Desay SV(SZ:002920) Guolian Minsheng Securities·2026-03-06 06:07Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Insights - The company achieved record high performance in Q4 2025, with revenue reaching 10.22 billion yuan, a year-on-year increase of 18.25% and a quarter-on-quarter increase of 32.87% [9]. - The company is capitalizing on the opportunities presented by the development of automotive intelligence, with significant growth in its core business, particularly in high-end intelligent cockpits and advanced driving products [9]. - The company has launched a new brand for low-speed unmanned vehicles, marking its entry into a new logistics sector, and has secured key orders for robotic domain control projects [9]. - The internationalization strategy is progressing steadily, with the establishment of 16 overseas branches and successful acquisition of new projects from major clients like VW and Toyota [9]. Financial Forecasts - Revenue projections for 2025 to 2028 are as follows: 32.56 billion yuan in 2025, 37.25 billion yuan in 2026, 41.91 billion yuan in 2027, and 46.47 billion yuan in 2028, with growth rates of 17.9%, 14.4%, 12.5%, and 10.9% respectively [3][10]. - Net profit attributable to shareholders is forecasted to be 2.45 billion yuan in 2025, 2.84 billion yuan in 2026, 3.34 billion yuan in 2027, and 3.69 billion yuan in 2028, with growth rates of 22.4%, 15.9%, 17.4%, and 10.5% respectively [3][10]. - Earnings per share (EPS) are projected to be 4.11 yuan in 2025, 4.76 yuan in 2026, 5.59 yuan in 2027, and 6.18 yuan in 2028 [3][10]. Profitability Metrics - The gross profit margin for Q4 2025 was 17.69%, showing a slight decline compared to previous periods [9]. - The net profit margin for Q4 2025 was 6.51%, also reflecting a minor decrease year-on-year and quarter-on-quarter [9]. - The company’s operating expenses have decreased overall, with sales, management, R&D, and financial expense ratios showing improvements [9].