Dare Auto(SZ:300473) Xin Lang Cai Jing·2025-06-24 06:37Core Viewpoint - The company is a leading manufacturer of steering pumps in China, focusing on solid-state battery technology and diversified product development, with an initial coverage rating of "Buy" [1][2]. Group 1: Investment Highlights - The company is expected to achieve revenues of 4.902 billion, 5.327 billion, and 5.791 billion yuan for the years 2025-2027, reflecting year-on-year growth rates of 8.62%, 8.66%, and 8.71% respectively [2]. - Earnings per share (EPS) are projected to be 0.69, 1.14, and 1.46 yuan for the same years [2]. - The target price for 2026 is set at 38.1 yuan based on comprehensive PE and PB valuation [2]. Group 2: Product and Technology Development - The company has a well-established product matrix and deep technical accumulation in various fields, including noise reduction, thermal insulation, lightweight materials, electric motors, pumps, and automotive electronics [2]. - The focus on electric and intelligent vehicle trends includes the development of battery flame-retardant materials, electromagnetic shielding covers for battery packs, and hydraulic retarders, enhancing the safety and performance of new energy vehicles [2]. Group 3: Globalization and Strategic Initiatives - The company has established a global production, sales, and R&D network covering Europe, North America, and Asia, which enhances its competitive edge and reduces international trade friction [3]. - Long-term stable partnerships with major automotive manufacturers such as Daimler, BMW, Audi, Volkswagen, Ford, General Motors, Stellantis, Porsche, Renault, Nissan, SAIC, Jiangling, Great Wall, and Geely have created a solid customer base [3]. - The company has been investing in solid-state battery technology since 2017, with plans to invest approximately 300 million yuan in a pilot and industrialization project by May 2025, aiming for production capability by the end of 2025 [3].