Desay SV(002920)2025-03-21 10:36Financial Performance - In 2024, the company achieved operating revenue of CNY 27.618 billion, a year-on-year increase of 26.06% [3] - Net profit attributable to shareholders reached CNY 2.005 billion, up 29.62% year-on-year [3] - The compound annual growth rate (CAGR) from 2021 to 2024 for operating revenue was 42.38%, and for net profit, it was 34.01% [3] Cash Flow and Investment - The net cash flow from operating activities increased by 30.89% year-on-year, despite a 40% decrease in net cash inflow compared to the previous year [2] - The decrease in cash and cash equivalents was primarily due to increased capital expenditures and investments in fixed assets [2] Order Growth and Market Expansion - New project orders for 2024 exceeded CNY 27 billion, with overseas orders surpassing CNY 5 billion, reflecting a year-on-year growth of over 120% [3][10] - The company has established a strong order backlog, with annualized sales from new project orders increasing from CNY 20 billion in 2022 to CNY 27 billion in 2024 [3] Strategic Partnerships - Collaborations with Xiaopeng Motors and Horizon Robotics include smart driving domain controllers, sensors, and cockpit products [3] - The company has successfully mass-produced products for major clients such as Ideal Auto, Chery, and Geely, enhancing its market position [5] Product Development and Innovation - The company is focusing on enhancing its smart driving and smart cockpit products, with significant investments in R&D to meet diverse market demands [4][5] - The smart cockpit business generated CNY 18.230 billion in revenue in 2024, with new project orders exceeding CNY 16 billion [6] International Operations - The company is expanding its manufacturing capabilities in Europe, with operational factories in Germany and a new facility in Spain expected to be completed by the end of 2025 [6] - In Southeast Asia and Mexico, the company is establishing local manufacturing and service capabilities to cater to North and South American markets [6] Competitive Landscape - The smart cockpit market is becoming increasingly competitive, yet the company maintains a leading position through product diversification and strong customer relationships [7] - The integration of smart driving and smart cockpit technologies is expected to enhance overall vehicle efficiency and customer experience [7] Future Outlook - The company anticipates continued growth in smart driving and smart cockpit sectors, driven by advancements in AI and technology [9] - The expected increase in smart driving penetration rates will directly benefit the company's sales in this segment [4]