Daimay(SH:603730) Soochow Securities·2025-05-05 02:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's overall operations are stable, and the introduction of new ceiling products opens up growth opportunities [1] - The company has developed into a global leader in the sunshade board business, with a market share exceeding 40% in 2022 [1] - The company is expanding its product categories, particularly in headrests and ceiling products, which are expected to contribute to revenue growth [1] Financial Performance Summary - In 2024, the company achieved total revenue of 6.377 billion yuan, a year-on-year increase of 8.80% [1] - The net profit attributable to shareholders in 2024 was 802.18 million yuan, representing a year-on-year growth of 22.66% [1] - For Q4 2024, the company reported a revenue of 1.573 billion yuan, a year-on-year increase of 8.30% and a quarter-on-quarter increase of 3.61% [1] - The gross profit margin for Q4 2024 was 22.48%, a decrease of 2.65 percentage points year-on-year [1] - The company expects net profits of 927 million yuan in 2025 and 1.091 billion yuan in 2026, with corresponding EPS of 0.56 yuan and 0.66 yuan [1][8] Product Development and Market Expansion - The company is actively expanding its ceiling product line, which has a higher value and larger market space compared to existing products [1] - The headrest business is expected to grow as the company increases its supply to major clients like Chrysler and Ford [1] - The successful entry of ceiling products into the supply chains of new energy vehicle manufacturers in North America is anticipated to drive future revenue growth [1]