Desay SV(SZ:002920) Guolian Minsheng Securities·2026-03-06 10:00Investment 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 in the robotics domain [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 is projected to grow from 32.56 billion yuan in 2025 to 46.47 billion yuan by 2028, with growth rates of 17.9%, 14.4%, 12.5%, and 10.9% respectively [3][10]. - Net profit attributable to shareholders is expected to increase from 2.45 billion yuan in 2025 to 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) is forecasted to rise from 4.11 yuan in 2025 to 6.18 yuan in 2028 [3][10]. - The company’s price-to-earnings (PE) ratio is projected to decrease from 28 in 2025 to 19 in 2028, indicating a potential increase in valuation attractiveness over time [3][10].