Desay SV(SZ:002920) Ping An Securities·2025-03-18 13:36Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expectation of stock performance that exceeds the market by 10% to 20% over the next six months [1][12]. Core Insights - The company achieved a revenue of 27.618 billion yuan in 2024, representing a year-on-year growth of 26.06%, with a compound annual growth rate (CAGR) of 42.38% from 2021 to 2024 [3][8]. - The net profit attributable to shareholders reached 2.005 billion yuan, a 29.62% increase year-on-year, with a CAGR of 34.01% from 2021 to 2024 [3][8]. - The company is actively expanding its international market presence, with overseas orders exceeding 5 billion yuan, marking a growth of over 120% [9][8]. Financial Performance Summary - Revenue Growth: The company reported a revenue of 27.618 billion yuan in 2024, with projections of 34.369 billion yuan in 2025, 42.261 billion yuan in 2026, and 51.228 billion yuan in 2027, reflecting a year-on-year growth rate of 26.1% for 2025 [7][10]. - Profitability: The net profit for 2024 was 2.005 billion yuan, with forecasts of 2.660 billion yuan in 2025, 3.362 billion yuan in 2026, and 4.215 billion yuan in 2027, indicating a year-on-year growth of 29.6% for 2025 [7][10]. - Margins: The gross margin is projected to be 19.9% in 2024, improving to 20.6% in 2025 and remaining stable thereafter [7][10]. Business Segment Performance - Smart Cockpit: Revenue from the smart cockpit segment reached 18.230 billion yuan in 2024, growing by 15.36% year-on-year, with new project orders exceeding 16 billion yuan [8][9]. - Smart Driving: The smart driving segment saw a revenue increase of 63.06% to 7.314 billion yuan in 2024, with new project orders nearing 10 billion yuan [9][8]. - Connected Services: Revenue from connected services and other businesses was 2.071 billion yuan, reflecting a year-on-year growth of 27.99% [9][8]. International Expansion - The company has secured new project orders from several international automotive manufacturers, including Tata Motors, Volkswagen, and Toyota, contributing to a significant increase in overseas order volume [9][8]. - The establishment of a smart factory in Spain is underway, expected to be completed by the end of 2025, which will enhance the company's strategic positioning in the European market [9][8].