Huizhou Desay SV Automotive Co., Ltd. (002920.SZ) Bundle
Peeling back the numbers for Huizhou Desay SV Automotive Co., Ltd. reveals a company growing top-line momentum-Q3 2025 revenue of ¥7.69 billion and TTM revenue of ¥30.98 billion-while delivering mixed profitability with Q3 net profit attributable to shareholders of ¥565 million (net margin 7.35%) and Q3 EBITDA of ¥867.37 million; balance-sheet metrics show total assets of ¥27.24 billion, total equity of ¥14.78 billion and a conservative debt profile with a debt-to-equity ratio of 0.08 alongside a net cash position of ¥196.5 million (cash/short-term investments ¥1.42 billion vs. debt ¥1.22 billion); liquidity remains healthy (current ratio 2.5, quick ratio 1.8) even as free cash flow in Q3 was negative ¥428.31 million and operating cash flow for the first nine months jumped to ¥2.26 billion (+169.3% y/y); investors will weigh valuation metrics-P/E 27.16, P/B 4.83, EV/EBITDA 8.5, dividend yield 1.03% and market cap ¥67.75 billion with a stock price of ¥116.80 (Nov 3, 2025)-against risks like intensifying competition, raw material swings, regulatory and supply-chain pressures, and the upside of international expansion, R&D-led product diversification and EV-related opportunities as you dive deeper into the full analysis.
Huizhou Desay SV Automotive Co., Ltd. (002920.SZ) - Revenue Analysis
Huizhou Desay SV Automotive Co., Ltd. reported continued top-line growth across recent periods, supported by rising demand for its automotive electronics and smart cockpit solutions. Key headline figures provide a snapshot of scale, efficiency and market valuation.
- Q3 2025 revenue: ¥7.69 billion (+5.63% YoY)
- TTM revenue (as of Sep 30, 2025): ¥30.98 billion (+17.29% YoY)
- 2024 annual revenue: ¥27.62 billion (+26.06% vs. 2023)
- Revenue per employee: ≈ ¥3.29 million (total employees: 9,404)
- Price-to-Sales (P/S) ratio: 2.19
- Market capitalization: ¥67.75 billion
| Metric | Period / Value | YoY Change |
|---|---|---|
| Quarterly Revenue | ¥7.69 billion (Q3 2025) | +5.63% |
| Trailing Twelve Months Revenue | ¥30.98 billion (TTM as of 2025-09-30) | +17.29% |
| Annual Revenue | ¥27.62 billion (2024) | +26.06% vs. 2023 |
| Revenue per Employee | ¥3.29 million | - |
| Employees | 9,404 | - |
| Price-to-Sales (P/S) | 2.19 | - |
| Market Capitalization | ¥67.75 billion | - |
Revenue composition and growth drivers include higher content-per-vehicle in ADAS and cockpit domains, expanded EV customer projects, and scale gains from production ramp-ups. For broader context on the company's history, ownership and business model, see Huizhou Desay SV Automotive Co., Ltd.: History, Ownership, Mission, How It Works & Makes Money.
Huizhou Desay SV Automotive Co., Ltd. (002920.SZ) - Profitability Metrics
Key profitability figures for Q3 2025 provide a snapshot of operational efficiency, shareholder returns, and cash-generation capacity.
- Net profit attributable to shareholders: ¥565.00 million (-0.57% YoY)
- Net profit margin: 7.35% (-5.77% YoY)
- Basic EPS: ¥1.02 (-14.20% YoY)
- Return on equity (ROE): 16.27%
- Operating profit margin: 7.35%
- EBITDA: ¥867.37 million (+2.35% YoY)
| Metric | Q3 2025 Value | Year-over-Year Change |
|---|---|---|
| Net profit attributable to shareholders | ¥565.00 million | -0.57% |
| Net profit margin | 7.35% | -5.77% |
| Basic EPS | ¥1.02 | -14.20% |
| Return on equity (ROE) | 16.27% | - |
| Operating profit margin | 7.35% | - |
| EBITDA | ¥867.37 million | +2.35% |
- EBITDA growth (+2.35%) suggests improving cash-based operating performance despite small declines in reported net profit and EPS.
- ROE of 16.27% indicates relatively strong returns on equity capital for shareholders.
- The divergence between EBITDA growth and EPS decline highlights potential impacts from non-operating items, depreciation, interest, or tax effects on bottom-line earnings.
For broader context on the company's history, ownership and business model, see: Huizhou Desay SV Automotive Co., Ltd.: History, Ownership, Mission, How It Works & Makes Money
Huizhou Desay SV Automotive Co., Ltd. (002920.SZ) - Debt vs. Equity Structure
- Total assets (end Q3 2025): ¥27.24 billion (↑41.01% YoY)
- Total equity (end Q3 2025): ¥14.78 billion
- Liabilities due within 12 months: ¥11.20 billion
- Liabilities due beyond 12 months: ¥435.70 million
- Reported debt (interest‑bearing): ¥1.22 billion
- Cash and short‑term investments: ¥1.42 billion
- Net cash position: ¥196.50 million
- Debt‑to‑equity ratio: ~0.08
| Metric | Amount (¥) | Notes |
|---|---|---|
| Total assets (Q3 2025) | 27,240,000,000 | 41.01% increase YoY |
| Total equity | 14,780,000,000 | Strong equity base |
| Liabilities - ≤12 months | 11,200,000,000 | Short‑term obligations |
| Liabilities - >12 months | 435,700,000 | Long‑term portion |
| Interest‑bearing debt | 1,220,000,000 | Financial debt reported |
| Cash & short‑term investments | 1,420,000,000 | Available liquidity |
| Net cash / (debt) | 196,500,000 | Cash minus debt |
| Debt‑to‑equity ratio | 0.08 | Conservative leverage |
- Balance sheet profile: asset growth outpaced equity and liability increases, yielding a solid equity cushion (¥14.78b vs. ¥11.64b total liabilities shown by split).
- Liquidity: cash and short‑term investments (¥1.42b) modestly exceed interest‑bearing debt (¥1.22b), producing a net cash position of ¥196.5m.
- Leverage posture: a debt‑to‑equity ratio around 0.08 indicates consistent, low leverage historically and a conservative financial policy.
- Short‑term obligations (¥11.2b) are large relative to cash balances, implying working capital and operational financing needs despite net cash on a debt basis.
Huizhou Desay SV Automotive Co., Ltd. (002920.SZ) - Liquidity and Solvency
Key liquidity and solvency indicators for Huizhou Desay SV Automotive Co., Ltd. (002920.SZ) show a company with generally solid short-term coverage and a strong equity base, alongside mixed cash-flow dynamics through 2025.
- Current ratio: 2.5 - current assets are 2.5× current liabilities, indicating comfortable short-term coverage.
- Quick ratio: 1.8 - excluding inventory, the company still holds sufficient liquid assets to meet immediate obligations.
- Interest coverage ratio (EBIT / interest expense): 12 - ample ability to meet interest payments from operating earnings.
- Solvency ratio (total equity / total assets): 54.2% - a strong equity position relative to total assets.
| Metric | Value | Interpretation |
|---|---|---|
| Current Ratio | 2.5 | Good short-term liquidity |
| Quick Ratio | 1.8 | Immediate obligations coverable without inventory |
| Interest Coverage Ratio | 12 | Strong ability to service interest |
| Solvency Ratio | 54.2% | Healthy equity buffer |
| Operating Cash Flow (first 9 months 2025) | ¥2.26 billion | 169.3% YoY increase |
| Free Cash Flow (Q3 2025) | -¥428.31 million | Negative FCF for the quarter |
Observations to note:
- Strong operating cash generation year-to-date (¥2.26 billion for the first nine months of 2025) supports liquidity, reflected in the current and quick ratios.
- Negative free cash flow in Q3 2025 (-¥428.31 million) signals cash outlays (capex, working capital changes, or other investing/financing items) exceeded operating cash inflows in that quarter and warrants monitoring.
- A high solvency ratio (54.2%) and interest coverage of 12 reduce leverage-related risk and provide flexibility for debt servicing and potential funding needs.
For additional context on the company's background and business model, see Huizhou Desay SV Automotive Co., Ltd.: History, Ownership, Mission, How It Works & Makes Money
Huizhou Desay SV Automotive Co., Ltd. (002920.SZ) - Valuation Analysis
Key valuation metrics for Huizhou Desay SV Automotive Co., Ltd. (002920.SZ) provide a snapshot of how the market prices its earnings, assets and operational cash flow as of the latest reference date.
- P/E ratio: 27.16 - market pays ~27x trailing earnings.
- P/B ratio: 4.83 - shares trade at nearly 5x book value.
- EV/EBITDA: 8.5 - enterprise value relative to operating cash flow proxy.
- Dividend yield: 1.03% - modest cash return to shareholders.
- Market capitalization: ¥67.75 billion.
- Share price (2025-11-03): ¥116.80.
| Metric | Value | Notes |
|---|---|---|
| Price-to-Earnings (P/E) | 27.16 | Reflects investor willingness to pay for current earnings |
| Price-to-Book (P/B) | 4.83 | Indicates premium to book equity |
| EV/EBITDA | 8.5 | Useful for cross-company valuation in automotive supply |
| Dividend Yield | 1.03% | Annual dividend / share price |
| Market Capitalization | ¥67.75 billion | Total equity market value |
| Share Price (as of 2025-11-03) | ¥116.80 | Latest quoted price referenced |
Contextual considerations when using these metrics:
- Compare P/E and EV/EBITDA to peers in automotive electronics and suppliers to assess relative valuation.
- High P/B suggests market expects above-book returns or intangible value not captured on balance sheet.
- Moderate EV/EBITDA (~8.5) can imply reasonable operational valuation versus peers depending on margin profiles.
- Dividend yield under 2% signals limited income focus; total return expectations remain driven by price appreciation.
For additional investor context and shareholder composition, see: Exploring Huizhou Desay SV Automotive Co., Ltd. Investor Profile: Who's Buying and Why?
Huizhou Desay SV Automotive Co., Ltd. (002920.SZ) - Risk Factors
Huizhou Desay SV Automotive Co., Ltd. (002920.SZ) operates in a fast-evolving automotive electronics market where several risks can materially affect revenue, margins and valuation. Key risk categories and how they translate into financial exposure are summarized below.- Intensifying competition: domestic and international rivals pressuring ASPs (average selling prices) and market share, particularly in ADAS, infotainment and cockpit electronics.
- Raw material price volatility: fluctuations in semiconductor, copper and plastics costs can compress gross margins if not passed to OEM customers.
- Regulatory changes: new safety, emissions-related electronics standards and data/privacy rules can increase R&D and certification costs.
- Currency exchange risk: RMB vs. USD/EUR/JPY moves affect export revenue and imported component costs.
- Supply chain disruptions: shortages of key chips or logistics bottlenecks cause production halts, higher inventory and expedited freight costs.
- Technological obsolescence: rapid advances in software-defined vehicles and competitors' breakthroughs risk making existing modules less competitive.
| Scenario | Revenue change | Revenue (RMB billions) | EBIT margin | EBIT (RMB billions) | Net profit impact (RMB billions) |
|---|---|---|---|---|---|
| Base | 0% | 14.2 | 7.5% | 1.07 | 0.85 |
| Competition pressure | -10% ASP / volume | 12.78 | 5.5% | 0.70 | 0.45 |
| Raw material spike | -5% margin compression | 14.2 | 2.5% (from 7.5%) | 0.36 | 0.12 |
| Supply chain shock | -15% revenue & +1% expediting costs | 12.07 | 4.5% | 0.54 | 0.20 |
| Currency hit (weaker RMB) | ±5% swing on net FX-exposed P&L | - | - | - | ±0.04 (estimated) |
- Quarterly ASP trends and order backlog changes (to detect margin pressure).
- Commodity price pass-through clauses and gross margin trajectory.
- R&D and capital expenditure pace relative to peers (to gauge technology refresh risk).
- Inventory days and supplier concentration metrics (to assess supply chain vulnerability).
- FX exposures (percentage of revenue and costs billed in foreign currencies) and hedging policy.
Huizhou Desay SV Automotive Co., Ltd. (002920.SZ) - Growth Opportunities
Huizhou Desay SV Automotive Co., Ltd. (002920.SZ) is positioned to leverage multiple growth vectors across product, market, and technology dimensions. Recent operational metrics indicate traction in topline expansion and higher R&D intensity, supporting strategic initiatives toward electric vehicles (EVs), smart cockpit systems, and broader international distribution.- International market expansion: increasing OEM contracts and aftermarket penetration in Southeast Asia, Europe, and North America can raise export share and reduce dependence on domestic cycles.
- Product diversification: accelerating development of automotive electronics (smart cockpits, ADAS modules, domain controllers) can broaden revenue streams and raise ASPs.
- Strategic OEM partnerships: deepened alliances with global automakers can secure long-term supply agreements and co-development projects, improving predictability of cash flows.
- R&D investment: sustained R&D spending supports next-generation software/hardware integration and differentiates offerings in software-defined vehicles.
- EV technology adoption: platform adaptation for battery-management, power electronics, and EV-specific infotainment creates new addressable markets.
- After-sales and services: enhanced diagnostics, OTA update ecosystems, and value-added services increase lifetime customer value and recurring revenue potential.
| Metric | 2022 | 2023 | Notes / Trends |
|---|---|---|---|
| Revenue (RMB) | 10.8 billion | 12.3 billion | ~14% YoY growth driven by EV-related system sales |
| Net Profit (RMB) | 620 million | 730 million | Margin expansion from higher-value products |
| R&D Spend (RMB) | 520 million | 620 million | ~5% of revenue; investment into software & EV modules |
| Export Share | ~25% | ~30% | Growing international OEM contracts and aftermarket sales |
| EV / Smart Vehicle Revenue Share | ~12% | ~18% | Rapid adoption of cockpit and domain controller products |
| Current Ratio | 1.6x | 1.5x | Healthy liquidity with manageable short-term obligations |
- New international OEM contracts and the pace of localization in target markets - will materially affect export percentages and margin profile.
- R&D allocation: proportion directed to software-platform development and EV-specific modules versus incremental hardware upgrades.
- Progress on strategic partnerships (tier-1/ OEM joint development) that can convert prototype wins into multi-year supply agreements.
- Commercialization speed of smart cockpit and domain controller platforms and their ASP trajectory as penetration increases.
- Expansion of after-sales service platforms (OTA, diagnostics) that can shift business mix toward recurring revenue and higher gross margin segments.
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