Desay SV(SZ:002920) Shenwan Hongyuan Securities·2025-05-06 13:11Investment Rating - The report maintains a "Buy" rating for the company [6][23]. Core Insights - The company is transitioning from a traditional automotive electronics supplier to an "accelerator of automotive intelligence" as evidenced by its strategic announcements at the 2025 Shanghai Auto Show [6][23]. - The launch of the Smart Solution 3.0 and the EEA4.0 architecture signifies a comprehensive approach to integrating AI into automotive systems, enhancing decision-making and communication capabilities [7][8]. - The introduction of the fifth-generation smart cockpit G10PH showcases advanced AI capabilities and high-performance computing, positioning the company as a leader in the smart cockpit domain [9][23]. Financial Data and Profit Forecast - Total revenue projections for 2025-2027 are estimated at 325.17 billion, 402.67 billion, and 460.18 billion CNY respectively, with net profit forecasts of 26.66 billion, 33.12 billion, and 34.83 billion CNY [2][23]. - The company anticipates a revenue growth rate of 17.7% in 2025, with a net profit growth rate of 33.0% [2][23]. - The projected PE ratio for 2025 is 22 times [2][23]. Market Position and Competitive Advantage - The company holds the top market share in the smart cockpit domain, with an 18.8% market share based on installation volume [9][23]. - The collaboration with Qualcomm aims to create cost-effective driving assistance solutions, enhancing the company's competitive edge in the ADAS market [15][17]. - The integration of a unified hardware platform with localized algorithms for the Chinese market and generalized algorithms for international markets is expected to streamline operations and reduce costs [15][17]. Product Development and Innovation - The EEA4.0 architecture is designed to meet the evolving needs of integrated vehicle computing, allowing for flexible configurations across different vehicle models [8][23]. - The company is developing a comprehensive driving assistance solution that covers various driving scenarios, including highway driving and urban navigation [18][23]. - The G10PH smart cockpit platform features advanced display technology and is set to enhance user interaction within the vehicle [9][23].