Daimay(SH:603730) Tebon Securities·2024-05-05 01:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in its operating performance, with a 14% year-on-year increase in revenue for 2023, reaching 5.86 billion yuan, and a 15% increase in net profit, totaling 650 million yuan [9] - The company is positioned as a global leader in the sunshade business, with a focus on expanding its product offerings in the automotive interior sector, particularly in roof systems for electric vehicles [7][10] - The issuance of 908 million yuan in convertible bonds is aimed at funding the construction of a new production facility for roof products, which is expected to enhance the company's operational performance due to higher unit value and profit margins compared to traditional interior components [8] Summary by Sections Market Performance - The company's stock has shown a relative performance of 10.21% in absolute terms and -7.70% in relative terms against the CSI 300 index over the past months [5] Financial Performance - In Q1 2024, the company achieved a revenue of 1.59 billion yuan, a 16% increase year-on-year, and a net profit of 200 million yuan, reflecting a 27% increase [9] - The comprehensive gross margin for 2023 was 27.3%, up by 4.2 percentage points year-on-year, while the net profit margin was 11.2%, an increase of 0.1 percentage points [7] Revenue and Profit Forecast - Revenue projections for 2024-2026 are 7.53 billion, 8.91 billion, and 10.25 billion yuan, respectively, with corresponding net profits of 951 million, 1.11 billion, and 1.29 billion yuan [8] Customer Base and Global Presence - The company has established stable supply relationships with major global automotive manufacturers, including Bentley, Mercedes-Benz, BMW, and Audi, and is expanding its market presence in North America, Europe, and Asia-Pacific [10]