转债周策略 20260228 3 月十大转债 glmszqdatemark 2026 年 02 月 28 日 3 月十大转债 美诺华/美诺转债: 创新管线 JH389 项目商业化持续推进 泰瑞机器/泰瑞转债: 国内中高端注塑机龙头之一，高端市场领域正追赶国外注塑机高 端企业 江苏华辰/华辰转债：变压器海外销售有望迎来新突破 友发集团/友发转债：新一轮供给侧改革中，公司预计加快完善焊接钢管全国布局和海 外布局 宇邦新材/宇邦转债：切入工业热管理赛道打造第二增长曲线 亚太科技/亚科转债：积极布局新能源汽车、航空航天、工业热管理、机器人等新兴领 域的产能储备与业务发展 颀中科技/颀中转债：境内少数掌握多类凸块制造技术并实现规模化量产的集成电路封 测厂商 瑞可达/瑞可转债：公司应用于数据中心的各类高速线缆产品市场需求旺盛 弘亚数控/弘亚转债：国内家具装备龙头，具有成熟的海外销售渠道 岱美股份/岱美转债：切入智能机器人领域 2026 年增量资金入市的进程仍将持续，年初大概率会演绎"春季躁动"行情，主要关 注科技、高端制造方向的投资线索。 周度转债策略 本周各股票指数普涨，转债相对承压，中证转债指数涨跌幅为-0.23%。 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4] Core Insights - The company has established itself as a global leader in sun visors, expanding into the larger interior components and robotics sectors, marking the beginning of a new growth cycle [2][4] - The global market share for sun visors has exceeded 40%, with a steady increase in value, projected to reach 44.5% by 2024 [2][30] - The average selling price (ASP) of sun visors has increased from 64.69 yuan in 2022 to 67.5 yuan in 2024, reflecting product upgrades [2][30] Summary by Sections Company Overview - The company has over 20 years of experience in the interior industry, transitioning from sun visors to larger interior components and robotics [14][15] - It has a strong customer base, including high-end brands like Rolls-Royce, Mercedes-Benz, and Tesla, enhancing its market position [14][15] Business Expansion - The company is expanding its product offerings, with the ASP for integrated roof systems projected to reach 4,000 yuan, significantly increasing the per-vehicle value from approximately 563 yuan [3][45] - Revenue from the roof business is expected to reach 603 million yuan in 2024, representing an 81% year-on-year increase [3][45] Financial Performance - The company forecasts net profits of 8.1 billion yuan, 9.9 billion yuan, and 10.9 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 30, 24, and 22 [4][8] - Revenue is projected to grow at a compound annual growth rate (CAGR) of over 10% from 2016 to 2024, with a notable increase in profitability [20][22] Robotics Sector Entry - The company plans to establish a wholly-owned subsidiary for robotics in 2025, with a registered capital of 100 million yuan, tapping into a market projected to exceed 400 billion yuan by 2035 [3][14] Market Position and Customer Base - The company has a diversified customer base, with significant sales to major automotive manufacturers, including a growing relationship with Tesla, which is expected to account for 9.6% of revenue by 2024 [40][54] - The company has received multiple recognitions from major automotive brands, solidifying its reputation as a reliable supplier [54][55]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4] Core Insights - The company has established itself as a global leader in sun visors and is expanding into the larger interior components and robotics sectors, marking the beginning of a new growth cycle [4][14] - The global market share for sun visors has increased to over 44.5% by 2024, with a steady rise in the average selling price (ASP) from 64.69 RMB in 2022 to 67.5 RMB in 2024 [2][30] - The company is projected to achieve significant revenue growth in its new product lines, particularly in the integrated roof systems, with expected revenue of 603 million RMB in 2024, representing an 81% year-on-year increase [3][45] Summary by Sections Company Overview - The company has over 20 years of experience in the interior components industry, starting with sun visors in 2001 and expanding into headrests and roof systems [14][15] - Following the acquisition of Motus in 2018, the company has enhanced its global production capabilities and is now a key supplier for major automotive brands like Tesla and Rivian [2][14] Business Performance - The company has achieved a compound annual growth rate (CAGR) of over 10% in revenue from 2016 to 2024, with a notable increase in profitability [20] - Revenue is expected to grow from 5.861 billion RMB in 2023 to 8.218 billion RMB by 2027, with net profit projected to rise from 654 million RMB to 1.09 billion RMB in the same period [8][4] Product Expansion - The company is transitioning from traditional products to integrated roof systems, significantly increasing the per-vehicle value from approximately 563 RMB to 4,000 RMB [3][45] - The integrated roof systems are expected to capture a substantial market share in North America, with a potential market size of 81.1 billion RMB by 2025 [3][45] Robotics Sector Entry - In 2025, the company plans to establish a wholly-owned subsidiary focused on robotics, with a registered capital of 100 million RMB, tapping into a rapidly growing market projected to exceed 400 billion RMB by 2035 [3][4] Financial Projections - The company forecasts net profits of 8.1 billion RMB, 9.9 billion RMB, and 10.9 billion RMB for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 30, 24, and 22 [4][8]

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [2][43]. Core Insights - The company is a leading player in the automotive interior parts sector and is actively expanding into the humanoid robotics business [7]. - The company has established strong relationships with major global automotive manufacturers, including Mercedes-Benz, BMW, and Toyota, ensuring a stable customer base [7]. - The company has a robust growth forecast, with expected revenues of 70.85 billion, 79.89 billion, and 91.43 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 8.99 billion, 10.31 billion, and 12.01 billion yuan [7][38]. Summary by Sections 1. Service to Global Major Automakers - The company focuses on the R&D, production, and sales of passenger vehicle parts, establishing itself as a leader in the automotive supply chain [11]. - The company has maintained steady revenue growth, with total revenues of 58.61 billion yuan in 2023, reflecting a year-on-year growth of 13.9% [12]. - The company's ownership structure is stable, with the controlling shareholders holding a significant portion of shares [16]. 2. Leading Technological Advantages - The company has achieved technological leadership in areas such as synchronous development and mold manufacturing [20]. - The company has expanded its global sales and service capabilities, establishing production bases in the US, France, Mexico, and Vietnam [24]. 3. Establishment of Humanoid Robotics Subsidiary - The humanoid robotics industry is rapidly developing, with significant market potential projected for the coming years [30]. - The company plans to invest 100 million yuan to establish a wholly-owned subsidiary, Shanghai Daimai Robotics Technology Co., Ltd., to enter the robotics sector [35]. 4. Profit Forecast and Valuation Analysis - The company is expected to achieve steady revenue growth, with projected revenues of 70.9 billion, 79.9 billion, and 91.4 billion yuan from 2025 to 2027 [41]. - The report provides a comparative analysis of the company's valuation against peers, indicating a favorable outlook for the company's stock [43].

Investment Highlights - The SW auto parts index increased by 0.34% this week, ranking 4th among SW automotive sectors, with a year-to-date increase of 3.20% [3][14] - The latest PE (TTM) for SW auto parts is at the 83.10% historical percentile, while the PB (LF) is at the 77.55% historical percentile [3][35] - The Wande robot index decreased by 0.21% this week, with a year-to-date increase of 0.27%, underperforming the SW auto parts sector by 0.55% [4][14] - The latest PE (TTM) for the Wande robot index is at the 67.47% historical percentile, and the PB (LF) is at the 77.11% historical percentile [4][44] Key Stock Movements - The top five gainers this week are: - Yinchuan Co., Ltd. +17.13% - Xingyu Co., Ltd. +8.65% - Daimai Co., Ltd. +6.67% - Yap Co., Ltd. +3.71% - Ruima Precision +2.74% [6][51] Major Events - On February 4, Elon Musk publicly praised Optimus again - On February 8, Zhiyuan will host the world's first large-scale robot gala [7][45] Core Coverage Changes - Xinquan announced a $100 million investment in Bayern Xinquan and the establishment of subsidiaries in Malaysia and Kaifeng - Precision Forging Technology established a subsidiary in Germany [8][54] Investment Recommendations - For auto parts, focus on structural opportunities by selecting product-oriented companies and those entering high-value sectors to increase ASP, with a priority on potential leading companies in Europe, North America, and Southeast Asia [9][56] - For robots, seek certainty in opportunities, with Musk stating that Optimus V3 is expected to be released in Q1 2026, and monitor the order timeline and application deployment by domestic companies like Xiaopeng, Yushu, and Zhiyuan [9][56]

Group 1 - The core point of the article is that Daimay Co., Ltd. (603730.SH) experienced a stock price increase of 2.3%, reaching a historical high of 11.120 yuan, with a total market capitalization of 23.892 billion yuan [1]

Investment Rating - The industry investment rating is Neutral (maintained) [6] Core Insights - The upcoming release of Tesla's Optimus V3 is expected to catalyze the industry, with a focus on companies involved in the humanoid robot supply chain and those with significant advancements in autonomous driving technology [9] - The demand for gas turbines and generator sets is anticipated to surge due to increased overseas data center construction, benefiting companies in the gas turbine and robotics supply chains [9] - Companies with strong alpha characteristics in the automotive and parts sector are expected to withstand industry risks and achieve revenue and profit growth [3] Summary by Sections Investment Recommendations and Targets - Strong alpha automotive and parts companies are expected to resist industry risks and achieve revenue and profit growth; focus on advanced autonomous driving supply chains, data center liquid cooling, and gas turbine industries [3] - Suggested companies to watch include: - Humanoid robot-related: Xinquan Co., Ltd. (603179, Buy), Top Group (601689, Buy), Yinlun Co., Ltd. (002126, Buy), and others [4] - Gas turbine-related: Yinlun Co., Ltd. (002126, Buy) [4] - Liquid cooling-related: Yingweike (002837, Not Rated), Yinlun Co., Ltd. (002126, Buy), Top Group (601689, Buy), and others [4] - Autonomous driving-related: Jingwei Hengrun-W (688326, Buy), Bertley (603596, Buy), Desay SV (002920, Buy) [4]

Group 1 - The company announced that the sixth board of directors has completed its term [1] - To ensure the normal operation of the board, the company held the first temporary employee representative meeting on February 6, 2026 [1] - Mr. Qiu Caibo was elected as the employee representative director for the seventh board of directors [1] Group 2 - The seventh board of directors will consist of Mr. Qiu Caibo and five directors elected at the first temporary shareholders' meeting of 2026 [1] - The term of the seventh board of directors will be the same as that of the sixth board [1]

Core Viewpoint - The company has completed the term of its sixth board of directors and has elected a new employee representative director to ensure the continuity of board operations [1] Group 1 - The company held its first temporary employee representative meeting on February 6, 2026, to discuss the election of a new board member [1] - Mr. Qiu Caibo has been elected as the employee representative director for the seventh board of directors [1] - The new board will consist of Mr. Qiu and five directors elected at the first temporary shareholders' meeting, with the term aligning with that of the seventh board [1]

Group 1 - The core point of the article is that Daimay Co., Ltd. (603730.SH) has triggered the conditional redemption clause of its convertible bonds due to the stock price meeting specific criteria, but the company has decided not to exercise the early redemption right [1] - The stock price of Daimay Co., Ltd. has been above 130% of the conversion price of the convertible bonds (7.37 CNY/share) for at least 15 out of 30 consecutive trading days, reaching 9.581 CNY/share [1] - The company will not exercise the early redemption right for the convertible bonds during the next three months, from February 7, 2026, to May 6, 2026, even if the redemption clause is triggered again [1] Group 2 - After May 6, 2026, if the conditional redemption clause is triggered again, the company's board will hold a meeting to decide whether to exercise the early redemption right [1]