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德赛西威(002920):半年度业绩超预期 智驾业务持续高增
Xin Lang Cai Jing· 2025-08-12 08:32
单季度看,公司2025 年二季度,营业收入为78.52 亿元,同比增长29.90%,归母净利润为6.40 亿元,同 比增长41.15%。费用率方面,2025 年二季度公司销售费用率、管理费用率、研发费用率分别为1.26%、 1.47%、8.55%,分别同比+0.35pct、-0.49pct、-0.11pct。 事件: 德赛西威8 月11 日晚间发布半年度业绩报告称,2025 年上半年营业收入约146.44 亿元,同比增 加25.25%;归属于上市公司股东的净利润约12.23 亿元,同比增加45.82%;基本每股收益2.21 元,同比 增加46.36%。 上半年业绩超预期,。根据公司公告,2025 年上半年公司毛利率、净利率分别为20.33%、8.43%,公司 毛利率与去年同期持平,净利率提升1.19pct。 投资建议:公司乘汽车智能化之"势",在产品矩阵扩张布局深远,加速国际化战略落地,向全球领先 Tier1 的星辰大海进发。我们预计公司2025-2027年分别实现营业收入346.04、428.56、525.17 亿元,实 现归母净利润26.76、33.77、41.90 亿元,对应当前PE 估值分别为22x、 ...
德赛西威(002920):半年度业绩超预期,智驾业务持续高增
CAITONG SECURITIES· 2025-08-12 08:23
Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue approximately 14.644 billion yuan, a year-on-year increase of 25.25%, and net profit approximately 1.223 billion yuan, a year-on-year increase of 45.82% [7] - The company is expected to benefit from the trend of automotive intelligence, expanding its product matrix and accelerating its international strategy [7] - The forecasted revenue for 2025-2027 is 34.604 billion, 42.856 billion, and 52.517 billion yuan respectively, with corresponding net profits of 2.676 billion, 3.377 billion, and 4.190 billion yuan [7] Financial Performance - The company's revenue for 2023A was 21.908 billion yuan, with a growth rate of 46.7%, and is projected to grow at rates of 26.1%, 25.3%, 23.8%, and 22.5% for the following years [6][8] - The net profit for 2023A was 1.547 billion yuan, with a growth rate of 30.6%, projected to grow at rates of 29.6%, 33.5%, 26.2%, and 24.1% for the subsequent years [6][8] - The company's earnings per share (EPS) for 2025E is projected to be 4.82 yuan, with a price-to-earnings (PE) ratio of 22.0 [6][8] Business Segments - The smart cockpit business generated revenue of 9.459 billion yuan, a year-on-year increase of 18.76%, while the smart driving business saw revenue of 4.147 billion yuan, a year-on-year increase of 55.49% [7] - The connected business revenue was 1.038 billion yuan, showing a slight decrease of 2.11% year-on-year [7] Market Performance - The company's stock performance over the last 12 months showed a decline of 5%, while the benchmark index (CSI 300) increased by 9% [4]