FORYOU(SZ:002906) Haitong Securities·2024-03-31 16:00Investment Rating - The report maintains an "Outperform the Market" rating for the company [11]. Core Views - The company achieved significant growth in 2023, with total revenue reaching 7.137 billion yuan, a year-on-year increase of 26.59%, and a net profit attributable to shareholders of 465 million yuan, up 22.17% year-on-year [4][5]. - The company is expanding its customer base and product offerings, particularly in automotive electronics and precision die-casting, with notable revenue growth in these segments [12][4]. - The company is increasing its R&D investment, which reached a historical high of 9.03% of revenue, focusing on innovative products such as HUD and other automotive electronic components [12][4]. Financial Performance - In 2023, the company reported a gross margin of 22.36% and a net margin of 6.51%, indicating stable profitability despite slight fluctuations [4]. - The forecast for net profit for 2023-2025 is 644 million yuan, 828 million yuan, and 1.046 billion yuan respectively, with corresponding EPS of 1.23 yuan, 1.58 yuan, and 1.99 yuan [5][8]. - Revenue is projected to grow to 8.858 billion yuan in 2024 and 11.056 billion yuan in 2025, maintaining a growth rate of around 24% [8][13]. Product and Market Development - The company has successfully expanded its automotive electronics business, securing new clients such as Volkswagen, SCANIA, and Maserati, and enhancing collaboration with existing clients [12]. - The precision die-casting segment is also seeing growth, particularly in projects related to new energy vehicles and smart automotive components [12]. - The company is actively pursuing overseas projects and has made significant progress in international markets [12]. Valuation - The report suggests a reasonable valuation range for the company at 33.21 to 39.36 yuan per share, based on a PE ratio of 27-32 times for 2024 [5].