德赛西威：汽车智能化规模再升级，国际化进程加速

Investment Rating - The investment rating for the company is "Buy" with a focus on the acceleration of automotive intelligence and international expansion [2]. Core Views - The company is deeply focused on the efficient integration of various fields of automotive intelligence, covering smart cockpits and intelligent driving [2]. - The company has established diverse customer structures and is actively expanding into overseas markets, with significant growth in both smart cockpit and intelligent driving businesses [2]. Summary by Sections 1. Product Intelligence Layout and Diverse Customer Structure - The company has developed highly integrated smart hardware and leading software algorithms, focusing on the efficient integration of automotive intelligence [21]. - The company has seen a compound annual growth rate (CAGR) of 47.7% in revenue from 2021 to 2023, with a revenue of 189.75 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 31.13% [29]. 2. Smart Cockpit: Rich Product Categories and Overseas Market Opportunities - The smart cockpit business achieved revenue of 79.65 billion yuan in the first half of 2024, a year-on-year increase of 27.43%, accounting for 68.12% of total revenue [35]. - The company has received new project orders for its fourth-generation smart cockpit products from major clients, including Ideal Automotive and Geely [35]. 3. Intelligent Driving: Industry Leadership and Diverse Product Solutions - The intelligent driving business generated revenue of 26.67 billion yuan in the first half of 2024, a year-on-year increase of 45.05%, accounting for 22.81% of total revenue [35]. - The company has established itself as a leader in the intelligent driving domain control market, with significant project orders from major automotive manufacturers [35]. 4. Investment Recommendations - The company is expected to achieve net profits of 18.46 billion yuan, 20.42 billion yuan, and 22.72 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 36.53, 33.02, and 29.68 [2].