DSBJ(002384) Soochow Securities·2024-08-22 08:31Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's profitability is under pressure due to foreign exchange impacts and traditional business challenges, but revenue shows steady growth. In H1 2024, total revenue reached 16.6 billion yuan (+22%), while net profit attributable to shareholders was 560 million yuan (down 32% year-on-year) [3] - The PCB business is experiencing growth driven by AI technology, with significant performance improvements in product expansion and market share for key clients [4] - The release of production capacity in the electric vehicle sector is expected to contribute positively to profits, with the company focusing on lightweight components for new energy vehicles [4] - The company has adjusted its net profit forecasts for 2024-2025, now estimating 2.1 billion yuan and 3 billion yuan respectively, while maintaining a positive outlook on the growth of its flexible circuit board business and the demand driven by AI in the consumer electronics supply chain [4] Financial Summary - Total revenue for 2022 was 31.58 billion yuan, with a projected increase to 34.53 billion yuan in 2024, reflecting a year-on-year growth of 2.6% [2] - Net profit attributable to shareholders for 2022 was 2.368 billion yuan, with a forecasted increase to 2.075 billion yuan in 2024, indicating a growth rate of 5.64% [2] - The company's earnings per share (EPS) is projected to be 1.21 yuan in 2024, with a price-to-earnings (P/E) ratio of 17.65 based on the current price [2][10] - The gross profit margin is expected to be around 15.02% in 2024, with a net profit margin of 6.01% [9]