FORYOU(SZ:002906) Guolian Securities·2024-08-20 13:41Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 4.193 billion yuan, a year-on-year growth of 46.23%, and a net profit of 287 million yuan, up 57.89% year-on-year [2][6] - The growth is attributed to the dual increase in automotive electronics and precision die-casting, with a notable improvement in cost efficiency [6] - The company is expected to enter a rapid growth phase due to its advantageous market position, product expansion, and continuous customer order development [6] Summary by Sections Financial Performance - In Q1 and Q2 of 2024, the company achieved revenues of 1.991 billion yuan and 2.203 billion yuan respectively, with Q2 revenue growing 41.89% year-on-year and 10.64% quarter-on-quarter [6] - The net profit for Q1 and Q2 was 142 million yuan and 145 million yuan respectively, with Q2 net profit increasing 38.83% year-on-year and 1.66% quarter-on-quarter [6] - The overall net profit margin for the first half of 2024 was 6.84%, an increase of 0.51 percentage points year-on-year [6] Business Segments - The automotive electronics segment generated 3.071 billion yuan in revenue, a year-on-year increase of 65.41%, driven by both existing and new product launches [6] - The precision die-casting segment saw revenue of 914 million yuan, up 23.55% year-on-year, benefiting from sales of lightweight structural components related to laser radar and central control screens [6] Cost Management - The company improved its expense ratios, with sales, management, R&D, and financial expense ratios at 3.45%, 2.12%, 8.09%, and 0.34% respectively, showing a year-on-year decrease in most categories [6] - The total expense ratio decreased by 1.97 percentage points to 14.00% [6] Future Projections - Revenue projections for 2024, 2025, and 2026 are 9.227 billion yuan, 11.495 billion yuan, and 14.305 billion yuan, with year-on-year growth rates of 29.28%, 24.59%, and 24.44% respectively [6][7] - Net profit projections for the same years are 640 million yuan, 879 million yuan, and 1.142 billion yuan, with growth rates of 37.78%, 37.29%, and 29.84% respectively [6][7] - The expected EPS for 2024, 2025, and 2026 are 1.22 yuan, 1.68 yuan, and 2.18 yuan per share, with a three-year CAGR of 34.92% [6][7]