FORYOU(SZ:002906) Guohai Securities·2024-08-21 16:00Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [2][9]. Core Views - The company achieved significant growth in H1 2024, with revenue reaching 4.193 billion yuan, a year-on-year increase of 46.2%, and net profit attributable to shareholders of 287 million yuan, up 57.9% year-on-year [2][3]. - The growth was driven by the dual engines of "automotive electronics and precision die-casting," with automotive electronics revenue increasing by 65.41% to 3.071 billion yuan, and precision die-casting revenue rising by 23.55% to 914 million yuan [3][6]. - The company is expanding its growth engine through new product development and customer acquisition, with R&D investment in H1 2024 amounting to 373 million yuan, a 25.57% increase year-on-year [3][6]. Summary by Sections Financial Performance - In H1 2024, the company reported a gross profit margin of 21.76% and a net profit margin of 6.9%, with a decrease in expense ratio to 14% [3][6]. - The company expects total revenue to reach 8.905 billion yuan in 2024, with a year-on-year growth rate of 25%, and net profit to be 629 million yuan, reflecting a growth rate of 35% [6][7]. Business Segments - The automotive electronics segment is seeing rapid growth due to new product lines entering mass production, including cockpit domain controllers and vehicle cameras [3][6]. - The precision die-casting segment is benefiting from increased sales of components related to automotive intelligence and optical communication modules [3][6]. Market Position - The company has made significant progress in customer acquisition, securing projects with major domestic manufacturers such as BYD and NIO, which has led to a substantial increase in order volume [6][3].