FORYOU(002906) 平安证券·2024-08-20 04:00Investment Rating - The report maintains a "Recommendation" rating for the company [2][7]. Core Views - The automotive electronics business has entered a harvest period, driving significant growth in the company's performance, with a 46.2% year-on-year increase in revenue and a 57.9% increase in net profit for the first half of 2024 [4][6]. - The company has seen substantial growth in its automotive electronics segment, with revenue reaching 30.7 billion yuan, a year-on-year increase of 65.4% [4][6]. - New product lines such as cockpit domain controllers, precision motion mechanisms, and digital acoustics have entered mass production, contributing to revenue growth [4][6]. - The company has a strong order backlog, with significant progress in expanding its automotive electronics business, including products like HUD and in-car wireless charging systems [7]. Financial Summary - In the first half of 2024, the company achieved revenue of 41.9 billion yuan, with a net profit of 2.9 billion yuan [4][6]. - The company’s gross margin remained stable at 21.8%, with a slight decline attributed to price competition in the automotive industry [6][7]. - The company’s R&D investment reached 3.7 billion yuan, accounting for 8.9% of its revenue, indicating a commitment to innovation [6][7]. - Forecasts for net profit from 2024 to 2026 are 6.6 billion yuan, 8.5 billion yuan, and 11.0 billion yuan, respectively [7][9].