Desay SV(SZ:002920) CMS·2025-03-17 09:43Investment Rating - The report maintains a strong buy recommendation for the company, indicating a positive outlook for its stock performance [10]. Core Views - The company is expected to achieve significant revenue growth in 2024, with projected revenues of 27.62 billion yuan, representing a year-on-year increase of 26.06% [1]. - The intelligent driving business is highlighted as a key growth driver, with revenues expected to reach 7.31 billion yuan in 2024, reflecting a year-on-year growth of 63.06% [2]. - The company is actively expanding its product offerings, including the launch of a fifth-generation intelligent cockpit platform and new HUD products, which have successfully entered the supply chains of major automotive manufacturers [2][3]. - The company has established strategic partnerships with various automotive manufacturers, enhancing its market position and order book [3][4]. Financial Performance - In 2024, the company reported a net profit of 2.00 billion yuan, a year-on-year increase of 29.61% [1]. - The gross profit margin for 2024 was reported at 19.88%, while the net profit margin stood at 7.31% [1]. - The company’s total revenue for 2024 is projected to grow to 34.80 billion yuan by 2025, with a compound annual growth rate (CAGR) of 26% expected through 2027 [9]. Business Segments - The intelligent cockpit segment generated revenues of 18.23 billion yuan in 2024, marking a 15.36% increase year-on-year [1]. - The connected services and other businesses achieved revenues of 2.07 billion yuan in 2024, reflecting a year-on-year growth of 27.99% [4]. - The company is also focusing on expanding its sensor and T-Box product lines, which have received new project orders from several automotive manufacturers [3]. Future Outlook - The company is expected to benefit from the ongoing trend towards vehicle electrification and automation, positioning itself as a leader in the intelligent driving and cockpit domains [10]. - The projected net profits for 2025, 2026, and 2027 are estimated to be 2.85 billion yuan, 3.44 billion yuan, and 4.10 billion yuan, respectively, indicating strong growth potential [10].