Desay SV(SZ:002920) KAIYUAN SECURITIES·2024-10-31 07:32Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in net profit attributable to shareholders, exceeding expectations, showcasing its leading position in the automotive intelligence supply sector [3][4] - The company has experienced rapid growth in sales of models equipped with its products, leading to a substantial performance increase [3] - The company is expanding its international presence, having entered markets in Europe, Southeast Asia, Japan, and North America, with plans for a capital increase to support production capacity and R&D projects [5] Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 18.975 billion yuan, a year-on-year increase of 31.13%, and a net profit attributable to shareholders of 1.407 billion yuan, up 46.49% [3] - The third quarter of 2024 saw operating revenue of 7.282 billion yuan, a year-on-year increase of 26.74%, with a net profit of 568 million yuan, reflecting a 60.90% increase [3] - The company's gross profit margin for the first three quarters was 19.34%, 21.25%, and 20.91%, indicating a continuous improvement in profitability [4] - The company’s projected net profits for 2024-2026 are 2.259 billion, 3.006 billion, and 3.734 billion yuan, respectively, with corresponding EPS of 4.07, 5.42, and 6.73 yuan per share [3][6] Market Expansion and Future Outlook - The company is accelerating its internationalization efforts, with a new technology park in Europe and ongoing expansion into international markets [5] - The introduction of new products, including the IPU14 smart driving domain controller and other advanced technologies, is expected to enhance the company's product portfolio [5] - A planned capital increase of up to 4.5 billion yuan aims to support capacity expansion and the development of integrated cockpit platforms [5]