FORYOU(SZ:002906) Great Wall Securities·2024-08-21 08:39Investment Rating - The report maintains a "Buy" rating for Huayang Group, expecting a price increase of 15% or more relative to the industry index within the next six months [8]. Core Views - The company achieved a revenue of 4.193 billion in the first half of 2024, representing a year-on-year increase of 46.2%, with a net profit of 287 million, up 57.9% year-on-year [1]. - The second quarter of 2024 saw revenue of 2.203 billion, with year-on-year and quarter-on-quarter growth of 41.9% and 10.6%, respectively [1]. - The automotive electronics segment reported a revenue of 3.071 billion in the first half of 2024, a year-on-year increase of 65.4%, driven by new projects from clients such as Ideal, Zeekr, and Xiaomi [1]. - The gross margin for Q2 2024 was 21.9%, with an operating profit margin significantly improved quarter-on-quarter [1]. - The company is expanding its customer base and product categories, with new projects expected to contribute to growth in the second half of the year [1]. - Revenue projections for 2024, 2025, and 2026 are 9.36 billion, 11.68 billion, and 14.26 billion, respectively, with net profits of 687 million, 913 million, and 1.176 billion [1]. Financial Summary - Revenue (in million) for 2022A, 2023A, 2024E, 2025E, and 2026E: 5,638, 7,137, 9,360, 11,677, 14,260 [1]. - Net profit (in million) for the same years: 380, 465, 687, 913, 1,176 [1]. - ROE for 2024E, 2025E, and 2026E is projected to be 10.7%, 12.7%, and 14.3%, respectively [1]. - EPS for 2024E, 2025E, and 2026E is expected to be 1.31, 1.74, and 2.24 [1]. - P/E ratios for 2024E, 2025E, and 2026E are projected at 18.5, 13.9, and 10.8 [1].