Desay SV(002920) 民生证券·2025-03-17 02:48Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index within the next 12 months [6][13]. Core Views - The company achieved a revenue of 27.618 billion yuan in 2024, representing a year-on-year growth of 26.06%. The net profit attributable to shareholders reached 2.005 billion yuan, up 29.62% year-on-year [1][5]. - The company is experiencing rapid revenue growth driven by strong sales from major clients, with Q4 2024 revenue reaching 8.643 billion yuan, a 16.21% increase year-on-year [2]. - The company is expanding its international presence, with overseas orders exceeding 5 billion yuan, a growth of over 120% year-on-year [4]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 27.618 billion yuan, with a net profit of 2.005 billion yuan. The projected revenues for 2025, 2026, and 2027 are 33.431 billion yuan, 40.081 billion yuan, and 47.846 billion yuan respectively, with corresponding net profits of 2.616 billion yuan, 3.135 billion yuan, and 3.744 billion yuan [5][9]. - The gross profit margin for Q4 2024 was 18.40%, showing a slight decline compared to the previous year [2]. Business Segments - The smart cockpit segment generated 18.230 billion yuan in revenue for 2024, growing 15.36% year-on-year. The smart driving segment saw a significant increase of 63.06%, reaching 7.314 billion yuan [3]. - The connected services segment achieved a revenue of 2.074 billion yuan, marking a year-on-year growth of 27.99% [3]. International Expansion - The company has successfully entered new international markets, including securing orders from Honda. The expansion of production capacity includes a completed facility in Germany and a new factory in Mexico, with a smart factory in Spain expected to be operational by the end of 2025 [4]. Investment Outlook - The company is well-positioned to benefit from trends in large-screen and multi-screen smart cockpit products, as well as advancements in smart driving technologies. The projected earnings per share (EPS) for 2025, 2026, and 2027 are 4.71 yuan, 5.65 yuan, and 6.75 yuan respectively, with corresponding price-to-earnings (PE) ratios of 26, 22, and 18 [4][5].