FORYOU(SZ:002906) Donghai Securities·2024-10-29 12:52Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's gross margin for Q3 2024 is 21.06%, showing a slight year-on-year decrease of 0.82 percentage points, attributed to changes in product structure. However, there is potential for improvement as new products are launched [7] - The company has successfully expanded its cockpit domain control products, achieving rapid sales growth and securing new projects with various automotive brands [7] - The company has solidified its leading position in the HUD market, with a growing number of models equipped with its products and successful global expansion efforts [9] Financial Performance - In Q3 2024, the company achieved revenue of 2.648 billion yuan, a year-on-year increase of 37%, and a net profit attributable to shareholders of 178 million yuan, up 54% year-on-year [11] - The company forecasts net profits of 667 million yuan, 889 million yuan, and 1.143 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.27 yuan, 1.69 yuan, and 2.18 yuan [9][10] - The company’s revenue is projected to grow from 7.137 billion yuan in 2023 to 14.431 billion yuan by 2026, reflecting a compound annual growth rate [8][10] Business Expansion - The company is experiencing significant growth in its automotive electronics and precision die-casting businesses, with notable increases in revenue from cockpit domain control, HUD, and other electronic products [10] - The company has successfully launched new products based on Qualcomm's technology, enhancing its product offerings in the cockpit domain control segment [7]