研报掘金丨天风证券：首予天有为“买入”评级，目标价145.2元

Core Viewpoint - The report from Tianfeng Securities highlights the growth potential of Tianyouwei, which has focused on automotive instrumentation since its inception and is expanding its product range in line with the trend of smart cockpit screens [1] Group 1: Business Development - Tianyouwei has upgraded its products from electronic to fully liquid crystal combination instruments and dual-screen instruments, enhancing its market position [1] - The company has established business relationships with key clients such as Qianjiang Motorcycle, Zongshen Motorcycle, Haojue Motorcycle, and Yadi Electric Vehicle, which is expected to increase its instrumentation revenue [1] Group 2: Market Expansion - The company is pursuing both vertical expansion into overseas markets and horizontal expansion into the two-wheeler market, indicating significant growth potential [1] - Tianyouwei's cost advantages are notable, with gross margins exceeding those of comparable companies by over 10 percentage points [1] Group 3: Financial Outlook - The company is assigned a target price of 145.2 yuan based on a 2025 PE ratio of 20X, with an initial coverage rating of "Buy" [1]