FORYOU(SZ:002906) Guolian Securities·2024-07-05 02:00Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company is expected to benefit from the trend of lightweight manufacturing, with precision die-casting poised to become a new growth driver. The company is entering a period of order accumulation as it expands its customer base [2]. - Revenue projections for 2024-2026 are estimated at 92.27 billion, 114.95 billion, and 143.05 billion CNY, with year-on-year growth rates of 29.28%, 24.59%, and 24.44% respectively. Net profit attributable to the parent company is projected to be 6.40 billion, 8.79 billion, and 11.42 billion CNY, with growth rates of 37.78%, 37.29%, and 29.84% respectively [2]. Summary by Sections Business Overview - The company is strategically positioned in the automotive electronics and precision die-casting sectors, focusing on high R&D investment to maintain industry leadership and expand product offerings. Recent years have seen significant breakthroughs in customer acquisition, supported by capital increases for domestic and international production base expansion [5][19]. Automotive Electronics - The automotive electronics segment is expected to see revenue growth from 63.58 billion to 101.24 billion CNY from 2024 to 2026, driven by the rapid development of electric and intelligent vehicles. The company has successfully expanded its customer base, including partnerships with major automotive manufacturers [7][23]. Precision Die-Casting - The precision die-casting business is anticipated to grow from 21.80 billion to 34.06 billion CNY during the same period, benefiting from the increasing demand for lightweight materials in the automotive industry. The company has secured new projects with significant clients, including those in the electric vehicle sector [23][72]. Financial Performance - The company reported a revenue of 71.37 billion CNY in 2023, a year-on-year increase of 26.59%, and a net profit of 4.65 billion CNY, up 22.17%. In Q1 2024, revenue reached 19.91 billion CNY, reflecting a 51.34% year-on-year growth, with net profit increasing by 83.52% [29]. Market Trends - The automotive industry is experiencing a shift towards electrification and intelligence, with the penetration rate of intelligent components expected to accelerate. The company has established an early presence in the automotive electronics market, providing it with a competitive advantage [6][35]. Production Capacity Expansion - The company is investing in new production facilities to meet growing order demands, with fixed asset investments reaching a historical high in 2023. New projects include the establishment of a subsidiary in Zhejiang for lightweight precision die-casting components, set to commence production in 2024 [19][20].