Dai Mei 603,730 shares, shares of diagnosis is a globally competitive automotive interior parts suppliers. The company is mainly engaged in the research and development, production, sales and after-sales service of passenger car parts. During the reporting period, the company achieved revenues of 1.996 billion yuan, 2.325 billion yuan, 2.743 billion yuan in 2014-2016, and net profit of 228 million yuan, 317 million yuan, and 444 million yuan. While achieving good market performance, the company actively rewards investors. According to the prospectus, in 2014-2016, the company's monetary funds were 149 million yuan, 291 million yuan and 214 million yuan respectively; as of March 31, 2017, it increased to 346 million yuan. On December 31, 2016, based on the total share capital of 174.72 million shares, the company distributed a cash dividend of 0.60 yuan per share to all shareholders, and a total cash dividend of 105 million yuan. After the successful listing, the company will be in full in the next three years. After the statutory reserve fund and surplus reserve fund are drawn, the annual cash dividend distributed to shareholders is not less than 20% of the distributable profit realized in the year.

Break through the bottleneck

Condensed car interiors international competitive advantage

In recent years, downstream vehicle manufacturers have continuously improved the requirements for the intelligence, safety and environmental protection of components. The company has gradually taken the “single component suppliers” to “modular” with the electronic components of auto parts as a breakthrough. "Lightweight, integrated parts suppliers" change, constantly refreshing process technology and testing methods, updating production equipment, continue to meet the deep-seated needs of customers, and gradually occupy a first-mover advantage in the global auto parts industry chain. According to the prospectus, from 2014 to 2016, the company invested R&D funds of 52,643,300 yuan, 86,156,600 yuan and 1,019.99 million yuan respectively, accounting for 2.64%, 3.71%, 3.72% and 3.91% respectively.

During the reporting period, the company achieved a series of important breakthroughs in the fields of sun visors, headrests, and central controllers for ceilings. Among them, the new visor light switch structure developed by the company successfully applied for the national utility model patent and was widely used in the Volkswagen model; the company took the lead in applying the led lamp to the visor and successfully applied for the national patent; the company designed the 360 ​​degree rotation The function of the ceiling reading lamp is mass-produced and applied to Ford and Chrysler models; the company's successfully developed patented tie rod structure has been widely used in GM, Ford, Chrysler and Volkswagen projects, and has obtained 57 patents; Leading the industry in terms of mold manufacturing, testing and testing.

At present, the company's key investment and research projects are mainly "research and development of integrated central controller led lights and touch atmosphere lights", "research and development of dual sun visor assemblies for luxury cars", "for passenger cars" The research and development of thin and light LED sun visor assembly and the research and development of automatic production line for knitted fabric covered sun visor assembly are expected to constitute effective technical support for the company's new business growth in the future.

Concentric and multi-dimensional grasp of the new opportunities for the globalization of the industry

Under the influence of the global economic recovery, the development of new energy vehicles, and the replacement of old cars, the global auto industry is stabilizing and warming. In terms of global passenger vehicle market capacity, global passenger vehicle production in 2001 was only 39,825,900 units, but by 2016, global passenger vehicle production had reached 72,105,400 units, with a compound annual growth rate of 4.04%. Based on this calculation, global passenger vehicle production will reach 75,016,100 units by 2017, and the good development trend of the global automotive market provides a broad opportunity for the company.

During the reporting period, from 2014 to 2016, the company's export sales amount was 1.507 billion yuan, 1.772 billion yuan, and 2.30 billion yuan, accounting for 77.01%, 77.74%, and 75.83% of the main business income in the same period. Through the efforts of the next 3-5 years, the company will develop into a first-class manufacturer of automotive interior parts that integrates product development, manufacturing and sales. In terms of market development, the company has successfully developed the developed markets of the automotive industry in Europe and Asia while consolidating the North American market. In terms of product structure, the company will strengthen the central control of the headrest and the ceiling under the premise of ensuring the market advantage of the original leading products such as sun visors. Market promotion in areas such as equipment. From 2014 to 2016, the company's sun visor, headrest and ceiling central controller business achieved rapid growth. The sales revenue of the above three types of products in 2016 increased by 41.39% compared with 2014.

The company has signed a framework agreement for sales of new parts and components with GM, Volkswagen, logo, Citroen, Ford, SAIC and Great Wall. It is expected that market demand will continue to grow in the coming period. The fundraising project is mainly targeted at the domestic and international passenger car market. The proposed fund raised is 1.116 billion yuan, which will be mainly invested in the company's automotive interior parts industry base construction project, research and development technology center construction project and supplementary liquidity. The prospectus shows that the company strives to create multi-product and multi-service synergies in the automotive interior sector, and to differentiate its global competitive advantage with a differentiated strategy and global sales and service network, and to seize the auto parts electronics. The key to the development of the company, continue to upgrade the company's comprehensive strength of research and development, and condense the company's core competitiveness and sustainable development potential.

[Editor: liwan]