德赛西威：新订单有力支撑，定增扩产助力长远发展

Investment Rating - The investment rating for the company is "Buy" (maintained) [6]. Core Insights - The company announced a plan to issue up to 167 million shares to specific investors, raising a total of up to 4.5 billion yuan for three projects aimed at expanding production capacity in automotive electronics [10]. - The new orders from various clients, including major automotive manufacturers, provide strong support for the company's expansion plans [10]. - The projected revenue growth for 2024-2026 is expected to be 29.26%, 25.08%, and 19.54% respectively, with net profit growth rates of 36.49%, 29.24%, and 23.77% [10]. Summary by Sections Company Overview - The company operates in the computer/software development industry and has a current stock price of 97.26 yuan [6]. - The total share capital is 555.01 million shares, with a market capitalization of approximately 53.64 billion yuan [6]. Financial Projections - Revenue is projected to reach 28.32 billion yuan in 2024, 35.42 billion yuan in 2025, and 42.34 billion yuan in 2026, with corresponding growth rates of 29.26%, 25.08%, and 19.54% [11]. - The expected net profit for the same years is 2.11 billion yuan, 2.73 billion yuan, and 3.38 billion yuan, with growth rates of 36.49%, 29.24%, and 23.77% [11]. - Earnings per share (EPS) are forecasted to be 3.80 yuan, 4.92 yuan, and 6.08 yuan for 2024, 2025, and 2026 respectively [10]. Capital Raising and Investment Projects - The funds raised will be allocated to three key projects: the construction of an automotive electronics base, production of intelligent automotive electronic systems, and the development of a smart computing center [10]. - The total investment for these projects is approximately 57.43 billion yuan, with significant portions funded by the new share issuance [10]. Market Position and Orders - The company has secured new project orders from major clients such as Ideal Auto, GAC, and Geely, which are expected to bolster its production capabilities in smart driving and smart cockpit technologies [10]. - The ongoing demand for new projects is seen as a strong underpinning for the company's growth and expansion strategy [10].