Desay SV(SZ:002920) Guolian Securities·2024-11-05 01:00Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company reported strong performance in Q3 2024, with revenue reaching 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% year-on-year [3][7] - The company's gross margin for Q3 was 20.91%, an increase of 2.2 percentage points year-on-year, although it decreased slightly by 0.34 percentage points quarter-on-quarter [7] - The company plans to raise up to 4.5 billion yuan through a private placement to fund three projects aimed at expanding production capacity in smart automotive electronics [7] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 18.975 billion yuan, with a quarterly revenue of 7.282 billion yuan in Q3, reflecting a year-on-year growth of 26.74% and a quarter-on-quarter growth of 20.48% [7] - The net profit for Q3 was 568 million yuan, representing a year-on-year increase of 60.90% and a quarter-on-quarter increase of 25.29% [7] - The company expects revenues for 2024-2026 to be 28.319 billion yuan, 35.421 billion yuan, and 42.342 billion yuan, with corresponding year-on-year growth rates of 29.26%, 25.08%, and 19.54% respectively [7][8] Valuation Metrics - The company’s earnings per share (EPS) for 2024-2026 are projected to be 3.80 yuan, 4.92 yuan, and 6.08 yuan, with a three-year compound annual growth rate (CAGR) of 29.73% [7][8] - The price-to-earnings (P/E) ratio is expected to decrease from 58.8 in 2022 to 33.0 in 2024, and further to 20.6 by 2026 [8] - The price-to-book (P/B) ratio is projected to decline from 10.8 in 2022 to 7.3 in 2024, and to 4.9 in 2026 [8]