Desay SV(002920) 华安证券·2025-03-20 01:30Investment Rating - Investment Rating: "Accumulate" (Maintain) [2] Core Views - The report highlights that Desay SV's revenue for 2024 reached 27.618 billion yuan, a year-on-year increase of 26.06%, with a net profit attributable to shareholders of 2.005 billion yuan, up 29.62% year-on-year [5][11] - The company is focusing on the integration of automotive intelligence, expanding its smart cockpit, smart driving, and smart connectivity sectors, benefiting from market growth opportunities [11] Revenue and Profitability - Revenue momentum remains strong, with smart cockpit business generating 18.229 billion yuan, up 15.36% year-on-year, and smart driving business achieving 7.314 billion yuan, a significant increase of 63.06% year-on-year [6] - The overall gross margin was 19.88%, with smart cockpit and smart driving margins at 19.11% and 19.97% respectively [7] International Expansion - The company has secured new project orders exceeding 16 billion yuan for smart cockpit and over 10 billion yuan for smart driving, with overseas orders surpassing 5 billion yuan, reflecting a growth rate of over 120% [8] - A new smart factory in Spain is under construction, expected to be completed by the end of 2025, which will enhance production capacity [8] Research and Development - Desay SV is advancing its product offerings with the launch of the fifth-generation smart cockpit platform and is actively collaborating with Chery to develop a central computing platform [10] - The company is investing in AI technology to build advanced computing infrastructure, reducing reliance on external resources [10] Financial Forecast - The forecast for net profit attributable to shareholders is projected to be 2.591 billion yuan in 2025, 3.385 billion yuan in 2026, and 4.267 billion yuan in 2027, with respective year-on-year growth rates of 29.2%, 30.6%, and 26.1% [11][12]