DSBJ(002384) 国信证券·2025-05-12 11:20Investment Rating - The investment rating for the company is "Outperform the Market" [5][20]. Core Views - The company's non-PCB business has shown significant profit improvement, with a substantial increase in net profit in Q1 2025, driven by the demand for AI in ICT infrastructure and consumer products [1][2]. - The revenue for 2024 is projected to be CNY 36.77 billion, representing a year-on-year growth of 9.27%, while the net profit is expected to be CNY 1.086 billion, a decrease of 44.74% year-on-year [1][4]. - The company is expected to benefit from the ongoing shift towards high-density and high-precision flexible printed circuits (FPC) due to the upgrade in mobile terminal computing power [2][3]. - The revenue from the new energy business has increased significantly, accounting for 30.57% of total revenue in Q1 2025, with a year-on-year growth of approximately 43.79% [2][3]. Financial Summary - For 2024, the company is expected to achieve a revenue of CNY 36.77 billion, with a net profit of CNY 1.086 billion, and a gross margin of 14.02% [1][4]. - The projected net profit for 2025-2027 is CNY 2.645 billion, CNY 3.360 billion, and CNY 4.090 billion, reflecting year-on-year growth rates of 143.7%, 27.0%, and 21.7% respectively [3][4]. - The company's earnings per share (EPS) for 2025 is estimated at CNY 1.55, with a price-to-earnings (P/E) ratio of 17x [3][4].