FORYOU(SZ:002906) Guolian Securities·2024-07-15 07:30Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Views - The company has achieved significant progress in acquiring new orders, particularly in the automotive electronics sector, which lays a solid foundation for long-term growth [2][4]. - The company is expected to experience rapid growth due to its advantageous market position, product category expansion, and continuous customer order acquisition [6]. Financial Projections - The projected revenues for 2024, 2025, and 2026 are 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 [6][18]. - The expected net profits attributable to the parent company for the same years are 6.40 billion, 8.79 billion, and 11.42 billion CNY, with growth rates of 37.78%, 37.29%, and 29.84% respectively [6][18]. - Earnings per share (EPS) are projected to be 1.22, 1.68, and 2.18 CNY, with a three-year compound annual growth rate (CAGR) of 34.92% [6][18]. Order Acquisition and Business Expansion - The company has successfully secured new projects in various automotive electronic products, including cockpit domain controllers, HUDs, digital acoustics, and wireless charging systems, among others [5][16]. - Notable domestic clients include Great Wall, Changan, BYD, and NIO, while international projects include partnerships with Maserati and Volkswagen [5][16]. Performance Highlights - The company reported a significant increase in net profit for the first half of 2024, with an expected range of 2.75 to 2.95 billion CNY, representing a year-on-year growth of 51.33% to 62.34% [16]. - The second quarter is anticipated to show a net profit of 1.33 to 1.53 billion CNY, reflecting a year-on-year increase of 27.88% to 47.12% [16]. Market Position - The company is positioned in a high-growth sector, benefiting from ongoing demand in the automotive industry, which is expected to drive future performance [6][18].