DSBJ(002384) 上海证券·2025-02-17 05:08Investment Rating - The report assigns a "Buy" rating for the company for the first time [1]. Core Insights - The company has diversified into three major sectors: electronic circuits, optoelectronic displays, and precision manufacturing, establishing itself as the second-largest flexible circuit board manufacturer and the third-largest printed circuit board manufacturer globally. It is actively expanding into the new energy vehicle sector, leveraging its technological advantages in consumer electronics and communication equipment [1][5][18]. - In 2023, the company achieved a record revenue of 33.651 billion yuan, a year-on-year increase of 6.56%. For the first three quarters of 2024, revenue reached 26.466 billion yuan, reflecting a year-on-year growth of 17.62% [1][29]. Summary by Sections Company Overview - The company has a stable family-controlled ownership structure, with the Yuan family holding a combined 28.34% of shares. The company has evolved from a small metal stamping factory in the 1980s to a leading global PCB supplier [19][18]. - The company operates three main business segments: electronic circuits, optoelectronic displays, and precision manufacturing, serving various industries including automotive, telecommunications, and medical [22][25]. Consumer Electronics - The flexible printed circuit (FPC) market is experiencing strong demand, particularly in consumer electronics, driven by advancements in AI technology. The company has established a significant presence in the North American market through its acquisition of MFLX, enhancing its supply chain capabilities [5][42][50]. - The FPC market is projected to grow significantly, with a stable market share of 18%-20% within the global PCB market. The company is well-positioned to benefit from this growth due to its technological advancements and strategic acquisitions [44][45]. Automotive Electronics - The new energy vehicle market is rapidly expanding, with increasing consumer demand and product offerings. The company has made strategic acquisitions, such as Multek, to enhance its global manufacturing capabilities and service offerings in this sector [6][29][37]. - The company has established production bases in Mexico and the United States to serve North American electric vehicle clients, maintaining strong relationships with major customers [6][29]. Financial Projections - The company is expected to achieve net profits of 1.853 billion yuan in 2024, 2.797 billion yuan in 2025, and 3.293 billion yuan in 2026, with corresponding earnings per share (EPS) of 1.09 yuan, 1.64 yuan, and 1.93 yuan respectively. The current stock price reflects a valuation of 32 times, 21 times, and 18 times earnings for these years [7][9].