DSBJ(002384)2024-10-31 06:35Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Insights - The company reported a revenue of 26.466 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 17.62%. However, the net profit attributable to shareholders decreased by 19.91% to 1.067 billion yuan [1]. - In Q3 2024, the company achieved a revenue of 9.838 billion yuan, with a year-on-year growth of 11.37% and a quarter-on-quarter growth of 10.74%. The gross margin improved by 2.65 percentage points to 14.65% [1]. - The company's net profit margin increased by 2.12 percentage points to 5.16% in Q3, with a net profit of 507 million yuan, showing a quarter-on-quarter growth of 86.82% [1]. - The AI sector is expected to drive a new growth phase for smartphones, which will benefit the company's FPC (Flexible Printed Circuit) business [1]. - The company's revenue from the new energy sector reached 6.160 billion yuan, accounting for 23.28% of total revenue, with a year-on-year growth of 36.89% [1]. - The company is projected to achieve revenues of 37.826 billion yuan, 43.621 billion yuan, and 51.062 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 12%, 15%, and 17% [1]. Financial Summary - For 2023, the company reported a revenue of 33.651 billion yuan, with a projected revenue of 37.826 billion yuan for 2024, reflecting a growth rate of 12.41% [5]. - The net profit attributable to shareholders is expected to decrease to 1.618 billion yuan in 2024, with a profit growth rate of -17.63% [10]. - The projected EPS for 2024 is 0.95 yuan, with a corresponding PE ratio of 23.50 [5][10].