FORYOU(SZ:002906) Soochow Securities·2025-10-30 03:47Investment Rating - The investment rating for Huayang Group is "Buy" (maintained) [1] Core Views - The company's Q3 2025 revenue reached 3.48 billion yuan, with a year-on-year increase of 31.43% and a quarter-on-quarter increase of 23.34%. The net profit attributable to shareholders was 220 million yuan, reflecting a year-on-year increase of 23.74% and a quarter-on-quarter increase of 18.22%, aligning with expectations [8] - The gross margin for Q3 2025 was 18.93%, showing a year-on-year decrease of 2.13 percentage points and a quarter-on-quarter decrease of 0.57 percentage points, indicating a stabilization trend after recent competitive pressures in the downstream automotive sector [8] - The company is actively expanding its production capacity, with construction projects reaching a balance of 364 million yuan, a significant increase of 89.92% from the beginning of the year, aimed at supporting future revenue growth [8] - The company is deepening its smart technology initiatives and expanding its overseas business, with ongoing projects in smart cockpits and wireless charging, which are expected to contribute to steady growth [8] - Revenue forecasts for 2025-2027 are maintained at 12.7 billion, 15.6 billion, and 18.7 billion yuan, with year-on-year growth rates of 25%, 23%, and 20% respectively. The net profit forecasts have been slightly adjusted downwards to 810 million, 1.03 billion, and 1.33 billion yuan for the same period, with corresponding P/E ratios of 20, 16, and 12 times [8] Financial Summary - Total revenue for 2023 is projected at 7.14 billion yuan, with a year-on-year growth of 26.59%. The net profit attributable to shareholders is expected to be 464.82 million yuan, reflecting a year-on-year increase of 22.17% [1] - The latest diluted EPS for 2023 is estimated at 0.89 yuan per share, with a P/E ratio of 35.38 times [1] - The company’s total assets are projected to reach 12.2 billion yuan by 2024, with a debt-to-asset ratio of 48.40% [7]