DSBJ(002384) 开源证券·2024-11-01 14:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1]. Core Views - The company's Q3 2024 performance met expectations, driven by the dual engines of PCB and automotive sectors. The revenue for Q1 to Q3 2024 reached 26.466 billion yuan, a year-on-year increase of 17.62%. However, the net profit attributable to the parent company was 1.067 billion yuan, down 19.91% year-on-year [4]. - The company is optimistic about the long-term development, anticipating growth in mobile soft board business and potential recovery in LED operations, alongside gradual ramp-up in automotive electronics production [4]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 9.838 billion yuan, a year-on-year increase of 11.37% and a quarter-on-quarter increase of 10.74%. The net profit attributable to the parent company was 507 million yuan, down 0.27% year-on-year but up 86.82% quarter-on-quarter [4]. - The gross profit margin for Q3 2024 was 14.65%, a decrease of 0.16 percentage points year-on-year [4]. - The company's revenue from the new energy business for the first nine months of 2024 was approximately 6.160 billion yuan, reflecting a year-on-year growth of 36.89% [4]. Financial Forecast Summary - The company has adjusted its profit forecasts for 2024, 2025, and 2026, estimating net profits of 1.79 billion yuan, 2.76 billion yuan, and 3.31 billion yuan respectively [4]. - The current stock price corresponds to a price-to-earnings (P/E) ratio of 30.1 for 2024, 19.5 for 2025, and 16.3 for 2026 [4]. - The projected revenue growth rates for the upcoming years are 12.2% for 2024, 16.0% for 2025, and 18.3% for 2026 [6]. Strategic Insights - The company is committed to a dual-engine strategy, focusing on both consumer electronics and new energy sectors. It aims to enhance its competitive edge in PCB products across AI servers, cloud computing, and automotive applications [6]. - In the new energy sector, the company is collaborating with major clients to provide essential components, thereby establishing a second growth engine [6].