FORYOU(SZ:002906) Soochow Securities·2024-04-01 16:00Investment Rating - The report maintains a "Buy" rating for the company [3][14]. Core Views - The company's performance in 2023 met expectations, with total revenue reaching 7.14 billion, a year-on-year increase of 27%, and net profit attributable to shareholders at 464.82 million, up 22% year-on-year [1]. - The electronic and die-casting businesses showed robust growth, with automotive electronics revenue at 4.83 billion, up 28.85%, and precision die-casting revenue at 1.66 billion, up 25.42% [14]. - The company is expanding its customer base while deepening existing relationships, targeting both traditional and new energy vehicle clients [14]. Financial Forecasts - Revenue forecasts for 2024 and 2025 have been raised to 9.03 billion and 11.23 billion, respectively, with expected year-on-year growth rates of 27% and 24% [3]. - The net profit forecast for 2024 has been slightly lowered to 650 million, while the 2025 forecast remains at 890 million, with expected growth rates of 40% and 37% for 2025 and 2026, respectively [3]. - The company's earnings per share (EPS) is projected to be 1.24 yuan in 2024, 1.71 yuan in 2025, and 2.14 yuan in 2026 [3]. Profitability and Cost Management - The gross margin for the electronic business improved to 22.4% in 2023, with automotive electronics and die-casting margins at 22.1% and 26.1%, respectively [2]. - The company effectively managed expenses, with a total expense ratio of 14.7%, down 0.5 percentage points year-on-year, while maintaining a research and development expense ratio of 8.5% [15].