FORYOU(002906) 国信证券·2025-04-01 06:45Investment Rating - The report maintains an "Outperform the Market" rating for the company [4][2]. Core Insights - The company achieved a revenue of 10.16 billion yuan in 2024, representing a year-on-year growth of 42.3%, with a net profit of 650 million yuan, up 40.1% year-on-year [7][8]. - The automotive electronics segment saw significant growth, with revenue reaching 7.6 billion yuan, a 57.6% increase year-on-year, while precision die-casting revenue grew by 24.4% to 2.06 billion yuan [7][8]. - The company has established deep collaborations with major clients such as Huawei and Xiaomi, providing advanced cockpit products for various models [8][21]. Revenue and Profit Forecast - The company forecasts revenues of 12.52 billion yuan, 15.43 billion yuan, and 19.03 billion yuan for 2025, 2026, and 2027 respectively, with net profits expected to be 880 million yuan, 1.18 billion yuan, and 1.53 billion yuan for the same years [3][2]. Financial Metrics - The company reported a gross margin of 20.7% in 2024, with a net margin of 6.5%, reflecting slight declines compared to the previous year [12][15]. - The company’s R&D investment reached 831 million yuan in 2024, accounting for 8.19% of revenue, with a 28.94% increase year-on-year [17][19]. Product Development and Market Position - The company has launched several innovative products, including the 5.1-inch SR-HUD and various wireless charging solutions, achieving significant market share in these segments [26][30]. - The company is focusing on smart cockpit and intelligent driving solutions, enhancing user experience through advanced technology integration [21][22]. Customer Base and Orders - The customer base has diversified, with significant revenue growth from major clients like Geely, Chery, and NIO, and new projects secured with Stellantis and other international automakers [35][39]. - The company has received multiple awards for quality and performance, enhancing its reputation in the automotive supply chain [40].