DSBJ(SZ:002384) Shanghai Securities·2025-11-07 12:55Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 27.071 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 2.28%. The net profit attributable to the parent company was 1.223 billion yuan, up 14.61% year-on-year [5] - The company is expected to gradually release production capacity in 2026, with revised revenue estimates of 43.55 billion yuan, 50.46 billion yuan, and 59.25 billion yuan for 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 18.4%, 15.9%, and 17.4% [7] - The company has a significant advantage in AI technology, which is expected to drive performance growth, particularly in the AI PCB sector [7] Summary by Sections Basic Information - Latest closing price: 73.04 yuan - 12-month A-share price range: 23.06-82.61 yuan - Total share capital: 1,831.61 million shares - Circulating market value: 101.257 billion yuan [3] Financial Performance - For 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 for the same period was 465 million yuan, down 8.19% year-on-year but up 53.99% quarter-on-quarter [5] - The company’s revenue from the new energy sector reached 7.520 billion yuan in the first three quarters of 2025, marking a year-on-year increase of 22.08% [7] Future Projections - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.37 yuan, 2.17 yuan, and 2.73 yuan, respectively, with corresponding price-to-earnings ratios of 53x, 34x, and 27x [8] - The company is actively expanding its new energy customer base and is progressing with the acquisition of GMD, which is expected to optimize production capacity allocation post-acquisition [7]