Desay SV reports third-quarter results

Beijing (Gasgoo)- China’s Desay SV, a company mainly engaged in the research and development, design, manufacture and sales of automotive electronics products, reported its third-quarter results on October 27.

In the quarter ended September 30, the company’s revenue jumped 33.51% year on year to RMB1.702 billion while the net profit attributable to the shareholders of the listed company reached RMB89 million, skyrocketing 119.15% from a year ago.

In the first three quarters of this year, it posted revenues of RMB4.298 billion, representing a year-on-year increase of 21.22%. During the reporting period, the company’s net profit attributable to the shareholders of the listed company were RMB318 million, up by 123.02% compared with the same period of last year.

The main reason for the substantial growth is the market demand rebound. Thanks to China’s effective practices in controlling the COVID-19, new vehicle sales have been recovering since March from the pandemic. In September, the country’s vehicle sales posted sixth consecutive growth with volume up 12.8% year on year to 2.565 million units.

Automakers’ sales also grew with the recovery of the overall market. Geely, for which Desay SV supplies display and ADAS solutions, sold a total of 345,000 vehicles with a year-on-year increase of 12.6%. The cumulative sales of FAW-VW, another major client of Desay SV, totaled 1.47 million units, making contribution to the supplier’s business growth.

What’s more, Desay SV has made great progress in several projects. In April, the mass-produced Xpeng P7 started to be equipped with the company’s IPU03, a NVIDIA Xavier-based domain controller for L3 autonomous driving. In September, Chery 8 plus, which made its debut at the Auto China 2020, adopts the first self-developed cabin domain controller from Desay SV to support intelligent display and rich infotainment features. The company is expected to embrace great development potential with the explosive growth of intelligent vehicle market.