Desay SV(SZ:002920) Orient Securities·2024-11-10 03:10Investment Rating - The report maintains a "Buy" rating for the company with a target price of 145.54 yuan [4][2]. Core Insights - The company's performance meets expectations, with a revenue of 18.975 billion yuan for the first three quarters, representing a year-on-year growth of 31.1%. The net profit attributable to the parent company reached 1.407 billion yuan, up 46.5% year-on-year [1]. - The gross margin has improved year-on-year, with a gross margin of 20.6% for the first three quarters, an increase of 0.7 percentage points. The operating cash flow for the first three quarters was 839 million yuan, a significant increase of 94.3% year-on-year [1]. - The company continues to release high-performance intelligent driving products, enhancing its product structure. Recent product launches include a central computing platform and a high-performance intelligent driving controller [1]. - The company plans to raise up to 4.5 billion yuan through a private placement to expand production capacity to meet growing order demands [1]. Financial Summary - For 2023, the company reported a revenue of 21.908 billion yuan, with a year-on-year growth of 46.7%. The net profit attributable to the parent company was 1.547 billion yuan, reflecting a year-on-year increase of 30.6% [3]. - The earnings per share (EPS) for 2024-2026 are projected to be 3.83, 4.87, and 6.19 yuan respectively, with a maintained average PE valuation of 38 times for comparable companies in 2024 [2][3]. - The gross margin is expected to stabilize around 21.1% to 21.7% from 2024 to 2026, while the net profit margin is projected to improve gradually [3].