DSBJ(002384) 长江证券·2025-04-15 13:13Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 36.791 billion yuan for 2024, representing a year-on-year growth of 9.33%. However, the net profit attributable to shareholders decreased by 44.55% to 1.089 billion yuan [2][4]. - For the first quarter of 2025, the company expects a net profit attributable to shareholders in the range of 434 to 463 million yuan, indicating a year-on-year growth of 50% to 60%, with a median estimate of 449 million yuan, which corresponds to a 55% increase [2][4]. - The company anticipates a non-recurring net profit in the range of 392 to 419 million yuan for the first quarter of 2025, also reflecting a year-on-year growth of 50% to 60%, with a median estimate of 406 million yuan, marking a 55% increase [2][4]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 36.791 billion yuan and a net profit of 1.089 billion yuan, with a significant decline in profit attributed to asset impairment losses in the LED business [4][8]. - The projected financials for 2025 include total revenues of 43.413 billion yuan and a net profit of 3.531 billion yuan, indicating a recovery in profitability [13]. Business Strategy - The company is focusing on optimizing its LED business operations and enhancing profitability through strategic adjustments and cost management [8]. - The demand for electronic circuits and precision components is expected to rise due to the growth of AI applications, which will positively impact the company's performance [8]. Market Outlook - The company is positioned to benefit from collaborations in the new energy sector, particularly with Tesla, which is expected to enhance operational efficiency and profitability [8]. - The upcoming year is anticipated to be significant for hardware innovation, particularly with the expected launch of AI-enabled smartphones, which may provide substantial growth opportunities for the company [8].