DSBJ(SZ:002384) Changjiang Securities·2025-10-26 09:20Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a revenue of 27.071 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 2.28%. The net profit attributable to shareholders was 1.223 billion yuan, up 14.61% year-on-year, with gross and net profit margins of 13.79% and 4.52%, respectively [2][4]. - In Q3 2025, the company achieved a revenue of 10.115 billion yuan, a year-on-year increase of 2.82% and a quarter-on-quarter increase of 21.10%. The net profit attributable to shareholders was 465 million yuan, down 8.19% year-on-year but up 53.99% quarter-on-quarter, with gross and net profit margins of 14.11% and 4.60%, respectively [2][4]. - The company is focusing on expanding its high-end optical module production following the acquisition of 100% of Solstice Optoelectronics for a consideration of up to 629 million USD, aiming to meet the demand for 1.6T optical modules from top global tech clients [8]. - The company is also investing up to 1 billion USD in high-end printed circuit board (PCB) projects to capture the growing demand from AI server markets, enhancing its product structure and solidifying its leading position in the PCB sector [8]. - The company expects to achieve net profits of 2.399 billion yuan, 5.669 billion yuan, and 6.427 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 50.19, 21.24, and 18.74 [8]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 27.071 billion yuan, with a year-on-year growth of 2.28%. The net profit attributable to shareholders was 1.223 billion yuan, reflecting a year-on-year increase of 14.61% [2][4]. - In Q3 2025, the company reported a revenue of 10.115 billion yuan, a year-on-year increase of 2.82% and a quarter-on-quarter increase of 21.10%. The net profit attributable to shareholders was 465 million yuan, down 8.19% year-on-year but up 53.99% quarter-on-quarter [2][4]. Business Developments - The company is advancing its AI-related business, with significant growth in its soft board main business and increased revenue from hard board operations driven by strong AI demand. The new energy business also saw steady growth, with sales revenue of approximately 7.520 billion yuan for the first three quarters of 2025, a year-on-year increase of about 22.08% [8]. - The acquisition of Solstice Optoelectronics is expected to enhance the company's capabilities in high-end optical modules, while investments in high-end PCB projects aim to capitalize on the surging demand from AI technology [8]. Future Outlook - The company maintains a "Buy" rating, anticipating improvements in operational efficiency and profitability, particularly in its new energy and optical display businesses. The strategic acquisitions and investments are expected to open new growth avenues, potentially leading to rapid revenue growth [8].