德赛西威：外延内生并驱，走向AI时代-20250429

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Viewpoints - The company is positioned to benefit significantly from the AI-driven automotive industry, with a strategic focus on technological innovation and global expansion [7][12] - The company has released its 2030 strategy, emphasizing a collaborative approach between technology, ecology, and humanity to enhance user experience [12][17] - The first quarter of 2025 showed strong performance, with total revenue of 6.792 billion yuan, a year-on-year increase of 20.26%, and a net profit of 582 million yuan, up 51.32% [39][40] Summary by Sections 1. 2030 Development Strategy - The company launched its 2030 strategy themed "Smart New Realm, Towards Greatness," focusing on a three-dimensional collaborative model of technology, ecology, and humanity [12] - It aims for significant revenue growth through increased R&D investment and a global presence with 12 R&D centers and over 4,200 personnel [13][17] 2. AI-Driven Innovations - The company introduced the industry's first integrated cockpit and driving solution based on Qualcomm's SA8775P, optimizing costs and enhancing performance [31] - The fifth-generation intelligent cockpit platform G10PH was successfully launched, showcasing advanced AI capabilities and high-performance computing [34] 3. Financial Performance - The company forecasts revenue growth from 36.9 billion yuan in 2025 to 56.5 billion yuan in 2027, with corresponding net profits increasing from 2.76 billion yuan to 4.71 billion yuan [1][47] - The report highlights a projected PE ratio decline from 21 in 2025 to 12 in 2027, indicating improving valuation metrics [1][47]