25Q1业绩超预期兑现： | 投资要点 | | --- | 2030战略启新程，科技生态人文协同： 公司于2025年4月发布2030战略，以"智新境，向远大"为主题，围绕"科技×生态×人文"三维协 同新范式展开，科技是底层引擎，生态是价值放大器，人文是终极目标，让技术回归「为人服 务」的本质。智能化领域，构建了"量产一代、研发一代、储备一代"的矩阵策略，在辅助驾驶 领域，已经具备"硬件平台+软件算法+系统集成"的全栈能力；全球化布局方面采用「走进去、 属地化」战略，利用技术基因+本土化适配模式，更好地服务全球客户，也能够规避地缘风 险。 用户分类以需定品，需求导向引领技术演进： 公司于2025年4月发布《德赛西威AI出行趋势研究报告》，将用户群体分为三大类， AI辅助一 族年龄相对较大持保守渐进态度， AI协同一族对AI技术接受度高， AI共生一族对技术依赖程 度高，对未来发展持乐观态度；技术演进与设计革新方面，通过AR-HUD案例，展现从需求出 发进行技术融合的全新设计力体系，为后续研发提供「需求洞察-技术验证-商业落地」范式； 报告推演出需求驱动下AI-Space六大趋势，全息守护：AI感知。自然调律：捕 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is positioned to benefit significantly from the intelligent driving industry, with a projected revenue growth of 34% in 2025, 25% in 2026, and 22% in 2027 [1][47] - The company has launched its 2030 strategy focusing on a three-dimensional collaboration of technology, ecology, and humanity, aiming to enhance user experience and service [7][12] - The first quarter of 2025 showed strong performance with a 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 released its 2030 strategy themed "Smart New Realm, Towards Greatness," emphasizing a collaborative approach in technology, ecology, and humanity [12] - It aims for significant revenue growth through increased R&D investment and a global presence with localized strategies [13][17] 2. Intelligent Cockpit and Driving Assistance - The company introduced the industry's first integrated cockpit 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 reported a strong Q1 2025 performance with a gross margin of 20.52%, reflecting improvements in profitability [39][40] - The projected revenue for 2025-2027 is set at 36.9 billion, 46.2 billion, and 56.5 billion yuan, respectively, with corresponding net profits of 2.76 billion, 3.67 billion, and 4.71 billion yuan [1][47] 4. Investment Forecast - The report forecasts a PE ratio of 21 for 2025, 16 for 2026, and 12 for 2027, indicating a favorable valuation outlook [1][47] - The company is expected to maintain its leading position in the intelligent driving sector, benefiting from its strategic initiatives and market positioning [1][47]