Smart cockpit leader, launched in Hong Kong IPO

On April 12, Desay SV recently submitted a prospectus in preparation for listing on the Hong Kong Stock Exchange, with Morgan Stanley and Huatai International as joint sponsors. Desay SV has been listed on the A-share market. As of the close of trading on April 13, its market value was 63.11 billion.

According to experts, Display understands that Desay SV is deeply involved in the three major fields of smart cockpits, smart driving, and connected services, and ranks first in the smart cockpit market share. It has released products such as dual 23.6-inch Mini LED curved dual screens, dual 15.6-inch Mini LED curved dual screens, and has cooperated with TCL Huaxing to customize a 16.1-inch central control screen car display solution for Xiaomi YU7.

The prospectus shows that Desay SV’s revenue in 2023, 2024 and 2025 will be 21.9 billion, 27.618 billion and 32.557 billion yuan respectively; gross profits will be 4.376 billion, 5.49 billion and 6.2 billion respectively; gross profit margins will be 20%, 19.9% and 19.1% respectively.

In terms of profits, Desay SV's profits during the year in 2023, 2024 and 2025 are 1.542 billion, 2.018 billion and 2.473 billion respectively; the profit margins during the year are 7%, 7.3% and 7.6% respectively.

Desay SV’s main revenue comes from smart cockpits. In 2025, its smart cockpit product revenue will be 20.585 billion, accounting for 63.2%; revenue from intelligent driving products will be 9.7 billion, accounting for 29.8%; from other income will be 2.272 billion, accounting for 7%.

In 2025, the cumulative installed capacity of Desay SV smart cockpit domain controllers reached 1.563 million units, and the prospectus stated that it ranked first in the industry with a 16.1% share; in terms of intelligent driving, the global market share of high-computing power domain controller products in the first half of 2025 was approximately 26.1%. Customers include Xiaomi, Chery, Volkswagen, Toyota and other mainstream domestic and foreign car companies.

Currently, Desay SV has established long-term and stable cooperative relationships with more than 80 domestic and foreign car companies. The company's customer base mainly includes domestic independent brand customers, joint venture brand customers and overseas customers.

In terms of overseas layout, Desay SV has established 16 overseas branches in Germany, France, Spain, Japan, Singapore and other countries and regions.

Among them, the Spanish smart factory project will be capped in 2025 and is expected to be put into mass production in 2026, which will significantly enhance the supply and service capabilities in the European market. Gao Dapeng, chairman of the company, recently said that the essence of overseas expansion is the coordinated overseas expansion of China's entire automobile industry chain. The company adheres to long-termism, R&D orientation and localization integration, and implements the development concept of "In China for All".

Experts say that Display believes that the listing of Desay SV on the Hong Kong stock market is a key strategy for its international layout. Judging from the prospectus, Desay SV's top five customers account for 55.5%, mainly relying on domestic car companies. The international route is expected to expand the sustainable development of Desay SV.

But on the other hand, the automotive electronics industry is recognized as an industry with long cycles, strict certification, and fierce brand competition. To upgrade from a Chinese supplier to a global Tier 1, it still needs to lay the foundation for long-term development and continue to ensure the three core indicators of gross profit margin, net profit margin, and overseas orders.