德赛西威：智能汽车的国际Tier1成长之路

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [1][7]. Core Views - The company achieved a revenue of 11.692 billion yuan in H1 2024, representing a year-on-year increase of 34.02%, with a net profit attributable to shareholders of 838 million yuan, up 38.11% year-on-year [2]. - The company is focused on becoming an international Tier 1 supplier in the smart automotive sector, emphasizing smart cockpits, intelligent driving, and connected services [2][3]. - The report projects revenues of 28.2 billion yuan, 35.3 billion yuan, and 43.5 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 2.178 billion yuan, 2.704 billion yuan, and 3.469 billion yuan [4][5]. Financial Performance - In Q2 2024, the company reported revenue of 6.045 billion yuan, a year-on-year increase of 27.5%, and a net profit of 454 million yuan, up 64.05% year-on-year [2]. - The gross margin reached 21.25%, an increase of 0.96 percentage points year-on-year, while the net margin was 7.5%, up 1.67 percentage points year-on-year [2]. - The company’s sales, management, and R&D expense ratios for Q2 2024 were 0.91%, 1.96%, and 8.66%, respectively, showing a decrease compared to the previous year [2]. Business Segments - Revenue from smart cockpits, intelligent driving, and connected services for H1 2024 was 7.965 billion yuan, 2.667 billion yuan, and 1.060 billion yuan, respectively, with year-on-year growth rates of 27.43%, 45.05%, and 66.90% [2]. - The company has successfully scaled production of its third-generation smart cockpit domain controller and has secured new project orders with annual sales exceeding 15 billion yuan [2][3]. Market Expansion - The company is increasing its investment in overseas markets, with new projects in Europe, including a technology park and a smart factory [2][3]. - Strategic partnerships have been established with major automotive manufacturers to meet the demand for advanced autonomous driving systems [2].