Desay SV(SZ:002920) Xin Lang Cai Jing·2025-10-28 12:34Core Insights - The company reported a revenue of 22.237 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 17.72% [1] - The net profit attributable to shareholders for the same period was 1.788 billion yuan, up 27.08% year-on-year [1] - In Q3 2025, revenue was 7.692 billion yuan, showing a year-on-year growth of 5.63% but a quarter-on-quarter decline of 2.04% [2] Revenue Analysis - Q3 2025 revenue of 7.692 billion yuan was impacted by a significant drop in sales from major client Li Auto, which saw a 39.01% year-on-year decrease [2] - The overall revenue growth in the first three quarters was driven by a strong performance in earlier quarters, despite the recent slowdown [1][2] Profitability Metrics - Q3 2025 net profit attributable to shareholders was 565 million yuan, a slight decrease of 0.57% year-on-year and a significant decline of 11.74% quarter-on-quarter [2] - The gross margin for Q3 2025 was 18.51%, down 2.40 percentage points year-on-year and 1.65 percentage points quarter-on-quarter, indicating short-term pressure on profitability [2] Cost Structure - The expense ratios for sales, management, R&D, and financial costs in Q3 2025 were 1.11%, 2.04%, 8.79%, and 0.11% respectively, showing stability with minor fluctuations [2] Strategic Initiatives - The company launched a low-speed autonomous vehicle brand "Chuanxing Zhiyuan" in September 2025, focusing on cost reduction, efficiency, and innovative business models [3] - The first product, S6, features six industry-first innovations, showcasing the company's technological leadership in the low-speed autonomous driving sector [3] Global Expansion - The company is enhancing its international presence with strategic branches in key countries such as Germany, France, Spain, Japan, and Singapore, aiming to support global partners in their internationalization efforts [3] - A smart factory in Spain is expected to begin production in 2026, providing advanced intelligent products for the European market [3] Investment Outlook - The company is well-positioned to benefit from trends in smart cockpit products and the expansion of its customer base, with projected revenues of 33.065 billion yuan, 39.581 billion yuan, and 46.365 billion yuan for 2025-2027 [4] - The expected net profits for the same period are 2.653 billion yuan, 3.355 billion yuan, and 4.044 billion yuan, indicating a positive long-term growth outlook [4]