FORYOU(SZ:002906) Soochow Securities·2024-10-15 08:03Investment Rating - The report maintains a "Buy" rating for Huayang Group [1] 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 year-on-year increase of 42% to 64, indicating performance exceeding expectations [2] - The company has seen a continuous increase in orders from independent customers, with significant production increases from key clients such as Chery, Geely, Seres, and Li Auto in Q3 2024, with respective quarter-on-quarter production increases of 13%, 14%, 17%, and 62% [2] - The company is expanding its international market presence, having established relationships with overseas clients such as Volkswagen, SCANIA, 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 iterations and market launches [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 growth rates of 40%, 37%, and 25% [2] Financial Summary - Total revenue for 2022 was 5,638 million yuan, with a projected increase to 7,137 million yuan in 2023, and further growth to 9,033 million yuan in 2024, reflecting a year-on-year growth of 25.61% and 26.59% respectively [1] - The net profit attributable to shareholders for 2022 was 380.46 million yuan, expected to rise to 464.82 million yuan in 2023, and 652.36 million yuan in 2024, indicating year-on-year growth of 27.40% and 40.35% respectively [1] - The latest diluted EPS is projected to be 1.24 yuan per share in 2024, with a P/E ratio of 23.53 based on the current price [1]