FORYOU(002906) 华安证券·2025-04-01 06:23Investment 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, reflecting a 43.47% increase 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 yuan, 15.735 billion yuan, and 18.296 billion yuan for 2025, 2026, and 2027 respectively [11] Revenue and Profitability - 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 net profit attributable to the parent company was about 651 million yuan, with a net profit margin of 6.47% [5][9] - The gross margin for 2024 was approximately 20.69%, a decrease of 1.67 percentage points year-on-year, primarily due to rising costs and raw material prices [5][9] Customer and Product Development - The company has made significant progress in automotive electronics products with new energy vehicle manufacturers and international clients, benefiting from the trend of 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] Future Projections - The company expects to maintain strong growth with projected net profits of 916 million yuan, 1.2 billion yuan, and 1.46 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 20.24, 15.45, and 12.70 [11][13]