Desay SV(002920) 华创证券·2025-03-18 04:25Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][20]. Core Insights - The company reported a revenue of 27.618 billion yuan for 2024, a year-on-year increase of 26.06%, and a net profit attributable to shareholders of 2.005 billion yuan, up 29.62% year-on-year [2][4]. - The fourth quarter of 2024 saw revenues of 8.643 billion yuan, reflecting a 16.21% increase year-on-year, while the net profit for the same period was 598 million yuan, a 1.99% increase year-on-year [2]. - The company is expanding its smart driving and smart cockpit business, with significant revenue contributions from these segments [2][4]. Financial Performance Summary - Revenue Growth: The company achieved a total revenue of 27.618 billion yuan in 2024, with projected revenues of 33.980 billion yuan, 41.202 billion yuan, and 49.049 billion yuan for 2025, 2026, and 2027 respectively, indicating growth rates of 23.0%, 21.3%, and 19.0% [4][9]. - Net Profit: The net profit attributable to shareholders for 2024 was 2.005 billion yuan, with forecasts of 2.628 billion yuan, 3.404 billion yuan, and 4.377 billion yuan for the following three years, corresponding to growth rates of 31.1%, 29.5%, and 28.6% [4][9]. - Earnings Per Share (EPS): The EPS for 2024 is projected at 3.61 yuan, increasing to 4.74 yuan, 6.13 yuan, and 7.89 yuan in the subsequent years [4][9]. Business Segment Performance - Smart Cockpit: Revenue from smart cockpit solutions reached 18.230 billion yuan, a 15.36% increase year-on-year, with a new AI chip enabling the fifth-generation smart cockpit platform [2][4]. - Smart Driving: This segment generated 7.314 billion yuan in revenue, marking a 63.06% increase year-on-year, with significant new orders contributing to future growth [2][4]. - Connected Business: Revenue from connected services was 2.074 billion yuan, up 27.99% year-on-year, with ongoing collaborations with major automotive brands [2][4]. Valuation and Price Target - The report sets a target price of 165.9 yuan for the company's stock, based on a price-to-earnings (P/E) ratio of 35 for 2025 [4][9].