Desay SV(SZ:002920) KAIYUAN SECURITIES·2024-08-21 09:09Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance in the first half of 2024 met expectations, with significant growth in the smart driving business [4] - The company is benefiting from the trend of automotive intelligence, with revenue and net profit showing substantial year-on-year growth [4] - The forecast for net profit from 2024 to 2026 is projected at 2.208 billion, 3.006 billion, and 3.734 billion yuan respectively, with corresponding EPS of 1.24, 1.63, and 2.07 yuan per share [4] Financial Performance Summary - In the first half of 2024, the company achieved operating revenue of 11.692 billion yuan, a year-on-year increase of 34.02%, and a net profit attributable to shareholders of 838 million yuan, up 38.11% [4] - For Q2 2024, the company reported operating revenue of 6.045 billion yuan, a 27.50% increase year-on-year, and a net profit of 454 million yuan, which is a 64.05% increase [4] - The smart cockpit, smart driving, and smart connected businesses generated revenues of 7.965 billion, 2.667 billion, and 1.060 billion yuan respectively, with year-on-year growth rates of 27.43%, 45.05%, and 66.90% [5] Business Expansion and Internationalization - The company is expanding its product offerings and accelerating its internationalization efforts, securing new orders from major clients such as Great Wall, Toyota, and SAIC General [6] - The company has entered markets in Europe, Southeast Asia, Japan, and North America, with the first phase of a new technology park in Europe underway [6] Financial Projections - The company’s projected operating revenue for 2024 is 29.028 billion yuan, with a year-on-year growth rate of 32.5% [7] - The projected net profit for 2024 is 2.208 billion yuan, reflecting a year-on-year increase of 42.7% [7] - The company’s P/E ratios for 2024, 2025, and 2026 are projected to be 22.2, 16.3, and 13.1 respectively [7]