Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - In 2024, the company achieved stable revenue and profit growth, with a significant increase in the ceiling business [24]. - The company plans to expand new businesses and enhance its global competitiveness by leveraging its existing advantages and seizing the opportunity of the new - energy vehicle industry [24][25]. - The company adheres to a cash - dividend policy that does not affect its normal operations [26]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Daimai Co., Ltd., belonging to the automotive parts industry. The reception time was May 15, 2025. The company's reception staff included the vice - chairman and president, independent director, and director, financial controller, and board secretary [17]. 3.2. Detailed Research Institutions - The reception objects were mainly investors and others [20]. 3.3. Research Institution Proportion No information provided. 3.4. Main Content Data - **Business Performance in 2024**: The company's operating income was RMB 6.377 billion, a year - on - year increase of 8.80%. The net profit attributable to shareholders of the listed company was RMB 802 million, a year - on - year increase of 22.66%. The net profit after deducting non - recurring gains and losses was RMB 797 million, a year - on - year increase of 17.33%. The earnings per share was RMB 0.49, a year - on - year increase of 22.50% [24]. - **Business Expansion Plan**: The company will consider expanding new businesses on the basis of existing ones to find new growth points and increase market share [24]. - **2025 Strategic Plan**: The company aims to build a sustainable global competitive advantage for the "Daimai" brand. It will focus on customer needs, technological innovation, and talent cultivation, and strengthen its global supply capacity. It will also seize the opportunity of the new - energy vehicle industry to expand its product scope and markets [25]. - **Ceiling Business in 2024**: The company sold 366,600 sets of ceiling and ceiling system integration products, a year - on - year increase of 165.46%. The revenue from ceiling and ceiling system integration products was RMB 603 million, a year - on - year increase of 80.57% [26]. - **Dividend Policy**: The company's dividend policy is to ensure that it does not affect business operations. It has been paying cash dividends annually to return to investors [26]. - **Main Competitors**: The company's main competitors include domestic and foreign automotive interior parts suppliers. In the sun visor business, it has the world's highest market share. In the ceiling business, its scale is relatively small. In the headrest business, it has a high market share in North America [26][27]. - **Analysis of Cash Flow and Convertible Bonds**: The negative investment and financing cash flows in 2024 were due to capacity expansion investment and cash dividends to shareholders. The convertible bond project will be implemented according to the prospectus, and the company will disclose information in a timely manner if there are any changes [27][28]. - **Impact of Tariffs and Trade Wars**: Currently, the impact on the company is minimal. The company has transferred all products supplied to the US to Mexico for production, and its imports from the US are also not affected by current tariff policies. The company will continue to optimize its global production capacity layout [28].