FORYOU(SZ:002906) Huaan Securities·2025-04-01 05:44Investment Rating - The investment rating for Huayang Group is "Buy" (maintained) [1] Core Views - The company achieved a revenue of approximately 10.158 billion yuan in 2024, representing a year-on-year increase of 42.33%. The net profit attributable to the parent company was 651 million yuan, up 40.13% year-on-year, while the net profit excluding non-recurring items was 632 million yuan, an increase of 43.47% year-on-year [4][11] - The revenue growth is driven by strong performance in the automotive electronics sector, which generated 7.603 billion yuan, a year-on-year increase of 57.55%, accounting for 74.85% of total revenue [9] - The company is expanding its product matrix in electric and intelligent automotive products, actively engaging with new energy vehicle clients and international customers, with expected revenues of 12.639 billion, 15.735 billion, and 18.296 billion yuan for 2025, 2026, and 2027 respectively [11] Summary by Sections Financial Performance - In Q4 2024, the total revenue was approximately 3.316 billion yuan, a year-on-year increase of 41.73% and a quarter-on-quarter increase of 37.27%. The gross profit margin for 2024 was approximately 20.69%, down 1.67 percentage points year-on-year [5][6] - The company reported a significant increase in operating profit to 702 million yuan, up 48.25% year-on-year, with a net profit margin of 6.47%, a slight decrease of 0.12 percentage points year-on-year [9] Product and Market Development - The automotive electronics products are making significant progress with new energy vehicle manufacturers and international clients, benefiting from the trend towards automotive lightweighting [8][10] - The company has successfully integrated AI capabilities into its products, enhancing the functionality of AR-HUD products and smart cockpit solutions [7][10] Customer and Order Growth - Major clients such as Xiaomi, Chery, Geely, and others have shown strong sales growth, with Q4 2024 sales increasing significantly [9] - The company has secured new projects with major automotive groups, including Volkswagen and Stellantis, and has launched new products that align with market trends [10]