Desay SV(SZ:002920) Chang Jiang Shang Bao·2025-08-15 00:06Core Viewpoint - Desay SV's operating performance continues to show rapid growth, with significant increases in both revenue and net profit in the first half of 2025 [1][4]. Financial Performance - In the first half of 2025, Desay SV achieved revenue of 14.644 billion yuan, a year-on-year increase of over 25%, and a net profit attributable to shareholders of over 1.223 billion yuan, a year-on-year increase of nearly 46% [1][4]. - The company has experienced continuous revenue and net profit growth for five and a half years since 2020, with revenue figures for the years 2020 to 2024 being 6.799 billion yuan, 9.569 billion yuan, 14.933 billion yuan, 21.908 billion yuan, and 27.618 billion yuan, respectively [6][7]. - The net profit attributable to shareholders for the same period was 518 million yuan, 833 million yuan, 1.184 billion yuan, 1.547 billion yuan, and 2.005 billion yuan, with the lowest year-on-year growth rate exceeding 26% [6][7]. Business Segments - Desay SV operates primarily in three business areas: smart cockpits, intelligent driving, and connected services [2][7]. - In the first half of 2025, the smart cockpit business generated sales of 9.459 billion yuan, a year-on-year increase of 18.76%, while the intelligent driving business achieved revenue of 4.147 billion yuan, a year-on-year increase of 55.49% [7]. - The connected services segment reported revenue of 1.038 billion yuan, remaining stable compared to the previous year [7]. Research and Development - The company maintains a high level of investment in research and development, with R&D expenditures reaching 1.326 billion yuan in the first half of 2025, a year-on-year increase of over 28% [2][10]. - Over the past three and a half years, total R&D investment has amounted to 7.274 billion yuan [2][10]. - Desay SV emphasizes innovation as a core competitive advantage, with R&D facilities located in multiple countries including Singapore, Germany, Japan, and various cities in China [9][10]. Strategic Focus - Desay SV is focused on integrating its three main business areas to enhance market competitiveness and drive growth [2][10]. - The company aims to leverage AI and explore new business areas such as smart transportation, unmanned delivery, and robotics to create new growth curves for future development [10].