Desay SV(SZ:002920) Huachuang Securities·2024-08-21 12:09Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 133 CNY, compared to the current price of 94.30 CNY [2][3]. Core Views - The company's smart driving products have seen significant growth, leading to a high increase in performance, with revenue reaching 11.692 billion CNY, a year-on-year increase of 34.02%, and a net profit of 838 million CNY, up 38.11% [2][3]. - The smart cockpit business has successfully expanded its product categories, generating revenue of 7.965 billion CNY, a year-on-year increase of 27.43% [3]. - The company has secured new project orders from major clients, including Li Auto, Chery, and GAC, enhancing its market share in various international markets [3]. - The report highlights the positive impact of government policies and industry trends on the company's performance, particularly in the context of smart connected vehicles [3]. Financial Summary - For 2024, the company is projected to achieve total revenue of 28.136 billion CNY, with a growth rate of 28.4%, and a net profit of 2.107 billion CNY, reflecting a growth rate of 36.2% [4][10]. - The company's gross margin for the first half of 2024 is reported at 20.33%, with a net margin of 7.24%, indicating continuous improvement in cost efficiency [3]. - The operating cash flow for the first half of 2024 is 615 million CNY, an increase of 313 million CNY year-on-year [3].