Desay SV boosts revenue, profit amid automotive transformation

Huizhou Desay SV Automotive (SZSE: 002920) reported a 26.06% year-over-year increase in total revenue for 2024, reaching 27.618 billion yuan, according to its 2024 annual report. Net profits attributable to shareholders climbed 29.62% to 2.005 billion yuan. The board highlighted the company's focus on intelligent cockpits, driving systems, and connected services as key growth areas, supported by strategic investments in R&D (2.192 billion yuan, 7.94% of revenue). The company also reported a 19.26% increase in total assets to 21.483 billion yuan. To support its expanding global presence, Desay SV is constructing a new intelligent manufacturing plant in Spain, slated to begin supplying European customers in 2026. The company has also won new business with international brands like TATA Motors, Volkswagen, Mazda, Stellantis, Toyota, Honda, and others.