FORYOU(SZ:002906) Soochow Securities·2024-07-15 05:30Investment Rating - The report maintains a "Buy" rating for Huayang Group (002906) [5] Core Views - The company's revenue and profit are expected to grow significantly due to new customers and products, with a forecasted revenue of 90.3 billion, 112.3 billion, and 132.8 billion for 2024, 2025, and 2026 respectively, representing year-on-year growth of 27%, 24%, and 18% [7] - The net profit attributable to the parent company is projected to be 6.5 billion, 8.9 billion, and 11.2 billion for the same years, with year-on-year growth rates of 40%, 37%, and 25% [7] - The company is expanding its customer base internationally and has secured new clients such as Volkswagen SCANIA, FAW Toyota, and others, contributing to revenue growth [6] Financial Summary - The total revenue for 2023 is reported at 7,137 million, with a projected increase to 9,033 million in 2024, reflecting a year-on-year growth of 26.59% [3] - The net profit for 2023 is 464.82 million, expected to rise to 652.36 million in 2024, indicating a growth of 40.35% [5] - The earnings per share (EPS) is forecasted to increase from 0.89 in 2023 to 1.24 in 2024 [5] Performance Drivers - The automotive electronics business is expected to maintain high growth, with new clients like AITO, Li Auto, and Xiaomi contributing to revenue [16] - The company has launched new domain control products and is positioned among the top tier in this segment, with significant R&D investment [17]