德賽西威 (002920 CH)

智能化業務快速發展，國際化佈局進程加速

中國 | 汽車零部件 | 更新報告

公司簡介

德賽西威成立於1986年，是汽車電子領域的頭部公司，主要產品為智能座艙、智能駕駛和網聯服務。智能座艙作為公司營收基石，2024年實現收入182.30億元（人民幣，下同），占總營收比重達 66.01%；智能駕駛業務同步增長，2024年收入達73.14億元，同比增長 63.06%，占比 26.5%。公司2024年營業收入276.18億元，同比+26.06%，归母淨利潤20.05億元，同比+29.62%。

投資概要

前三季度多賺近三成

2025年前三季度，公司實現營業收入/歸母淨利潤/扣非淨利潤分別為223.37億元/17.88億元/17.24億元，同比增長分別為+17.72%/+27.08%/+19.02%，銷售毛利率為 19.70%，同比-0.5pct。其中，2025年三季度單季，公司實現營業收入/歸母淨利潤/扣非淨利潤分別為76.92億元/5.65億元/5.71億元，同比分別+5.63%/-0.57%/-13.25%，環比分別-2.04%/-11.74%/-12.86%。三季度業績環比下滑，主要受核心客戶理想銷量下滑以及行業降價壓力等影響，四季度理想i6、小鵬X9等新車型將上市交付，預計隨著多款新車型上市帶來的銷量提升將改善四季度業績。

持續科研投入，智能產品不斷更新迭代，領跑行業

公司24年研發費用22.56億元，占營收8.17%，25年前三季度研發費用20.03億元，占營收8.97%，研發不斷加大給予了新技術新產品的有力保障。1）智能座艙：公司第四代智能座艙已在理想汽車、小米汽車、吉利汽車等客戶規模化量產，並持續獲得廣汽乘用車、吉利汽車、廣汽埃安等客戶新項目訂單；公司第四代旗艦級智能座艙域控產品目前已在奇瑞汽車配套量產；第五代智能座艙平臺目前已獲理想汽車新項目訂單，並獲得多家全球頂級主機廠的高度關注；公司HUD首個量產項目下線，標誌著公司在智能駕駛視覺領域又取得一重大突破，目前，已獲得上海通用汽車、廣汽乘用車、東風日產等客戶新項目訂單。2）智能駕駛：在輔助駕駛域控制器領域，公司繼續保持國內市場佔有率第一，並不斷優化升級，全面覆蓋不同級別車型技術需求。公司多款旗艦級輔助駕駛域控制器已成功實現規模化量產，為小米汽車、理想汽車、長城汽車、小鵬汽車、廣汽豐田、吉利汽車、廣汽埃安等多家知名車企提供配套支持，已獲取長城汽車、吉利汽車、奇瑞汽車、廣汽埃安、東風乘用車等客戶新項目訂單；公司擁有多款輕量級輔助駕駛解决方案，適配中低至中高價位區間車型這一最大的細分市場，已獲得廣汽豐田、奇瑞汽車、TOYOTA等主流客戶的新項目定點，將向更多客戶進行推廣。3）網聯服務：公司成功實現了UWB（超寬帶）和BLE（藍牙低功耗）方案的規模化量產，並成為國內首家實現UWB方案落地應用的供應商，這一先發優勢幫助公司贏得了理想汽車、奇瑞汽車等重要客戶的定點合作。

5 January 2026

買入 （首次）

現價 CNY120.3

（現價截至12月31日）

目標價CNY147（+22.19%）

公司資料

普通股股東（百萬股）： 596.84

市值（人民幣百萬元）： 71800

52 周最高/最低價（人民幣元）： 154.17/89.9

主要股東 %

廣東德賽集團有限公司

26.32

惠州市創新投資有限公司

20.16

股價&深證成指


Source: Aastocks, Phillip Securities (HK) Research

財務資料

CNY mn

FY24

FY25E

FY26E

FY27E

Net Sales

27618

32576

39245

47957

Net Profit

2005

2461

3120

3956

EPS, CNY

3.62

4.12

5.23

6.63

P/E, x

33.2

29.2

23.0

18.1

BVPS, CNY

17.38

25.61

30.72

37.21

P/BV, x

6.9

4.7

3.9

3.2

DPS (CNY)

1.20

1.30

1.60

2.00

Div. Yield(%)

1.0%

1.1%

1.3%

1.7%

Source: Company reports, Phillip Securities Est.

章晶（+86021-63512939）

zhangjing@phillip.com.cn


定增落地，產能擴張

10月公司完成向特定對象增發A股，募集資金淨額43.93億元，擬投入德賽西威汽車電子中西部基地建設項目（一期）（16.99億元）、智能汽車電子系統級部件生產項目（19.74億元）、智算中心及艙駕融合平臺研發項目（7.2億元），公司預計前兩個項目達產後將分別新增年營業收入82.76億元和147.73億元，淨利潤分別為5.90億元和11.87億元，將有望提升公司長期成長潛力，夯實公司汽車電子龍頭地位。

深化國際化戰略，構建生態協同

公司深化與全球核心芯片廠、主機廠的戰略合作，成功獲得 VW、TOYOTA 等客戶的新項目定點，並成功突破 RENAULT、HONDA 等白點客戶；同時已完成德國、法國、西班牙、日本、新加坡等主要國家和地區的海外分支機搆戰略佈局。海外產能方面，2025年5月，公司在印尼地區開始貢獻產能，強化了在東南亞地區的供應鏈韌性與交付能力；2025年6月，墨西哥蒙特雷工廠首個量產項目誕生，為美洲市場提供了更高效的本地化服務保障；西班牙智能工廠預計將於2026年開始量產，為歐洲地區提供智能座艙、輔助駕駛領域的系列前沿智能化產品。25H1海外業務毛利率達 28.93%，同比+8.22pct，高出同期國內毛利率9.26個百分點，海外產能的擴張將給利潤增長帶來有力支撐。

發佈無人車，開拓新業務

公司於9月2日在上海發佈“川行致遠”車規無人車品牌。進入無人車領域是公司核心能力的對外延展，首款產品S6的平臺設計採用車規級全線控底盤和模塊化上裝，並基於S6的平臺底盤能力，可满足工業園區、物流園區、農貿配送、快遞配送、商超配送、門店補貨、生鮮配送、醫藥配送等不同場景的客戶開發出多場景車型，目前S6系列低速無人車產品已取得較多客戶訂單。

投資建議

公司是汽車電子領域龍頭，得益於不斷研發投入，保持技術引領優勢，同時積極探索新業務，我們堅定看好公司發展前景，預計2025-2027年歸母淨利潤分別為24.6/31.2/39.6億元，目標價147元，對應2025/2026/2027年35.7/28.1/22.2倍預計市盈率，首次覆蓋給予買入評級。（現價截至12月31日）

Peer Comparison

Code

Name

Market Cap-bn

PE

PB(MRQ)

TTM

25E

26E

603596.SH

Bethel

32

24

22

18

4

002920.SZ

Desay SV

73

31

28

22

5

601689.SH

Tuopu

135

50

45

37

6

603786.SH

Entdict

33

40

34

27

6

AVERAGE

68.25

36.25

32.25

26

5.25

MEDIUM

53

35.5

31

24.5

5.5

Source: Wind, Phillip Securities Hong Kong Research



Source: Wind, Phillip Securities Hong Kong Research

風險

汽車銷量不及預期拖累零部件需求

新業務推進進度低於預期

匯率波動及海外市場風險

原材料價格上漲


財務數據

FYE DEC

FY23

FY24

FY25E

FY26E

FY27E

Valuation Ratios

P/E(X),adj.

43.0

33.2

29.2

23.0

18.1

P/B(X)

8.4

6.9

4.7

3.9

3.2

Dividend payout ratio(%)

30.0%

33.1%

31.6%

30.6%

30.2%

Dividend Yield(%)

0.7%

1.0%

1.1%

1.3%

1.7%

Per share data(RMB)

EPS(Basic)

2.81

3.63

4.12

5.23

6.63

EPS(Diluted)

2.80

3.62

4.12

5.23

6.63

DPS

0.84

1.20

1.30

1.60

2.00

BVPS

14.33

17.38

25.61

30.72

37.21

Growth&Margins(%)

Growth

Revenue

46.7%

26.1%

18.0%

20.5%

22.2%

EBIT

31.7%

42.3%

17.5%

27.6%

28.6%

Net Income,adj.

30.7%

29.6%

22.7%

26.8%

26.8%

Margins

Gross margin

20.4%

19.9%

19.4%

19.4%

19.6%

EBIT margin

7.2%

8.2%

8.1%

8.6%

9.1%

Net Profit Margin

7.1%

7.3%

7.6%

8.0%

8.2%

Key Ratios

ROE

21.4%

22.8%

19.7%

18.6%

19.5%

ROA

9.7%

10.2%

9.6%

9.5%

13.7%

Income Statement(RMB mn)

Revenue

21908

27618

32576

39245

47957

Gross profit

4479

5490

6307

7621

9390

EBIT

1585

2256

2651

3384

4351

Profit before tax

1538

2100

2609

3339

4302

Tax

-3

82

125

187

301

Profit for the period

1542

2018

2484

3152

4001

Minority interests

-5.16

13.20

23.00

32.00

45.00

Total capital share

555

555

597

597

597

Net profit

1547

2005

2461

3120

3956

Source:PSR

（現價截至12月31日）


PHILLIP RESEARCH STOCK SELECTION SYSTEMS

Total Return

Recommendation

Rating

Remarks

＞+20%

Buy

1

＞20% upside from the current price

+5% to +20%

Accumulate

2

+5% to +20%upside from the current price

-5% to +5%

Neutral

3

Trade within±5% from the current price

-5% to -20%

Reduce

4

-5% to -20%downside from the current price

<-20%

Sell

5

＞20%downside from the current price

We do not base our recommendations entirely on the above quantitative return bands. We consider qualitative factors like (but not limited to) a stock's risk reward profile, market sentiment, recent rate of share price appreciation, presence or absence of stock price catalysts, and speculative undertones surrounding the stock, before making our final recommendation

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