DSBJ(002384) 长江证券·2024-10-30 08:43Investment Rating - Maintains a "Buy" rating [6][7] Core Views - Short-term performance impacted by increased expenses, but long-term growth trend remains intact [1][4] - Revenue for the first three quarters of 2024 reached 26.466 billion yuan, up 17.62% YoY, while net profit attributable to shareholders was 1.067 billion yuan, down 19.91% YoY [1][4] - In Q3 2024, revenue was 9.838 billion yuan, up 11.37% YoY and 10.74% QoQ, with net profit attributable to shareholders at 507 million yuan, down 0.27% YoY but up 86.82% QoQ [1][4] - Gross margin for the first three quarters of 2024 was 13.65%, down 0.32pct YoY, while net margin was 4.03%, down 1.89pct YoY [4] - Exchange rate fluctuations led to a foreign exchange loss of 95 million yuan in Q3, negatively impacting profitability [4] - R&D expenses for the first three quarters of 2024 reached 955 million yuan, up 26.99% YoY, with Q3 R&D expenses at 332 million yuan, up 12.93% YoY [4] Strategic Focus - The company adheres to a dual-drive strategy, focusing on consumer electronics and new energy industries, optimizing its product structure through both external acquisitions and internal development [5] - Non-core businesses, such as LED, are being adjusted to improve profitability through cost reduction and efficiency enhancement [5] Future Outlook - PCB business remains stable, while new energy business is expected to become a second growth driver, especially with enhanced cooperation with Tesla [6] - Photoelectric display business is projected to see significant recovery by 2025 [6] - 2025 is expected to be a landmark year for Apple's AI phone innovation, presenting historical opportunities for the supply chain [6] - Forecasted net profit attributable to shareholders for 2024-2026 is 1.93 billion yuan, 3.516 billion yuan, and 4.721 billion yuan, respectively, with corresponding PE ratios of 23.07x, 12.66x, and 9.43x [6] Financial Performance - Current stock price is 26.10 yuan, with a total market capitalization of 170.591 million shares [7] - EPS for 2024-2026 is projected to be 1.13 yuan, 2.06 yuan, and 2.77 yuan, respectively [10] - ROE for 2024-2026 is expected to be 9.8%, 15.7%, and 18.1%, respectively [10]