FORYOU(SZ:002906) Soochow Securities·2024-10-30 22:30Investment Rating - The report maintains a "Buy" rating for Huayang Group [1] Core Views - The company's Q3 2024 performance exceeded expectations, with revenue reaching 2.65 billion yuan, representing a year-on-year increase of 37% and a quarter-on-quarter increase of 20%. The net profit attributable to shareholders was 178 million yuan, up 53% year-on-year and 23% quarter-on-quarter [2] - Core customers are experiencing increased production, leading to sustained growth in the main business. Key clients such as Qi Che, Chang'an, Geely, Great Wall, and others have shown significant production increases, indicating a new vehicle launch cycle [2] - The company is expanding its automotive electronics business, achieving substantial growth in products like cockpit domain controllers, HUDs, and in-car entertainment systems, with successful international collaborations established with major automotive manufacturers [2] Financial Forecasts and Valuation - Revenue forecasts for 2024-2026 have been raised to 9.8 billion, 12.17 billion, and 14.39 billion yuan, respectively, reflecting year-on-year growth rates of 37%, 24%, and 18%. Net profit forecasts for the same period have also been adjusted to 674.61 million, 898.94 million, and 1.13 billion yuan, with corresponding year-on-year growth rates of 45%, 33%, and 26% [4] - The report indicates a projected P/E ratio of 24, 18, and 14 for 2024, 2025, and 2026, respectively, supporting the "Buy" rating [4]