Desay SV(002920) 民生证券·2025-04-25 03:23Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on a closing price of 103.16 CNY per share on April 24, 2025 [6]. Core Insights - The company reported significant year-on-year growth in revenue and profit for Q1 2025, with revenue reaching 6.792 billion CNY, up 20.26% year-on-year, and net profit attributable to shareholders at 582 million CNY, up 51.32% year-on-year [1][2]. - The company is accelerating its internationalization process, with overseas orders exceeding 5 billion CNY, a year-on-year increase of over 120% [4]. - The company is focusing on three main business segments: smart cockpit, intelligent driving, and connected services, all of which are experiencing strong growth and technological innovation [3]. Revenue and Profit Growth - In Q1 2025, the company's revenue was 67.92 billion CNY, with a gross margin of 20.52%, an increase of 1.61 percentage points year-on-year [2]. - The net profit margin reached 8.57%, up 1.76 percentage points year-on-year, indicating improved profitability [2]. Business Segment Performance - The smart cockpit segment generated revenue of 18.23 billion CNY in 2024, growing 15.36% year-on-year, with new orders exceeding 16 billion CNY annually [3]. - The intelligent driving segment achieved revenue of 2.074 billion CNY in 2024, a year-on-year increase of 63.06% [3]. - The connected services segment reported revenue of 7.314 billion CNY in 2024, up 27.99% year-on-year [3]. Financial Forecast - The company is projected to achieve revenues of 33.431 billion CNY, 40.081 billion CNY, and 47.846 billion CNY for the years 2025, 2026, and 2027, respectively [5][10]. - Net profit attributable to shareholders is expected to be 2.728 billion CNY, 3.162 billion CNY, and 3.790 billion CNY for the same years [5][10]. - Earnings per share (EPS) are forecasted to be 4.92 CNY, 5.70 CNY, and 6.83 CNY for 2025, 2026, and 2027, respectively [5][10].