The Huizhou, Guangdong-based company covers all manner of in-vehicle systems, from radios to navigation displays and leading-edge intelligent driving systems.
On the evening of April 13, Desay SV Auto released its 2020 annual report. In 2020, its revenue was CNY 6.799 billion, a year-on-year increase of 27.39%; its net profit returned to its parent was CNY 518 million, a year-on-year increase of 77.36%; the non-net profit deducted from its parent was CNY 462 million, a year-on-year increase of 117.5%.
In the fourth quarter of 2020, Desay SV Auto's performance growth was obvious, with revenue of CNY 2.501 billion, a year-on-year increase of 39.61%; net profit attributable to the parent was CNY 200 million, a year-on-year increase of 33.74%; net profit attributable to the parent reached CNY 234 million, a year-on-year increase of 51.46%.
During the reporting period, the net cash flow generated by Desay SV Auto's operating activities was about CNY 439 million, and the net assets attributable to the shareholders of the listed company were about CNY 4.640 billion by the end of 2020.
Regarding the reasons for the growth of performance in China and even in the global auto market in 2020, Desay SV Auto said in the report that it was mainly due to the new project orders with annual sales of CNY 7 billion, covering intelligent cockpit, intelligent driving, LCD instrument, Internet service and large screen in-vehicle information entertainment systems.
According to the annual report, the R&D investment of Desay SV Auto in 2020 was CNY 817 million, accounting for 12.02% of the total revenue. This was the third year in a row that its R&D revenue accounted for more than 10%. At the same time, the company's R&D personnel accounted for 40.69%.
Affected by this news, the shares of Desay SV Auto rose sharply on April 14. As of the close of the day, the shares of Desay SV Auto rose 5.03% to CNY 91.80, with a total market value of CNY 50.490 billion.