FORYOU(SZ:002906) Orient Securities·2024-11-03 03:13Investment Rating - The report maintains a "Buy" rating for the company with a target price of 34.83 CNY [2][5] Core Insights - The company's performance exceeded market expectations, with a revenue of 6.841 billion CNY for the first three quarters, representing a year-on-year growth of 42.6%. The net profit attributable to shareholders was 465 million CNY, up 56.2% year-on-year [1] - The automotive electronics business is gradually ramping up new products, with significant market share in HUD and wireless charging products. New projects with major clients like Chery and BYD are expected to drive future growth [1] - The precision die-casting business has a strong order backlog, with new projects from clients such as ZF and Schaeffler. Capacity expansion is underway to support long-term growth [1] Financial Performance Summary - For 2023, the company reported a revenue of 7.137 billion CNY, a 26.6% increase from the previous year. The net profit attributable to shareholders is projected to be 677 million CNY in 2024, reflecting a growth of 45.7% [4][8] - The gross margin for the first three quarters was 21.5%, slightly down by 0.6 percentage points year-on-year, while the operating cash flow increased significantly by 208.3% to 503 million CNY [1][4] - The company expects continued revenue growth with projected revenues of 9.401 billion CNY in 2024 and 11.501 billion CNY in 2025, with net profit estimates of 8.84 billion CNY and 11.40 billion CNY respectively for 2025 and 2026 [2][4]