Desay SV(SZ:002920) Soochow Securities·2024-08-21 12:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported its 2024 mid-year results, achieving revenue of 11.7 billion yuan, a year-on-year increase of 34%, and a net profit attributable to shareholders of 840 million yuan, up 38% year-on-year, exceeding expectations [3] - The sales volume of core customers has increased, and the intelligent driving business is rapidly expanding, with significant contributions to revenue growth from both existing and new customers [3][4] - The gross margin for Q2 2024 was 21.3%, exceeding expectations, driven by scale effects from production capacity and new project mass production [3] Summary by Sections Financial Performance - For H1 2024, the intelligent cockpit business generated revenue of 8 billion yuan (up 27.4% YoY), while the intelligent driving business brought in 2.7 billion yuan (up 45.1% YoY) [3] - The company expects revenue for 2024-2026 to be 28.5 billion, 36.9 billion, and 46.2 billion yuan, respectively, with year-on-year growth rates of 30%, 30%, and 25% [4] - The net profit attributable to shareholders is forecasted to be 2.29 billion, 3.07 billion, and 3.95 billion yuan for 2024-2026, with growth rates of 48%, 34%, and 29% [4] Market Position and Strategy - The company is positioned as a leader in the intelligent driving components sector, accelerating its internationalization efforts with new facilities and offices in Europe [4] - The establishment of a new technology park in Germany and an office in Paris, along with a smart factory project in Spain, aims to enhance local production capabilities and responsiveness to market demands [4] Valuation Metrics - The current P/E ratio is 33.84, with projections of 22.85, 17.05, and 13.24 for the years 2024-2026 [2][10] - The company’s market capitalization is approximately 49.1 billion yuan, with a circulating A-share market value of about 48.8 billion yuan [6]