责任编辑：小浪快报 截至9月30日，岱美股份股东户数2.67万，较上期增加26.57%；人均流通股80558股，较上期减少 20.99%。2025年1月-9月，岱美股份实现营业收入47.94亿元，同比减少0.19%；归母净利润4.45亿元，同 比减少28.62%。 分红方面，岱美股份A股上市后累计派现28.16亿元。近三年，累计派现15.58亿元。 机构持仓方面，截止2025年9月30日，岱美股份十大流通股东中，香港中央结算有限公司位居第六大流 通股东，持股2734.96万股，相比上期减少202.75万股。农银新能源混合A（002190）位居第八大流通股 东，持股700.91万股，为新进股东。广发稳健增长混合A（270002）位居第九大流通股东，持股668.95 万股，相比上期减少881.05万股。 12月26日，岱美股份涨0.12%，成交额1.75亿元。两融数据显示，当日岱美股份获融资买入额1908.78万 元，融资偿还2936.86万元，融资净买入-1028.07万元。截至12月26日，岱美股份融资融券余额合计2.85 亿元。 融资方面，岱美股份当日融资买入1908.78万元。当前融资余额2.85亿元，占 ...

Investment Rating - The report maintains a positive outlook on the automotive industry, specifically recommending companies like Uxin and Daimay as strong investment opportunities [2][5]. Core Insights - The second-hand car export market faces significant challenges, including the non-standard nature of vehicles and a complex transaction chain. Japan's experience in this sector offers valuable lessons, such as stringent vehicle inspection policies and the establishment of standardized auction platforms [3][4]. - The automotive parts sector has not seen the anticipated year-end surge due to exhausted subsidies and consumer hesitance. The report suggests focusing on companies with strong alpha, such as Shuanghuan Transmission and Yinlun, which have stable growth and high market ceilings [4]. - Daimay is highlighted as a stable, undervalued company with significant growth potential, particularly in the automotive interior and robotics sectors. The company has made substantial progress in expanding its client base, including partnerships with major players like Tesla [5][7]. Summary by Sections Second-Hand Car Export - The second-hand car export market is hindered by trust issues and a lack of standardized practices. Japan's strict vehicle inspection policies and auction platforms provide a model for improvement. Uxin, with a current inventory of nearly 7,000 vehicles, is positioned for growth in this market [2][3]. Automotive Parts Sector - The automotive industry did not experience the expected late-year demand surge due to depleted subsidies and cautious consumer behavior. The report emphasizes the need to monitor the continuation of trade-in policies and suggests focusing on companies with strong alpha characteristics, such as Shuanghuan Transmission and Yinlun [4]. Daimay - Daimay is recognized for its stable performance and low valuation, with 80% of its revenue coming from overseas markets. The company is well-positioned to withstand domestic market pressures and has made significant strides in the robotics field, particularly in electronic skin technology [5][7].

Core Viewpoint - Daimay Co., Ltd. received a warning letter from the Shanghai Securities Regulatory Commission due to a failure to timely disclose a significant event related to a fire incident at its subsidiary in Mexico, which resulted in an economic loss of 242 million yuan, accounting for 30.17% of the company's latest audited net profit of 802 million yuan [1] Group 1: Incident Details - A fire occurred at Daimay's subsidiary, Daimay Mexico Automotive Interior Parts Co., Ltd., on May 11, 2025, causing damage estimated at 33.75 million USD (approximately 242 million yuan) [1] - The fire happened during a non-production period over the weekend, with no casualties or major supply disruptions reported [1] Group 2: Financial Impact - The loss from the fire led to a significant decline in Daimay's net profit for the first half of 2025, with reported revenue of 3.175 billion yuan, a year-on-year decrease of 3.35%, and a net profit of 241 million yuan, down 42.56% year-on-year [2] - Excluding the fire loss and tariff costs, the actual net profit for the first half of 2025 would have been approximately 431 million yuan, reflecting a slight year-on-year increase of 2.48% [2] Group 3: Insurance and Compensation - The insurance company AXA has accepted the claim for the fire loss, with a total claim amounting to approximately 46.28 million USD (around 327 million yuan) [2] - On December 2, 2025, Daimay announced that it received a prepayment of 14.7 million USD (approximately 104 million yuan) from the insurance company [2] Group 4: Company Overview - Daimay Co., Ltd. was established in 2001 and listed on the Shanghai Stock Exchange in 2017, specializing in automotive parts, including sun visors, headrests, armrests, ceiling control units, and interior lights [2] - The company has production bases in China, the United States, France, and Mexico, and has established sales and service networks in countries such as Japan, Germany, South Korea, the UK, and Spain [2] - Daimay's clients include major automotive manufacturers such as Mercedes-Benz, BMW, Audi, General Motors, Ford, Chrysler, Volkswagen, PSA, Toyota, Honda, and Nissan, as well as domestic companies like SAIC, FAW, Dongfeng, and Great Wall [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 10.66 CNY, based on a projected average PE of 26 times for comparable companies in 2025 [3][7]. Core Insights - The company is establishing a wholly-owned subsidiary, Shanghai Daimei Robot Technology Co., Ltd., with an investment of 100 million CNY to develop its robotics business, indicating a strong commitment to this new growth area [10]. - The company's ceiling business is expected to continue expanding, contributing positively to revenue and profitability. The average price of ceiling products exceeds 1500 CNY, significantly higher than previous products, which is anticipated to enhance the company's per-vehicle value and gross margin [10]. - The company has a high proportion of overseas sales, with 86.4% of its main business revenue expected to come from exports in 2024, suggesting stronger profitability in international markets compared to domestic competition [10]. Financial Forecasts - The projected net profit attributable to the parent company for 2025-2027 is 871 million CNY, 1,039 million CNY, and 1,198 million CNY, respectively, with a year-on-year growth of 8.6%, 19.2%, and 15.3% [5]. - Revenue is forecasted to grow from 5,861 million CNY in 2023 to 8,604 million CNY in 2027, reflecting a compound annual growth rate of approximately 11.2% [5]. - The gross margin is expected to improve from 26.9% in 2023 to 28.1% in 2027, indicating enhanced operational efficiency [5].

Summary of Dai Mei Co., Ltd. Conference Call Company Overview - **Company**: Dai Mei Co., Ltd. - **Industry**: Robotics and Automotive Interior Components Key Points and Arguments Investment in Robotics - Dai Mei plans to increase investment in the robotics sector, leveraging its customer resources and stable operational foundation to develop flexible robots for automation scenarios and components for industrial robots, aiming to capture the growth potential in the home robotics market [2][3] Collaboration in Electronic Skin Technology - The company collaborates with universities in Shanghai and Guangdong to develop electronic skin technology, utilizing its strengths in fabrics, textiles, and injection-molded parts [2][4] - Initial investments include several million in research and development expenses and experimental materials [6] Financial Performance - For the first three quarters of 2025, Dai Mei's revenue remained flat, with a slight profit decline due to reduced subsidies for new energy vehicles in North America, leading to decreased sales of high-value models [2][11] - A fire incident in May caused losses, but insurance claims are expected to offset these losses [11] Future Growth Expectations - The company anticipates stable or slightly improved growth in its main business in 2026, with expected sales revenue increases of 800 to 1,000 million RMB due to new orders and higher unit values in traditional products like sun visors and headrests [4][11] Impact of Tesla - As an important supplier to Tesla, Dai Mei has a customer resource advantage in the procurement of electronic skin for humanoid robots, with positive feedback from Tesla, although substantial implementation awaits the launch of mature products [2][7][8] - Tesla's lower-than-expected sales, particularly for the Cybertruck, have impacted Dai Mei's revenue, but potential increases in sales from new models could positively affect Dai Mei's performance [12] Technical Focus in Electronic Skin - Dai Mei focuses on three main areas of electronic skin technology: fingertip touch, arm protection, and wearable applications, employing various materials and processes such as fabric covering, injection molding, and silicone adhesion [2][10] Production Capabilities - The company possesses complete production capabilities, including mold making, machining, welding, and lathe operations, allowing it to potentially produce robot components if market conditions are favorable [9] Cost Management - The projected initial investment for electronic skin development is estimated at 40 to 50 million RMB, which is not expected to significantly impact the company's cash flow or profitability [6] Additional Important Information - The electronic skin field is still maturing, with various technical solutions being explored, and Dai Mei aims to establish a competitive advantage through its partnerships and technology development [4][5]

Core Points - Daimei Co., Ltd. has seen its stock price increase by 12.33% over the past three days, currently trading at 8.20 CNY per share with a market capitalization of 17.618 billion CNY [1] - The company specializes in the research, production, and sales of automotive interior components, with its main revenue sources being sun visors (61.75%), headrests (18.86%), and ceiling systems (9.45%) [1] - Agricultural Bank of China’s fund, Nongyin New Energy Mixed A, has entered the top ten circulating shareholders of Daimei, holding 7.0091 million shares, which is 0.33% of the circulating shares [2] Company Overview - Daimei Co., Ltd. was established on February 20, 2001, and went public on July 28, 2017 [1] - The company is located in the Pudong New District of Shanghai and focuses on automotive parts [1] Shareholder Insights - Nongyin New Energy Mixed A fund has gained approximately 630.82 thousand CNY in floating profits during the three-day stock price increase [2] - The fund was established on March 29, 2016, and has a current size of 8.786 billion CNY, with a year-to-date return of 23.74% [2]

Core Points - Daimei Co., Ltd. experienced a stock price increase of 5.61%, reaching 7.72 CNY per share, with a trading volume of 143 million CNY and a turnover rate of 0.88%, resulting in a total market capitalization of 16.587 billion CNY [1] - The company, established on February 20, 2001, and listed on July 28, 2017, specializes in the research, production, and sales of automotive parts, with its main revenue sources being sun visors (61.75%), headrests (18.86%), ceiling and ceiling system integration products (9.45%), and ceiling central controllers (8.22%) [1] Shareholder Information - Among the top ten circulating shareholders of Daimei Co., Ltd., a fund under GF Fund ranks first. The GF Steady Growth Mixed A Fund (270002) reduced its holdings by 8.8105 million shares in the third quarter, now holding 6.6895 million shares, which accounts for 0.31% of circulating shares. The estimated floating profit today is approximately 2.7427 million CNY [2] - The GF Steady Growth Mixed A Fund was established on July 26, 2004, with a current scale of 10.166 billion CNY. Year-to-date returns are 8.96%, ranking 5515 out of 8209 in its category, while the one-year return is 8.07%, ranking 5507 out of 8129. Since inception, the fund has achieved a return of 1155.3% [2] Fund Manager Information - The fund managers of GF Steady Growth Mixed A Fund are Fu Youxing and Zhou Zhishuo. Fu has a cumulative tenure of 12 years and 296 days, managing a total fund size of 10.715 billion CNY, with the best fund return during his tenure being 156.72% and the worst being -13.8% [3] - Zhou has a cumulative tenure of 5 years and 69 days, managing a total fund size of 19.292 billion CNY, with the best fund return during his tenure being 47.06% and the worst being -24.96% [3]

Group 1 - The core point of the news is that Daimay Automotive Interior Parts Co., Ltd. experienced a stock decline of 5.11%, with a current share price of 7.43 yuan and a total market capitalization of 15.964 billion yuan [1] - The company, established on February 20, 2001, specializes in the research, production, and sales of automotive parts, with main revenue sources including sun visors (61.75%), headrests (18.86%), and ceiling systems (9.45%) [1] - The trading volume for the day was 190 million yuan, with a turnover rate of 1.16% [1] Group 2 - Among the top ten circulating shareholders of Daimay, the Agricultural Bank of China’s fund, specifically the Agricultural Bank of China New Energy Mixed A (002190), entered the top ten with 7.0091 million shares, representing 0.33% of circulating shares [2] - The fund has incurred an estimated floating loss of approximately 2.8036 million yuan due to the stock's decline [2] - The Agricultural Bank of China New Energy Mixed A fund was established on March 29, 2016, with a current scale of 8.786 billion yuan and a year-to-date return of 30.12% [2]

Core Viewpoint - Daimei Co., Ltd. has experienced fluctuations in stock price and trading volume, with a year-to-date increase of 15.26% as of November 7, 2023, despite a recent decline of 2.05% in share price [1] Financial Performance - For the period from January to September 2025, Daimei Co., Ltd. reported a revenue of 4.794 billion yuan, a slight decrease of 0.19% year-on-year, and a net profit attributable to shareholders of 445 million yuan, down 28.62% year-on-year [2] - Cumulative cash dividends since the company's A-share listing amount to 2.816 billion yuan, with 1.558 billion yuan distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 26.57% to 26,700, while the average circulating shares per person decreased by 20.99% to 80,558 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 27.3496 million shares, a decrease of 2.0275 million shares from the previous period, and new shareholder Agricultural Bank of China New Energy Mixed A, holding 7.0091 million shares [3] Business Overview - Daimei Co., Ltd. specializes in the research, production, and sales of automotive parts, with its main revenue sources being sun visors (61.75%), headrests (18.86%), and ceiling systems (9.45%) [1] - The company is categorized under the automotive industry, specifically in automotive parts, body accessories, and decorative components [1]

Core Viewpoint - Daimay Co., Ltd. is a leading player in the global sunshade board segment, specializing in automotive parts with significant advantages in cost control and responsiveness [1] Group 1: Business Performance - In Q3 2025, Daimay's revenue reached 4.794 billion yuan, ranking 12th in the industry out of 41 companies, while net profit was 445 million yuan, ranking 6th [2] - The main business segments include sunshade boards (3.938 billion yuan, 61.75%), headrests (1.203 billion yuan, 18.86%), and ceiling systems (603 million yuan, 9.45%) [2] Group 2: Financial Ratios - As of Q3 2025, Daimay's debt-to-asset ratio was 36.58%, lower than the industry average of 42.48%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 28.04%, higher than the industry average of 22.52%, reflecting robust profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 26.57% to 26,700, while the average number of shares held per shareholder decreased by 20.99% [5] Group 4: Management Compensation - Chairman Jiang Yintai's salary for 2024 was 1.0991 million yuan, an increase of 17,800 yuan from 2023 [4] - President Jiang Ming's salary for 2024 was 1.1078 million yuan, up by 57,500 yuan from the previous year [4] Group 5: Future Outlook - Despite a temporary profit decline due to a fire at an overseas factory, operational profits are expected to stabilize, with a projected net profit of 4.31 billion yuan for the year after adjustments [6] - Business highlights include securing projects with major clients like General Motors and Tesla, and the completion of a new production facility in Mexico expected to be operational by December 2026 [6][7]