DSBJ(SZ:002384) Orient Securities·2025-05-26 15:39Investment Rating - The report maintains a "Buy" rating for the company with a target price of 32.97 CNY based on a 21x PE valuation for 2025 [2][6][11]. Core Insights - The company is experiencing rapid growth in its new energy business, with a focus on a dual-driven strategy. In 2024, the new energy segment achieved revenue of 8.65 billion CNY, a year-on-year increase of 36.98%, accounting for 23.52% of total revenue [10]. - The PCB business remains a global leader, benefiting from increased industry demand. The company ranks second globally in FPC revenue and third in PCB revenue, with a projected compound annual growth rate of 4.8% for the global PCB industry from 2025 to 2029 [10]. - The company is advancing its globalization strategy by acquiring 100% of the French GMD Group, aiming to expand its presence in the European automotive sector [10]. Financial Forecast and Investment Recommendations - The company is projected to achieve earnings per share of 1.57 CNY, 2.15 CNY, and 2.71 CNY for the years 2025 to 2027, respectively. The previous estimates were adjusted primarily due to changes in revenue, gross margin, and expense ratios [2][11]. - Revenue forecasts for 2023 to 2027 are as follows: 33.65 billion CNY (2023), 36.77 billion CNY (2024), 42.35 billion CNY (2025), 49.27 billion CNY (2026), and 57.13 billion CNY (2027), with year-on-year growth rates of 7%, 9%, 15%, 16%, and 16% respectively [4][10].