DSBJ(002384) 民生证券·2024-11-01 08:12Investment Rating - The report maintains a "Recommended" rating for the company, considering the upcoming innovations in AI and the overall market conditions [2][4]. Core Insights - The company's revenue for the first three quarters of 2024 reached 26.466 billion yuan, a year-on-year increase of 17.62%, while the net profit attributable to shareholders was 1.067 billion yuan, a decrease of 19.91% [2]. - The third quarter alone saw a revenue of 9.838 billion yuan, up 11.37% year-on-year and 10.74% quarter-on-quarter, with a net profit of 507 million yuan, showing a slight decline of 0.27% year-on-year but a significant increase of 87.08% quarter-on-quarter [2]. - The company is expected to benefit from the growth in flexible printed circuit boards (FPC) due to increasing demand driven by AI innovations and the complexity of chip designs [2]. - The FPC business is primarily focused on consumer electronics, with strong ties to major clients, which is anticipated to enhance pricing and profitability as AI functionalities are implemented [2]. - The company's new energy business is rapidly growing, with a revenue of 3.810 billion yuan in the first half of 2024, reflecting a year-on-year increase of 29.3%, and is becoming a significant growth engine for the company [2]. Financial Summary - The forecast for the company's net profit attributable to shareholders for 2024-2026 is 1.972 billion, 2.984 billion, and 3.517 billion yuan respectively, with corresponding price-to-earnings ratios of 27, 18, and 15 times [3][6]. - The company's gross margin for Q3 2024 was 14.65%, a year-on-year decrease of 0.16 percentage points but an increase of 2.05 percentage points quarter-on-quarter [2]. - The company's operating expenses have shown varied trends, with sales, management, R&D, and financial expense ratios being 1.16%, 2.78%, 3.61%, and 0.37% respectively for the first three quarters of 2024 [2].