Credit Brief — Huizhou Desay SV Automotive Co., Ltd. (德赛西威)
002920.SZ · Shenzhen Main Board · Data window: 2022–2026 H1 · Sources: official periodic reports filed via cninfo (巨潮资讯网)
All figures are extracted mechanically from official filings and are traceable to source page (see §9). Narrative sections are analyst commentary; mechanical sections are produced without any LLM. Not investment advice. Not a credit rating.
1. Identity & legitimacy
- Legal representative: 高大鹏
- Registered address: 惠州仲恺高新区和畅五路西103 号
- Office address: 广东省惠州市惠南高新科技产业园惠泰北路6 号
- Controlling shareholder: None (stated in the filed report)
- Actual controller: None (stated in the filed report)
- Employees: 11,940
Source: identity fields above are mechanically extracted from the issuer's own filed annual reports. - Registration data via corporate registry is not included in this build
2. Compliance & legal
Compliance screens (dishonest debtor / enforcement / penalties / business exceptions) require a registry data source not included in this build
3. Business profile
Top customer/supplier tables not generated for this issuer.
4. Financial dashboard (CNY mn)
Assets
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Cash and bank balances | 1,114.5 | 1,275.6 | 775.3 | 1,448.1 | 894.6 |
| Trading financial assets | 18.4 | 30.9 | 95.7 | 3,911.1 | 3,291.2 |
| Accounts receivable | 4,463.6 | 7,168.1 | 9,603.7 | 9,778.5 | 8,736.9 |
| Other receivables | 46.4 | 33.4 | 122.2 | 202.7 | 143.2 |
| Inventories | 3,416.2 | 3,259.9 | 3,696.5 | 4,789.3 | 6,994.4 |
| Long-term equity investments | 284.9 | 351.9 | 369.6 | 371.7 | 373.7 |
| Fixed assets | 1,516.1 | 2,099.7 | 2,561.2 | 3,006.2 | 3,745.1 |
| Construction in progress | 265.5 | 166.5 | 445.2 | 893.9 | 453.0 |
| Intangible assets | 312.0 | 397.8 | 418.8 | 437.9 | 445.0 |
| Total assets | 13,756.0 | 18,014.1 | 21,483.3 | 29,845.3 | 30,477.6 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 399.2 | 201.3 | 279.2 | 686.5 | 345.9 |
| Notes payable | 912.2 | 2,695.2 | 2,779.0 | 3,568.8 | 3,476.4 |
| Accounts payable | 3,433.0 | 4,112.9 | 5,241.1 | 5,633.5 | 5,903.5 |
| Contract liabilities | 326.1 | 345.0 | 501.5 | 1,005.3 | 1,919.8 |
| Other payables | 474.5 | 420.8 | 472.0 | 824.2 | 743.5 |
| Current portion of non-current liabilities | 39.6 | 64.2 | 638.4 | 333.3 | 37.5 |
| Long-term borrowings | 574.3 | 770.7 | 219.4 | 255.0 | 248.6 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 7,212.4 | 9,954.0 | 11,717.8 | 14,282.6 | 14,249.0 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 555.3 | 555.0 | 555.0 | 596.8 | 596.8 |
| Capital reserve | 2,486.2 | 2,624.0 | 2,693.6 | 6,998.9 | 7,030.3 |
| Retained earnings | 3,284.0 | 4,525.5 | 6,064.2 | 7,830.9 | 8,333.2 |
| Equity attributable to owners of the parent | 6,477.6 | 7,952.3 | 9,643.3 | 15,418.1 | 16,071.3 |
| Minority interests | 66.0 | 107.9 | 122.3 | 144.6 | 157.3 |
| Total equity | 6,543.6 | 8,060.1 | 9,765.5 | 15,562.7 | 16,228.5 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 14,932.9 | 21,908.0 | 27,618.1 | 32,557.2 | 14,901.0 |
| Cost of sales | 11,493.2 | 17,429.3 | 22,128.5 | 26,349.0 | 12,058.4 |
| Selling expenses | 235.0 | 297.3 | 237.6 | 268.0 | 124.4 |
| Administrative expenses | 387.3 | 499.8 | 533.9 | 670.3 | 302.3 |
| Finance costs | 45.4 | 48.6 | 157.5 | 21.1 | -12.6 |
| Investment income | -32.5 | -23.3 | -1.4 | 90.6 | 16.8 |
| Operating profit | 1,158.4 | 1,536.7 | 2,098.9 | 2,575.9 | 1,342.0 |
| Profit before tax | 1,157.4 | 1,538.2 | 2,099.7 | 2,570.3 | 1,339.8 |
| Net profit | 1,172.1 | 1,541.6 | 2,018.1 | 2,472.9 | 1,221.9 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.66x | 1.57x | 1.51x | 1.73x | 1.74x |
| Quick ratio | 1.11x | 1.19x | 1.17x | 1.37x | 1.23x |
| Debt-to-asset ratio | 52.4% | 55.3% | 54.5% | 47.9% | 46.8% |
| Total debt / EBITDA | 0.76x | 0.59x | 0.46x | 0.45x | 0.38x |
| EBITDA interest coverage | 29.35x | 36.36x | 15.69x | 134.42x | 130.76x |
| Gross margin | 23.0% | 20.4% | 19.9% | 19.1% | 19.1% |
| Net margin | 7.8% | 7.0% | 7.3% | 7.6% | 8.2% |
| Return on equity (ROE) | 17.9% | 19.1% | 20.7% | 15.9% | 7.5% |
| Revenue growth | — | 46.7% | 26.1% | 17.9% | -54.2% |
| Net profit growth | — | 31.5% | 30.9% | 22.5% | -50.6% |
| Receivable days | 109 | 119 | 127 | 110 | 214 |
| Cash received / revenue | 98.4% | 90.9% | 98.4% | 110.0% | 124.1% |
| Operating CF / net profit | 0.52x | 0.74x | 0.74x | 1.17x | 0.87x |
| Free cash flow | -457.2 | 494.0 | 60.4 | -2,616.0 | 703.5 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.48 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 96.3 vs 161.1 CNY mn (deviation 40.19%, severity mid)
Sources: 2023年年度报告.pdf p.99 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.90 「货币资金」. CF-statement figure below the balance-sheet movement by 64.7 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2024 · Cash-flow statement net increase vs balance-sheet cash movement: -412.0 vs -500.3 CNY mn (deviation 17.65%, severity mid)
Sources: 2024年年度报告.pdf p.101 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.92 「货币资金」. CF-statement figure above the balance-sheet movement by 88.3 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2025 · Cash-flow statement net increase vs balance-sheet cash movement: 695.3 vs 672.8 CNY mn (deviation 3.24%, severity mid)
Sources: 2025年年度报告.pdf p.106 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.96 「货币资金」. CF-statement figure above the balance-sheet movement by 22.5 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2026Q2 · Cash-flow statement net increase vs balance-sheet cash movement: -571.9 vs -553.5 CNY mn (deviation 3.22%, severity mid)
Sources: 2026年半年度报告.pdf p.49 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.40 「货币资金」. CF-statement figure below the balance-sheet movement by 18.4 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review.
4 check(s) not run for missing inputs: 前五大应收 vs BS 应收账款; 前五大其他应收 vs BS 其他应收款; 前五大预付 vs BS 预付款项; 授信表内总合计 vs Σ机构行.
Premium tier. The analyst red-flag review and the industry-context commentary (sections 7–8 of the full brief) are not included in this free build. Join the waitlist for early access.
9. Method & provenance
All financial figures above were extracted mechanically from the company's official periodic reports (unit-normalized to CNY). Each key figure carries cell-level provenance — source file, page and original line item. Samples (latest annual period):
| Item | Period | Value (CNY mn) | Source file | Page | Raw line item | Raw value (as filed) |
|---|---|---|---|---|---|---|
| Cash and bank balances | 2025 | 1,448.1 | 2025年年度报告.pdf | 96 | 货币资金 | 1448082802.51 (元) |
| Total assets | 2025 | 29,845.3 | 2025年年度报告.pdf | 97 | 资产总计 | 29845318388.3 (元) |
| Accounts receivable | 2025 | 9,778.5 | 2025年年度报告.pdf | 96 | 应收账款 | 9778455069.39 (元) |
| Fixed assets | 2025 | 3,006.2 | 2025年年度报告.pdf | 97 | 固定资产 | 3006225575.59 (元) |
| Short-term borrowings | 2025 | 686.5 | 2025年年度报告.pdf | 97 | 短期借款 | 686545993.39 (元) |
This brief is built solely on officially filed public disclosures. It is not investment advice, not a credit rating, and not an offer of any service. Figures may contain extraction or caliber effects; verify against the original filings before relying on them.