Huizhou Desay SV Automotive (002920) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 reached ¥11.69 billion, up 34.02% year-over-year; net profit attributable to shareholders was ¥838 million, up 38.11% year-over-year.

• Smart cockpit, smart driving, and connected services all saw robust growth, with new product launches and international expansion accelerating.

• Company ranked 74th in the 2024 global auto parts supplier top 100, up 15 places from last year.

• No interim dividend, bonus shares, or capital increase from reserves planned for the half-year.

• No controlling shareholder or actual controller as of February 2024.

Financial highlights

• Operating income: ¥11.69 billion, up 34.02% year-over-year.

• Net profit attributable to shareholders: ¥838 million, up 38.11% year-over-year.

• Net profit excluding non-recurring items: ¥789 million, up 49.66% year-over-year.

• Basic and diluted EPS: ¥1.51, up 37.27% and 38.53% year-over-year, respectively.

• Operating cash flow: ¥615 million, up 103.39% year-over-year.

Outlook and guidance

• Company expects continued growth in smart cockpit, smart driving, and connected services, with ongoing international expansion and new product launches.

• Focus on enhancing product competitiveness and market share amid industry competition and macroeconomic headwinds.