Desay SV(002920) 西部证券·2025-03-19 00:33Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expected return over the next 6-12 months [5][13]. Core Insights - The company achieved a revenue of 27.618 billion yuan in 2024, representing a year-on-year increase of 26.1%. The net profit attributable to shareholders was 2.005 billion yuan, up 29.6% year-on-year, while the net profit after deducting non-recurring items was 1.946 billion yuan, reflecting a 32.7% increase [1][5]. - The company's Q4 revenue reached 8.64 billion yuan, marking a 16.2% year-on-year increase and an 18.7% quarter-on-quarter increase. However, the net profit for Q4 was 600 million yuan, a modest increase of 1.99% year-on-year but a decrease of 17.54% quarter-on-quarter [1][5]. - The company is expanding its global footprint, with overseas orders exceeding 5 billion yuan, a growth of over 120% year-on-year. The expansion includes new production facilities in Germany, Mexico, and Spain, with the latter expected to be completed by the end of 2025 [2][5]. Financial Summary - The company forecasts revenues of 35.058 billion yuan, 43.419 billion yuan, and 53.839 billion yuan for 2025, 2026, and 2027, respectively. The projected net profits for the same years are 2.724 billion yuan, 3.591 billion yuan, and 4.553 billion yuan [3][4]. - The company's earnings per share (EPS) are expected to grow from 3.61 yuan in 2024 to 8.20 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 33.6 to 14.8 [4][3].