Desay SV(002920) 国联民生证券·2025-03-18 11:39Investment Rating - The investment rating for the company is "Buy" (maintained) [6]. Core Views - The company achieved a revenue of 27.618 billion yuan in 2024, representing a year-on-year growth of 26.06%, and a net profit attributable to shareholders of 2.005 billion yuan, up 29.62% year-on-year [4][12]. - The company plans to distribute a cash dividend of 12 yuan (including tax) for every 10 shares to all shareholders in 2024 [4][12]. - The company has a strong order backlog, with annualized sales from new project orders exceeding 27 billion yuan, including over 16 billion yuan from smart cockpits and nearly 10 billion yuan from smart driving [15]. Financial Performance - In Q4 2024, the company reported revenue of 8.643 billion yuan, a year-on-year increase of 16.21% and a quarter-on-quarter increase of 18.69%. The net profit for the same period was 598 million yuan, up 1.99% year-on-year and 5.22% quarter-on-quarter [4][12]. - The company's gross margin in Q4 2024 was 18.40%, a decrease of 3.14 percentage points year-on-year and 2.51 percentage points quarter-on-quarter [14]. - The company expects revenues for 2025-2027 to be 35.167 billion yuan, 43.770 billion yuan, and 53.213 billion yuan, with year-on-year growth rates of 27.33%, 24.46%, and 21.57%, respectively [15][16]. Financial Data and Valuation - The company’s total assets are projected to grow from 21.483 billion yuan in 2024 to 40.762 billion yuan in 2027 [21]. - The earnings per share (EPS) are expected to increase from 3.61 yuan in 2024 to 7.85 yuan in 2027, with a compound annual growth rate (CAGR) of 29.50% over three years [15][16]. - The price-to-earnings (P/E) ratio is projected to decrease from 34.3 in 2024 to 15.8 in 2027, indicating an improving valuation over time [16].