Investment Rating - The report upgrades the investment rating of the company to "Buy" due to its potential growth in new fields and undervaluation compared to the industry average [6] Core Views - The company has been the world's largest PCB manufacturer for seven consecutive years (2017-2023) according to Prismark [5] - The company is actively expanding into new areas such as automotive, AI servers, and low-orbit satellite communications [5] - Despite a 11 45% YoY decline in 2023 revenue to 32 066 billion yuan, the company shows strong growth potential in emerging sectors [5][6] Financial Performance - 2023 revenue: 32 066 billion yuan, down 11 45% YoY [5] - 2023 net profit attributable to parent company: 3 287 billion yuan [5] - 2024E/2025E/2026E net profit forecasts adjusted to 3 695/4 046/4 362 billion yuan respectively [6] - 2024 PE ratio: 15X, below industry average of 21X, indicating 40% upside potential [6] Business Segments - Communication boards: 23 513 billion yuan in 2023, relatively stable [5] - Consumer electronics and computer boards: 7 975 billion yuan in 2023, significant decline [5] - Automotive and server products: 539 million yuan in 2023, up 71 45% YoY [5] New Business Developments - Automotive PCB: Completed 150k sq ft battery board project in 2022, started mass production of radar computing boards in H1 2023, and laser radar/high-frequency antenna boards in Q4 2023 [5] - AI servers: Upgraded main product layers from 10-12L to 16-20L in 2023, entered global server customer supply chain, won AMD's "Partner Excellence Award" in Jan 2024 [5] - 6G communications: Entered low-orbit satellite, millimeter wave antenna, base station antenna, and GPS radar fields [5] Capacity Expansion - Soft board: Completed Huai'an flexible multilayer PCB expansion project [6] - Hard board: Huai'an new park project to enhance high-end HDI and SLP competitiveness [6] - Overseas: Kaohsiung park project topped out in Jan 2023, Thailand phase 1 project with $250 million investment to start production in H2 2025 [6] - Smart manufacturing: Built seven smart factories since 2017, with 40% increase in per capita output from 2017 to 2023 [6]

电子/元件 公 司 研 鹏鼎控股（002938.SZ） 2023 年业绩短期承压，汽车和 AI 产品注入新动力 究 2024年03月31日 ——公司信息更新报告 投资评级：买入（维持） 罗通（分析师） 董邦宜（联系人） luotong@kysec.cn dongbangyi@kysec.cn 证 书编号：S0790522070002 证书编号：S0790123100019 日期 2024/3/29 当前股价(元) 23.20  2023Q4业绩增速提振，行业有望步入复苏周期，维持“买入”评级 公 一年最高最低(元) 33.50/15.92 公司2023年全年实现营收320.66亿元，同比-11.45%；归母净利润32.87亿元， 司 信 总市值(亿元) 538.34 同比-34.41%；扣非净利润 31.70 亿元，同比-35.09%；毛利率 21.34%，同比 息 流通市值(亿元) 537.11 -2.66pcts。2023Q4 单季度实现营收 116.10 亿元，同比+1.67%，环比+30.15%； 更 总股本(亿股) 23.20 归母净利润14.43亿元，同比-17.43%，环比+39.73%；扣非 ...

Financial Performance - The company's operating revenue for 2023 was ¥32,066,047,781.90, a decrease of 11.45% compared to ¥36,210,971,441.99 in 2022[6]. - Net profit attributable to shareholders was ¥3,286,953,204.23, down 34.41% from ¥5,011,536,639.03 in the previous year[6]. - The cash flow from operating activities was ¥7,968,561,814.22, reflecting a decline of 27.27% from ¥10,956,763,951.29 in 2022[6]. - Basic earnings per share decreased by 34.26% to ¥1.42 from ¥2.16 in 2022[6]. - The company reported a total of ¥116,851,302.85 in non-recurring gains for 2023, compared to ¥127,458,754.13 in 2022[26]. - The company's total revenue for 2023 was approximately ¥32.07 billion, a decrease of 11.45% compared to ¥36.21 billion in 2022[70]. - Revenue from communication boards reached CNY 23.513 billion, while revenue from consumer electronics and computer boards was CNY 7.975 billion[59]. - The automotive and server product lines generated revenue of CNY 539 million, representing a year-on-year growth of 71.45%[60]. Risk Factors and Management - The company has confirmed that there are no significant risk factors affecting its production, operational, financial status, or sustainable profitability[3]. - The company has outlined potential risk factors and corresponding strategies in its annual report, emphasizing the importance of investor awareness regarding these risks[3]. - The company is exposed to foreign exchange risks due to significant USD-denominated assets and liabilities, necessitating the use of financial hedging products[142]. - The company is actively managing risks related to raw material shortages and price increases, which could affect profit margins[144]. - The company faces risks from global economic fluctuations and potential inventory issues in the electronics industry, which could impact PCB industry growth[141]. Market Trends and Industry Outlook - The PCB industry is projected to experience a compound annual growth rate of 5.4% from 2024 to 2028, with an expected market value exceeding $90 billion by 2028[31]. - The overall PCB market value for 2023 is estimated at $69.517 billion, reflecting a 15.0% decline year-over-year due to weakened demand in traditional consumer electronics[31]. - The global smartphone market is projected to see a decline in shipments to approximately 1.164 billion units in 2023, a decrease of 3.5% from 2022, marking the lowest shipment volume in a decade[41]. - The automotive PCB market is expected to grow significantly, with usage projected to increase by 50% from 2022 to 2028, driven by advancements in electric and smart vehicles[44]. - AI technology is creating new opportunities in the PCB sector, with the global market for server and storage PCBs expected to grow from $8.201 billion in 2023 to $13.804 billion by 2028, reflecting a compound annual growth rate of 11.0%[43]. Research and Development - The company invested approximately RMB 660 million in environmental protection in 2023, including operational costs and investments in environmental facilities[53]. - The company is focusing on R&D in high-density interconnect (HDI) and flexible printed circuit (FPC) products to enhance its competitive edge in the automotive and AI server markets[44]. - R&D investment increased by 17.04% to approximately CNY 1.96 billion in 2023, compared to CNY 1.67 billion in 2022[85]. - The number of R&D personnel rose by 11.23% to 6,022 in 2023, compared to 5,414 in 2022[85]. - The company has made significant advancements in the development of AI high-performance computing server materials and processes, laying the groundwork for future industrialization[85]. Corporate Governance - The board of directors consists of 7 members, including 3 independent directors, ensuring a balanced and professional governance structure[155]. - The company has established a performance evaluation and incentive mechanism linking executive compensation to company performance, promoting sustainable development[157]. - The company maintains independence from its controlling shareholders, ensuring no interference in decision-making processes[154]. - The company has established an information disclosure committee to ensure compliance with regulations and protect investor interests, with a focus on transparent communication[159]. - The company is committed to enhancing governance efficiency and transparency to maximize long-term shareholder value[149]. Environmental and Social Responsibility - The company emphasizes sustainable development and advanced technology, adhering to a strategy focused on lightweight, thin, and low-carbon products[45]. - The company achieved a 100% external certification for greenhouse gas emissions under ISO14064-1 for its main production sites in 2023[67]. - The company reduced carbon emissions by 37,209 tons in 2023 through energy-saving projects and advanced energy-efficient equipment[68]. - The company is committed to achieving carbon neutrality and advancing low-carbon operations as part of its mission to benefit humanity and improve the environment[136]. - The company emphasizes social responsibility, viewing "employees, customers, strategic partners, shareholders, and society" as key stakeholders in its development[158]. Strategic Initiatives and Future Plans - The company plans to invest approximately 3.3 billion in capital expenditures for 2024, focusing on high-end HDI and advanced SLP smart manufacturing projects, digital transformation, and production base construction in Thailand[134]. - The company aims to enhance its market share by focusing on high-end PCB products and expanding its global market presence while leveraging technological advancements[129]. - The company plans to respond to market demands by accelerating new product launches and deepening collaborations with leading domestic and international clients[131]. - The company is actively exploring new technologies and product development to enhance its competitive edge[200]. - The company is focused on expanding its market presence through new product development and technological advancements[104].

鹏鼎控股（深圳）股份有限公司 2023 年董事会工作报告 鹏鼎控股（深圳）股份有限公司（以下简称"公司"）董事会由 7 名董事组 成，2023 年公司董事会严格按照《公司法》、《深圳证券交易所股票上市规则》 等法律法规及《公司章程》、《股东大会议事规则》、《董事会议事规则》等公司制 度的规定，切实履行股东大会赋予的董事会职责，严格执行股东大会各项决议， 积极推进董事会各项决议的实施，不断规范公司法人治理结构，确保董事会科学 决策和规范运作。 在公司经营管理上，董事会及各专门委员会勤勉尽责地开展各项工作，不断 强化内部控制管理，积极为公司重大决策建言献策，推动公司各项业务发展，完 成了公司各项经营管理目标。现将公司董事会 2023 年度工作情况汇报如下： 一、2023 年公司经营情况概述 2023 年，公司在董事长的带领下，全体员工上下一心，继续秉持发展高阶 产品为主的战略方向，持续优化产品组合。同时不断深化内部管理，巩固公司发 展的经营基础，确保在行业不景气的大环境下，保持公司健康和稳健运营。2023 年全年公司实现营业收入 320.66 亿元，实现净利润 32.87 亿元。 面对行业周期下行及新一轮以人工智 ...

第三条 公司董事会办公室为公司内幕信息登记备案工作的日常工作部门。 董事会办公室是公司唯一的信息披露机构。未经董事会批准，公司任何部门或 个人不得向外界泄露、报道、传送涉及公司内幕信息及信息披露的内容。 第四条 公司监事会对内幕信息知情人登记管理制度实施情况进行监督。 鹏鼎控股（深圳）股份有限公司 内幕信息知情人登记管理制度 二〇二四年三月 鹏鼎控股（深圳）份有限公司 内幕信息知情人登记管理制度 第一章总则 第一条 为进一步规范鹏鼎控股（深圳）股份有限公司（以下简称"公司"） 内幕信息管理，加强内幕信息保密工作，维护公司信息披露的公开、公平、公 正原则，保护广大投资者的合法权益，根据《中华人民共和国公司法》《中华 人民共和国证券法》（以下简称"《证券法》"）、《上市公司信息披露管理办 法》《上市公司监管指引第 5 号——上市公司内幕信息知情人登记管理制度》 《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》 《深圳证券交易所上市公司自律监管指引第 5 号——信息披露事务管理》《上 市公司监管指引第 5 号——上市公司内幕信息知情人登记管理制度》等法律法 规、规范性文件以及《鹏鼎控股（深圳 ...

鹏鼎控股（深圳）股份有限公司 普华永道中天拥有会计师事务所执业证书，具备从事 H 股企业审计业务的资 质，同时也是原经财政部和证监会批准的具有证券期货相关业务资格的会计师事 务所。普华永道中天在证券业务方面具有丰富的执业经验和良好的专业服务能力。 此外，普华永道中天是普华永道国际网络成员机构，同时也在 US PCAOB(美国公 众公司会计监督委员会)及 UK FRC(英国财务汇报局)注册从事相关审计业务。 普华永道中天的首席合伙人为李丹。截至 2023 年 12 月 31 日，普华永道中 天合伙人数为 291 人，注册会计师人数为 1,710 余人，其中自 2013 年起签署过 证券服务业务审计报告的注册会计师人数为 383 人。 普华永道中天经审计的最近一个会计年度(2022 年度)的收入总额为人民币 74.21 亿元，审计业务收入为人民币 68.54 亿元，证券业务收入为人民币 32.84 亿元。 对会计师事务所 2023 年履职情况评估报告 及审计委员会履职监督职责情况的报告 根据《公司法》、《证券法》、《国有企业、上市公司选聘会计师事务所管理办 法》、《深圳证券交易所上市公司自律监管指引第 1 号—— ...

鹏鼎控股（深圳）股份有限公司 防范控股股东及关联方占用公司资金制度 二〇二四年三月 防范控股股东及关联方占用公司资金制度 第一章 总则 第一条 为了加强和规范鹏鼎控股（深圳）股份有限公司（以下简称"公司"） 的资金管理，建立防范控股股东及关联方占用公司资金的长效机制，杜绝控股股 东及关联方资金占用行为的发生，有效保护公司、股东及其他利益相关人的合法 权益，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司监管 指引第 8 号——上市公司资金往来、对外担保的监管要求》《关于进一步做好清 理大股东占用上市公司资金工作的通知》等法律、法规、规范性文件以及《鹏鼎 控股（深圳）股份有限公司章程》（以下简称"《公司章程》"）的有关规定，制定 本制度。 第二条 公司董事、监事和高级管理人员对维护公司资金安全负有法定义务。 第三条 本制度所称资金占用包括但不限于经营性资金占用和非经营性资金 占用。 经营性资金占用是指控股股东及关联方通过采购、销售等生产经营环节的关 联交易产生的资金占用。 非经营性资金占用包括但不限于：（1）为控股股东及关联方垫付工资、福利、 保险、广告等费用和其他支出；（2）代控股股东及关联 ...

第三条 战略与风险管理委员会由五名董事组成。 第四条 战略与风险管理委员会设召集人一名，负责召集和主持委员会会 议。当召集人不能或无法履行职责时，由其指定一名其他委员代行其职责；召集 人既不履行职责，也不指定其他委员代行其职责时，任何一名委员均可将有关情 况向公司董事会报告，由公司董事会指定一名委员履行召集人职责。 鹏鼎控股（深圳）股份有限公司 董事会战略与风险管理委员会议事规则 第一章 总则 第一条 为适应鹏鼎控股（深圳）股份有限公司（以下称"公司"）战略 发展需要，增强公司核心竞争力，确定公司发展规划，健全投资决策程序，加强 决策科学性，提高重大投资决策质量健全公司风险治理及强化公司风险管理机制 运作。根据《中华人民共和国公司法》、《上市公司治理准则》、《鹏鼎控股（深 圳）股份有限公司公司章程》（以下简称"《公司章程》"）及其他有关规定， 公司特设立董事会战略与风险管理委员会，并制定本规则。 第二条 董事会战略与风险管理委员会董事会战略与风险管理委员会主 要负责对公司长期发展战略和重大投资决策进行研究并提出建议。推动公司风险 管理，预防及应对公司经营风险。 第二章 人员组成 第五条 战略与风险管理委员会的 ...

鹏鼎控股（深圳）股份有限公司 内部审计制度 二〇二四年三月 | 第一章 | 总则 ···················································································1 | | --- | --- | | 第二章 | 审计机构和审计人员·······························································2 | | 第三章 | 内部审计机构职责与权限·························································3 | | 第四章 | 内部审计工作主要任务····························································5 | | 第五章 | 内部审计工作程序和具体实施···················································9 | | 第六章 | 奖励和处罚 ·································· ...

鹏鼎控股（深圳）股份有限公司 第一条 为了进一步规范鹏鼎控股（深圳）股份有限公司（以下简称"公司"） 董事会（以下简称"董事会"）的议事方式和决策程序，促使董事和董事会有效 地履行其职责，提高董事会规范运作和科学决策水平，根据《中华人民共和国公 司法》（以下简称"《公司法》"）、《中华人民共和国证券法》、《上市公司章程指引》、 《上市公司治理准则》、《上市公司独立董事管理办法》、《深圳证券交易所股票上 市规则》（以下简称"《上市规则》"）、《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》以及《鹏鼎控股（深圳）股份有限公司章程》 （以下简称"《公司章程》"）等有关规定，制订本规则。 第二章 董事会组成及职权 董事会议事规则 2024 年 3 月 | 第一章 | 总则·················································································1 | | --- | --- | | 第二章 | 董事会组成及职权················································· ...