Daimei convertible bonds (Daimei shares) will be listed on August 10, 2023, and the price center is expected to be 150.43 yuan. Reference to similar industries, similar ratings of Mingxin convertible bonds, precision forged convertible bonds. The industry of the company is similar, and the prospect of the industry is considerable. We estimate that the premium rate of conversion on the first day of listing is between 26% Mel 34%, the price is 145.80-155.05 yuan, and the price center is 150.43 yuan.

The company is a leading supplier of automobile sunshades in China. The company was founded in 2001 and listed on the Shanghai Stock Exchange in 2017. The company provides integrated and efficient auto parts solutions, occupies more than 30% of the global market share in the field of passenger car sunshades, and has long served the world's well-known vehicle enterprises and first-class parts suppliers. and become a number of well-known joint ventures and domestic independent brand car companies and other suppliers.

The overall recovery of auto production capacity, auto parts market potential to enlarge. With the stabilization of the external environment and the overall recovery of automobile production capacity, the scale growth rate of the auto parts industry also shows a good trend of steady increase, and under the trend of automobile global configuration, China's auto parts export market continues to improve. At the same time, the change of consumption scene demand and the rise of new energy automobile industry are also guiding the development of domestic auto parts industry.

Company highlights: 1) the company expands the ceiling assembly market to achieve secondary growth. 2) the company acquires competitors to achieve resource complementarity and pattern optimization. 3) the company makes use of the high self-control rate to control the cost effectively. 4) the company implements the forward-looking globalization strategy and ploughs the global market.

Risk tips: management risks caused by relatively concentrated customers, price fluctuations of major raw materials, impairment of goodwill, international trade and politics, exchange rate fluctuations, and periodic fluctuations in the automotive industry.

Note: the calculation of the price center on the first day of listing is for reference only and the actual situation shall prevail.