FORYOU(SZ:002906) Huachuang Securities·2025-05-12 10:14Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][19]. Core Views - The company reported a revenue of 10.158 billion yuan for 2024, a year-on-year increase of 42.33%, and a net profit attributable to shareholders of 651 million yuan, up 40.13% year-on-year. For Q1 2025, revenue reached 2.489 billion yuan, growing 25.03% year-on-year, with a net profit of 155 million yuan, an increase of 9.27% year-on-year [1][3]. - The automotive electronics and precision die-casting businesses are driving growth, with automotive electronics revenue expected to reach 7.603 billion yuan in 2024, a 57.55% increase, and precision die-casting revenue projected at 2.065 billion yuan, a 24.39% increase [1][8]. - The company is increasing its R&D investment, with 831 million yuan allocated in 2024, a 28.94% increase, focusing on product iteration and technological advancements [1][8]. - The company is expanding its domestic and international presence, with new production capacities coming online, including a new precision die-casting facility in Zhejiang and subsidiaries in Thailand and Mexico [1][8]. Financial Summary - For 2024, total revenue is projected at 10.158 billion yuan, with a growth rate of 42.3%. Net profit is expected to be 651 million yuan, with a growth rate of 40.1% [3][9]. - The earnings per share (EPS) for 2024 is estimated at 1.24 yuan, with a price-to-earnings (P/E) ratio of 26 [3][9]. - The company anticipates revenue growth of 27.4% in 2025, reaching 12.945 billion yuan, and net profit growth of 32.7%, totaling 864 million yuan [3][9].