Daimay(SH:603730) Orient Securities·2024-05-05 07:05Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 14.91 yuan, indicating a potential upside from the current price of 12.78 yuan [23]. Core Insights - The company's performance in Q1 2023 met expectations, with revenue of 5.861 billion yuan, a year-on-year increase of 13.9%, and a net profit attributable to shareholders of 654 million yuan, up 14.8% year-on-year [20]. - The gross margin improved in Q1 2023, reaching 27.3%, an increase of 4.2 percentage points year-on-year, and the cash flow from operating activities showed significant improvement [20]. - The company is expanding its product line to include integrated roof systems, which is expected to enhance the value per vehicle and drive long-term growth [20]. Financial Performance Summary - Revenue for 2023 is projected at 5.861 billion yuan, with a year-on-year growth of 13.9% [22]. - The net profit attributable to shareholders is expected to reach 654 million yuan in 2023, reflecting a 14.8% increase compared to the previous year [22]. - The company anticipates net profits of 906 million yuan, 1.129 billion yuan, and 1.394 billion yuan for 2024, 2025, and 2026 respectively, indicating strong growth potential [21].