Daimay(SH:603730) Soochow Securities·2024-08-31 20:36Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company achieved a revenue of 3.285 billion yuan in the first half of 2024, representing a year-on-year growth of 14.10%, and a net profit attributable to shareholders of 420 million yuan, up 24.02% year-on-year [2] - In Q2 2024, the company reported a revenue of 1.696 billion yuan, a year-on-year increase of 12.53% and a quarter-on-quarter increase of 6.70%, with a net profit of 225 million yuan, reflecting a year-on-year growth of 21.66% and a quarter-on-quarter growth of 15.32% [2] - The company is expanding its product categories along its core processes, which opens up long-term growth potential. The sunshade business has become a global leader with over 40% market share in 2022, and the company is now venturing into headrest and ceiling businesses, which are expected to contribute to revenue growth [2] Financial Forecasts - The company is projected to achieve net profits of 865 million yuan, 1.038 billion yuan, and 1.269 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.52 yuan, 0.63 yuan, and 0.77 yuan, and P/E ratios of 17.56, 14.63, and 11.97 [3]