德赛西威：公司半年报点评：多智能化新品获定点，推进海外布局

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][13]. Core Views - The report highlights that the company achieved a revenue of 11.69 billion yuan in the first half of 2024, representing a year-on-year increase of 34%. The net profit attributable to shareholders was 840 million yuan, up 38% year-on-year, with a gross margin of 20.3% [5][6]. - The company is focusing on the development of three main business areas: intelligent cockpits, intelligent driving, and connected services. It has secured multiple new project orders from major clients such as Li Auto, GAC, and Geely [5][6]. - The report projects revenues for 2024, 2025, and 2026 to be 27.65 billion yuan, 34.79 billion yuan, and 42.27 billion yuan respectively, with net profits of 2.08 billion yuan, 2.66 billion yuan, and 3.30 billion yuan [7][9]. Summary by Sections Financial Performance - In the first half of 2024, the company reported a revenue of 11.69 billion yuan, with a net profit of 840 million yuan. The gross margin was 20.3% and the net margin was 7.2% [5][6]. - The company expects to achieve revenues of 27.65 billion yuan in 2024, with a year-on-year growth rate of 26.2% [7][9]. Business Development - The company has launched its fourth-generation intelligent cockpit domain controller, which is already in mass production for clients like Li Auto. It has also received new orders for HUD products and electronic rearview mirrors [5][6]. - The intelligent driving business is supported by high-performance domain controllers that have been mass-produced for clients such as Li Auto and Geely, with new project orders from major automotive manufacturers [6]. Profitability Forecast - The report forecasts earnings per share (EPS) of 3.75 yuan, 4.78 yuan, and 5.94 yuan for the years 2024, 2025, and 2026 respectively [7][9]. - The company is expected to maintain a net profit margin of around 7.5% in the coming years, with a projected net profit growth rate of 34.7% in 2025 [9].