Desay SV(002920) 开源证券·2025-03-18 14:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Insights - The company is experiencing rapid growth in its intelligent driving business, with significant overseas expansion opening up growth opportunities [1][5] - In 2024, the company achieved a revenue of 27.618 billion yuan, a year-on-year increase of 26.06%, and a net profit attributable to shareholders of 2.005 billion yuan, up 29.62% year-on-year [3][6] - The company has a strong order backlog and competitive advantages, maintaining a robust growth outlook despite slight downward adjustments in profit forecasts for 2025-2026 [3][4] Financial Performance Summary - Revenue for 2024 is projected at 27.618 billion yuan, with a compound annual growth rate (CAGR) of 42.38% from 2021 to 2024 [3] - The company’s gross margin is 19.88%, and net margin is 7.31%, with a slight year-on-year decrease in gross margin [4][6] - The earnings per share (EPS) for 2025 is estimated at 4.90 yuan, with a price-to-earnings (P/E) ratio of 24.5 times [3][6] Business Segment Performance - The intelligent cockpit and intelligent driving segments generated revenues of 182.30 billion yuan and 73.14 billion yuan, respectively, with year-on-year growth of 15.37% and 63.08% [4] - The company has secured new project orders from well-known enterprises, contributing to a significant increase in overseas order scale, which exceeded 5 billion yuan, growing over 120% year-on-year [5] Market Position and Strategy - The company is positioned as a leading player in the intelligent automotive components sector, with a strong focus on expanding its international market presence [3][5] - The company is actively penetrating high-end and joint venture brands in the domestic market, enhancing its competitive edge [5]