Daimay(SH:603730) Soochow Securities·2024-05-06 05:00Investment Rating - The investment rating for the company is "Buy" [9][17]. Core Insights - The company has established itself as a global leader in the sunshade board business, holding over 40% market share in 2022. It is expanding into headrest and ceiling products, with significant growth potential in these areas [2]. - The company's revenue for 2023 is projected to be 58.61 billion yuan, a year-on-year increase of 13.90%, while the net profit attributable to the parent company is expected to reach 6.54 billion yuan, up 14.77% year-on-year [9]. - The company is expected to continue its growth trajectory, with revenue forecasts for 2024-2026 showing significant increases, and EPS projected to rise from 0.51 yuan in 2023 to 1.00 yuan in 2026 [17]. Financial Performance Summary - Total revenue (in million yuan) is forecasted to grow from 5,861 in 2023 to 9,967 in 2026, with year-on-year growth rates of 13.90%, 19.51%, 18.15%, and 20.43% respectively [1]. - Net profit attributable to the parent company is expected to increase from 653.98 million yuan in 2023 to 1,268.97 million yuan in 2026, with growth rates of 14.77%, 32.29%, 20.04%, and 22.20% [1]. - The company’s P/E ratio is projected to decrease from 24.84 in 2023 to 12.80 in 2026, indicating improving valuation as earnings grow [1][17]. Product Expansion and Market Position - The company is leveraging its core technology in the sunshade board business to expand into related product categories, which opens up long-term growth opportunities [2]. - The headrest business is expected to grow as the company increases its supply to major clients like Chrysler and Ford, while the ceiling products are anticipated to contribute significantly to revenue due to their higher value and market potential [2].