四问四答，再看德赛西威投资价值

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 142.94 CNY per share, compared to the current price of 99.30 CNY [2]. Core Insights - The report discusses the potential of OEMs fully self-developing intelligent driving platforms, indicating that while it may provide more value and autonomy, the costs are significantly high. The estimated annual investment for a fully self-developed intelligent driving domain controller could reach approximately 1.5 billion CNY, with total R&D investments for OEMs expected to exceed 4-6 billion CNY annually [1][10]. - The impact of Huawei's intelligent driving solutions on other Tier 1 suppliers is analyzed, suggesting that while Huawei's entry may initially rely on traditional Tier 1 suppliers, its long-term influence will depend on the ecosystem of OEM partnerships [1][30]. - Profit forecasts for the company indicate a net profit of 1.616 billion CNY in 2023, 2.267 billion CNY in 2024, and 2.962 billion CNY in 2025, with a projected PE ratio of 35 for 2024 [1][6]. Summary by Sections Section 1: OEM Self-Development of Intelligent Driving Platforms - OEMs face both challenges and opportunities in the context of software-defined vehicles, with a potential shift from hardware sales to software upgrade services [14]. - The costs associated with fully self-developing intelligent driving domain controllers are substantial, with estimates suggesting a need for annual investments significantly higher than current levels [21][26]. - The report concludes that most OEMs are likely to collaborate with Tier 1 suppliers and third-party software vendors rather than pursue full self-development [28]. Section 2: Impact of Huawei's Intelligent Driving Solutions - Huawei's intelligent driving solutions are positioned as competitive, leveraging its ICT advantages to provide comprehensive automotive solutions [30]. - The report highlights the challenges Huawei faces, including high initial investment costs and low revenue generation, which may affect its competitive positioning in the short term [36]. Section 3: Profitability and Investment Recommendations - The company is expected to achieve significant profit growth over the next few years, with detailed forecasts provided for net profits and earnings per share [6][24]. - The report suggests that the company's valuation is attractive based on its projected earnings and industry comparisons, reinforcing the "Buy" rating [2][6].