FORYOU(SZ:002906) Donghai Securities·2024-03-31 16:00Investment Rating - The report maintains a "Buy" rating for the company [5][21]. Core Insights - The company demonstrated a steady increase in profitability, with a gross margin of 22.36% in 2023, up by 0.26 percentage points year-on-year. The gross margins for automotive electronics and precision die-casting businesses increased by 0.77, 0.15, and 0.03 percentage points, while one segment saw a decrease of 5.58 percentage points [4]. - The company reported a total revenue of 7.137 billion yuan in 2023, representing a year-on-year growth of 27%, and a net profit attributable to shareholders of 465 million yuan, up 22% year-on-year. In Q4 2023, revenue reached 2.34 billion yuan, a 44% increase year-on-year, with net profit growing by 48% to 167 million yuan [21][22]. Summary by Sections Financial Performance - The company’s revenue for 2024-2026 is projected to be 8.814 billion yuan, 10.596 billion yuan, and 12.609 billion yuan, respectively. The net profit attributable to shareholders is expected to be 639 million yuan, 802 million yuan, and 1.005 billion yuan for the same period [5][24]. - The earnings per share (EPS) are forecasted to be 1.22 yuan, 1.53 yuan, and 1.92 yuan for 2024, 2025, and 2026, respectively [5][24]. Business Segments - The automotive electronics and precision die-casting sectors continue to drive growth, with significant revenue contributions of 4.826 billion yuan and 1.660 billion yuan, respectively, in 2023. The automotive electronics segment saw a 29% year-on-year increase [11][22]. - The company is expanding its product line in the smart cockpit sector, enhancing its leadership position. New products include cockpit domain controllers and large OLED displays, with successful collaborations with major automotive manufacturers [22]. Strategic Developments - The company is investing in a new production base in Changxing to enhance its capabilities in the Yangtze River Delta region, aiming to produce 3 million automotive parts annually starting in 2024 [12]. - The company has secured multiple projects related to automotive intelligence components, benefiting from the trend towards smart vehicles [12].