德赛西威：24H1业绩增长动能强劲，舱驾订单多点开花

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].