Daimay(SH:603730) NORTHEAST SECURITIES·2025-11-06 08:25Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 10.05 yuan for the next six months, indicating an expected price increase of over 15% compared to the market benchmark [5][3]. Core Insights - The company has shown stable core operations, with its main business in automotive parts experiencing a slight revenue decline of 0.2% year-on-year to 4.4 billion yuan in the first three quarters of 2025. However, the third quarter saw a revenue increase of 6.7% year-on-year [1][2]. - The company is recognized as a high-quality automotive parts supplier with a rich customer base, supplying parts to major global automotive brands such as Bentley, Porsche, and Tesla, as well as domestic leaders like BYD and NIO [1][2]. - The expansion of overseas operations is notable, with production bases established in the US, France, Mexico, and Vietnam, and a global marketing network covering 18 countries [2]. - The company has secured orders for roof systems from well-known new energy vehicle manufacturers, with an estimated supply value of 500-800 USD per vehicle [2]. - The company emphasizes technological research and has achieved several patents, including innovations in sun visor lighting and roof reading lights, which are now in mass production [2]. Financial Summary - The company forecasts revenues of 6.5 billion yuan in 2025, increasing to 9.5 billion yuan by 2027, with net profits projected to rise from 849 million yuan in 2025 to 1.33 billion yuan in 2027 [4][3]. - The estimated earnings per share (EPS) for 2026 is projected at 0.50 yuan, with a price-to-earnings (P/E) ratio of 15.61 [4][3]. - The company is expected to maintain a net profit margin of approximately 14.4% by 2026, reflecting strong profitability [4].