Desay SV(002920) 中国银河·2024-03-28 16:00Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Views - The company's revenue for 2023 reached 21.908 billion yuan, a year-on-year increase of 46.71%, with a net profit attributable to shareholders of 1.547 billion yuan, up 30.65% year-on-year [1]. - The intelligent driving and connected products business experienced significant revenue growth, with the three main product lines generating revenues of 15.802 billion yuan, 4.485 billion yuan, and 1.621 billion yuan, reflecting year-on-year increases of 34.42%, 74.43%, and 167.39% respectively [1]. - The company has established close partnerships with leading new energy vehicle manufacturers, resulting in a robust order backlog that supports sustained high performance [1]. Financial Summary - The company forecasts revenues of 26.075 billion yuan, 29.689 billion yuan, and 32.593 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 2.007 billion yuan, 2.505 billion yuan, and 2.800 billion yuan [2][3]. - The gross profit margin for 2023 was 20.44%, a decrease of 2.59 percentage points year-on-year, primarily due to a decline in the gross margin of intelligent driving products [1]. - The company’s operating expenses as a percentage of sales decreased, driven by the scaling effects of production and reduced promotional costs for new products [1]. Order and Project Highlights - The company has secured new project orders with major clients such as Chery, GAC, and BYD, with annual sales from new project orders in intelligent cockpits exceeding 15 billion yuan [1]. - The intelligent driving segment has new project orders with an annual sales potential exceeding 8 billion yuan, contributing to the company's core revenue growth [1].