Daimay(SH:603730) Soochow Securities·2024-11-01 19:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 2024 performance met expectations, with a total revenue of 4.804 billion yuan for the first three quarters, representing a year-on-year increase of 8.96%. The net profit attributable to shareholders was 623 million yuan, up 15.56% year-on-year. However, Q3 2024 revenue decreased by 0.71% year-on-year and 10.45% quarter-on-quarter, primarily due to weak performance in the overseas automotive market [2][3] - 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. The company is also developing headrest and ceiling businesses, with expectations for increased revenue from these segments [4] Financial Performance Summary - For Q3 2024, the company achieved a total revenue of 1.519 billion yuan, with a gross margin of 28.83%, which improved by 0.71 percentage points quarter-on-quarter. The net profit for Q3 2024 was 203 million yuan, with a net profit margin of 13.36%, an increase of 0.09 percentage points quarter-on-quarter [3] - The company's revenue projections for 2024-2026 have been adjusted to 6.605 billion yuan, 7.806 billion yuan, and 9.236 billion yuan, respectively. The net profit attributable to shareholders is projected to be 861.8 million yuan, 1.036 billion yuan, and 1.245 billion yuan for the same period [5]