FORYOU(002906) 开源证券·2025-04-01 06:23Investment Rating - The investment rating for Huayang Group is "Buy" (maintained) [1] Core Views - The company achieved record high performance in 2024, with operating revenue reaching 10.158 billion yuan, a year-on-year increase of 42.33%, and net profit attributable to the parent company at 651 million yuan, up 40.13% year-on-year. This growth is attributed to the company's alignment with the automotive intelligence trend, marking its first revenue exceeding 10 billion yuan and a historic high in net profit [4][5] - The earnings forecasts for 2025-2027 have been raised, with expected net profits of 978 million yuan (+3.27%), 1.258 billion yuan (+4.05%), and 1.606 billion yuan, respectively. Corresponding EPS for these years are projected to be 1.86 yuan (+0.62), 2.40 yuan (+0.77), and 3.06 yuan, with P/E ratios of 19.0, 14.7, and 11.5 times, respectively [4][5] Financial Performance Summary - In 2024, the company reported operating revenue of 10.158 billion yuan, a 42.3% increase from 2023, and net profit of 651 million yuan, a 40.1% increase. The gross margin was 20.7%, and the net margin was 6.5% [7][10] - The company’s main business segments, automotive electronics and precision die-casting, generated revenues of 7.603 billion yuan and 2.065 billion yuan, respectively, with year-on-year growth rates of 57.55% and 24.39% [5] - The company invested 831 million yuan in R&D during the reporting period, indicating a commitment to innovation and product development [6] Market Position and Future Outlook - The company has successfully expanded its customer base, securing new projects with major automotive groups such as Volkswagen and SAIC Audi, and has seen rapid revenue growth from new products like HUD and wireless charging systems [6] - The company is accelerating capacity expansion with new production facilities in Huizhou and Zhejiang, and has established subsidiaries in Thailand and Mexico to enhance its overseas presence [6] - The report emphasizes that the synergy between supply and demand positions the company for continued performance growth in the future [6]