Desay SV(SZ:002920) Guoxin Securities·2024-11-03 04:41Investment Rating - The investment rating for the company is "Outperform the Market" [3][4][22] Core Views - The company achieved a net profit of 568 million yuan in Q3 2024, representing a year-on-year increase of 61%. For the first three quarters of 2024, the company reported a revenue of 18.975 billion yuan, up 31.13% year-on-year, and a net profit of 1.407 billion yuan, up 46.49% year-on-year [4][22] - The growth in revenue and profit is attributed to the successful launch and development of new products and technologies, as well as the expansion of new customers and businesses [4][22] - The company is focusing on building a foundation for automotive computing (smart driving) and interaction (smart cockpit) [4][22] Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 7.282 billion yuan, 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 yuan, up 60.90% year-on-year and 25.29% quarter-on-quarter [4][22] - The gross margin for Q3 2024 was 20.9%, an increase of 2.2 percentage points year-on-year, while the net margin was 7.8%, up 1.7 percentage points year-on-year [4][22] Business Segments - The smart cockpit business generated a revenue of 7.965 billion yuan in the first half of 2024, a year-on-year increase of 27.4%. The third-generation smart cockpit domain controller has been mass-produced for various clients, including Li Auto and Chery [4][22] - The smart driving business reported a revenue of 2.667 billion yuan in the first half of 2024, a year-on-year increase of 45.1%. High-performance smart driving domain controllers have been mass-produced for clients such as Li Auto and Zeekr [4][22] Customer Growth - The company has seen significant growth from existing customers, with notable sales increases from clients such as Li Auto (+45%), Geely (+16%), and Chery (+30%) in Q3 2024 [4][22] - The company is actively expanding its international presence, establishing subsidiaries and production bases in various regions to better serve global clients [4][22] Future Outlook - The company maintains its revenue forecasts for 2024, 2025, and 2026, expecting revenues of 28.49 billion yuan, 36.14 billion yuan, and 45.11 billion yuan respectively, with corresponding net profits of 2.07 billion yuan, 2.694 billion yuan, and 3.464 billion yuan [4][22]