Desay SV(002920) 东吴证券·2025-03-18 03:26Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company achieved a revenue of 27.62 billion yuan in 2024, representing a year-on-year growth of 26.06%, and a net profit attributable to shareholders of 2.00 billion yuan, up 29.62% year-on-year [8] - The three main business segments of the company showed positive growth, with the smart cockpit business generating 18.23 billion yuan in revenue, a 15.36% increase, and the smart driving business reaching 7.31 billion yuan, a 63.06% increase [8] - The company successfully secured new project orders from domestic automakers such as Great Wall Motors and Chery, as well as international clients including Tata Motors and Toyota, with overseas orders exceeding 5 billion yuan, a growth of over 120% [8] Financial Forecasts - Revenue forecasts for 2025 and 2026 are maintained at 36.94 billion yuan and 46.17 billion yuan, respectively, with expected year-on-year growth rates of 34% and 25% [3] - The net profit forecasts for 2025 and 2026 are adjusted to 2.76 billion yuan and 3.67 billion yuan, with year-on-year growth rates of 37% and 33% [3] - The report projects earnings per share (EPS) to be 3.61 yuan in 2024, increasing to 4.97 yuan in 2025 and 6.62 yuan in 2026 [3]