FORYOU(SZ:002906) Guolian Minsheng Securities·2025-08-20 11:55Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a strong performance in H1 2025, achieving revenue of 5.31 billion yuan, a year-on-year increase of 26.6%, and a net profit attributable to shareholders of 340 million yuan, up 19.0% year-on-year. In Q2 2025, revenue reached 2.82 billion yuan, reflecting a year-on-year growth of 28.1% and a quarter-on-quarter increase of 13.4%. The net profit for Q2 was 190 million yuan, with a year-on-year increase of 28.5% and a quarter-on-quarter rise of 19.6% [5][13][14]. Summary by Sections Financial Performance - In H1 2025, the automotive electronics business generated revenue of 3.79 billion yuan, up 23.4% year-on-year, while the precision die-casting business achieved revenue of 1.29 billion yuan, a 41.3% increase year-on-year. The company leads the market in several segments, including HUD products and in-vehicle wireless charging, with the domestic market share at the top and global market share rising to second [14][15]. Profitability - The company’s net profit for H1 2025 was 340 million yuan, a 19.0% increase year-on-year. In Q2, the net profit was 190 million yuan, with a year-on-year growth of 28.5%. The gross margin for Q2 was 19.5%, showing a year-on-year decrease of 2.4 percentage points but a quarter-on-quarter increase of 1.3 percentage points, attributed to revenue scale growth. The expense ratio improved significantly, with a total expense ratio of 12.2% in Q2, down 1.7 percentage points year-on-year and 0.4 percentage points quarter-on-quarter [15][17]. Growth Prospects - The company has expanded its customer base, securing new projects with major clients such as Stellantis, Ford, and BYD, which supports long-term growth. The company is expected to see rapid growth due to its advantageous market position, product expansion, and continuous order acquisition [16][17]. Financial Forecast - The company is projected to achieve revenues of 12.3 billion yuan, 15.1 billion yuan, and 18.2 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 21%, 22%, and 21%. The net profit attributable to shareholders is expected to be 910 million yuan, 1.16 billion yuan, and 1.45 billion yuan for the same years, with growth rates of 39%, 28%, and 25% [17][18].