FORYOU(SZ:002906) Guolian Securities·2024-10-15 06:30Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a strong performance in Q3 2024, with expected net profit attributable to shareholders ranging from 450 to 475 million yuan, representing a year-on-year growth of 51.26% to 59.67% [2][7] - The growth is primarily driven by the automotive electronics and precision die-casting segments, with significant sales increases in various products [7] - The company is expanding its product offerings and customer base, indicating a potential rapid growth phase ahead [2][7] Financial Performance Summary - For the first three quarters of 2024, the company anticipates a net profit of 450-475 million yuan, with a year-on-year increase of 51.26%-59.67% [7] - The expected net profit for Q3 alone is projected to be between 163 to 188 million yuan, showing a year-on-year growth of 40.86%-62.45% and a quarter-on-quarter increase of 12.74%-30.03% [7] - The company forecasts revenues of 92.27 billion yuan, 114.95 billion yuan, and 143.05 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 29.28%, 24.59%, and 24.44% [7][8] Product and Market Expansion - The company has seen an increase in new vehicle models equipped with its products, with several new models launched recently [7] - New projects have been secured with major clients such as Stellantis, SAIC Audi, and BYD, which are expected to contribute to long-term growth [7] Earnings Forecast - The projected net profits for 2024, 2025, and 2026 are 653 million yuan, 890 million yuan, and 1.14 billion yuan respectively, with growth rates of 40.52%, 36.24%, and 28.12% [8] - The earnings per share (EPS) are expected to be 1.24 yuan, 1.70 yuan, and 2.17 yuan for the same years, indicating a compound annual growth rate (CAGR) of 34.86% over three years [7][8]