FORYOU(SZ:002906) HTSC·2025-03-31 09:43Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 45.60 [8][9]. Core Views - The company achieved a revenue of RMB 10.158 billion in 2024, representing a year-over-year increase of 42.33%, and a net profit of RMB 651 million, up 40.13% year-over-year [1][5]. - The company is expected to benefit from the wave of smart technology and accelerate its international expansion [1][4]. - The fourth quarter of 2024 saw a revenue of RMB 3.316 billion, with a year-over-year growth of 41.73% and a quarter-over-quarter growth of 25.25% [1][2]. Revenue and Profitability - The company’s revenue and profit for 2024 were in line with expectations, with a forecast of RMB 9.738 billion in revenue and RMB 668 million in net profit [1]. - The fourth quarter gross margin was reported at 19.03%, with a net margin of 5.63% [3]. - After adjusting for accounting policy changes, the gross margin was approximately 21.18%, showing a slight increase quarter-over-quarter [3]. Product and Market Development - The company has expanded its product lines, including HUD, wireless charging, and cockpit domain control, with significant shipment volumes expected in 2024 [2][4]. - The company has established itself as a platform enterprise in smart cockpits, with ongoing projects in intelligent driving and international market expansion [4]. Financial Forecast and Valuation - Revenue forecasts for 2025-2027 are adjusted to RMB 13.461 billion, RMB 16.933 billion, and RMB 21.130 billion, respectively, with net profit estimates of RMB 926.66 million, RMB 1.226 billion, and RMB 1.621 billion [5][7]. - The company is given a 15% valuation premium over comparable companies, resulting in a projected PE ratio of 25.8 for 2025 [5].