Desay SV(SZ:002920) Guohai Securities·2024-08-22 07:00Investment Rating - The investment rating for the company is "Buy" (maintained) as of August 22, 2024 [1] Core Insights - The company achieved a revenue of 11.692 billion yuan in H1 2024, representing a year-on-year increase of 34%. The net profit attributable to the parent company was 838 million yuan, up 38.1% year-on-year, with a non-recurring net profit of 790 million yuan, increasing by 49.7% [2][3] - The growth was driven by the enhancement of the company's smart cockpit and smart driving business competitiveness, the launch of new products and technologies, and the expansion of new customers and businesses [3] - The smart cockpit business generated 8 billion yuan in revenue, a 27% increase year-on-year, while the smart driving business achieved 2.7 billion yuan, up 45% year-on-year [3] Financial Performance Summary - In H1 2024, the company's gross profit margin was 20.33%, a decrease of 0.33 percentage points year-on-year, while the net profit margin was 7.24%, an increase of 0.29 percentage points year-on-year [3] - The smart cockpit business had a gross margin of 19.6%, down 0.02 percentage points year-on-year, and the smart driving business had a gross margin of 18.94%, up 1.93 percentage points year-on-year [3] - The company is expected to achieve total revenue of 28.1 billion yuan, 34.9 billion yuan, and 41.7 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 28%, 24%, and 20% [4][5] Business Development - The company is actively expanding its smart cockpit, smart driving, and connected services, which are expected to inject growth momentum into the business [3] - The third and fourth generation smart cockpit domain controllers have been mass-produced and received orders from multiple clients, including Li Auto and Geely. The company is also advancing new product business development, with body domain controllers and HUD products gaining new project orders [3] - The high-performance smart driving domain controllers have been mass-produced for clients such as Li Auto and Zeekr, and the company has signed strategic cooperation agreements to accelerate the deployment of next-generation integrated cockpit and driving platforms [3]