FORYOU(SZ:002906) Ping An Securities·2025-03-30 05:27Investment Rating - The report maintains a "Recommended" investment rating for Huayang Group, indicating an expectation of strong performance in the next six months [10]. Core Views - The automotive electronics business of Huayang Group has shown rapid growth, with a revenue increase of 57.55% year-on-year, reaching 76.03 billion yuan in 2024. The gross margin for this segment is reported at 19.2% [7]. - The company achieved a total revenue of 101.58 billion yuan in 2024, reflecting a year-on-year growth of 42.33%, and a net profit attributable to shareholders of 6.51 billion yuan, up 40.13% from the previous year [4][6]. - The customer base is expanding, with significant revenue growth from major clients such as Geely, Chery, and others, and new projects with international car manufacturers [7]. Summary by Sections Financial Performance - In 2024, Huayang Group's revenue reached 101.58 billion yuan, with a net profit of 6.51 billion yuan, marking a 42.33% and 40.13% increase year-on-year, respectively [4][6]. - The company forecasts continued revenue growth, projecting 12.03 billion yuan in 2025 and 14.95 billion yuan in 2026, with net profits expected to reach 8.66 billion yuan and 10.97 billion yuan in the same years [6][8]. Business Segments - The automotive electronics segment is a key growth driver, with significant sales increases in products like HUD and wireless charging systems, leading to a substantial rise in profitability [7]. - The precision die-casting business also maintained stable profitability, contributing to the overall net profit increase [7]. Market Position - Huayang Group has achieved a leading market share in several automotive electronic products, including HUD and wireless charging, with over 1 million HUD units shipped in 2024 [7]. - The company has diversified its client base, securing new orders from both domestic and international automotive manufacturers, enhancing its competitive position in the market [7].