DSBJ(SZ:002384) Minsheng Securities·2024-04-18 15:00Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for future performance [2][3]. Core Insights - The company achieved a revenue of 33.65 billion yuan in 2023, representing a year-on-year increase of 6.6%, while the net profit attributable to shareholders was 1.96 billion yuan, down 17.1% year-on-year [2][3]. - The company's performance was primarily driven by stable growth in its core businesses, particularly in the automotive and consumer electronics sectors, despite short-term profit impacts from delays in LED and new product projects [2][3]. - The company is expanding its presence in the new energy vehicle sector, with revenue from this segment reaching approximately 6.36 billion yuan, a significant year-on-year increase of 168.39% [2][3]. Financial Performance Summary - In 2023, the company's PCB business generated revenue of 23.26 billion yuan, with a gross margin of 20.8%, showcasing resilience amid a weak consumer electronics market [2][3]. - The precision components segment reported revenue of 4.16 billion yuan, down 8.5% year-on-year, primarily due to a decline in demand for communication precision components [2][3]. - The LED display segment saw revenue of 1.19 billion yuan, a decrease of 29.2% year-on-year, with a gross margin of -26.7%, impacted by reduced market demand and increased competition [2][3]. - The touch panel and LCD module segment achieved revenue of 4.86 billion yuan, up 42.9% year-on-year, with a gross margin of 1.8% [2][3]. Future Earnings Forecast - The projected net profit attributable to shareholders for 2024, 2025, and 2026 is expected to be 2.32 billion yuan, 2.93 billion yuan, and 3.42 billion yuan, respectively, with corresponding price-to-earnings ratios of 10, 8, and 7 times [2][3].