Desay SV(002920) 浙商证券·2025-03-20 10:23Investment Rating - The investment rating for the company is "Buy" (maintained) [4][9] Core Insights - 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 of 2.005 billion yuan, up 29.62% year-on-year [1] - The intelligent driving business showed strong growth, with a revenue increase of 63.06% year-on-year, and the company secured new project orders from several international automotive brands [2][4] - The company’s overseas order scale exceeded 5 billion yuan, with a year-on-year growth rate of over 120% [4] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 8.643 billion yuan, a 16.21% increase year-on-year, and a net profit of 598 million yuan, which is a 1.99% increase year-on-year [1] - The comprehensive gross margin for 2024 was 19.9%, slightly down by 0.6 percentage points from 2023, primarily due to a decline in the gross margin of the intelligent cockpit business [2] - The company’s expenses for sales, research and development, and management grew by 9% year-on-year, significantly lower than the revenue growth rate, leading to a decrease in expense ratio by 2 percentage points to 11% [3] Business Segments - Revenue from the intelligent cockpit, intelligent driving, and connected services segments were 18.230 billion yuan, 7.314 billion yuan, and 2.074 billion yuan respectively, with year-on-year growth rates of 15.36%, 63.06%, and 27.99% [2] - The intelligent driving business's gross margin improved significantly, with a year-on-year increase of approximately 3.7 percentage points to 19.9% [2] Future Outlook - The company expects to maintain revenue growth in 2025, with projected revenues of 35.048 billion yuan, 43.436 billion yuan, and 51.146 billion yuan for 2025, 2026, and 2027 respectively [9] - The company has secured new project orders from major automotive manufacturers, indicating a strong pipeline for future growth [4][8]