Core Viewpoint - Desay SV's net profit attributable to shareholders reached 1.223 billion yuan in H1 2025, representing a year-on-year increase of 45.82% [1] Financial Performance - In Q2 2025, the net profit attributable to shareholders was 640 million yuan, showing a year-on-year growth of 41.1% [1] - The cabin business generated revenue of 9.459 billion yuan in H1 2025, up 18.76% year-on-year [1] - The intelligent driving business reported revenue of 4.147 billion yuan in H1 2025, reflecting a significant year-on-year increase of 55.49% [1] Product and Market Development - The fourth-generation cabin is in mass production with leading automotive companies such as Li Auto, Xiaomi, and Geely, benefiting from continuous chip and function iterations [1] - The company's overseas revenue reached 1.038 billion yuan in H1 2025, marking a year-on-year increase of 36.82% [1] - Production capacity in Indonesia and Mexico has commenced, with the Spanish factory expected to be operational by 2026 [1] Future Growth Potential - The company is actively exploring AI+ fields such as unmanned delivery, robotics, and smart transportation, which opens up long-term growth opportunities [1] - The overseas business is expected to gradually contribute to revenue flexibility [1] - The strong growth in Q2 performance supports a "buy" rating [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company maintains its leading position in the industry with revenue in line with expectations, achieving a revenue of 14.644 billion yuan in H1 2025, a year-on-year increase of 25.25%, and a net profit attributable to shareholders of 1.223 billion yuan, a year-on-year increase of 45.82% [3] - The company is expected to continue its robust growth, with projected net profits of 2.72 billion yuan, 3.47 billion yuan, and 4.49 billion yuan for 2025, 2026, and 2027 respectively, corresponding to EPS of 4.90, 6.26, and 8.10, with PE ratios of 24.2, 19.0, and 14.7 times [3][4] Financial Performance - In H1 2025, the cabin business revenue was 9.459 billion yuan, up 18.76% year-on-year, while the intelligent driving business revenue was 4.147 billion yuan, up 55.49% year-on-year [4] - The gross profit margin remained stable, with Q1 and Q2 gross profit margins at 20.52% and 20.16% respectively, and the intelligent driving business gross profit margin at 19.74% [4] - The company has effectively controlled costs, with a decrease in overall expense ratio by 1.15 percentage points [4] Business Growth and Strategy - The company benefits from the wave of automotive intelligence, with its fourth-generation cockpit in mass production for leading car manufacturers and new orders for HUD products [5] - The international strategy is deepening, with overseas revenue reaching 1.038 billion yuan in H1 2025, a year-on-year increase of 36.82% [5] - The company is actively exploring AI+ fields such as unmanned delivery and smart transportation, opening up long-term growth opportunities [5]