FORYOU(002906) 东吴证券·2025-04-02 01:08Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 is driven by increased customer orders, resulting in both volume and profit growth, with revenue reaching 10.158 billion yuan, a year-on-year increase of 42.33%, and net profit attributable to shareholders at 651.37 million yuan, up 40.13% [8] - The automotive electronics segment saw significant revenue growth of 57.55%, while the precision die-casting business grew by 24.39% [8] - The company has made substantial progress in expanding its customer base, securing orders from major automotive manufacturers including Volkswagen Group, SAIC Audi, and others [8] - The overall gross margin for 2024 is reported at 20.69%, a slight decrease of 1.67 percentage points year-on-year, primarily due to changes in accounting standards [8] - The company is expanding its production capacity and international presence, with new facilities in Huizhou and Zhejiang, and subsidiaries established in Thailand and Mexico [8] Financial Summary - Revenue projections for 2025 and 2026 have been raised to 12.699 billion yuan and 15.556 billion yuan, respectively, with expected growth rates of 25% and 22.5% [8] - The forecast for net profit attributable to shareholders for 2025 and 2026 remains at 899 million yuan and 1.130 billion yuan, with growth rates of 38% and 26% [8] - The company’s price-to-earnings ratio (P/E) is projected to be 21 for 2025, 16 for 2026, and 13 for 2027 [8]