Core Viewpoint - The value of a company in the automotive industry is increasingly determined by its ability to reshape the industry ecosystem and define future competitive rules, rather than just capturing current orders. Dongjian Technology (300978) is transitioning from a "product supplier" to a "definer of off-road lifestyle" through its clear "one body, two wings" strategy [1]. Group 1: Basic Business Resilience - The company's basic business, built over 20 years, consists of global modification and OEM supply businesses, showcasing a solid industry position and operational resilience through cycles [1]. - In 2024, the company expects revenue of 2.19 billion yuan and a net profit of 150 million yuan, maintaining profitability despite a complex external environment and achieving a 15.73% year-on-year increase in operating cash flow for the first three quarters of 2025 [1]. - The company has a balanced business structure with two main systems: "global OEM business" and "global automotive modification business" [1]. Group 2: Growth Drivers - The front-end supply business is the fastest-growing segment, with expected revenue of 923 million yuan in 2024, a year-on-year increase of 15.04%. This segment has capitalized on the booming market for off-road and pickup vehicles, achieving significant sales growth with key customers [2]. - The modification business, which is the company's original segment, has a wide channel and brand recognition in the global aftermarket, exporting to over 90 countries. Despite short-term industry changes, the company has stabilized its basic business by focusing on core customers and high-growth categories [2]. - The strategic transformation is opening new growth spaces, with the company moving from being a "behind-the-scenes hero" to directly engaging with end consumers through branding and ecosystem development [3]. Group 3: Key Growth Points - The brand strategy has evolved from B2B to B2C, launching three brands: Steelcraft, Winbo, and Manta, targeting different off-road consumer segments. The WINBO brand has entered the domestic market with innovative services like a "3-year warranty" and "trade-in for new" [4]. - The "official modification vehicle" model is creating new market opportunities by collaborating with OEMs to integrate personalized modifications into the vehicle production and sales process, addressing user pain points and sharing new car sales benefits [5]. - The company is enhancing its product categories through technology, with over 600 patents, expanding from traditional exterior parts to high-value electronic categories like electric steps and intelligent cockpit control systems, significantly increasing per-vehicle value and profit margins [6]. Group 4: Market Outlook - The company's strategic transformation aligns with two major trends: the personalization of automotive consumption and the popularization of off-road culture, positioning Dongjian as a foundational infrastructure provider and ecosystem organizer in this cultural consumption wave [7][8]. - The current stock price reflects short-term challenges from industry price wars and market changes, but this presents an opportunity to assess long-term value. The company demonstrates a strong self-reform capability in response to industry changes, combining manufacturing depth, channel breadth, and brand warmth [9]. - The growth path is clear: short-term focus on the continued expansion of the front-end supply business, medium-term assessment of market acceptance of the three C-end brands and the number of official modification projects, and long-term evaluation of the prosperity of the off-road ecosystem being built [9].