DSBJ(002384) 东方证券·2024-05-03 02:05Investment Rating - The report maintains a "Buy" rating for the company with a target price of 24.51 CNY [4][9] Core Insights - In 2023, the company achieved revenue of approximately 33.7 billion CNY, a year-on-year increase of about 7%, while net profit attributable to shareholders decreased by 17% to 1.97 billion CNY. In Q1 2024, revenue reached 7.74 billion CNY, up approximately 19%, but net profit fell by 39% to 289 million CNY [1][2] - The PCB business remains globally competitive, with 2023 revenue of around 23.3 billion CNY, also a 7% increase year-on-year, and a gross margin of about 21%. The company ranks second globally in FPC revenue and third in PCB revenue. The demand for high-density, small-pitch, large-capacity, and lightweight PCB products is expected to grow, driven by innovations in smartphones and the rise of AI applications [1][2] - The company's dual-driven strategy is focused on rapid growth in the new energy vehicle (NEV) sector, with NEV revenue soaring by over 168% to approximately 6.36 billion CNY in 2023. In Q1 2024, NEV revenue was about 1.83 billion CNY, a 56% year-on-year increase. The company is well-positioned to support both international clients and domestic new car manufacturers, providing a range of products and comprehensive solutions [1][2] - The company is expanding its global production capacity through acquisitions and investments in overseas bases, including the successful launch of its Mexico facility and the commencement of construction in Thailand, which is expected to be its largest overseas investment, with mass production starting in 2025 [1] Financial Summary - The company forecasts earnings per share (EPS) of 1.29 CNY, 1.69 CNY, and 2.09 CNY for 2024-2026, respectively. The previous forecasts for 2024-2025 were 2.28 CNY and 2.75 CNY, reflecting downward adjustments in revenue and gross margin expectations [2][9] - Key financial metrics include: - Revenue (million CNY): 2022A 31,580, 2023A 33,651, 2024E 38,277, 2025E 43,432, 2026E 48,903 - Net profit (million CNY): 2022A 2,368, 2023A 1,965, 2024E 2,209, 2025E 2,898, 2026E 3,572 - Gross margin (%): 2022A 17.6%, 2023A 15.2%, 2024E 16.3%, 2025E 16.9%, 2026E 17.2% [3][12]