Desay SV(002920) 国联证券·2024-05-14 07:32Investment Rating - The report does not explicitly state the investment rating for Desay SV (002920) [7] Core Views - Desay SV's revenue in 2023 reached 21.9 billion yuan, a 47% YoY increase, driven by a 46% growth in automotive electronics shipments to 27.478 million units [2] - The company's gross margin was under pressure, declining by 2.59 percentage points to 20.44%, mainly due to higher chip procurement costs and RMB depreciation impacting dollar-denominated purchases [2] - Desay SV's overseas business gross margin improved by 3.8 percentage points to 21.8%, benefiting from economies of scale and reduced development costs [4] - The company's average product price increased slightly by 0.4% to 797 yuan, with potential for further growth as the proportion of domain controllers and smart driving products increases [3] Business Segments Smart Cockpit - Smart cockpit revenue in 2023 was 15.8 billion yuan, a 34% YoY increase, accounting for 72.13% of total revenue [15] - The gross margin for smart cockpit products was 20.58%, down 0.76 percentage points YoY [2] - The company expects smart cockpit revenue to grow to 18.6/21.3/23.4 billion yuan in 2024-2026, with gross margins stabilizing at 20.7%/21%/21.5% [11] Smart Driving - Smart driving revenue in 2023 was 4.5 billion yuan, a 74% YoY increase, accounting for 20.47% of total revenue [15] - The gross margin for smart driving products was 16.22%, down 5.3 percentage points YoY [2] - The company expects smart driving revenue to grow to 7.5/11.2/15.3 billion yuan in 2024-2026, with gross margins improving to 17%/18%/18% [11] Overseas Business - Overseas revenue in 2023 was 1.64 billion yuan, a 48% YoY increase, with shipments growing 52% to 2.06 million units [24] - The company has secured new projects in Japan, Europe, and Southeast Asia, and is planning new factories in Europe and Mexico [26] Financial Projections - The company expects revenue to grow to 28.3/35.4/42.3 billion yuan in 2024-2026, with net profit growing to 2.1/2.7/3.4 billion yuan [5] - EPS is projected to be 3.8/4.9/6.1 yuan per share, with a 3-year CAGR of 30% [5] - The P/E ratio is expected to decline from 39.1x in 2023 to 17.9x in 2026, reflecting strong earnings growth [6]