31.13%, with net profit growth of 46.49%, indicating a slowdown in the fourth quarter [2][3] - The fourth quarter saw revenue of 8.643 billion yuan, with net profit growth slowing to 2% year-on-year [3] Cash Flow and Financial Health - Desay SV's operating cash flow reached a net inflow of 1.494 billion yuan, the highest in its history, but overall cash decreased by 4.12 billion yuan [5] - The company's accounts receivable increased significantly, indicating extended payment terms from downstream manufacturers [7] - The inability to convert receivables into commercial bills has increased financing costs for Desay SV [8] Industry Dynamics - The automotive industry is experiencing a price war, with OEMs applying pressure on suppliers, as highlighted by a notable email from a car manufacturer [9][10] - Desay SV's management attributes performance issues to currency fluctuations and accounting adjustments rather than price pressures from clients [11] - The introduction of BYD's "Tian Shen Zhi Yan" is seen as a move that could compress profit margins across the intelligent driving supply chain [12] Future Outlook - The year 2025 is anticipated to be a pivotal year for intelligent driving, presenting both opportunities and challenges for companies like Desay SV [13]