A -share "Period Entrance Examination" ｜ High calculation force domain control has not yet started to quantitative Disaixi semi -annual report high -growth market but vote with feet

21st Century Business Herald reporter Zhao Yunfan Shanghai report

How much is the valuation of the autonomous driving industry?

As high as 40%of net profit growth, it still cannot meet investors' expectations for industry leaders.

On August 19th, the lead driver's leader in Disaixi (002920.SZ) closed down 6.27%within the day, and the market value fell below 90 billion, but the static price -earnings ratio was as high as 105 times.

Earlier on the evening of August 18, Desesiwei disclosed the semi -annual report. In the first half of the year, the company realized a net profit attributable to shareholders of listed companies of 521 million yuan, an increase of 40.96%year -on -year, and the deduction of non -net profit was 497 million yuan, an increase of 37.44%year -on -year, rapid The growth rate of the company's industry is not lost.

However, the secondary market still chooses to vote with foot before and after the company's semi -annual report. As of the closing of August 19, Desai Siwei has fallen by nearly 23%of S $ 203/share at the end of July.

The company's semi -annual report shows that its high -computing autonomous driver control business has not significantly volume, or it has exacerbated investors' concerns about the company's expected market expectations under high valuation.

The gross profit of the cockpit business declines significantly

The semi-annual report shows that Dedsexi achieved operating income of 6.407 billion yuan from January to June 2022, an increase of 56.93%year-on-year; of which smart cockpit business revenue was 5.24 billion yuan, an increase of 57.11%year-on-year; %.

In terms of profits, although the company's net profit and deduction of non -net profit during the company had a growth rate of 40 %, the growth rate of 20 percentage points slowed down from 2021 annual reports.

Desesiwei said that the impact of chip supply and rising raw material prices on the automotive industry in the first half of 2022 still has a prominent impact on the automotive industry. Measures to cope with the current impact of upstream supply on the company's production and operation.

From the perspective of income composition, the company's traditional strong cockpit score income accounted for 81.84%, but the proportion of autonomous driving business decreased slightly at 13.47%.

The main source of the company's smart cockpit business is the front -loading IVI screen and the cockpit domain controller. In June of this year, as Li Xiang's ideal L9 was called "no opponent below 5 million levels", L9 released the popularity. Desseixi was also used as "screen car" track stocks and was once stated in the market.

However, from the perspective of gross profit, the gross profit of the company's cockpit products decreased by 3.83 percentage points to 21.57%year -on -year, and the speed was faster. The intelligent driving business relieves the decline in the overall gross profit to a certain extent, and its year -on -year increased by 4.11 percentage points to 23.16%.

The company's semi -annual report did not explain the changes in gross profit changes. Guojin Securities and Open source Securities followed up the company's semi -annual report to follow -up research, saying that the gross profit decline in the cabin area has intensified competition, accounting adjustment and rising raw material prices, and the growth of intelligent driving gross profit or due to the company's autonomous driver's domain control device products to a certain extent realized to a certain extent. Layout.

In terms of the prospects of the cockpit domain, the company said in the semi -annual report that the output of the third -generation smart cockpit domain controller, 4K high -definition screen and other cockpit products quickly climbed. Based on Qualcomm's fourth -generation smart cockpit products is closely developed and has obtained customer orders.

In terms of smart driving regions, the company said that the sales volume of ADAS products such as fully automatic parking and 360 -degree high -definition environment continued to increase; the autonomous driving assistance system that faces a larger market space, based on comprehensive technical advantages and integrating high and low -speed scenes is about to mass production; The high -end autonomous driver regional controller products that can achieve higher -level functions have obtained a total of more than 10 mainstream car companies, and have entered the climbing period of mass production.

High computing power and driving domain control have not yet been measured

The large cockpit screen is the traditional strength of Disai. According to the calculation of Soochow Securities, as of the end of 2018, the market share in the industry (central control screen+software solution) in the industry (central control screen+software solution) in the industry reached 13.9%.

Compared with the traditional and powerful cockpit field track, Dedicisi has been extremely popular in the market in recent years. Driven driver -controlled supplier for chip development.

Due to the high -level autonomous driver's control requirements, there is a large amount of computing power redundant, in order to deal with emergencies and shorten the response time, SOC with high computing power domain control is considered to be standard after the improvement of autonomous driving levels.

Public information shows that Deyesiwei and the ideal car and Nvidia have jointly developed the domain controller IPU04 that can be used for L4 -level autonomous driving. The domain controller has been applied to the ideal L9 model. IPU04 computing power is seven times higher than the original IPU03 computing power, and can further extend the limit of computing power.

On August 10 this year, Xiaopeng P7 collided with the person who checked the vehicle failure and the faulty vehicle inspected the vehicle's failure on the elevated road, and the accident caused one person to die. Xiaopeng P7 is equipped with Desesi IPU03 autonomous driving domain control and starts the adaptive cruise ACC during driving, but the system does not feedback the accident ban. The reporter once asked the Decei Saiway's investigation of the investigation, but has not yet received a response.

In the aforementioned incident, the "weakness" of the low computing power integration system in the real autonomous driving environment is evident.

It is reported that the ideal L9 was officially released on June 21 this year. According to the company's official website, as of the end of July, the number of ideal L9 orders has reached 50,000, and it is expected that the Dissexi IPU04 shipments will be significantly measured, but the performance of Disaixi in the first half of the year is difficult to reflect the order volume of this order. Earlier, Desesiwei has disclosed that three models will be equipped with company IPU04 products and will be mass -produced in the second half of this year or 2023. The reporter tried to contact Desesiwei to understand the shipment of the company's IPU04 domain control product, but the relevant person only said that everything was based on the company's announcement.

Or no longer "independent"

Although Dedsexi was once considered to be Nvidia's latest ORIN platform, the only bundled supply in China. However, the reporter learned that the Judong Electronics, which was also an A -share parts, has also recently won the Nvidia Orin platform autonomous driving.

According to the information disclosed by Junsheng Electronics on July 29, the company will provide a high -calculation platform (AD domain controller) with a dual ORIN system architecture in the future, which can realize the L2 ++ highway and urban market scene NOA function, and AVP According to its customer planning, the project is planned to start mass production in 2024.

This means that although Desai Siwei has long controlled the "Nvidia exclusive" industry status for a long time, it no longer exists.

It is worth noting that the reporter learned from a industry person that there have been rumors in the industry that when Jun Sheng Electronics won the opportunity of Nvidia ORIN High Computing Platform cooperation, he was intervened by "friend" for exclusive authorization. But the rumor was not confirmed.

The insiders of Junsheng Electronics have previously told reporters that as "challengers", they are actually psychologically prepared for this.

Some analysts believe that although Desesiwei's technical precipitation and first -mover advantage are obvious, there is no complete technology or competition barriers. The company's development prospects still need to be based on the overall prospects of the industry, and the depth of the company's binding of the company and the supplier and the OEM.

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