DSBJ(SZ:002384) CHINA DRAGON SECURITIES·2024-04-24 05:32Investment Rating - The investment rating for the company is "Buy" with initial coverage [4]. Core Views - The company is benefiting from a dual-driven strategy focusing on consumer electronics and new energy, with expectations of industry demand recovery [3][4]. - In 2023, the company reported a revenue of 33.65 billion yuan, a year-on-year increase of 6.56%, despite challenges in the optical display sector [4]. - The new energy business saw significant growth, with revenue reaching 6.36 billion yuan, a year-on-year increase of 168.39% [3][4]. Financial Performance Summary - The company achieved a net profit of 1.97 billion yuan in 2023, a decrease of 17.05% compared to the previous year [4]. - Quarterly revenue for 2023 was as follows: 6.51 billion yuan in Q1, 7.16 billion yuan in Q2, 8.83 billion yuan in Q3, and 11.15 billion yuan in Q4 [4]. - Operating cash flow for the year was 5.17 billion yuan, an increase of 11.72% year-on-year [4]. Revenue and Profit Forecast - Revenue projections for 2024-2026 are as follows: 37.71 billion yuan in 2024, 42.35 billion yuan in 2025, and 46.56 billion yuan in 2026, with corresponding net profits of 2.38 billion yuan, 2.82 billion yuan, and 3.16 billion yuan respectively [6][4]. - The expected growth rates for revenue are 12.1% in 2024, 12.3% in 2025, and 9.9% in 2026 [6]. Market Data - As of April 19, 2024, the company's stock price was 14.20 yuan, with a market capitalization of approximately 24.28 billion yuan [4]. - The stock has a 52-week price range of 11.01 to 29.34 yuan [4].