Desay SV(SZ:002920)2024-03-28 16:00Investment Rating - The report maintains a "Buy" rating for the company [8][16]. Core Insights - The company reported a revenue of 21.908 billion yuan for 2023, a year-on-year increase of 46.71%, and a net profit of 1.547 billion yuan, up 30.57% year-on-year [8][11]. - The company has secured new project orders with an annualized sales amount exceeding 24.5 billion yuan, indicating a strategy focused on customer retention rather than solely profit margins [12][16]. - The company’s overseas revenue reached 1.644 billion yuan, growing 52% year-on-year, outpacing domestic growth [15][16]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 21.908 billion yuan, with a net profit of 1.547 billion yuan, and a non-recurring net profit of 1.467 billion yuan, reflecting growth rates of 46.71%, 30.57%, and 41.37% respectively [8][11]. - The fourth quarter alone saw a revenue of 7.438 billion yuan, marking a 54.24% increase year-on-year, surpassing market expectations [12][16]. Cost and Margin Analysis - The company’s gross margin began to stabilize in Q4 2023, with cash flow metrics indicating a healthy balance between cash inflow and outflow [12][16]. - R&D expenses grew at a slower rate than revenue, achieving a "positive scissors effect" in cost management [13][16]. Market Expansion - The company has made significant strides in international markets, securing new clients in Europe and Japan, and establishing a new R&D center in Yokohama [15][16]. - New project orders in the ADAS segment reached 8 billion yuan, with over 10 new project orders from various automotive manufacturers [15][16]. Future Projections - The report forecasts revenues of 27.020 billion yuan and 34.030 billion yuan for 2024 and 2025 respectively, with net profits projected at 2.249 billion yuan and 2.833 billion yuan [16][17].