Investment Ratings - The investment rating for Desay SV Automotive is "Recommended" based on strong performance and growth prospects [2][12] - The investment rating for Chipone Technology is also "Recommended" due to stable growth and enhanced profitability [3][17] - The industry investment rating for non-bank financials is "Outperform" as public fund holdings show positive trends [4][20] Core Insights - Desay SV Automotive reported a revenue of 27.618 billion yuan in 2024, a year-on-year increase of 26.06%, and a net profit of 2.005 billion yuan, up 29.62% [8][9] - Chipone Technology achieved a revenue of 405 million yuan in 2024, reflecting a growth of 27.57%, with a net profit increase of 34.33% [15][16] - The non-bank financial sector saw a public fund holding scale of 9.5 trillion yuan, with equity funds reaching 4.9 trillion yuan, indicating a robust market [4][20] Summary by Sections Desay SV Automotive - The company’s core business segments, including smart cockpit and smart driving, have shown significant growth, with smart cockpit revenue reaching 18.230 billion yuan, a 15.36% increase [10][11] - The company is expanding its international market presence, with overseas orders exceeding 5 billion yuan, marking a growth of over 120% [11][12] - Future profit forecasts for 2025-2027 are adjusted to 2.660 billion yuan, 3.362 billion yuan, and 4.215 billion yuan respectively, with corresponding EPS of 4.79 yuan, 6.06 yuan, and 7.59 yuan [12] Chipone Technology - The company’s MEMS inertial sensors are leading in performance, with the main product, gyroscopes, showing continuous improvement [17] - Revenue from MEMS gyroscopes reached 351 million yuan, a growth of 34.76%, while the revenue from MEMS accelerometers increased by 68.57% to 28 million yuan [15][16] - Profit forecasts for 2025-2027 are adjusted to 0.76 yuan, 1.05 yuan, and 1.42 yuan per share, with corresponding PE ratios of 82.7X, 60.1X, and 44.2X [17] Non-Bank Financial Sector - The non-monetary market fund (non-money market fund) holding scale increased by 7.6% from the previous half-year, driven by growth in bond and other fund holdings [20][21] - The stock index fund holding scale reached 1.7 trillion yuan, reflecting a 25.3% increase, while active equity fund holdings are expected to decline [20][21] - Recommendations for investment focus on wealth management firms with strong fund subsidiaries and asset management capabilities [23]