DSBJ(002384) 中国银河·2024-08-22 05:08Investment Rating - The report maintains a "Recommend" rating for the company [1] Core Views - The company achieved revenue of RMB 16.629 billion in H1 2024, a YoY increase of 21.67%, but net profit attributable to the parent company decreased by 32.01% YoY to RMB 561 million [1] - The new energy business contributed RMB 3.81 billion in revenue, accounting for 22.91% of total revenue, up 1.35 percentage points YoY [1] - The PCB business, the company's main revenue source, generated RMB 10.85 billion in revenue, a 20.93% YoY increase, but its proportion of total revenue decreased by 0.4 percentage points to 65.25% [1] - The company is actively expanding its PCB products in AI servers, cloud computing, and automotive fields to capitalize on the new technological innovation cycle [1] - The LED business saw a significant improvement in operating efficiency, with losses narrowing despite intense competition [1] - The touch display business has recovered to normal levels, with revenue increasing by 40.73% YoY to RMB 3.122 billion [1] Financial Projections - Revenue is expected to grow from RMB 40.003 billion in 2024 to RMB 58.225 billion in 2026, with a CAGR of 21% [1] - Net profit attributable to the parent company is projected to increase from RMB 1.952 billion in 2024 to RMB 3.352 billion in 2026, with a CAGR of 31% [1] - EPS is forecasted to rise from RMB 1.14 in 2024 to RMB 1.96 in 2026 [1] - The company's PE ratio is expected to decrease from 19x in 2024 to 11x in 2026 [1] Business Segments - The company's product lines cover electronic circuits, optoelectronic displays, and precision manufacturing, focusing on consumer electronics and new energy sectors [1] - The PCB business has a strong customer base, including global leaders in consumer electronics and new energy vehicles [1] - The company is leveraging AI applications to drive innovation and expand its customer base in emerging technology fields [1] Financial Ratios - The company's ROE is expected to improve from 12.58% in 2024 to 13.33% in 2026 [5] - The debt-to-asset ratio is projected to decrease from 58.27% in 2024 to 56.24% in 2026 [5] - The net debt ratio is expected to decline significantly, from 33.72% in 2024 to -0.11% in 2026 [5]