FORYOU(SZ:002906) KAIYUAN SECURITIES·2024-04-01 16:00Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected performance that will exceed the market by over 20% [19]. Core Views - In 2023, the company achieved total revenue of 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. The revenue growth rate continued to accelerate throughout the year, demonstrating high growth elasticity amid fierce competition in the automotive industry [19][20]. - The company is expected to maintain its performance forecasts for 2024-2025 and has added a forecast for 2026, projecting net profits of 591 million yuan, 809 million yuan, and 1.008 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.13, 1.54, and 1.92 yuan per share [19][20]. - The automotive electronics and precision die-casting businesses achieved revenues of 4.826 billion yuan and 1.660 billion yuan respectively in 2023, reflecting year-on-year growth of 28.85% and 25.42%, driven by significant increases in the production and sales of automotive electronic products and components related to automotive intelligence [20][21]. Financial Summary - The company's total revenue is projected to grow from 7.137 billion yuan in 2023 to 11.052 billion yuan in 2025, with a compound annual growth rate (CAGR) of approximately 26.8% [22]. - The net profit is expected to increase from 465 million yuan in 2023 to 809 million yuan in 2025, indicating a strong growth trajectory [22]. - The overall gross margin for the company was 22.36% in 2023, reflecting a slight increase of 0.26 percentage points year-on-year, showcasing the company's scale effects and lean management capabilities [20][21]. Business Expansion - The company has successfully expanded its customer base in the automotive electronics sector, securing projects with major clients such as Volkswagen, FAW Toyota, and SAIC Volkswagen. It has also made significant inroads into overseas markets [21]. - The company has launched several innovative products, including a cockpit domain controller and various display technologies, which have contributed to its revenue growth and market competitiveness [21].