【行业研究报告】东山精密-年报预告符合预期，消费电子+新能源支撑长期成长

InvestmentThesis
◼DBSJannouncedtheperformanceforecastfor2022,reflectingthesmooth
growthofordersfortwomajorbusinesses:TheannualnetprofitwasRMB
2.33-2.43bn(+25.1%-30.5%YoY),andnetprofitafterdeductingwas
RMB2.1-2.2bn(+33.0%-39.4%YoY),bothinlinewithmarketexpectations.
RMB2.1-2.2bn(+33.0%-39.4%YoY),bothinlinewithmarketexpectations.
Ontheonehand,therevenueandprofitofthecompany'scoreindustry
electroniccircuitbusinessachievedstablegrowth.Ontheotherhand,thenew
energyanditsautomobilebusinesshasbeensolidlypromoted,theintroduction
ofnewproductsandnewcustomershasbeensmooth,andtherevenueand
profithaveincreasedsignificantly.In22Q4,thenetprofitwasRMB750-850
mn(+13%-28%YoY),reflectingthestabilityofordersfrommajorcustomers
inthepeakseasonofconsumerelectronicsandthecontinuedfulfillmentof
expectationsforthecontinuedexpansionofnewenergybusinesses.
◼Consumerelectronicsbusinessgrowssteadily:Themobilephonebusiness
providesstableincome,andtheAR/VRbusinessopensuproomforfuture
growth.Withthecontinuouslaunchofthecompany'snewproducts,andthe
increasinglyrichandrapiditerationofproductsfrommajorinternational
customers,theASPandmarketshareofthecompany'sFPCproductsare
expectedtocontinuetogrow.Thewearablebusinessisanewincremental
marketforthecompany'sFPCproducts.Inthefuture,thecompanyisexpected
toformacooperativerelationshipwithmajorinternationalcustomersfor
VR/ARproductsbyvirtueofitscomprehensiveadvantages.
◼DBSJfocusesonthedevelopmentofnewenergyvehiclebusiness:DBSJ
formulatedbusinessgoalsinthefieldofnewenergyvehiclesandformedasales
team.Thecompanyhasrichexperienceandproductstructure,obvious
advantagesintechnologyandscale,aninternationalmanagementteam,and
relatedproductshavebeensuppliedtoNorthAmericannewenergyvehicle
customers.Thecompany'sthreebusinesssegmentsareallinvolvedinthenew
energyvehicles.OnDecember31,2022,DBSJannouncedtheacquisitionof
100%equityofSuzhouJingdutoincreasethevehicledisplaybusiness.
◼EarningsForecast&Rating:Wepredictthatthecompany'snetprofitfrom
2022to2024tobeRMB2.38/2.95/3.67bn,correspondingtoPEof
17.8/14.3/11.5X.Wemaintainthe"Buy"rating.
◼Risks:Lower-than-expectednewproductintroduction;lower-than-expected
consumerelectronicsindustrydevelopment;theproductionandsalesofmajor
newenergyvehiclecustomersmissexpectations;thedeteriorationofthe
internationaltradeenvironment.
PriceMovement
MarketData