DSBJ(SZ:002384) GF SECURITIES·2024-05-07 05:02Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 26.27 CNY per share, indicating an expected upside from the current price of 16.05 CNY [1][2]. Core Views - The company reported a revenue of 33.65 billion CNY for 2023, representing a year-on-year growth of 17.05%. However, the net profit attributable to shareholders decreased by 9% to 1.97 billion CNY [1][2]. - The LED and touch control businesses faced pressure, while the consumer electronics and automotive electronics sectors showed stable performance. The company’s new energy business experienced rapid growth, with a revenue increase of 168.39% in 2023 [1][2]. - The company has been actively repurchasing shares, with a total of 1.59 million shares repurchased by mid-April 2024, reflecting management's confidence in future growth [1][2]. Financial Summary - The company’s revenue is projected to grow from 37.87 billion CNY in 2024 to 49.46 billion CNY by 2026, with an annual growth rate of approximately 14.8% [2][3]. - The net profit is expected to recover from 2.23 billion CNY in 2024 to 3.15 billion CNY by 2026, indicating a positive growth trajectory [2][3]. - The earnings per share (EPS) forecast for 2024 is 1.30 CNY, increasing to 1.84 CNY by 2026, with a corresponding price-to-earnings (P/E) ratio decreasing from 12.31 to 8.71 over the same period [2][3].