DSBJ(002384) Shanxi Securities·2024-10-31 14:44Investment 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]