东山精密-公司研究报告-双轮驱动再造东山-230112（36页）.pdf

1、DBSJ(002384.SZ)Equity ResearchCompany ResearchElectronic 1/36 东吴证券（香港）东吴证券（香港）请务必阅读正文之后的免责声明部分请务必阅读正文之后的免责声明部分 Growth in consumer electronics and automotive electronics business is expected to drive DBSJ to double its revenue Buy(Initiation)Forecast&Valuation 2021A 2022E 2023E 2024E Revenue(RMB mn)3

2、1,793 34,565 39,583 46,619 Growth(YoY%)13%9%15%18%Non-GAAP net profit(RMB mn)1,862 2,382 2,951 3,671 Growth(YoY%)22%28%24%24%Diluted EPS(RMB,Non-GAAP)1.09 1.39 1.73 2.15 P/E(X,Non-GAAP)22.22 17.37 14.02 11.27 Investment Thesis The strategic vision of the management of DBSJ helps the company to grow

3、upwards in the long term:DBSJ has successively acquired MFLX and Multek to realize comprehensive coverage of PCB products and services,among which FPC ranks top 3 in the world,and RPCB leads the world.DBSJ is located in Suzhou and shares the fruits of development with Suzhou:DBSJ ranks among the top

4、 listed companies in Suzhou in terms of market value,and is a leader in the electronics industry chain.Suzhou developed rapidly in recent years,focusing on four major industrial clusters,and providing strong support for listed companies.DBSJ is expected to share the fruits of development with Suzhou

5、 and achieve a win-win situation.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 companys new products,and the increasingly rich and rapid iteration of products from

6、 major international customers,the ASP and market share of the companys FPC products are expected to continue to grow.The wearable business is a new incremental market for the companys FPC products.In the future,the company is expected to form a cooperative relationship with major international cust