Desay SV(SZ:002920) Huachuang Securities·2024-05-13 23:32Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 150.4 CNY [2]. Core Views - The company benefited from the commercialization of urban NOA (Navigation on Autopilot) and deepened its international market presence, leading to significant revenue growth [2]. - In 2023, the company achieved a revenue of 21.908 billion CNY, a year-on-year increase of 46.71%, and a net profit of 1.547 billion CNY, up 30.57% [2]. - The growth was driven by the third-generation smart cockpit, advancements in intelligent driving, and connected services [2]. Financial Performance Summary - Revenue by business segment in 2023: - Smart cockpit: 15.802 billion CNY, up 34.42% - Intelligent driving: 4.485 billion CNY, up 74.43% - Connected services: 1.621 billion CNY, up 167.39% [2]. - The company’s gross margin for 2023 was 20.44%, a decrease of 2.59 percentage points, while the net margin was 7.04%, down 0.81 percentage points [2]. - The company achieved a record revenue per employee of 2.6654 million CNY, with a compound annual growth rate of 19.94% from 2020 to 2023 [2]. Future Outlook - The report forecasts revenue for 2024-2026 to be 28.021 billion CNY, 35.195 billion CNY, and 43.125 billion CNY, with growth rates of 27.9%, 25.6%, and 22.5% respectively [3]. - Net profit is expected to reach 2.086 billion CNY, 2.745 billion CNY, and 3.496 billion CNY for the same period, with growth rates of 34.8%, 31.6%, and 27.3% respectively [3]. - The company is positioned to maintain high growth due to the increasing penetration of new energy vehicles and the ongoing trend of automotive consumption upgrades [2].