FORYOU(SZ:002906) Orient Securities·2025-08-23 08:34Investment Rating - The report maintains a "Buy" rating for the company with a target price of 46.69 CNY, based on a comparable company PE average valuation of 29 times for 2025 [2][5]. Core Views - The company is expected to achieve rapid growth in profitability driven by its automotive electronics and precision die-casting businesses, with projected net profits of 848 million CNY, 1.087 billion CNY, and 1.345 billion CNY for 2025, 2026, and 2027 respectively [2][9]. - The automotive electronics segment is anticipated to continue its strong performance, with a revenue increase of 23.4% year-on-year in the first half of 2025, despite a slight decrease in gross margin due to intensified competition [9]. - The precision die-casting business is also experiencing significant growth, with a revenue increase of 41.3% year-on-year in the first half of 2025, supported by a robust order book and expansion projects [9]. Financial Information Summary - The company's projected revenues for 2025, 2026, and 2027 are 12.645 billion CNY, 15.093 billion CNY, and 17.789 billion CNY respectively, reflecting year-on-year growth rates of 24.5%, 19.4%, and 17.9% [4][10]. - The projected gross profit margins for the same years are 20.8%, 21.3%, and 21.6%, indicating a stable profitability outlook [4][10]. - The net profit attributable to the parent company is expected to grow from 848 million CNY in 2025 to 1.345 billion CNY in 2027, with corresponding net profit margins of 6.7%, 7.2%, and 7.6% [4][10].