研報掘金丨申萬宏源:維持德賽西威“買入”評級,出海有技術和製造優勢
申萬宏源研究指出,德賽西威(002920.SZ)24年歸母淨利潤20.05億元,同比增長29.62%,扣非淨利潤19.46億元,同比增長32.66%。整體業績基本符合預期。智能駕駛業務收入高增63%,新項目年化訂單銷售金額近百億。真實毛利率可以參考現金流隱含毛利率,不降反升。公司全年毛利率19.88%,單Q4毛利率18.4%,2023全年毛利率20.44%。出海收入略低於此前預期,期待定增資金到位後出海加速。德賽西威的乙方文化,甲方很難具備。這是非常容易被低估的。作為ADAS的代表,出海有技術和製造優勢。維持“買入”評級。
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