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DBSJ announced the performance forecast for 2022, reflecting the smooth growth of orders for two major businesses: The annual net profit was RMB 2.33-2.43 bn (+25.1%-30.5% YoY), and net profit after deducting was RMB2.1-2.2 bn (+33.0%-39.4% YoY), both in line with market expectations. On the one hand, the revenue and profit of the company"s core industry electronic circuit business achieved stable growth. On the other hand, the new energy and its automobile business has been solidly promoted, the introduction of new products and new customers has been smooth, and the revenue and profit have increased significantly. In 22Q4, the net profit was RMB750-850 mn (+13%-28% YoY), reflecting the stability of orders from major customers in the peak season of consumer electronics and the continued fulfillment of expectations for the continued expansion of new energy businesses.
Consumer electronics business grows steadily: The mobile phone business provides stable income, and the AR/VR business opens up room for future growth. With the continuous launch of the company"s new products, and the increasingly rich and rapid iteration of products from major international customers, the ASP and market share of the company"s FPC products are expected to continue to grow. The wearable business is a new incremental market for the company"s FPC products. In the future, the company is expected to form a cooperative relationship with major international customers for VR/AR products by virtue of its comprehensive advantages.
DBSJ focuses on the development of new energy vehicle business: DBSJ formulated business goals in the field of new energy vehicles and formed a sales team. The company has rich experience and product structure, obvious advantages in technology and scale, an international management team, and related products have been supplied to North American new energy vehicle customers. The company"s three business segments are all involved in the new energy vehicles. On December 31, 2022, DBSJ announced the acquisition of 100% equity of Suzhou Jingdu to increase the vehicle display business.
Earnings Forecast & Rating: We predict that the company"s net profit from 2022 to 2024 to be RMB2.38/2.95/3.67 bn, corresponding to PE of 17.8/14.3/11.5 X. We maintain the "Buy" rating.
Risks: Lower-than-expected new product introduction; lower-than-expected consumer electronics industry development; the production and sales of major new energy vehicle customers miss expectations; the deterioration of the international trade environment.
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【免责声明】本文仅代表第三方观点，不代表和讯网立场。投资者据此操作，风险请自担。

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