FORYOU(002906) 东吴证券·2025-04-02 01:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 met expectations, with total revenue reaching 10.158 billion yuan, a year-on-year increase of 42.33%, and net profit attributable to shareholders of 651.37 million yuan, up 40.13% year-on-year [8] - Significant revenue growth was driven by an expanded customer base and successful order acquisition, particularly in the automotive electronics segment, which saw revenue of 7.603 billion yuan, a 57.55% increase year-on-year [8] - The company is experiencing scale effects and accelerating its domestic and international expansion, with new production facilities established in various locations, including 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 year-on-year 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 year-on-year growth rates of 38% and 26% [8] - The company's overall gross margin for 2024 is 20.69%, a decrease of 1.67 percentage points year-on-year, primarily due to changes in accounting standards [8]