Core Viewpoint - The company has acquired a majority stake in Suzhou Xiaogongjian Robot Co., enhancing its development capabilities for robotic joint components, which are expected to be applied in scenarios such as smart charging, further promoting the industrialization of "automobile + AI + robotics" [1][2] Event - On May 12, the company invested to acquire a majority stake in Suzhou Xiaogongjian Robot Co., becoming the controlling shareholder. Xiaogongjian, established in 2018, specializes in smart integrated joints and customized robotic arms, allowing the company to gain design and development capabilities for key components such as motors, reducers, and drivers, accelerating the industrialization process of robotics [1][2] Industry Insights - The integrated joints represent a significant portion of the total cost in humanoid robots, potentially accounting for 50%, making them one of the highest value components in the robotics field. The company’s driving algorithms and robotics share commonalities, allowing for horizontal expansion of application scenarios, such as smart charging robotic arms that can autonomously charge vehicles through visual detection and positioning [2][3] Business Outlook - The company is expected to see a turning point in its main business, with the gradual phase-out of the Supervision solution and an increase in self-developed domain controllers like iFC and iDC, which will improve gross margins. Revenue from automatic driving solutions is projected to reach 1.193 billion yuan in 2024, a year-on-year increase of 5.5%, with domain controller revenue at 1.135 billion yuan and front-view integrated machine revenue at 58 million yuan [2][3] Financial Performance - The company’s comprehensive gross margin is reported at 7.28%, a decrease of 2.66 percentage points year-on-year. The increase in R&D expense ratio is attributed to the hiring of over 100 high-level algorithm and mass production delivery team members, which is expected to strengthen collaboration with Chery on smart driving projects [4][5] Future Projections - The company is anticipated to benefit significantly from the trend of democratizing smart driving, with multiple products like iFC and iDC expected to see increased volume. The operating philosophy of "Smart Mobility For Everyone" aligns with the current trend of smart driving accessibility. Revenue forecasts for 2025-2027 are projected at 1.79 billion, 2.84 billion, and 3.54 billion yuan, respectively, with corresponding net profits of -113 million, 87 million, and 221 million yuan [5][6]

2025 年 05 月 09 日 德赛西威(002920.SZ) 2025Q1 业绩增长强劲，构建智驾软硬 一体全栈能力 事件：4 月 23 日，德赛西威发布 25 年一季报。25Q1 年公司营收 67.92 亿元，同比+20.26%；归母净利润 5.82 亿元，同比+51.32%；扣非后归母净 利润 4.97 亿元，同比+34.08%。 2025Q1 业绩增长强劲，盈利能力显著提升。公司营收端增长强劲主要系 新客户放量，25Q1 小米销量 7.6 万辆，预计贡献主要增量。25Q1 公司毛利 率 20.52%，同比+1.18pct，环比+2.12pct；剔除会计政策影响因素，同比 +1.78pct，环比+0.27pct。我们认为毛利率环比提升主要系：1）高毛利的 座舱域控、智驾域控占比提升；2）高计价成本的芯片前期已逐步出货。25Q1 公司期间费用率 13.27%，同比+0.31pct，环比+3.22pct。主要系公司持续 进行高研发投入，25Q1 研发费用 6.55 亿元，同比+25.3%，环比+8.41%。 此外公司 Q1 处置参股公司股权实现 0.8 亿投资收益，以及冲回 0.55 亿元 信用减值损失， ...

Core Viewpoint - The company's Q1 performance fell short of market expectations, primarily due to a decline in high-end product orders in the consumer electronics structural components business, while net profit saw a slight year-on-year increase due to improved cost management [1]. Financial Performance Summary - Q1 revenue was 36.88 billion yuan, up 1.1% year-on-year but down 33.2% quarter-on-quarter - Gross profit was 2.32 billion yuan, down 7.4% year-on-year and down 28.2% quarter-on-quarter - Net profit attributable to shareholders was 620 million yuan, up 1.9% year-on-year but down 48.3% quarter-on-quarter - Gross margin was 6.30%, down 0.57 percentage points year-on-year and up 0.43 percentage points quarter-on-quarter - Net margin was 1.69%, up 0.01 percentage points year-on-year and down 0.49 percentage points quarter-on-quarter [1]. Business Segment Outlook - Consumer Electronics: The acceleration of AI applications is expected to drive a new replacement cycle, with the company increasing its market share in A customer iPad and mobile phone glass businesses. The focus will be on high-end products and AI-enabled devices, which are anticipated to contribute to revenue growth [2]. - New Energy Vehicles: The company is set to benefit from the rapid evolution of electric and intelligent vehicles, with significant growth in smart cockpit and thermal management shipments. Collaborations with major players like NVIDIA are expected to enhance its market position [2]. - Computing Power Products: The expansion in AI data centers is projected to lead to rapid growth in AI servers and liquid-cooled power supplies, with a focus on high-speed communication [2]. - AI Robotics: The company plans to leverage its expertise in system integration to develop core components for AI robots, including sensors and controllers [2]. Investment Recommendation - The company is recognized as a leading precision manufacturing enterprise with strong material research and product design capabilities. It has significant growth potential due to its quality customer base and forward-looking business strategies. The expected revenue for 2025-2027 is projected to be substantial, with a favorable market position in the A customer innovation cycle and automotive electronics [3].

Core Viewpoint - Company expects revenue and profit growth of over 20% in 2025 despite external uncertainties, driven by product structure optimization and steady growth in key categories like smartphones and PCs [5][6] Financial Performance - In 2024, company achieved revenue of 109.878 billion yuan, a year-on-year increase of 28.76% [5] - Company maintains a globalized product layout with approximately 50% of revenue from overseas markets, including about 10% from products sold indirectly to the U.S. [5][6] Business Strategy - Company is advancing a "China + VMI" global manufacturing strategy, establishing a dual supply system with core domestic bases and overseas VMI bases [5][6] - Domestic manufacturing bases are primarily located in Dongguan and Nanchang, while overseas bases are in Vietnam, Mexico, and India [5] Automotive and Robotics Business - Automotive electronics and robotics are emerging sectors for the company, currently in the investment phase [7] - Company anticipates reaching breakeven in automotive electronics within two to three years, with ongoing progress in product development and client acquisition [7][8] - For robotics, a specialized team is being formed, with plans to complete team building by 2025 and develop a robotics R&D model [8][9] Market Position - Company has received recognition for its capabilities in automotive-grade manufacturing, positioning itself as an industry leader [7] - The acquisition of a cleaning robot company, now named Guangdong Haokin Robot Technology Co., Ltd., aims to enhance the company's presence in the robotics sector [9][10] - Company is optimistic about the growth potential in industrial and health care robots, focusing on building core competencies in these areas [11]

点击招商研究小程序查看PDF报告原文 公司公告24年报，24年实现总收入1773.1亿元同比+36.4%，毛利123.0亿元同比+17.9%，归母净利 42.7亿元同比+5.6%，毛利率6.9%同比-1.1pcts，净利率2.4%同比-0.7pct。结合公司近况以及业绩 交流会，我们点评如下： 24年收入规模创新高，盈利能力下滑源于产品结构调整、新业务折旧费用增加。 24年收入快速增长 源于消费电子市场需求回暖，公司安卓高端市场订单以及海外大客户业务持续扩大，汽车电子保持 强劲增长态势，新型智能产品业务实现 AI服务器量产出货。盈利能力下滑主因产品业务结构调整， 新拓展的机壳业务带来的折旧以及期间费用增加。 Q4业绩不及市场预期，毛利率下滑源于业务结构调整，期间费用因大客户研发费用前置以及股权激 励成本有所增加。 单季度看，Q4收入551.8亿元同比+45.9%环比+26.7%，毛利32.4亿元同比 +27.9% 环 比 -12.1% ， 归 母 净 利 12.0 亿 元 同 比 +20.6% 环 比 -22.2% ， 毛 利 率 5.9% 同 比 -0.8pct 环 比-2.6pcts，净利率2.2%同比- ...