Desay SV(002920) 申万宏源证券·2025-03-19 07:12Investment Rating - The report maintains a "Buy" rating for the company [2][19] 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 of 2.005 billion yuan, up 29.62% year-on-year [7][8] - The smart driving business saw a significant revenue increase of 63%, with new project annual sales orders nearing 10 billion yuan [7][9] - The overall performance aligns with market expectations, with actual figures closely matching prior forecasts [9] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: 32.517 billion yuan in 2025, 40.267 billion yuan in 2026, and 46.018 billion yuan in 2027, with respective growth rates of 17.7%, 23.8%, and 14.3% [6][21] - The net profit forecast for 2025 is 2.666 billion yuan, with a growth rate of 33.0% [6][21] - The company’s gross margin for 2024 is reported at 19.88%, with adjustments for accounting standards indicating a stable gross margin when excluding certain impacts [11][19] Business Segment Performance - The smart cockpit segment generated revenue of 18.23 billion yuan, reflecting a 15.36% year-on-year increase, while the smart driving segment achieved 7.314 billion yuan, a 63.06% increase [10][9] - New project orders in the smart cockpit segment exceeded 16 billion yuan, with contributions from major manufacturers such as Chery, Geely, and GAC Toyota [10][9] International Expansion - The company's overseas revenue for 2025 is projected at 1.71 billion yuan, a year-on-year increase of 3.89%, with expectations for accelerated growth following the completion of funding and the launch of a smart factory in Spain [17][19] - The report highlights that the company has secured over 5 billion yuan in overseas orders, marking a growth of over 120% [19]