DSBJ(002384) 长江证券·2024-08-22 13:14Investment Rating - The investment rating for the company is "Buy" and is maintained [4][6]. Core Views - The company's core business in PCB is experiencing stable growth, while its new energy business is progressing steadily. In the first half of 2024, the company achieved operating revenue of 16.629 billion yuan, a year-on-year increase of 21.67%. However, the net profit attributable to the parent company was 561 million yuan, a decrease of 32.01% year-on-year. The gross margin and net margin were 13.07% and 3.36%, respectively [5][6]. - In Q2 2024, the company reported operating revenue of 8.884 billion yuan, a year-on-year increase of 24.15% and a quarter-on-quarter increase of 14.71%. The net profit attributable to the parent company for Q2 was 271 million yuan, down 23.14% year-on-year and 6.25% quarter-on-quarter, with gross and net margins of 12.60% and 3.04% [5][6]. Summary by Sections Business Performance - The company capitalized on industry development opportunities, particularly in AI applications, increasing its R&D and customer expansion in PCB products for AI servers, cloud computing, and automotive sectors. The electronic circuit business generated revenue of 10.85 billion yuan, up 20.93% year-on-year. The new energy business revenue reached 3.810 billion yuan, a year-on-year increase of 29.33%, further enhancing its revenue share [5][6]. - The LED display device business achieved revenue of 438 million yuan, a year-on-year increase of 4.3%, with a significant reduction in losses due to improved operational efficiency [5][6]. Strategic Focus - The company adheres to a dual-driven strategy, concentrating resources on R&D and production of core components in consumer electronics and new energy sectors. It aims to optimize its product structure through both mergers and acquisitions and organic growth, seeking new profit growth points [5][6]. - The company is actively adjusting its non-core business strategies to ensure stable development, particularly in the LED sector, by implementing cost reduction and efficiency improvement measures [5][6]. Future Outlook - The company expects significant improvement in profit margins as it strengthens collaboration with clients in the new energy sector. The optical display business is anticipated to reach a turning point by early 2025, coinciding with a historic opportunity in the supply chain due to innovations in Apple's AI smartphones [6]. - Forecasts indicate that the company will achieve net profits attributable to the parent company of 2.320 billion yuan, 3.636 billion yuan, and 4.717 billion yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 16.39, 10.46, and 8.06 [6].