DSBJ(SZ:002384) Xin Lang Cai Jing·2025-10-22 10:34Event Overview - The company reported Q3 2025 results, achieving revenue of 27.071 billion yuan for the first three quarters, a year-over-year increase of 2.28%, with a net profit attributable to shareholders of 1.223 billion yuan, up 14.61% year-over-year [1] - In Q3 2025, revenue was 10.115 billion yuan, a year-over-year increase of 2.82%, but net profit attributable to shareholders decreased by 8.19% year-over-year to 465 million yuan [1] - The increase in management expenses, which rose by 118 million yuan year-over-year to 341 million yuan in Q3, pressured profits [1] - The company's revenue from the new energy business reached approximately 7.52 billion yuan for the first three quarters, a year-over-year increase of 22.08%, accounting for 27.78% of total revenue [1] Strategic Initiatives - To capitalize on AI development opportunities, the company plans to acquire 100% of Solstice, a company with strong technical capabilities in optical communication modules and components [1] - The company intends to invest 1 billion USD to expand high-end PCB production capacity to meet the growing demand in high-performance computing and AI markets [1] - These strategic moves are expected to establish AI as a new growth driver for the company [1] Investment Outlook - Considering the macroeconomic fluctuations and the potential boost from AI, the company’s projected net profits for 2025, 2026, and 2027 are 1.959 billion yuan, 5.148 billion yuan, and 6.717 billion yuan respectively [2] - The price-to-earnings ratios based on the closing price on October 21, 2025, are estimated at 63.9, 24.3, and 18.6 for the respective years [2] - The investment rating is maintained at "Buy" [2]