Desay SV(SZ:002920) Guolian Securities·2024-08-21 14:00Investment Rating - The investment rating for the company is "Buy" (maintained) [6]. Core Insights - The company reported a significant increase in revenue and profit margins in Q2, with a year-on-year revenue growth of 34.02% and a net profit growth of 38.11% for the first half of 2024 [10]. - The company has a strong order backlog and is enhancing its platform capabilities, which lays a solid foundation for long-term growth [10]. Financial Performance Summary - In the first half of 2024, the company achieved a revenue of 11.692 billion yuan, with a year-on-year growth of 34.02%. The net profit attributable to shareholders was 838 million yuan, up 38.11% year-on-year [10]. - The company’s Q2 revenue was 6.045 billion yuan, reflecting a year-on-year increase of 27.50% and a quarter-on-quarter increase of 7.03% [10]. - The gross profit margin for Q2 was 21.25%, which is an increase of 0.96 percentage points year-on-year and 1.91 percentage points quarter-on-quarter [10]. - The company’s three main business segments—smart cockpit, intelligent driving, and connected services—reported 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% [10]. Future Projections - Revenue projections for 2024, 2025, and 2026 are 28.319 billion, 35.421 billion, and 42.342 billion yuan respectively, with year-on-year growth rates of 29.26%, 25.08%, and 19.54% [11]. - The net profit attributable to shareholders is expected to be 2.111 billion, 2.728 billion, and 3.377 billion yuan for the same years, with growth rates of 36.49%, 29.24%, and 23.77% respectively [11]. - The earnings per share (EPS) are projected to be 3.80, 4.92, and 6.08 yuan per share for 2024, 2025, and 2026, indicating a compound annual growth rate (CAGR) of 29.73% over three years [10][11].