DSBJ(002384) 光大证券·2024-07-18 11:31Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is a global leader in PCB manufacturing, ranking third in overall PCB revenue and second in flexible circuit board revenue in 2023. The company achieved revenue of 33.651 billion yuan in 2023, a year-on-year increase of 6.56%, but net profit decreased by 17.05% to 1.965 billion yuan [2][34] - The company is expected to benefit from the AI wave, particularly with the launch of Apple's AI system, which is anticipated to drive demand for upgraded PCB specifications [2][34] - The company is diversifying its business and expanding into the new energy sector, with significant growth expected in its automotive business by 2025 [34] Summary by Sections Company Overview - The company has a diversified business structure with three main segments: electronic circuits, optoelectronics, and precision manufacturing. It has established a strong presence in the global PCB market through strategic acquisitions and expansions [10][11] PCB Industry Position - The company is well-positioned in the PCB industry, benefiting from the growing demand for new electronic products such as VR/AR devices and AI smartphones. The company has established strong relationships with major clients, enhancing its revenue potential [2][17][30] Financial Forecasts - The report forecasts a net profit of 2.329 billion yuan for 2024, with significant increases expected in 2025 and 2026, reaching 3.185 billion yuan and 3.527 billion yuan respectively. The company’s PE ratios are projected to be 19X for 2024, 14X for 2025, and 13X for 2026 [34][35] Strategic Initiatives - The company is actively pursuing its A+T strategy, focusing on expanding its electric vehicle product lines and improving its LED business. The integration of new production facilities and customer certifications is progressing well, with expectations for improved average selling prices [2][34] Market Trends - The global PCB market is expected to grow at a compound annual growth rate of 5.4% from 2024 to 2028, driven by advancements in AI technology and the increasing demand for electric vehicles [25][34]