Desay SV(SZ:002920) KAIYUAN SECURITIES·2025-04-29 06:44Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3]. Core Insights - The company reported a strong Q1 performance with a revenue of 6.792 billion yuan, representing a year-on-year increase of 20.26%. The net profit attributable to shareholders was 582 million yuan, up 51.32% year-on-year, and the non-recurring net profit was 497 million yuan, reflecting a 34.08% increase year-on-year. The company launched a full-stack assisted driving solution at the Shanghai Auto Show, which is expected to open new growth opportunities [3][4]. - The company maintains its earnings forecast, projecting net profits attributable to shareholders of 2.717 billion yuan, 3.474 billion yuan, and 4.494 billion yuan for 2025, 2026, and 2027, respectively. The corresponding EPS is expected to be 4.90 yuan, 6.26 yuan, and 8.10 yuan per share, with P/E ratios of 21.1, 16.5, and 12.8 times, respectively [3][4]. Financial Performance - In Q1 2025, the company achieved a gross margin of 20.52%, an increase of 1.18 percentage points year-on-year and 2.12 percentage points quarter-on-quarter. The expense ratios for sales, management, R&D, and finance were 1.04%, 2.17%, 9.65%, and 0.41%, respectively, showing stable management of costs [4]. - The company has a robust order backlog and a clear competitive advantage, which supports the "Buy" rating [3][4]. Future Outlook - The full-stack assisted driving solution launched at the Shanghai Auto Show includes hardware platforms, software algorithms, and system integration, catering to diverse application scenarios from high-end performance to affordable solutions. This comprehensive approach is expected to enhance the company's competitiveness and meet domestic and international customer demands [5]. - The company has established a five-dimensional capability framework for the intelligent driving sector, which includes R&D, engineering implementation, software support, algorithm development, and middleware certification, further strengthening its market position [5].