Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue growth in the third quarter met expectations, with significant growth in the new energy sector [1] - The company achieved a total revenue of 26.466 billion yuan in the first three quarters of 2024, a year-on-year increase of 17.62%, while the net profit attributable to shareholders decreased by 19.91% to 1.067 billion yuan [1] - The third quarter saw stable revenue growth of 11.37%, reaching 9.838 billion yuan, driven by recovering industry demand and strong performance in flexible circuit boards [1] - Despite internal cost reform effects not being fully realized, the company expects improvement in the revenue-to-profit situation [1] - The new energy business achieved sales revenue of approximately 6.160 billion yuan, a year-on-year increase of about 36.89% [1] Financial Summary - The company’s revenue forecast for 2024 is 38.088 billion yuan, with a growth rate of 13.18% [2] - The net profit forecast for 2024 is 1.827 billion yuan, reflecting a decrease of 7.01% [2] - The company’s earnings per share (EPS) for 2024 is projected to be 1.07 yuan, with a price-to-earnings (P/E) ratio of 26.8 times [2] - The return on equity (ROE) is expected to be 9.11% in 2024 [2] Comparable Company Valuation - The company’s current price is 31.48 yuan, with a P/E ratio of 20.7 for 2022, 24.9 for 2023, and projected at 26.8 for 2024 [3] - Compared to similar companies, the valuation levels are consistent with industry averages, maintaining a "Buy" rating [1][3] Financial Ratios - The company’s gross margin is projected to be 15.32% in 2024, with a net margin of 4.80% [5] - The debt-to-asset ratio is expected to decrease from 59.52% in 2022 to 51.73% in 2026, indicating improved financial stability [5] - The current ratio is projected to improve from 1.23 in 2022 to 1.59 in 2026, reflecting better liquidity [5]

Group 1: Company Performance and Strategy - The company reported a revenue increase but a decrease in profit due to factors such as new base production capacity being in the ramp-up phase, one-time costs from internal base integration, and losses in the LED business [4] - The company is focusing on a dual-driven strategy of "Consumer Electronics + New Energy" as its core business [3] - The company aims to enhance internal management, optimize product structure, and improve capacity utilization to achieve long-term stable development and maximize shareholder value [3] Group 2: Market Position and Product Development - The company is a major player in the touch display module manufacturing sector, with a diverse product line including touch products, LCD modules, and automotive display modules [2] - The company has established a strong competitive position in the consumer electronics and automotive display fields, leveraging years of industry experience and technological accumulation [2] - The company is actively expanding its new energy business, with products including structural components, battery trays, and water-cooling plates, while maintaining confidentiality regarding specific client information [3] Group 3: Research and Development - The company emphasizes research and development, with significant investments aimed at enhancing market position and core competitiveness [2] - The company is committed to continuous innovation and product upgrades, focusing on new technologies and applications [2] Group 4: External Factors and Challenges - The company is monitoring the impact of external factors such as tariffs and sanctions on the PCB industry, particularly in relation to the U.S. market [2] - The company acknowledges the challenges posed by currency fluctuations affecting financial expenses [4]

Investment Rating - The investment rating for the company is "Outperform the Market" [3][8]. Core Views - The company's revenue for the first three quarters of 2024 reached 26.466 billion yuan, a year-on-year increase of 17.62%, while the net profit attributable to shareholders was 1.067 billion yuan, a year-on-year decrease of 19.91% [1]. - The company's new energy business revenue for the first three quarters of 2024 was 6.160 billion yuan, representing a year-on-year increase of 36.89%, accounting for 25% of total revenue [1]. - The company is expected to benefit from the AI innovation opportunities and maintain its advantages in high-end flexible printed circuits (FPC) and high-frequency, high-speed, high-density circuit boards [1]. Financial Performance Summary - For Q3 2024, the company achieved revenue of 9.838 billion yuan, a year-on-year increase of 11.37% and a quarter-on-quarter increase of 10.74% [1]. - The gross profit margin for Q3 2024 was 14.65%, a year-on-year decrease of 0.16 percentage points, but a quarter-on-quarter increase of 2.05 percentage points [1]. - The net profit margin for Q3 2024 was 5.16%, a year-on-year decrease of 0.59 percentage points, but a quarter-on-quarter increase of 2.12 percentage points [1]. Profit Forecast and Financial Indicators - The company has adjusted its profit forecast for 2024-2026, expecting net profits of 1.93 billion, 2.57 billion, and 3.19 billion yuan respectively, with year-on-year growth rates of -2.0%, 33.5%, and 23.8% [1][2]. - The current stock price corresponds to price-to-earnings ratios (PE) of 28, 21, and 17 times for 2024, 2025, and 2026 respectively [1][2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5][8]. Core Views - The company's Q3 2024 revenue showed a moderate recovery with a year-on-year increase of 11.37%, reaching 9.84 billion yuan, while the net profit attributable to shareholders was 507 million yuan, a slight decrease of 0.27% year-on-year [6][8]. - The company is positioned as the second largest in FPC and the third largest in PCB globally, with significant growth in its business related to Apple and Tesla [7][8]. - The company has been expanding its new energy vehicle (NEV) business, with revenues of 2.37 billion yuan, 6.36 billion yuan, and 3.81 billion yuan in 2022, 2023, and the first half of 2024, respectively [7][8]. - The financial strategy has led to a noticeable decrease in financial expense ratios, from 2.95% in 2019 to 0.56% in 2023, contributing to improved profitability [8]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 26.47 billion yuan, a year-on-year increase of 17.62%, while the net profit attributable to shareholders was 1.07 billion yuan, down 19.91% year-on-year [5][9]. - The gross margin for Q3 2024 was 14.65%, showing a slight decrease of 0.16 percentage points year-on-year, while the net profit margin was 5.16%, down 0.59 percentage points year-on-year [6][9]. Business Segments - The company has a diversified product portfolio, focusing on precision components, electronic circuit boards, and optoelectronic displays, with a strategic emphasis on the NEV sector [7][8]. - The LED business has been underperforming, with significant losses, but there are expectations for recovery in the future [8]. Valuation and Forecast - The profit forecast for 2024-2026 has been adjusted downwards due to losses in the LED business and fluctuations in the USD exchange rate, with net profit estimates revised to 1.9 billion yuan, 2.4 billion yuan, and 2.9 billion yuan for 2024, 2025, and 2026, respectively [8][9]. - The company is trading at a PE ratio of 28 for 2024, which is lower than the average PE of 35 for comparable companies, indicating potential upside [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1]. Core Views - The company's Q3 2024 performance met expectations, driven by the dual engines of PCB and automotive sectors. The revenue for Q1 to Q3 2024 reached 26.466 billion yuan, a year-on-year increase of 17.62%. However, the net profit attributable to the parent company was 1.067 billion yuan, down 19.91% year-on-year [4]. - The company is optimistic about the long-term development, anticipating growth in mobile soft board business and potential recovery in LED operations, alongside gradual ramp-up in automotive electronics production [4]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 9.838 billion yuan, a year-on-year increase of 11.37% and a quarter-on-quarter increase of 10.74%. The net profit attributable to the parent company was 507 million yuan, down 0.27% year-on-year but up 86.82% quarter-on-quarter [4]. - The gross profit margin for Q3 2024 was 14.65%, a decrease of 0.16 percentage points year-on-year [4]. - The company's revenue from the new energy business for the first nine months of 2024 was approximately 6.160 billion yuan, reflecting a year-on-year growth of 36.89% [4]. Financial Forecast Summary - The company has adjusted its profit forecasts for 2024, 2025, and 2026, estimating net profits of 1.79 billion yuan, 2.76 billion yuan, and 3.31 billion yuan respectively [4]. - The current stock price corresponds to a price-to-earnings (P/E) ratio of 30.1 for 2024, 19.5 for 2025, and 16.3 for 2026 [4]. - The projected revenue growth rates for the upcoming years are 12.2% for 2024, 16.0% for 2025, and 18.3% for 2026 [6]. Strategic Insights - The company is committed to a dual-engine strategy, focusing on both consumer electronics and new energy sectors. It aims to enhance its competitive edge in PCB products across AI servers, cloud computing, and automotive applications [6]. - In the new energy sector, the company is collaborating with major clients to provide essential components, thereby establishing a second growth engine [6].

Investment Rating - The report maintains a "Recommended" rating for the company, considering the upcoming innovations in AI and the overall market conditions [2][4]. Core Insights - The company's revenue for the first three quarters of 2024 reached 26.466 billion yuan, a year-on-year increase of 17.62%, while the net profit attributable to shareholders was 1.067 billion yuan, a decrease of 19.91% [2]. - The third quarter alone saw a revenue of 9.838 billion yuan, up 11.37% year-on-year and 10.74% quarter-on-quarter, with a net profit of 507 million yuan, showing a slight decline of 0.27% year-on-year but a significant increase of 87.08% quarter-on-quarter [2]. - The company is expected to benefit from the growth in flexible printed circuit boards (FPC) due to increasing demand driven by AI innovations and the complexity of chip designs [2]. - The FPC business is primarily focused on consumer electronics, with strong ties to major clients, which is anticipated to enhance pricing and profitability as AI functionalities are implemented [2]. - The company's new energy business is rapidly growing, with a revenue of 3.810 billion yuan in the first half of 2024, reflecting a year-on-year increase of 29.3%, and is becoming a significant growth engine for the company [2]. Financial Summary - The forecast for the company's net profit attributable to shareholders for 2024-2026 is 1.972 billion, 2.984 billion, and 3.517 billion yuan respectively, with corresponding price-to-earnings ratios of 27, 18, and 15 times [3][6]. - The company's gross margin for Q3 2024 was 14.65%, a year-on-year decrease of 0.16 percentage points but an increase of 2.05 percentage points quarter-on-quarter [2]. - The company's operating expenses have shown varied trends, with sales, management, R&D, and financial expense ratios being 1.16%, 2.78%, 3.61%, and 0.37% respectively for the first three quarters of 2024 [2].

证券时报网讯，Wind统计显示，10月31日有1869只个股获融资净买入，净买入金额在5000万元以上的 有115股。 其中，16股获融资净买入额超2亿元。 东方财富获融资净买入额居首，净买入9.18亿元；融资净买入金额居前的还有东山精密、中信证券、江 淮汽车、同花顺、京东方A、浪潮信息、爱施德、中国船舶，净买入额分别为5.97亿元、4.26亿元、4.25 亿元、3.11亿元、2.92亿元、2.86亿元、2.67亿元、2.67亿元。 校对：祝甜婷 ...

那么生意结构来看主要得益于我们软板触控显示和经济制造的一个增长那么软板主要得益于客户非手机业务的恢复增长和软板竞争格局进一步集中那么触控显示得益于我们下游的手机和笔电的需求处理力复苏 那么经济制造就得益于我们整个新能源业务的增长不仅仅是我们北美客户的新增量号还有就是我们国内的新势力的客户业务的放量那么前三季度实现归属于上市公司股东的净润是10.7亿同比减少的是19.91而归属于上市公司股东扣非的净润是10.08亿 只下滑了2.72%那么前三季度整体增收减异那么主要的原因是第一个就是汇率对于毛利率还是有一定的影响但是整个综合的毛利率只下滑了0.3个百分点至13.7%所以毛利率对于纪律论的影响还是有限的主要是我们的期间费用增加比较多那么主要是第一个就是今年我们的基地整合和人员的裁减导致我们管理费用有一定增加 预计全年会在有两个亿左右那么第二个就是我们新建基地包括新项目的投放导致今年前三季度的研发投入同比增加了两个亿比如说像我们新项目摩托管包括S载管它整个推进是一直低于预期的导致它的投入转化是比较低的所以前期这些都是体现在费用端那么第三个就是我们财务费用同比也增加了大概5000万左右 那么第二块就是我们非经常性的损 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - Despite short-term impacts from exchange rate fluctuations and price reductions in older products, the launch of new models is expected to gradually enhance performance [2] - The smartphone market recovery, coupled with the development of AI phones, is anticipated to drive both volume and price increases for Flexible Printed Circuits (FPC) [3] - The release of production capacity in the electric vehicle sector is likely to become a new profit growth driver for the company [4] - The company is projected to experience significant growth in its PCB business driven by major clients, with adjusted net profit forecasts for 2024 and 2025 being lowered due to short-term challenges [4] Financial Performance Summary - In the first three quarters, the company achieved revenue of 26.47 billion yuan, a year-on-year increase of 18%, and a net profit attributable to shareholders of 1.07 billion yuan, up 20% year-on-year [2] - For Q3 alone, revenue reached 9.84 billion yuan, reflecting an 11% year-on-year increase and an 11% quarter-on-quarter increase, while net profit was 510 million yuan, down 0.3% year-on-year but up 87% quarter-on-quarter [2] - The company's revenue forecast for 2024 is set at 34.53 billion yuan, with a projected net profit of 1.73 billion yuan [1][4] Market Position and Future Outlook - The company has become a key supplier of system boards for major North American clients, which is expected to enhance its revenue per unit as new materials are introduced [3] - The electric vehicle business is projected to generate revenue of 6.4 billion yuan in 2023, a year-on-year increase of 168%, with further growth anticipated as the penetration rate of electric vehicles accelerates [4] - The report anticipates that the company's net profit will reach 3.5 billion yuan by 2026, supported by growth in soft board business and demand from AI in the consumer electronics supply chain [4]

Investment Rating - The report maintains a "Buy-A" rating for the company Dongshan Precision (002384.SZ) [1][3] Core Views - The company benefits from steady growth in consumer electronics driven by AI and accelerated advancements in the new energy sector [1] - The third-quarter revenue showed a slight year-on-year increase, with a notable growth in the FPC (Flexible Printed Circuit) business due to new product launches from major clients [3] - The new energy business reported approximately 6.16 billion in revenue for the first three quarters, reflecting a year-on-year growth of about 36.89% [3] Financial Performance - For the first three quarters of 2024, the company reported revenue of 26.466 billion, a year-on-year increase of 17.62%, while the net profit attributable to the parent company was 1.067 billion, down 19.91% year-on-year [1] - In Q3 2024, revenue reached 9.838 billion, up 11.37% year-on-year and 10.74% quarter-on-quarter, with a net profit of 507 million, showing a slight decrease of 0.27% year-on-year but a significant increase of 86.82% quarter-on-quarter [1] - The projected revenues for 2024-2026 are 36.621 billion, 43.347 billion, and 51.977 billion respectively, with net profits expected to be 1.792 billion, 2.782 billion, and 3.766 billion [3] Market Data - As of October 30, 2024, the closing price of the stock was 28.70 yuan, with a market capitalization of 48.96 billion [2] - The company has a diluted earnings per share (EPS) of 0.62 yuan and a net asset return rate (ROE) of 5.66% [2] Business Segments - The FPC business is expected to maintain high growth due to the increasing adoption of AI features in smartphones, with 2025 anticipated to be a pivotal year for AI integration in mobile devices [3] - The new energy segment is diversifying its product applications in electric vehicles, with expectations for continued revenue growth driven by new product introductions and client production recovery [3]