DSBJ(SZ:002384) Changjiang Securities·2025-04-27 09:46Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company reported a revenue of 36.77 billion yuan in 2024, representing a year-on-year growth of 9.27%. However, the net profit attributable to shareholders decreased by 44.74% to 1.086 billion yuan, primarily due to operational optimization in the LED business, which resulted in asset disposal losses of 164 million yuan and asset impairment losses of 595 million yuan. Excluding these factors, the net profit decline was approximately 5% year-on-year [2][7]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 36.77 billion yuan, with a year-on-year increase of 9.27%. The net profit attributable to shareholders was 1.086 billion yuan, down 44.74% year-on-year. The significant decline in performance was attributed to the optimization of the LED business, leading to asset disposal losses of 164 million yuan and asset impairment losses of 595 million yuan. Adjusting for these factors, the net profit decline was around 5% [2][7]. Business Segments - The company's business segments showed stable performance: - Electronic circuit products generated revenue of 24.801 billion yuan, up 6.62% year-on-year, accounting for 67.45% of total revenue, with a gross margin of 18.34%, down 2.45 percentage points. - Touch panel and LCD module revenue reached 6.370 billion yuan, a 31.02% increase year-on-year, representing 17.32% of total revenue, with a gross margin of 3.32%, up 1.55 percentage points. - Precision component products generated 4.540 billion yuan in revenue, a 9.08% increase year-on-year, accounting for 12.35% of total revenue, with a gross margin of 14.30%, up 3.59 percentage points. - LED display products saw revenue decline to 768 million yuan, down 35.48% year-on-year, with a gross margin of -40.94%, down 14.27 percentage points due to lower industry demand and increased competition. - The new energy business achieved revenue of 8.65 billion yuan, a 36.98% increase year-on-year, accounting for 23.52% of total revenue [15]. Future Outlook - The growth in demand for flexible printed circuits (FPC) is driven by the trends in AI and automotive intelligence. The rapid development of AI technology is expected to increase the demand for FPC in smartphones and automotive electronics. The company is expected to strengthen its collaboration with Tesla in the new energy sector, enhancing operational efficiency and profit margins. The company forecasts net profits of 3.535 billion yuan, 4.610 billion yuan, and 5.628 billion yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 12.20, 9.35, and 7.66 [15].