Daimay(603730) 东方证券·2024-09-04 09:10Investment Rating - The report maintains a Buy rating for the company with a target price of 11.34 RMB [2][5] Core Views - The company's performance met expectations, with H1 revenue reaching 3.285 billion RMB, a 14.1% YoY increase, and net profit attributable to shareholders of 420 million RMB, a 24.0% YoY increase [1] - Q2 revenue was 1.696 billion RMB, up 12.5% YoY and 6.7% QoQ, while net profit attributable to shareholders was 225 million RMB, up 21.7% YoY and 15.3% QoQ [1] - Gross margin remained stable at 28.0% in H1, with a 0.3% QoQ improvement in Q2 [1] - Operating cash flow improved significantly, with H1 net operating cash flow reaching 420 million RMB, a 391.8% YoY increase [1] - The company's traditional sunshade business maintains a leading position with a 41.9% global market share, while the new headliner business is expected to drive long-term growth [1] - The Mexico factory showed strong profitability, with H1 revenue of 1.838 billion RMB, up 7.3% YoY, and net profit of 40.33 million RMB, up 99.6% YoY [1] Financial Forecasts - Revenue is expected to grow from 5.861 billion RMB in 2023 to 10.175 billion RMB in 2026, with a 22.8% YoY growth in 2026 [4] - Net profit attributable to shareholders is forecasted to increase from 654 million RMB in 2023 to 1.358 billion RMB in 2026, with a 22.6% YoY growth in 2026 [4] - Gross margin is projected to remain stable at around 28.0%-28.2% from 2024 to 2026 [4] - ROE is expected to improve from 14.9% in 2023 to 23.4% in 2026 [4] Business Development - The company is expanding its product line from single interior parts to headliner systems, increasing per-vehicle value [1] - New projects in Mexico and Zhoushan are expected to add annual revenue of 2.109 billion RMB and net profit of 288.825 million RMB upon full production in 2025 [1] - The company has secured projects with major clients including Tesla, Rivian, GM, and Ford, indicating strong future growth potential [1]