Daimay(603730) 东吴证券·2024-05-06 04:09Investment Rating - The report maintains a "Buy" rating for the company, citing its leadership in the sunshade market and expansion into ceiling business as key factors for growth [2][15]. Core Insights - The company is projected to achieve a net profit of 865.13 million yuan in 2024, 1,038.48 million yuan in 2025, and 1,268.97 million yuan in 2026, with corresponding EPS of 0.68 yuan, 0.82 yuan, and 1.00 yuan respectively [2][5]. - The company has a significant market share in the sunshade business, exceeding 40% globally, and is expanding into headrest and ceiling products, which are expected to contribute to revenue growth [29]. - The financial forecasts indicate a steady increase in total revenue from 5,861 million yuan in 2023 to 9,967 million yuan in 2026, with a compound annual growth rate (CAGR) of approximately 20.43% [5][8]. Financial Summary - Total revenue for 2023 is reported at 5,861 million yuan, reflecting a year-on-year growth of 13.90% [8]. - The company’s net profit for 2023 is 653.98 million yuan, with a growth rate of 14.77% compared to the previous year [8]. - The projected P/E ratios for the upcoming years are 24.84 for 2023, 18.78 for 2024, 15.65 for 2025, and 12.80 for 2026, indicating a decreasing trend which may enhance attractiveness for investors [2][5].