Dare Auto(SZ:300473) Shanxi Securities·2025-06-12 05:22Investment Rating - The report assigns a "Buy-B" investment rating to the company, indicating a positive outlook for its stock performance in the near term [5]. Core Views - The establishment of a solid-state battery production line marks a significant step for the company, which is expected to enhance its growth in the automotive parts sector. The company plans to invest approximately 300 million yuan in new lithium battery and smart motor projects [3][4]. - The company has a diversified product portfolio and a stable customer base, including major global automotive manufacturers. It achieved a revenue of 4.51 billion yuan in 2024, reflecting a year-on-year growth of 5.0% [4]. - The company aims to accelerate the industrialization of solid-state batteries for applications in electric vehicles, drones, robots, and power tools, positioning itself to capture market opportunities [3][4]. Summary by Sections Company Overview - The company is a comprehensive automotive parts system integrator with a global customer base, including Daimler, BMW, Audi, and others. Its main products include noise reduction, thermal insulation, lightweight products, and various pump products [4]. Financial Performance - In Q1 2025, the company reported a revenue of 1.22 billion yuan, a year-on-year increase of 15.1%, and a net profit of 20 million yuan, up 276% year-on-year. The gross margin improved to 19.7%, an increase of 3.9 percentage points [4]. - The projected net profits for 2025-2027 are 130 million yuan, 190 million yuan, and 300 million yuan, respectively, with a dynamic P/E ratio of 37.2 for 2025 [5]. Future Outlook - The company is expected to continue its growth trajectory, with a focus on the solid-state battery business, which presents significant expansion potential. The report anticipates steady recovery in the automotive parts sector profitability [5].