FORYOU(002906) 西南证券·2025-04-01 11:32Investment Rating - The report maintains a "Buy" rating for Huayang Group (002906) with a target price of —— yuan over the next six months [1]. Core Insights - The automotive electronics segment is experiencing rapid growth, with continuous breakthroughs in new products [1]. - The company reported a significant increase in revenue and net profit for 2024, with revenue reaching 10.16 billion yuan, up 42.3% year-on-year, and net profit of 651.36 million yuan, up 40.1% year-on-year [7]. - The gross margin for 2024 was 20.69%, a decrease of 1.67 percentage points year-on-year, while the net margin was 6.47%, down 0.12 percentage points year-on-year [7]. - The automotive electronics revenue for 2024 was 7.6 billion yuan, a year-on-year increase of 57.6%, accounting for 75% of total revenue [7]. - The company is expanding its customer base, with significant growth in revenue from major clients such as Geely, Chery, and NIO [7]. Financial Performance Summary - For 2024, the company achieved a revenue of 10,157.54 million yuan, with a projected revenue of 13,162.17 million yuan for 2025, reflecting a growth rate of 29.58% [2]. - The net profit attributable to the parent company is expected to grow from 651.36 million yuan in 2024 to 876.21 million yuan in 2025, with a compound annual growth rate (CAGR) of 29.9% [2][9]. - Earnings per share (EPS) are projected to increase from 1.24 yuan in 2024 to 1.67 yuan in 2025, with a price-to-earnings (PE) ratio decreasing from 28 to 21 [2][9]. Business Segment Analysis - The automotive electronics segment is expected to maintain strong growth, with revenue projected to reach 9.86 billion yuan in 2025, growing at a rate of 29.74% [8]. - The precision casting business is also expected to grow steadily, with revenue projected to reach 2.57 billion yuan in 2025, maintaining a growth rate of 24.30% [8]. - The report highlights the company's continuous investment in research and development, with R&D expenses increasing by 28.9% year-on-year to 830 million yuan in 2024, representing 8.2% of total revenue [7].