Desay SV(SZ:002920) KAIYUAN SECURITIES·2024-03-28 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Views - The company has shown strong performance with a significant increase in orders, indicating a robust growth trajectory in the global market [4][6]. - The company achieved a revenue of 21.91 billion yuan in 2023, representing a year-on-year growth of 46.71%, and a net profit of 1.55 billion yuan, up 30.57% year-on-year [4]. - The company is positioned as a leader in the smart automotive sector, with expectations for continued high growth in the coming years [4][5]. Financial Performance Summary - In Q4 2023, the company reported a revenue of 7.44 billion yuan, a year-on-year increase of 54.24%, and a net profit of 586 million yuan, up 19.13% year-on-year [4]. - The smart cockpit business generated revenue of 15.80 billion yuan, growing 34.42% year-on-year, while the smart driving business saw revenue of 4.49 billion yuan, a growth of 74.43% [5]. - The company secured new project annual sales exceeding 24.5 billion yuan, with significant contributions from both the smart cockpit and smart driving sectors [6]. Business Growth and Market Position - The company has established a strong competitive position with its products, leading to rapid growth across all business segments [5]. - The gross margin for the smart cockpit business was 20.58%, a slight decline of 0.76 percentage points year-on-year, while the smart driving business had a gross margin of 16.22%, down 5.30 percentage points [5]. - The company is expected to benefit from the ongoing trend of automotive industry intelligence, expanding from a domestic to a global market presence [6].