Desay SV(002920) 东方证券·2025-04-24 10:23Investment Rating - The report maintains a "Buy" rating for the company with a target price of 150.62 CNY [2][5] Core Insights - The company is expected to see significant growth in earnings per share (EPS), projected at 4.43 CNY, 5.43 CNY, and 6.67 CNY for the years 2025 to 2027 respectively [2] - The company has shown a strong performance in Q1, with a revenue of 6.792 billion CNY, representing a year-on-year growth of 20.3%, and a net profit of 582 million CNY, up 51.3% year-on-year [10] - The gross margin improved to 20.5%, an increase of 1.2 percentage points year-on-year, indicating better cost management and operational efficiency [10] - The company has a robust order backlog, with new project orders expected to generate an annual sales revenue exceeding 27 billion CNY for 2024, including over 5 billion CNY from overseas projects [10] - The company is expanding its production capacity and intelligent computing center, which will support its R&D in smart cockpit and intelligent driving technologies [10] Financial Summary - The company's projected revenue for 2023 is 21.908 billion CNY, with a year-on-year growth of 46.7%, and is expected to reach 49.027 billion CNY by 2027 [4] - Operating profit is forecasted to grow from 1.537 billion CNY in 2023 to 3.899 billion CNY in 2027, reflecting a compound annual growth rate (CAGR) of approximately 22.8% [4] - The net profit attributable to the parent company is expected to increase from 1.547 billion CNY in 2023 to 3.702 billion CNY in 2027, with a consistent growth rate of around 22.6% [4] - The company's gross margin is projected to stabilize around 19.9% from 2025 to 2027, while the net margin is expected to improve slightly from 7.1% in 2023 to 7.6% in 2027 [4]