Desay SV(SZ:002920) 东吴汽车黄细里团队·2025-08-14 14:50Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant year-on-year growth in revenue and net profit, indicating robust demand and operational efficiency in its core business segments [2][3]. Financial Performance - In the first half of 2025, the company achieved revenue of 14.6 billion yuan, a year-on-year increase of 25%, and a net profit attributable to shareholders of 1.22 billion yuan, up 46% year-on-year [2]. - For Q2 2025, revenue reached 7.9 billion yuan, reflecting a quarter-on-quarter increase of 30% and a year-on-year increase of 16%. The net profit for the same period was 640 million yuan, with a quarter-on-quarter increase of 41% and a year-on-year increase of 10% [2]. Business Segments - The smart cockpit business generated 9.5 billion yuan in revenue for H1 2025, up 18.8% year-on-year, while the smart driving business saw revenue of 4.1 billion yuan, a significant increase of 55.49% year-on-year. The growth in smart driving revenue is attributed to technological advancements and increased customer demand [3]. - The company also reported a slight decline in revenue from connected services and other businesses, which totaled 1 billion yuan, down 2.1% year-on-year [3]. Profitability and Margins - The gross margin for Q2 2025 was 20.2%, showing a slight decrease compared to previous quarters. However, the gross margin for overseas operations was notably higher at 29.0%, reflecting an 8.2 percentage point increase year-on-year [5]. - The company’s strategy of optimizing product mix and continuous technological iteration has led to stable improvements in gross margins for both smart cockpit and smart driving segments [5]. Global Expansion - The company is advancing its globalization strategy, with new production capabilities established in Indonesia and Mexico, and a smart factory in Spain expected to commence production by the end of 2025 [6]. - This global expansion is anticipated to provide significant support for the company's future performance, particularly in overseas markets [6]. Future Outlook - The company maintains a positive long-term growth outlook, projecting revenues of 36.9 billion yuan, 46.2 billion yuan, and 56.5 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 2.76 billion yuan, 3.67 billion yuan, and 4.71 billion yuan [7]. - The projected growth rates for revenue and net profit indicate a strong compound annual growth rate, reflecting the company's competitive position in the smart driving components sector [7].