FORYOU(SZ:002906) Donghai Securities·2024-08-20 09:30Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 4.193 billion yuan, up 46% year-on-year, and net profit attributable to shareholders at 287 million yuan, up 58% year-on-year [8] - The automotive electronics and precision die-casting businesses continue to drive growth, with automotive electronics revenue growing by 65% year-on-year in H1 2024 [8] - The company is benefiting from the trend of increasing intelligent configurations in domestic brands and new energy vehicle manufacturers, expanding its customer base to include joint ventures and international car companies [8] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 4.193 billion yuan, a 46% increase year-on-year, and a net profit of 287 million yuan, a 58% increase year-on-year [8] - Q2 2024 revenue was 2.203 billion yuan, up 42% year-on-year, with net profit of 145 million yuan, up 39% year-on-year [8] Business Segments - Automotive electronics business generated 3.071 billion yuan in revenue in H1 2024, a 65% increase year-on-year, with significant growth in new products entering mass production [8] - Precision die-casting business revenue reached 914 million yuan in H1 2024, a 24% increase year-on-year, driven by components related to automotive intelligence and optical communication modules [8] Profitability and Efficiency - The company's gross margin for H1 2024 was 21.76%, a decrease of 0.46 percentage points year-on-year, with automotive electronics and precision die-casting gross margins at 20.71% and 25.73%, respectively [8] - The company improved its expense ratio, with a total expense ratio of 14.00%, down 1.97 percentage points year-on-year [8] Market Expansion - The company has seen rapid revenue growth from clients such as Chery, Geely, and Li Auto, and has successfully expanded its client base to include new projects with SAIC Audi and Stellantis [8] - The introduction of new products, including cockpit domain controllers and HUDs, is expected to enhance competitiveness [8] Profit Forecast - The profit forecast for 2024-2026 has been adjusted, with expected net profits of 649 million yuan, 860 million yuan, and 1.099 billion yuan, respectively [9] - Corresponding EPS for the same period is projected to be 1.24 yuan, 1.64 yuan, and 2.09 yuan, with PE ratios of 20X, 15X, and 12X [9]