FORYOU(SZ:002906) Guohai Securities·2024-10-29 07:01Investment Rating - The report maintains an "Accumulate" rating for Huayang Group (002906) [2][7] Core Views - The company has demonstrated significant revenue and net profit growth in Q3 2024, with a year-on-year revenue increase of 37.2% and a net profit increase of 53.5% [3][4] - The growth logic of the company continues to be validated through strong order inflows in its core businesses of automotive electronics and precision die-casting [4] Summary by Sections Financial Performance - For the first three quarters of 2024, Huayang Group achieved a revenue of 6.841 billion yuan, representing a year-on-year increase of 42.6%, and a net profit of 465 million yuan, up 56.2% year-on-year [3] - In Q3 2024 alone, the company reported a revenue of 2.648 billion yuan, a 37.2% increase year-on-year, and a net profit of 178 million yuan, reflecting a 53.5% year-on-year growth [3][4] Business Segments - The automotive electronics segment has seen significant order growth, with new projects from major clients including SAIC Audi, Changan Mazda, and BYD [4] - The precision die-casting segment has also experienced a substantial increase in orders, particularly in components for new energy vehicles and intelligent driving systems, with new projects from leading Tier 1 suppliers [4] Future Outlook - The company is expected to continue its growth trajectory, with projected revenues of 9.7 billion yuan, 12 billion yuan, and 14.2 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 36%, 24%, and 18% [4][8] - Net profit forecasts for the same period are 677 million yuan, 924 million yuan, and 1.211 billion yuan, with growth rates of 46%, 36%, and 31% respectively [4][8]