Desay SV(SZ:002920)2025-03-14 11:15Financial Performance - In 2024, the company's revenue reached 27.618 billion CNY, representing a year-on-year growth of 26.06%, with a compound annual growth rate of 42.38% from 2021 to 2024[4]. - The company's operating revenue for 2024 reached ¥27.62 billion, representing a 26.06% increase compared to ¥21.91 billion in 2023[29]. - Net profit attributable to shareholders for 2024 was ¥2.00 billion, up 29.62% from ¥1.55 billion in 2023[29]. - The net profit after deducting non-recurring gains and losses was ¥1.95 billion, a 32.66% increase from ¥1.47 billion in 2023[29]. - Cash flow from operating activities for 2024 was ¥1.49 billion, reflecting a 30.89% increase from ¥1.14 billion in 2023[29]. - Basic earnings per share for 2024 were ¥3.63, a 29.18% increase from ¥2.81 in 2023[29]. - Total assets at the end of 2024 amounted to ¥21.48 billion, a 19.26% increase from ¥18.01 billion at the end of 2023[29]. - The company’s profit available for distribution to shareholders was 6,161,523,842.00 RMB[163]. Market and Industry Insights - In 2024, China's automobile production and sales reached 31.282 million and 31.436 million units, respectively, with year-on-year growth of 3.7% and 4.5%[3]. - The penetration rate of new energy vehicles in China exceeded 40% in 2024, with production and sales surpassing 10 million units for the first time[41]. - The company secured new project orders from international automotive giants such as TATA MOTORS, VOLKSWAGEN, and TOYOTA, with overseas order volume exceeding 5 billion CNY, marking a year-on-year increase of over 120%[7]. - The company ranked 74th on the "2024 Global Automotive Parts Suppliers Top 100" list, marking the largest increase in ranking for the year[58]. Research and Development - In 2024, the company's R&D investment was approximately 2.192 billion yuan, accounting for 7.94% of its revenue, emphasizing its commitment to innovation and development[47]. - The company has applied for over 3,600 patents and has participated in the release of more than 100 domestic and international technical standards, showcasing its leadership in standardization efforts[48]. - R&D personnel constituted 45.98% of the total workforce, highlighting the company's commitment to innovation[112]. - The company is investing 200 million RMB in R&D for new product development, focusing on smart cockpit technologies and advanced driver-assistance systems[136]. Sustainability and Compliance - The company emphasizes sustainable development and aims to contribute to global carbon neutrality through technological innovation and green manufacturing[9]. - The company has received ISO 37301 compliance management system certification, establishing a benchmark for compliance management in the automotive electronics and intelligent driving industry in China[7]. - The company has established a complete cybersecurity capability, achieving certifications such as ISO 27001 and ASIL D, reflecting its commitment to data protection and security[7]. - The company plans to continue its focus on sustainable practices, aiming for a 30% reduction in carbon emissions by 2025[150]. Strategic Initiatives - The company is constructing a smart factory in Spain, expected to be completed by the end of 2025, and will start supplying smart cockpit and smart driving products in 2026[7]. - The company has established long-term partnerships with numerous domestic and international automotive manufacturers, including major brands like Toyota, Volkswagen, and BYD[48]. - The company is actively expanding its overseas business, with significant developments in its intelligent cockpit domain controller products[108]. - The company is exploring new market opportunities and potential mergers and acquisitions to bolster its growth strategy[108]. Governance and Management - The company has undergone a change in its controlling shareholder, with the actual controller shifting from Huizhou State-owned Assets Supervision and Administration Commission to no actual controller as of February 3, 2024[28]. - The company has established a clear governance structure with defined roles for its senior management team, ensuring accountability and performance tracking[141]. - The company has received the highest rating of A for information disclosure from the Shenzhen Stock Exchange for six consecutive years[121]. - The company has a complete and independent operational management structure, with no subordination to shareholder entities[125]. Employee and Talent Development - The total number of employees at the end of the reporting period is 9,404, with 7,978 in the parent company and 1,426 in major subsidiaries[155]. - The company has established an incentive-based compensation system that aligns employee benefits with company performance growth[156]. - The 2024 training plan aims to enhance talent development, achieving significant progress in multi-dimensional talent cultivation, and the company received the "2024 China Talent Development Lighthouse Award" for exemplary enterprises[157]. - The number of R&D personnel increased to 4,324 in 2024, up 11.27% from 3,886 in 2023[84]. Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 15% to 18%[195]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[195]. - The company aims to improve its profitability and trading capabilities through strategic investments in financial assets[107]. - The company is committed to launching more competitive new products through technology innovation and market-oriented development[192].