FORYOU(SZ:002906) GF SECURITIES·2024-05-08 23:32Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 39 CNY per share, corresponding to a 32x PE for 2024 [15][42]. Core Insights - The company is a leader in cockpit electronics, with significant growth in central control instruments and stable cash flow from precision die-casting. New products like HUD open up upward growth potential. EPS is projected to be 1.21, 1.56, and 1.98 CNY per share for 2024-2026 [42][57]. Financial Performance - In Q1 2024, the company achieved revenue of 1.99 billion CNY, a year-on-year increase of 51.3%. The net profit attributable to shareholders was 140 million CNY, up 83.5% year-on-year [13][61]. - The gross margin for Q1 2024 was 21.6%, a decrease of 0.8 percentage points year-on-year, while the net profit margin was 7.1%, an increase of 1.3 percentage points year-on-year [18][61]. Growth Projections - Revenue is expected to grow from 5.64 billion CNY in 2022 to 13.41 billion CNY by 2026, with a compound annual growth rate (CAGR) of 25.6% to 21.3% [2][44]. - The company is focusing on expanding its production capacity for automotive electronics and lightweight components, with new facilities set to be operational in 2024 [41][42]. Cost Management - The report indicates a decrease in the expense ratio by 3.2 percentage points year-on-year, reflecting improved operational efficiency as revenue scales up [18][63].