Desay SV(SZ:002920) Minsheng Securities·2024-10-31 07:00Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 122.46 CNY per share, corresponding to a PE ratio of 33 for 2024 [4]. Core Insights - The company reported a revenue of 18.975 billion CNY for the first three quarters of 2024, representing a year-on-year increase of 31.13%. The net profit attributable to shareholders reached 1.407 billion CNY, up 46.49% year-on-year, with a significant increase in the net profit margin [2]. - The company is focusing on product innovation, particularly in high-level intelligent driving and integrated cockpit solutions, showcasing new products that leverage advanced technologies [2]. - A planned capital increase aims to raise up to 4.5 billion CNY to support capacity expansion and R&D projects, which is expected to enhance the company's long-term growth prospects [2]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 7.282 billion CNY, a year-on-year increase of 26.74% and a quarter-on-quarter increase of 20.48%. The net profit for the same period was 568 million CNY, reflecting a year-on-year growth of 60.90% [2]. - The gross profit margin for Q3 2024 was 20.91%, an increase of 2.20 percentage points year-on-year, while the net profit margin reached 7.80%, up 1.65 percentage points year-on-year [2]. - The company forecasts revenues of 28.231 billion CNY, 34.107 billion CNY, and 40.222 billion CNY for 2024, 2025, and 2026 respectively, with net profits projected at 2.085 billion CNY, 2.652 billion CNY, and 3.178 billion CNY for the same years [3][5].