Zhejiang Merchants Securities research report points out that Desay SV's intelligent driving high growth drives structural upgrades, and overseas expansion accelerates to open a second growth curve. In terms of business segments, the intelligent cockpit achieved revenue of 20.585 billion yuan, a year-on-year increase of 12.92%, accounting for 63.23% of total revenue, still the company's largest source of income. This is mainly benefited from the successful matching of the fourth-generation intelligent cockpit platform with clients such as Li Auto, Xiaomi, Geely, Chery, and GAC Group, as well as breakthroughs with joint venture and luxury brand clients; intelligent driving achieved revenue of 9.7 billion yuan, a year-on-year increase of 32.63%, with its proportion rising to 29.79%, making it the core engine driving annual growth. The company is further upgrading from a traditional automotive electronics supplier to a full-stack solution platform enterprise oriented towards intelligent vehicles (core stocks), with AI empowerment, globalization, and new business incubation forming the main line of medium to long-term growth. It believes that the company's medium to long-term growth logic is still based on the improvement of automotive intelligence penetration and the strengthening of its own platform capabilities, with core competitiveness continuing to consolidate. Maintains a "Buy" rating.

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