Desay SV(SZ:002920) ZHONGTAI SECURITIES·2025-09-09 11:25Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported a revenue of 14.644 billion yuan for the first half of 2025, representing a year-on-year growth of 25.25%. The net profit attributable to shareholders was 1.223 billion yuan, with a year-on-year increase of 45.82%. The annualized sales from new project orders exceeded 18 billion yuan [4] - The company is accelerating its international layout and strategically entering new sectors, particularly in smart cockpit and smart driving technologies. The sales revenue from smart cockpits reached 9.459 billion yuan in the first half of 2025, growing by 18.76% year-on-year. The company has secured new project orders from major clients such as Li Auto, Xiaomi, and Geely [5] - The company is investing in AI technology and exploring new fields such as smart transportation, unmanned delivery, and robotics, aiming to create a new growth curve for sustainable development [5] Financial Forecasts and Valuation - The company is expected to achieve net profits of 2.802 billion yuan, 3.540 billion yuan, and 4.472 billion yuan for the years 2025, 2026, and 2027 respectively. The previous estimates for 2025 and 2026 were 2.817 billion yuan and 3.617 billion yuan [5] - The projected revenue for the company is 27.618 billion yuan for 2024, 34.599 billion yuan for 2025, 42.559 billion yuan for 2026, and 51.289 billion yuan for 2027, with corresponding growth rates of 26%, 25%, 23%, and 21% [3][7] - The company’s P/E ratio is projected to decrease from 34.3 in 2024 to 15.4 in 2027, indicating an improving valuation as earnings grow [3]