Core Viewpoint - The profitability of Desay SV Automotive is under short-term pressure due to declining sales from major clients, but is expected to improve with the launch of new models in Q4, such as the Ideal i6 and Xpeng X9 [1] Group 1: Financial Performance - Q3 profitability is temporarily constrained due to a drop in sales from key customers [1] - The gross margin for overseas products is projected to be 25.9% in 2024 and 28.9% in the first half of 2025, significantly higher than the domestic products' gross margin of 19.5% and 19.7% respectively [1] Group 2: Strategic Developments - The internationalization strategy is progressing steadily, with expectations for gross margin improvements [1] - The company has successfully secured new project allocations from clients such as VW and TOYOTA, and has made breakthroughs with previously untapped clients like RENAULT and HONDA [1] Group 3: Capacity Expansion - Production capacity contributions began in Indonesia in May, with the first mass production project in Monterrey, Mexico launched in June [1] - The smart factory in Spain is expected to be completed by the end of the year and will start mass production in 2026 [1] Group 4: Future Growth Drivers - The successful completion of a private placement will support the development of low-speed unmanned vehicles and robotic domain control, which are anticipated to become new engines for performance growth [1] - The initial coverage has been established with a rating of "Accumulate" [1]