Desay SV(002920) 国泰君安·2024-08-26 13:40Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 116.16 CNY from the previous 154.98 CNY [4][5]. Core Insights - The company has demonstrated strong revenue growth, with a 34.0% year-on-year increase in H1 2024 revenue, reaching 11.69 billion CNY, and a 38.1% increase in net profit attributable to shareholders, amounting to 840 million CNY [4]. - The company is benefiting from the demand for intelligent products driven by technological advancements and the trend of international expansion [4]. - The gross margin for Q2 improved to 21.3%, up 1.0 percentage points year-on-year, attributed to optimized product and customer structure [4]. Summary by Sections Financial Performance - H1 2024 revenue was 11.69 billion CNY, a 34.0% increase year-on-year, while net profit was 840 million CNY, up 38.1% [4]. - Q2 2024 revenue reached 6.05 billion CNY, reflecting a 27.5% year-on-year increase and a 7.0% quarter-on-quarter increase, with net profit of 450 million CNY, a 64.1% year-on-year increase [4][10]. Cost Management - Q2 2024 gross margin was 21.3%, with significant cost reduction achievements reflected in the overall expense ratio, which decreased year-on-year [4]. International Expansion - The company is actively pursuing an internationalization strategy, with the establishment of a new technology park in Germany and an office in Paris to enhance local service capabilities [4].