FORYOU(SZ:002906) Soochow Securities·2024-10-15 08:00Investment Rating - The report maintains a "Buy" rating for Huayang Group [1][2] Core Views - The company is expected to achieve a net profit attributable to shareholders of 163 to 188 million yuan in Q3 2024, representing a year-on-year increase of 41% to 62%, with non-recurring net profit expected to be 158 to 183 million yuan, also showing a significant year-on-year growth of 42% to 64, indicating performance exceeding expectations [2] - The company has seen a continuous increase in orders from autonomous customers, with key clients such as Chery, Geely, Seres, and Li Auto showing production increases of 13%, 14%, 17%, and 62% respectively in Q3 2024, alongside accelerated release of automotive electronic orders [2] - The company is expanding its international market presence, having established relationships with overseas clients such as Volkswagen, SCANIA, FAW Toyota, and Maserati, while also diversifying its customer base with new energy vehicle clients [2] - The company has launched new domain control products and is positioned among the top tier in domain controllers, with significant R&D investment leading to accelerated product iteration and mass production [2] - Revenue forecasts for 2024-2026 are maintained at 90.3 billion, 112.3 billion, and 132.8 billion yuan, with year-on-year growth rates of 27%, 24%, and 18% respectively, and net profit forecasts of 6.5 billion, 8.9 billion, and 11.2 billion yuan, with corresponding P/E ratios of 24, 17, and 14 [2] Summary by Sections Financial Performance - Total revenue for 2022 was 5,638 million yuan, with projections of 7,137 million yuan for 2023, 9,033 million yuan for 2024, 11,233 million yuan for 2025, and 13,278 million yuan for 2026, reflecting year-on-year growth rates of 25.61%, 26.59%, 26.56%, 24.36%, and 18.20% respectively [1][2] - Net profit attributable to shareholders was 380.46 million yuan in 2022, with forecasts of 464.82 million yuan for 2023, 652.36 million yuan for 2024, 894.84 million yuan for 2025, and 1,121.70 million yuan for 2026, showing year-on-year growth rates of 27.40%, 22.17%, 40.35%, 37.17%, and 25.35% respectively [1][2] - The latest diluted EPS is projected to be 0.73 yuan for 2022, increasing to 0.89 yuan for 2023, 1.24 yuan for 2024, 1.71 yuan for 2025, and 2.14 yuan for 2026 [1][2] Market Data - The closing price is 29.26 yuan, with a market capitalization of approximately 15.35 billion yuan [4] - The price-to-earnings ratio (P/E) is currently at 33.02, with projections of 23.53 for 2024, 17.15 for 2025, and 13.69 for 2026 [4][10]