申港证券SHENGANG SECURITIES德赛西威(002920.SZ)年报点评报告元，周比增长43.21%、27.34%、20.56%，归#净利涧为16.91亿元、23.64亿元、31.12亿元，周比增长42.85%、39.77%、31.65%，对应PE分别为36.4、26.1、19.8倍。考虑到公司国内汽车智能化领城龙头地位稳固，先发优势明显，风险提示：汽车智能化渗透率不及预期，公司客户销量不及预期，高级别自动驾驶落地不及预期，行业竞争格局变化，芯片短缺。财务指标预测2021A2022A2023E2024E2025E9,569.4314,932.9121,384.8527,231.0532,828.9040.75%56.05%43.21%27.34%20.56%832.921,183.851.691.112.383.583.111.6360.75%42.13%42.85%39.77%31.65%15.60%1828%21.33%24.16%25.46%1512.153.054.285.60PE73.4851.6036.4326.0619.80PB11.549.517.776.305.04敬请参阅最后一页免责声明证券研究报告