Open Source Securities: Maintaining a "Buy" rating for Desay SV, AI layout continues to improve, smooth progress overseas.

Open source securities research report pointed out that Desay SV's global layout is accelerating, continuously driving AI innovation. The company is expected to achieve revenue of 32.557 billion yuan in 2025, a year-on-year increase of 17.88%, with a net profit attributable to shareholders of 2.454 billion yuan, a year-on-year increase of 22.38%; among which, the revenue in the fourth quarter of 2025 is expected to be 10.221 billion yuan, a year-on-year increase of 18.25%, with a net profit attributable to shareholders of 666 million yuan, a year-on-year increase of 11.34%. The company's AI layout is continuously improving, overseas progress is smooth, based on the slight pressure on the overall vehicle market demand from 2026-2027, the company's performance expectations for 2026-2027 are reduced and additional profit forecasts for 2028 are added, with an expected net profit attributable to shareholders of 29.1/35.0/42.2 billion yuan from 2026-2028, EPS of 4.88/5.87/7.07 yuan, corresponding to a current stock price PE of 23.8/19.8/16.5 times. Benefiting from the global trend of automotive intelligence, actively expanding emerging growth curves, maintaining a "buy" rating for the company.