Research Report Insights | Guosheng Securities: Desay SV's 2025 performance growth remains steady, maintain "Buy" rating

Guosheng Securities Research Report indicates that Desay SV’s performance is expected to grow steadily by 2025, with continued prosperity in smart cockpit and intelligent driving orders. By 2025, the company is projected to achieve a total revenue of 32.557 billion yuan, a year-on-year increase of 17.88%, and a net profit attributable to parent of 2.454 billion yuan, up 22.38% year-on-year. The smart cockpit business remains stable, with ongoing expansion of luxury brand clients and overseas markets. In the Chinese market, the company maintains its leading position in smart cockpit domain controllers, infotainment systems, and display products, while achieving breakthroughs in Europe, Southeast Asia, Central Asia, Japan, and India. The intelligent driving business continues to grow strongly, driven by a diversified product matrix that enables full-platform mass production. Various expense ratios remain stable, and improvements in operating cash flow reflect enhanced operational quality. Considering the company’s leading position in the smart vehicle industry, revenue is forecasted to reach 39.009 billion yuan, 47.024 billion yuan, and 54.353 billion yuan in 2026-2028, with net profits attributable to parent of 3.105 billion yuan, 3.719 billion yuan, and 4.281 billion yuan, respectively. The rating remains “Buy.”