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申万宏源:维持德赛西威 “买入” 评级,出海有技术和制造优势
申万宏源研究指出,德赛西威 (002920.SZ) 24 年归母净利润 20.05 亿元,同比增长 29.62%,扣非净利润 19.46 亿元,同比增长 32.66%。整体业绩基本符合预期。智能驾驶业务收入高增 63%,新项目年化订单销售金额近百亿。真实毛利率可以参考现金流隐含毛利率,不降反升。公司全年毛利率 19.88%,单 Q4 毛利率 18.4%,2023 全年毛利率 20.44%。出海收入略低于此前预期,期待定增资金到位后出海加速。德赛西威的乙方文化,甲方很难具备。这是非常容易被低估的。作为 ADAS 的代表,出海有技术和制造优势。维持 “买入” 评级。



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申万宏源:维持德赛西威 “买入” 评级,出海有技术和制造优势
申万宏源研究指出,德赛西威 (002920.SZ) 24 年归母净利润 20.05 亿元,同比增长 29.62%,扣非净利润 19.46 亿元,同比增长 32.66%。整体业绩基本符合预期。智能驾驶业务收入高增 63%,新项目年化订单销售金额近百亿。真实毛利率可以参考现金流隐含毛利率,不降反升。公司全年毛利率 19.88%,单 Q4 毛利率 18.4%,2023 全年毛利率 20.44%。出海收入略低于此前预期,期待定增资金到位后出海加速。德赛西威的乙方文化,甲方很难具备。这是非常容易被低估的。作为 ADAS 的代表,出海有技术和制造优势。维持 “买入” 评级。

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