DSBJ(002384) CMS·2025-06-16 00:37Investment Rating - The report maintains a "Strong Buy" investment rating for the company [6]. Core Views - The company plans to acquire 100% of Sorsy Optoelectronics for a maximum consideration of $629 million, expanding its strategic footprint into the optical module sector [1]. - Sorsy Optoelectronics is a leading global manufacturer in the optical module market, with a revenue of approximately 3 billion yuan and a net profit of 400 million yuan in 2024 [1]. - The acquisition is expected to enhance the company's strategic layout in the optical module field, achieving industrial synergy and diversified business development [1]. - The company anticipates significant growth in demand for optical communication modules driven by advancements in AI computing and the continuous upgrade of high-speed switches [1]. - The report forecasts revenue growth for the company, projecting revenues of 40.45 billion, 45.30 billion, and 49.83 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 2.50 billion, 3.60 billion, and 4.38 billion yuan [6]. Financial Data Summary - The company has a total market capitalization of 53.7 billion yuan and a circulating market value of 43.6 billion yuan [2]. - The total share capital is 1,706 million shares, with 1,386 million shares listed for circulation [2]. - The company reported a return on equity (ROE) of 6.5% and an asset-liability ratio of 58.3% [2]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.46, 2.11, and 2.57 yuan respectively, with corresponding price-to-earnings (PE) ratios of 21.5, 14.9, and 12.2 [6].