DSBJ(002384) Guoxin Securities·2024-11-05 12:18Investment 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].