Desay SV(SZ:002920) 东吴汽车黄细里团队·2025-10-30 15:34Core Viewpoint - The company reported lower-than-expected performance in Q3 2025, with revenue and net profit showing slight declines compared to previous quarters, but overall growth remains strong year-on-year [2][3]. Financial Performance - In Q3 2025, the company achieved revenue of 7.69 billion, with a quarter-on-quarter change of +6%/-2%. The net profit attributable to the parent company was 570 million, reflecting a quarter-on-quarter decline of -0.57%/-11.74% [2]. - For the first three quarters of 2025, the company reported total revenue of 22.337 billion, a year-on-year increase of +17.72%, and a net profit of 1.788 billion, up +27.08% year-on-year [2]. Customer Impact - The sales volume from major client Ideal Automotive decreased by 40% quarter-on-quarter, impacting the company's performance. However, new clients like Xiaomi and Great Wall Motors, along with increased penetration of smart driving technologies, helped maintain overall revenue stability [3]. Profitability and Costs - The gross margin in Q3 2025 was 18.51%, down by 1.95 percentage points quarter-on-quarter, primarily due to intense price competition among downstream automakers. The gross margin for domestic operations was 19.7%, while overseas operations achieved a significantly higher margin of 29.0% [5]. - The expense ratio for Q3 2025 was 12.04%, slightly up by 0.58 percentage points year-on-year, attributed to increased R&D investments. Sales expenses for January to September totaled 254 million, a year-on-year increase of 75.89% [6]. Capacity Expansion - The company's construction projects increased from 445 million at the beginning of the year to 820 million by the end of September, a year-on-year growth of 84.08%. This investment is expected to support capacity for smart driving controllers and cockpit products [7]. Global Strategy - The company is steadily advancing its globalization strategy, with new production capacities established in Indonesia and Mexico, and a smart factory in Spain expected to be completed by the end of 2025. This global expansion is anticipated to become a significant support for future performance [8]. Earnings Forecast - The company has adjusted its revenue forecasts for 2025-2027 to 33.4 billion, 42 billion, and 50.4 billion respectively, with year-on-year growth rates of +21%, +26%, and +20%. The net profit forecasts for the same period have been revised to 2.59 billion, 3.33 billion, and 4.01 billion, with corresponding year-on-year growth rates of +29%, +28%, and +21% [9].