Desay SV scores 60.75% YoY surge in 2021 net profit

Beijing (Gasgoo)- China’s major automotive electronics player Desay SV celebrated substantial growth in annual revenue and net profit in 2021, thanks to its intelligent cockpit and intelligent driving development, the company reported on April 14th.  

Photo credit: Desay SV

In 2021, Desay SV’s annual revenue amounted to RMB9.569 billion ($1.5 billion), representing a 40.75% year-on-year jump. Its net profit attributable to shareholders equaled RMB833 million ($130.7 million), surging 60.75% compared to a year ago.

The company has been actively optimizing its customer strategy and enhancing its client structure consisting of major international and domestic automakers, as well as up-rising auto startups. In the past year, Desay SV landed several new big name customers such as Lotus and PSA Stellantis.

Meanwhile, the company bagged numerous core platform project orders from well-known carmakers including FAW Group, SAIC Motor, GAC Group, Great Wall Motor, Geely Holding, BYD, Chery Auto, Li Auto, and XPeng. The massive order number resulted in over RMB1.2 billion ($188.3 million) of sales, soaring over 80% year over year, marking Desay SV’s new sales record. Notably, orders for its intelligent driving and smart cockpit products saw a sharp increase from a year ago.

In line with its rapid growth in sales, Desay SV also became more and more attentive to technology iterations. In the past year, the company allocated roughly RMB1 billion ($157 million) in R&D, which accounted for 10% of its sales. Compared to 2020, the company’s R&D team expanded by nearly 30%, taking up over 40% of Desay SV’s entire roster. Moreover, the company has established two R&D centers in Shenzhen and Guangzhou, and a new base in Weimar, Germany.