Desay SV(SZ:002920) Shenwan Hongyuan Securities·2025-08-12 11:48Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Insights - The company reported strong performance in its 2025 interim results, with revenue of 14.644 billion yuan, a year-on-year increase of 25.25%, and a net profit of 1.223 billion yuan, up 45.82% year-on-year, indicating robust growth momentum [7]. - The growth in revenue is primarily driven by the strong performance of the intelligent driving business, which generated 4.15 billion yuan in revenue for the first half of 2025, reflecting a year-on-year increase of 55.5% [7]. - The company's international strategy has shown significant results, with overseas revenue growing by 36.8% year-on-year, surpassing domestic growth of 24.4% [7]. - The gross margin for the automotive electronics business remained stable at 20.33%, alleviating previous market concerns about competitive pressures affecting profitability [7]. - The report highlights the company's operational efficiency, with R&D expenses growing at a slower pace than revenue, indicating effective cost management [7]. Financial Data and Profit Forecast - The company forecasts total revenue of 32.517 billion yuan for 2025, with a year-on-year growth rate of 17.7% [6]. - The projected net profit for 2025 is 2.666 billion yuan, representing a year-on-year increase of 33.0% [6]. - The earnings per share (EPS) is expected to be 4.80 yuan for 2025, with a price-to-earnings (PE) ratio of 24 [6]. - Revenue projections for 2026 and 2027 are 40.267 billion yuan and 46.018 billion yuan, respectively, with corresponding net profit forecasts of 3.312 billion yuan and 3.483 billion yuan [6].