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研报掘金丨开源证券:德赛西威Q2业绩高增长,维持“买入”评级
Ge Long Hui A P P· 2025-08-22 07:27
开源证券研报指出,德赛西威2025H1实现归母净利润12.23亿元,同比+45.82%;其中2025Q2,实现实 现归母净利润6.40亿元,同比+41.1%。公司业绩稳健增长,利润持续释放。分产品来看,2025H1座舱 业务收入94.59亿元,同比+18.76%;智驾业务收入41.47亿元,同比+55.49%,在智驾渗透率快速提升趋 势下持续保持高增长。第四代座舱在理想、小米、吉利等头部车企量产,受益芯片和功能不断迭代业绩 成长稳健。公司海外布局初显成效,上半年境外收入10.38亿元,同比+36.82%,印尼/墨西哥产能开始 量产,西班牙工厂预计2026年投产。此外,积极探索无人配送、机器人和智慧交通等AI+领域,打开远 期成长空间。海外业务未来有望逐步贡献弹性,Q2业绩高增长,维持"买入"评级。 ...
德赛西威(002920):中小盘信息更新:智驾零部件龙头供应商,AI赋能开启新增长
KAIYUAN SECURITIES· 2025-08-21 15:36
Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company maintains its leading position in the industry with revenue in line with expectations, achieving a revenue of 14.644 billion yuan in H1 2025, a year-on-year increase of 25.25%, and a net profit attributable to shareholders of 1.223 billion yuan, a year-on-year increase of 45.82% [3] - The company is expected to continue its robust growth, with projected net profits of 2.72 billion yuan, 3.47 billion yuan, and 4.49 billion yuan for 2025, 2026, and 2027 respectively, corresponding to EPS of 4.90, 6.26, and 8.10, with PE ratios of 24.2, 19.0, and 14.7 times [3][4] Financial Performance - In H1 2025, the cabin business revenue was 9.459 billion yuan, up 18.76% year-on-year, while the intelligent driving business revenue was 4.147 billion yuan, up 55.49% year-on-year [4] - The gross profit margin remained stable, with Q1 and Q2 gross profit margins at 20.52% and 20.16% respectively, and the intelligent driving business gross profit margin at 19.74% [4] - The company has effectively controlled costs, with a decrease in overall expense ratio by 1.15 percentage points [4] Business Growth and Strategy - The company benefits from the wave of automotive intelligence, with its fourth-generation cockpit in mass production for leading car manufacturers and new orders for HUD products [5] - The international strategy is deepening, with overseas revenue reaching 1.038 billion yuan in H1 2025, a year-on-year increase of 36.82% [5] - The company is actively exploring AI+ fields such as unmanned delivery and smart transportation, opening up long-term growth opportunities [5]