Foryou (002906) Q2 2024 earnings summary

Executive summary

• Revenue for the first half of 2024 reached ¥4.19 billion, up 46.23% year-over-year, with net profit attributable to shareholders at ¥286.93 million, up 57.89%.

• Automotive electronics and precision die-casting businesses drove growth, with automotive electronics revenue up 65.41% and precision die-casting up 23.55% year-over-year.

• R&D investment increased 25.57% to ¥373 million, representing 8.90% of revenue.

• The company expanded production capacity, launched new plants, and established new subsidiaries in Shanghai and Chongqing.

Financial highlights

• Operating cash flow was ¥259.60 million, down 5.27% year-over-year.

• Gross margin for automotive electronics was 20.71%, and for precision die-casting 25.73%.

• Basic EPS was ¥0.55, up 44.74% year-over-year; diluted EPS was ¥0.54.

• Total assets at period-end were ¥10.05 billion, up 6.33% from year-end 2023.

• Net assets attributable to shareholders were ¥6.09 billion, up 1.84% from year-end 2023.

Outlook and guidance

• The company expects continued growth in automotive electronics and precision die-casting, supported by industry trends in electrification, intelligence, and lightweighting.

• Ongoing investment in R&D and production capacity is planned to support new product launches and market expansion.