持续深化业务布局，产品全面受益AI浪潮

Investment Rating - The report assigns a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index over the next 6 to 12 months [5]. Core Insights - The company is expected to benefit from the ongoing AI wave, with a continuous deepening of its business layout, leading to growth in various product lines [2][3]. - The company maintained its position as the global leader in smartphone and tablet shipments, with steady growth in laptop market share and significant revenue from data services [2][3]. - The report highlights the company's strong performance in ODM (Original Design Manufacturer) for smartphones and laptops, with a projected increase in market penetration driven by AI [2][3]. Financial Summary - Revenue Forecast: - 2022: 92,646 million - 2023: 85,338 million (down 8% YoY) - 2024E: 98,139 million (up 15% YoY) - 2025E: 118,454 million (up 20.7% YoY) - 2026E: 144,277 million (up 21.8% YoY) [3][4] - Net Profit Forecast: - 2022: 2,564 million - 2023: 2,707 million (up 6% YoY) - 2024E: 3,092 million (up 14.2% YoY) - 2025E: 3,659 million (up 18.3% YoY) - 2026E: 4,445 million (up 21.5% YoY) [3][4] - Earnings Per Share (EPS): - 2024E: 3.73 - 2025E: 4.26 - 2026E: 5.04 [3][4] - Return on Equity (ROE): - 2023: 13% - 2024E: 13% - 2025E: 14% - 2026E: 14% [3][4] - Price-to-Earnings (P/E) Ratio: - 2024E: 19.6 - 2025E: 18.6 - 2026E: 16.3 [3][4] - Price-to-Book (P/B) Ratio: - 2024E: 4.1 - 2025E: 2.4 - 2026E: 2.1 [3][4] Business Developments - The company has successfully penetrated the Japanese market and several leading domestic automotive enterprises, maintaining its leadership in the global smartphone and tablet markets [2][3]. - The report notes that the company is positioned to benefit from the AI PC trend, with expectations of significant growth in ODM shipments for laptops and smartphones [2][3]. - The company is also recognized as a leading player in the server manufacturing sector, with strong demand from domestic internet giants [2][3].