3Q26业绩在双重市场压力下未显恶化

Desay SV reported 3Q26 results on 26 Oct after market close. Revenue rose both y-y and q-q, exceeding market expectations, mainly driven by growth in smart-cockpit-related products and increasing memory prices that lifted product ASP; GPM improved slightly y-y and eased a touch q-q but remained generally stable. As R&D expense increased notably, OPM improved y-y from a low base but fell q-q, and due to the impact of an overall non-operating net loss, quarterly earnings declined q-q and came in below market expectations. Looking at China's smart-vehicle supply chain, the deepening intelligence trend is prompting OEMs to self-develop smart driving solutions, shifting clients from buying products to outsourcing manufacturing and pressuring supply chain players' GPM, while a muted China auto market adds to the challenge;