Desay SV(002920) 中国银河·2025-03-18 05:53Investment Rating - The report maintains a "Recommended" rating for the company [2][9]. Core Insights - The company has achieved impressive results in its international expansion, securing new project orders from renowned global automotive brands such as TATA MOTORS, VOLKSWAGEN, and TOYOTA, among others. The overseas revenue for 2024 reached 1.708 billion yuan, a year-on-year increase of 3.89%, with overseas order scale exceeding 5 billion yuan, reflecting a growth of over 120% [2]. - The smart driving business has significantly contributed to the company's revenue growth, with 2024 revenue from this segment reaching 7.314 billion yuan, a year-on-year increase of 63.06%, accounting for 26.48% of total revenue. The company has a robust order backlog, with annualized sales from new project orders nearing 10 billion yuan [6][9]. - The company is also expanding its production capacity internationally, with a smart factory in Spain under construction, expected to be completed by the end of 2025 and to start supplying smart cockpit and smart driving products in 2026 [2][6]. Financial Performance Summary - In 2024, the company achieved total revenue of 27.618 billion yuan, 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. The earnings per share (EPS) for 2024 was 3.63 yuan, reflecting a year-on-year increase of 29.18% [6][11]. - The company forecasts revenue growth for the next three years, with expected revenues of 34.488 billion yuan in 2025, 41.850 billion yuan in 2026, and 49.360 billion yuan in 2027, alongside net profits of 2.710 billion yuan, 3.524 billion yuan, and 4.495 billion yuan respectively [9][11]. - The gross profit margin for 2024 was reported at 19.88%, with a slight decrease expected in the following years, stabilizing around 19.49% to 19.86% [11]. Business Segment Performance - The smart cockpit business generated revenue of 18.230 billion yuan in 2024, a year-on-year increase of 15.36%, with new project orders exceeding 16 billion yuan annually [6]. - The connected services and other business segments achieved revenue of 2.074 billion yuan, reflecting a year-on-year growth of 27.99% [6]. Future Projections - The company is projected to maintain a strong growth trajectory, with expected revenue growth rates of 24.87% in 2025, 21.35% in 2026, and 17.94% in 2027 [9][11]. - The projected EPS for the next three years is expected to rise to 4.88 yuan in 2025, 6.35 yuan in 2026, and 8.10 yuan in 2027 [9][11].