20230425-开源证券-东山精密-002384.SZ-公司信息更新报告_2023Q1光电板块拖累_PCB及精密制造稳健增长_4页_800kb

East Mountain Precision (002384, SZ) maintains a "Buy" rating from Xikang Securities, despite a 11% YoY revenue decline to CNY 6.51 billion in Q1 2023 and a 7% YoY drop in non-GAAP operating profit. However, net profit margin increased due to a restructuring deal with Jin Deng Display, resulting in gains from negative goodwill (CNY 1.6 billion) reducing the tax impact. Core PCB and manufacturing segments remain strong, with higher gross margins (14.8%, +7pp YoY) supported by strategic shifts to high-end enterprise markets. The company's strategic PCB expansion into the electric vehicle sector via new manufacturing bases could drive future growth, following successful integration of the Multek acquisition. Risks include persistently weak LED/gadget demand, heightened competition in aluminum busbar production, and currency fluctuations. Target PE ratios decline from 175x to 89x over the forecast period (2023-2025), reflecting confidence in the company’s resilience and growth prospects in the age of 5G and renewable energy.