DSBJ(SZ:002384) ZHONGTAI SECURITIES·2025-10-22 10:28Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has shown steady growth in revenue and profit, with a focus on AI and new energy sectors as key growth drivers [7][10] - The company is expected to achieve significant profit growth in the coming years, with projected net profits of 1.96 billion, 5.15 billion, and 6.72 billion for 2025, 2026, and 2027 respectively [10] - The company is strategically acquiring Solstice to enhance its capabilities in the optical communication market, which is expected to support its AI business expansion [8] Summary by Relevant Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 27.07 billion, a year-over-year increase of 2.28%, and a net profit of 1.22 billion, up 14.61% year-over-year [6] - In Q3 2025, revenue was 10.11 billion, with a year-over-year increase of 2.82%, while net profit was 0.465 billion, down 8.19% year-over-year [6] Business Segments - The new energy business generated approximately 7.52 billion in revenue for the first three quarters of 2025, reflecting a year-over-year growth of 22.08%, accounting for 27.78% of total revenue [7] - The company is investing 1 billion USD to expand its high-end PCB production capacity to meet the growing demand in AI and high-performance computing markets [8] Profitability and Valuation - The projected P/E ratios for 2025, 2026, and 2027 are 63.9, 24.3, and 18.6 respectively, indicating a favorable valuation outlook as profits are expected to grow significantly [10] - The company’s gross margin for Q3 2025 was 14.11%, with a net margin of 4.6%, showing slight declines compared to the previous year [6]