德赛西威（002920）：2024年报业绩增长亮眼，智能驾驶业务景气度持续高企

Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Insights - The company reported a robust performance in 2024, with operating revenue increasing by 26.06% year-on-year, and net profit attributable to shareholders rising by 29.62% year-on-year, indicating strong growth momentum [1] - The smart cockpit business demonstrated steady growth, achieving operating revenue of 18.23 billion yuan, driven by diversified product offerings and strong new customer orders [1] - The smart driving business experienced significant growth, with operating revenue reaching 7.31 billion yuan, a year-on-year increase of 63.06%, supported by the rapid commercialization of advanced smart driving features [2] - The company effectively managed costs, resulting in a marginal decrease in sales, management, and R&D expense ratios compared to the same period in 2023, enhancing profit margins [2] Financial Performance Summary - In 2024, the company achieved operating revenue of 27.62 billion yuan and net profit of 2.01 billion yuan, with projected net profits for 2025, 2026, and 2027 expected to be 2.80 billion yuan, 3.60 billion yuan, and 4.62 billion yuan respectively [4] - The company's earnings per share (EPS) for 2024 was 3.61 yuan, with projections of 5.04 yuan, 6.48 yuan, and 8.32 yuan for the following years [4] - The price-to-earnings (P/E) ratio is projected to decrease from 34.3x in 2024 to 14.9x in 2027, indicating potential for valuation improvement [4]