Desay SV(SZ:002920) GOLDEN SUN SECURITIES·2024-10-31 00:10Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company's Q3 2024 profit exceeded expectations, with a revenue of 7.282 billion yuan, representing a year-on-year growth of 26.74%, and a net profit attributable to shareholders of 568 million yuan, up 60.90% year-on-year [1]. - The revenue growth is healthy and robust, while the profit growth is significantly above expectations, with a non-recurring net profit growth of 96.11% [1][2]. - The gross margin remains stable, reflecting a stabilizing competitive landscape in the automotive industry, further solidifying the company's leading position [1]. - Effective cost control has led to a reduction in selling, administrative, and R&D expense ratios compared to the same period in 2023, showcasing the company's management capabilities [2]. Financial Summary - For 2024E, the company is expected to achieve a net profit of 2.144 billion yuan, with corresponding P/E ratios of 32x, 25x, and 20x for 2024E, 2025E, and 2026E respectively [2][3]. - The company's revenue is projected to grow from 21.908 billion yuan in 2023 to 28.580 billion yuan in 2024, with a year-on-year growth rate of 30.5% [3][11]. - The net profit is expected to increase from 1.547 billion yuan in 2023 to 2.144 billion yuan in 2024, reflecting a year-on-year growth rate of 38.6% [3][11]. - The latest diluted EPS is projected to be 3.86 yuan for 2024, increasing to 4.91 yuan in 2025 and 6.08 yuan in 2026 [3][11].