Desay SV(SZ:002920) Ping An Securities·2024-03-28 16:00Investment Rating - The report maintains a "Recommend" rating for the company [2][7] Core Views - The company achieved significant revenue growth in 2023, with total revenue reaching 21.91 billion yuan, a year-on-year increase of 46.71% [4][6] - The net profit attributable to shareholders was 1.55 billion yuan, up 30.57% year-on-year, indicating strong profitability [4][6] - The company is expanding its presence in high-end and international markets, with a focus on smart cockpit, smart driving, and connected services [6][7] Summary by Sections Financial Performance - In 2023, the company reported revenue of 21.91 billion yuan, with a compound annual growth rate (CAGR) of 47.70% from 2020 to 2023 [4][5] - The smart cockpit segment generated 15.80 billion yuan in revenue, a 34.42% increase, accounting for 72.13% of total revenue [4][5] - The smart driving segment saw revenue of 4.49 billion yuan, growing 74.43%, representing 20.47% of total revenue [4][5] - The connected services segment experienced a remarkable growth of 167.39%, reaching 1.62 billion yuan, contributing 7.40% to total revenue [4][5] Business Development - The company has established a comprehensive business matrix centered on smart cockpit, smart driving, and connected services [4][6] - New product launches, including advanced smart cockpit solutions, have enhanced user experience and market competitiveness [4][6] - The company has secured new project orders with major automotive brands, expanding its customer base significantly [6][7] Market Expansion - The company is actively pursuing high-end market opportunities and has made significant inroads into international markets, including Europe, Southeast Asia, Japan, and North America [6][7] - The company has received multiple awards from automotive manufacturers, reflecting its strong partnerships and reputation in the industry [6][7] Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 2.06 billion yuan in 2024, 2.73 billion yuan in 2025, and 3.56 billion yuan in 2026 [5][7] - Earnings per share (EPS) are forecasted to increase to 3.72 yuan in 2024, 4.92 yuan in 2025, and 6.41 yuan in 2026 [5][7]