Desay SV(002920) 国盛证券·2025-03-15 10:05Investment Rating - The report maintains a "Buy" rating for the company [2][5]. Core Views - The company reported a robust performance in 2024, with operating revenue increasing by 26.06% year-on-year, and net profit attributable to shareholders rising by 29.62% year-on-year, indicating strong growth momentum [1]. - The smart cockpit business demonstrated steady growth, achieving operating revenue of 18.23 billion yuan, driven by product diversification, market expansion strategies, and strong new customer orders [1]. - The smart driving business showed significant growth, with operating revenue reaching 7.31 billion yuan, a year-on-year increase of 63.06%, supported by the rapid commercialization of advanced driving features [2]. - The company effectively controlled costs, leading to improved profit margins, as evidenced by a marginal decrease in sales, management, and R&D expense ratios compared to the previous year [2]. Financial Summary - In 2024, the company achieved operating revenue of 27.62 billion yuan and a net profit of 2.01 billion yuan, with projected profits for 2025, 2026, and 2027 expected to be 2.80 billion yuan, 3.60 billion yuan, and 4.62 billion yuan respectively [4]. - The company's earnings per share (EPS) for 2024 was 3.61 yuan, with projections of 5.04 yuan, 6.48 yuan, and 8.32 yuan for the following years [4]. - The price-to-earnings (P/E) ratio is projected to decrease from 34.3 in 2024 to 14.9 by 2027, indicating potential for value appreciation [4].