Desay SV(002920) 东方证券·2025-04-24 09:29Investment Rating - The report maintains a "Buy" rating for the company with a target price of 150.62 CNY [2][5] Core Insights - The company's gross margin has improved year-on-year, and it is accelerating the layout of production capacity and intelligent computing centers [1] - The company is expected to achieve significant revenue growth, with projected EPS for 2025-2027 at 4.43, 5.43, and 6.67 CNY respectively [2] - The automotive industry's intelligentization is driving the company's core business growth, with substantial new project orders expected [10] Financial Performance Summary - Revenue is projected to grow from 21,908 million CNY in 2023 to 49,027 million CNY in 2027, with a CAGR of approximately 19.6% [4] - Operating profit is expected to increase from 1,537 million CNY in 2023 to 3,899 million CNY in 2027, reflecting a strong growth trajectory [4] - Net profit attributable to the parent company is forecasted to rise from 1,547 million CNY in 2023 to 3,702 million CNY in 2027, with a consistent growth rate [4] - The gross margin is expected to stabilize around 19.9% by 2027, while the net margin is projected to improve to 7.6% [4] Market Position and Competitive Landscape - The company has secured new project orders with an annual sales value exceeding 27 billion CNY for 2024, indicating strong demand for its products [10] - The company is expanding its production capacity both domestically and internationally, with new facilities planned in Europe, Japan, Southeast Asia, and North America [10]