FORYOU(002906) 华泰证券·2025-04-27 09:58Investment Rating - The report maintains a "Buy" rating for the company with a target price of 42.13 RMB [8][9]. Core Views - The company's Q1 performance met expectations, with a revenue of 2.489 billion RMB, a year-on-year increase of 25.03%, and a quarter-on-quarter decrease of 24.95%. The net profit attributable to the parent company was 155 million RMB, up 9.27% year-on-year but down 16.71% quarter-on-quarter [1]. - The company is expected to benefit from the ongoing trend of smart technology and accelerate its international expansion [1]. - The company has established itself as a platform enterprise in smart cockpits, with ongoing projects in intelligent driving and internationalization [4]. Summary by Sections Q1 Performance - Q1 revenue was 2.489 billion RMB, with a year-on-year growth of 25.03% and a quarter-on-quarter decline of 24.95%. The net profit was 155 million RMB, reflecting a year-on-year increase of 9.27% and a quarter-on-quarter decrease of 16.71% [1][2]. - The gross margin for Q1 was 18.19%, showing a slight decrease, while the net margin improved by 0.63 percentage points to 6.29% [3]. Client Contributions and New Projects - Major clients such as Xiaomi, Chery, and Geely are expected to contribute significantly to revenue growth, with production increases of 28% and 43% year-on-year for Chery and Geely, respectively [2]. - New projects in HUD, screens, cockpit domain control, digital acoustics, and wireless charging are gradually contributing to revenue [2]. Profitability and Cost Management - The company anticipates that product iterations, cost reductions, and economies of scale will help mitigate the impact of declining margins [3]. - Management and R&D expenses have increased, primarily due to higher employee compensation and depreciation [3]. Growth and Valuation Forecast - The company is projected to achieve revenues of 13.461 billion RMB, 16.933 billion RMB, and 21.130 billion RMB for the years 2025, 2026, and 2027, respectively [5]. - The estimated net profit for 2025 is 926.66 million RMB, with a PE ratio of 24 times for 2025, reflecting a 15% premium over comparable companies [5]. International Expansion - The company has made strides in international markets, with products like HUD and wireless charging already being supplied overseas. Plans for establishing subsidiaries in Thailand and Mexico are underway [4].