东山精密：AI有望带动FPC量价齐升，“A&T”双轮驱动业绩增长

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The growth momentum of FPC (Flexible Printed Circuit) is strong, with the company increasing its supply chain share among A customers. The shift towards lightweight and compact electronic products drives the demand for FPC, making it one of the fastest-growing segments in the PCB industry. The company has rapidly risen to become a key player in the global FPC market through strategic acquisitions and technological innovation [3][11][18] - The recovery of the smartphone market, coupled with the development of AI smartphones, is expected to drive both the volume and price of FPC, contributing to the company's performance growth. Apple's leadership in FPC applications is significant, as the integration of advanced technologies increases the demand for FPC in its products [3][14][21] - The penetration rate of the new energy vehicle market is steadily increasing, and the company is actively expanding into the automotive electronics market. The transition of the automotive industry towards electrification and intelligence is significantly boosting the demand for high-end products like FPC. The company's dual-driven strategy aims to capture opportunities in both consumer electronics and new energy sectors [3][20][23] Summary by Sections FPC Market Development - FPC is a key component in connecting smartphone modules, characterized by its lightweight, thin, and flexible nature, which aligns with the trend towards miniaturization in electronic products. The smartphone market is the largest application for FPC, driving rapid market expansion [11][12] - The global FPC market size is projected to reach $50 billion in 2023, with China's FPC market expected to grow to approximately 139.32 billion yuan [13][24] Automotive Electronics Market Potential - The rapid growth of the new energy vehicle market is supported by the increasing number of charging stations and the adoption of fast-charging technology. The global automotive electronics market is estimated to reach$277 billion in 2023, with a projected compound annual growth rate of 5% from 2023 to 2028 [20][21] - The company is focusing on expanding its presence in the new energy vehicle market, leveraging its dual-driven strategy to enhance its product offerings and customer relationships [23][24] Profit Forecast and Valuation - The company is expected to achieve revenues of 34.53 billion yuan in 2024, with a year-on-year growth of 3%. The net profit forecast for 2024-2026 is 2.01 billion, 3.00 billion, and 3.53 billion yuan, respectively, with corresponding P/E ratios of 18, 12, and 10 [2][26][27]