FORYOU(SZ:002906) CHINA DRAGON SECURITIES·2024-10-15 10:00Investment Rating - The investment rating for the company is "Buy" (首次覆盖) [1] Core Views - The company is expected to achieve significant growth driven by the increase in supporting vehicle models and economies of scale, with a projected net profit of 1.76 billion yuan for Q3 2024, representing a year-on-year growth of 51.65% [1] - The core customers, including companies like Seres, Geely, Chery, and Xiaomi, have shown strong sales performance in Q3, contributing to rapid revenue growth [1] - The company is anticipated to maintain high growth rates in Q4 2024, supported by new orders from key models and increased production capacity [1] Financial Performance Summary - The company forecasts a net profit of 1.58-1.83 billion yuan for Q3 2024, with a year-on-year increase of 41.84%-64.34% [1] - The projected revenue for 2024 is 9.191 billion yuan, with a growth rate of 28.78% [2] - The expected net profit for 2024 is 650 million yuan, reflecting a growth rate of 39.80% [2] - The company’s P/E ratio for 2024 is projected at 23.6, which is below the average P/E of comparable companies [2][3] Market Data - The company’s stock price as of October 14, 2024, is 29.26 yuan, with a 52-week price range of 18.45-38.80 yuan [1] - The total market capitalization is approximately 15.35 billion yuan [1] Growth Potential - The company has made significant progress in expanding its automotive electronics business, securing new orders from clients such as Stellantis and Changan Mazda [1] - New production facilities are expected to enhance capacity and efficiency, with a new plant for automotive electronics having commenced operations in July 2024 [1]