Daimay(SH:603730)2024-07-01 00:01Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for investment opportunities [47]. Core Insights - The company maintains a strong global position in the sun visor market, with a market share increase from 39.37% in 2020 to 45.88% in 2022, which supports the growth of its integrated ceiling business [74]. - The company is actively expanding its product line to include ceiling system integration products, which are expected to significantly increase the per-vehicle value [53]. - The company has a robust overseas presence, with over 80% of its sales revenue coming from international markets, reflecting a 4.48 percentage point increase from 2020 to 2023 [30]. Summary by Sections Company Overview - The company has established a solid foundation with multiple overseas factories, including in Mexico and the United States, which enhances its global operational capabilities [31][33]. Product Development - The company is focusing on expanding its product categories, particularly in the electric vehicle interior components, with plans to raise production capacity for ceiling systems and related products [21][50]. Financial Performance - The company's revenue from major clients has shown a steady increase, with the top five clients contributing 43.34% of total revenue in 2022, down from 48.51% in 2021 [67]. - The projected net profit for the company is expected to grow from 570 million in 2022 to 1.178 billion by 2026, indicating a strong upward trend [18]. Market Trends - The automotive interior market is anticipated to grow significantly, with the global market size expected to reach 13,447 billion by 2026, driven by increasing consumer demand for high-quality interiors [93].