Daimay(SH:603730) Soochow Securities·2025-05-03 06:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's overall operations are stable, with new product categories in the ceiling segment opening up growth opportunities [1] - The company has developed into a global leader in the sunshade board business, holding over 40% market share in 2022, and is expanding into headrest and ceiling products [1] - The financial forecasts for 2025-2026 have been adjusted to reflect new project production schedules and customer sales, with net profit estimates of 927 million and 1.09 billion respectively [1] Financial Summary - Total revenue for 2024 is projected at 6.377 billion, with a year-on-year growth of 8.80% [1] - Net profit for 2024 is expected to be 802 million, representing a year-on-year increase of 22.66% [1] - The earnings per share (EPS) for 2025 is estimated at 0.56 yuan, with a price-to-earnings (P/E) ratio of 14.26 [1] - The company achieved a gross margin of 22.48% in Q4 2024, with a slight decrease in Q1 2025 to 27.68% [1] - The company’s total assets are projected to reach 7.771 billion by 2025, with a debt-to-equity ratio of 33.95% [6][8]