FORYOU(SZ:002906) Soochow Securities·2025-04-30 03:32Investment Rating - The report maintains a "Buy" rating for Huayang Group [1] Core Views - The company achieved a significant year-on-year revenue increase of 25% in Q1 2025, driven by new products and an expanded customer base, indicating strong long-term growth potential [3][8] - The overall gross margin for Q1 2025 was reported at 18.2%, reflecting a decrease due to pressures from downstream automotive demand, but the company is expected to alleviate this pressure through cost pass-through strategies [3] - The company is expanding its production capacity and establishing overseas operations, with new facilities in Huizhou and Zhejiang already operational, contributing to its growth strategy [3] Financial Summary - Revenue projections for 2025-2027 are set at 127.0 billion, 155.6 billion, and 187.1 billion RMB, representing year-on-year growth rates of 25%, 23%, and 20% respectively [3] - Net profit forecasts for the same period are 9.0 billion, 11.3 billion, and 14.0 billion RMB, with corresponding growth rates of 38%, 26%, and 24% [3] - The latest diluted EPS estimates are 1.71, 2.15, and 2.68 RMB for 2025, 2026, and 2027, respectively, with P/E ratios of 17, 14, and 11 [1][3]