1Q24业绩点评：AI产品需求维持旺盛，营业利润超出市场预期

Core Insights - The report highlights that IBIDEN's Q1 FY2024 performance exceeded market expectations, driven by strong demand for AI products and an increase in high-value product ratios [2][5] - The company achieved a revenue of 88.2 billion yen in Q1 FY2024, a year-on-year decrease of 6.7%, while operating profit rose by 38.1% to 11.3 billion yen [2] - The net profit attributable to the parent company increased by 21% year-on-year, reaching 8.8 billion yen [2] Business Segment Analysis - In the packaging substrate segment, revenue was 44.9 billion yen, down 11.0% year-on-year, but operating profit increased by 19.4% to 5.3 billion yen, supported by strong demand for AI server-related products despite a decline in the PC and general server markets [2] - The ceramics segment reported revenue of 23.6 billion yen, a decrease of 3.4%, while operating profit surged by 50.9% to 4.3 billion yen, benefiting from the ability to pass on increased energy costs to customers and strong demand for specialty carbon products [2] - The ABF substrate business experienced growth in both volume and price due to rising demand from AI and HPC-related products, with the company positioned as a key supplier for NVIDIA's ABF substrates [2] Financial Forecast and Valuation - The report projects IBIDEN's net profit for FY2024-2026 to be 39.5 billion yen, 57.2 billion yen, and 80.8 billion yen respectively, with corresponding P/E ratios of 15, 11, and 8 times [2][5] - The target price is set at 7,655 yen, based on an 18 times P/E for FY2025, maintaining a "Buy" rating [2][5] Market Data - As of the report date, IBIDEN's closing price was 4,278 yen, with a market capitalization of 602.6 billion yen [4][5] - The company has a P/B ratio of 1.22 and a capital adequacy ratio of 47.6% [3][4]