Desay SV(SZ:002920) Guotai Junan Securities·2024-04-21 05:32Investment Rating - The report maintains an "Accumulate" rating for Desay SV (002920) with a target price of 156.09 CNY, unchanged from the previous rating [1][2]. Core Insights - Desay SV is positioned as a leading player in the automotive electronics sector, benefiting from the wave of automotive intelligence. The demand for products related to intelligent driving and smart cockpits is expected to drive revenue growth [1]. - The company reported a significant year-on-year revenue growth of 41.8% in Q1 2024, with total revenue reaching 5.65 billion CNY. The net profit attributable to shareholders was 390 million CNY, reflecting a 16.4% increase year-on-year [1][2]. - The gross margin for Q1 2024 was reported at 19.3%, showing a slight decline compared to the previous quarter, attributed to increased market competition [1]. Financial Performance Summary - Revenue is projected to grow from 21.91 billion CNY in 2023 to 27.21 billion CNY in 2024, representing a 24% increase [3][4]. - The operating profit (EBIT) is expected to rise from 1.57 billion CNY in 2023 to 2.13 billion CNY in 2024, indicating a growth rate of 36% [3][4]. - The net profit attributable to shareholders is forecasted to increase from 1.55 billion CNY in 2023 to 2.02 billion CNY in 2024, a growth of 30% [3][4]. Market Expansion and Strategy - The company is accelerating its international market expansion and strengthening its customer base. It aims to build a global service system and has already secured new project orders from key international clients [1]. - Desay SV plans to enhance its product supply categories for core customers while focusing on high-end brands and tackling key clients in the market [1].