Desay SV(SZ:002920) 汽车琰究·2025-08-12 03:07Core Viewpoint - The company reported strong growth in its core business segments, with significant revenue and profit increases in the first half of 2025, indicating a positive outlook for future performance [2][3][5]. Revenue and Profit Performance - In H1 2025, the company achieved revenue of 14.644 billion yuan, a year-on-year increase of 25.25%, and a net profit attributable to shareholders of 1.223 billion yuan, up 45.82% year-on-year [2]. - Q2 2025 revenue reached 7.852 billion yuan, reflecting a year-on-year growth of 29.90% and a quarter-on-quarter increase of 15.61% [2]. Business Segment Growth - Smart Cockpit: Revenue for the smart cockpit segment in H1 2025 was 9.459 billion yuan, a year-on-year increase of 18.76%. The fourth-generation smart cockpit has begun mass production with clients such as Li Auto, Xiaomi, and Geely [3]. - Smart Driving: The smart driving segment saw revenue of 4.147 billion yuan in H1 2025, marking a year-on-year growth of 55.49%. The company continues to strengthen its leading position in the industry [3]. - Connected Services: Revenue from connected services was 1.038 billion yuan in H1 2025, a slight decline of 2.11% year-on-year. The company focuses on providing software development and digital operation services for automakers [3]. International Expansion - The company's overseas sales revenue reached 1.038 billion yuan in H1 2025, a year-on-year increase of 36.82%. New production capacity began in Indonesia in May 2025, and a production project in Monterrey, Mexico, was launched in June 2025 [4]. Investment Outlook - The company is expected to benefit from trends in large-screen and multi-screen smart cockpit products, as well as the expansion of smart driving products covering levels L2, L3, and above. Revenue projections for 2025-2027 are 33.431 billion yuan, 40.081 billion yuan, and 47.846 billion yuan, respectively [5][7].