Daimay(SH:603730) CAITONG SECURITIES·2026-02-11 07:25Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [2][43]. Core Insights - The company is a leading player in the automotive interior parts sector and is actively expanding into the humanoid robotics business [7]. - The company has established strong relationships with major global automotive manufacturers, including Mercedes-Benz, BMW, and Toyota, ensuring a stable customer base [7]. - The company has a robust growth forecast, with expected revenues of 70.85 billion, 79.89 billion, and 91.43 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 8.99 billion, 10.31 billion, and 12.01 billion yuan [7][38]. Summary by Sections 1. Service to Global Major Automakers - The company focuses on the R&D, production, and sales of passenger vehicle parts, establishing itself as a leader in the automotive supply chain [11]. - The company has maintained steady revenue growth, with total revenues of 58.61 billion yuan in 2023, reflecting a year-on-year growth of 13.9% [12]. - The company's ownership structure is stable, with the controlling shareholders holding a significant portion of shares [16]. 2. Leading Technological Advantages - The company has achieved technological leadership in areas such as synchronous development and mold manufacturing [20]. - The company has expanded its global sales and service capabilities, establishing production bases in the US, France, Mexico, and Vietnam [24]. 3. Establishment of Humanoid Robotics Subsidiary - The humanoid robotics industry is rapidly developing, with significant market potential projected for the coming years [30]. - The company plans to invest 100 million yuan to establish a wholly-owned subsidiary, Shanghai Daimai Robotics Technology Co., Ltd., to enter the robotics sector [35]. 4. Profit Forecast and Valuation Analysis - The company is expected to achieve steady revenue growth, with projected revenues of 70.9 billion, 79.9 billion, and 91.4 billion yuan from 2025 to 2027 [41]. - The report provides a comparative analysis of the company's valuation against peers, indicating a favorable outlook for the company's stock [43].