Daimay(SH:603730) Orient Securities·2025-05-18 05:45Investment Rating - The report maintains a "Buy" rating for the company with a target price of 12.18 CNY [2][5]. Core Views - The company is experiencing continuous overseas capacity expansion, with the roof business becoming a new growth point [1]. - The revenue and profit forecasts have been adjusted, with projected net profits for 2025-2027 being 963 million, 1.164 billion, and 1.365 billion CNY respectively [2]. - The company’s revenue for 2024 is expected to be 6.377 billion CNY, reflecting an 8.8% year-on-year growth, while the net profit is projected to be 802 million CNY, a 22.7% increase [9]. Financial Information - The company’s financial performance shows a steady increase in revenue and net profit over the years, with 2023 revenue at 5.861 billion CNY and a net profit of 654 million CNY [4]. - The gross margin is expected to improve slightly from 26.9% in 2023 to 27.5% in 2027, while the net profit margin is projected to rise from 11.2% to 13.8% over the same period [4]. - The company’s earnings per share (EPS) are forecasted to grow from 0.40 CNY in 2023 to 0.83 CNY in 2027 [4]. Business Development - The roof business is entering a phase of significant growth, with sales of roof products expected to increase substantially, particularly in the North American market [9]. - The company has achieved a notable increase in sales for its roof products, with a projected revenue of 6.03 billion CNY for roof systems, marking an 80.6% year-on-year growth [9]. - The construction of a new production facility in Mexico is progressing, with the project expected to reach operational status by the end of 2024 [9].