Investment Rating - The report initiates coverage with a "Buy" rating for the company [4] Core Views - The company is a leading player in the PCB industry with a diverse product portfolio, including FPC, SMA, SLP, HDI, Mini LED, RPCB, and Rigid Flex, serving various sectors such as communication electronics, consumer electronics, automotive, and servers [1][15] - The company has expanded its production capacity and geographical footprint, establishing manufacturing bases in Shenzhen, Qinhuangdao, Huai'an, and India, which enhances its competitive position globally [14][15] - The automotive and server markets present significant growth opportunities, with the company focusing on high-end products and expanding its production capacity to meet increasing demand [3][4] Summary by Sections 1. Company Overview - The company was established in 1999 and has been listed on the Shenzhen Stock Exchange since 2018, continuously expanding its production capacity and solidifying its market position [1][14] - It ranks as the largest PCB manufacturer globally for eight consecutive years from 2017 to 2024 according to Prismark [2][14] 2. Market Trends - The FPC market is experiencing increased demand due to the rise of AI functionalities in consumer electronics, leading to higher design complexities and a growing need for high-density interconnects [2][3] - The automotive sector is witnessing a surge in demand for PCBs driven by the increasing number of sensors and the trend towards electric vehicles, with a notable growth in sales of new energy vehicles in China [3][4] 3. Financial Performance - The company is projected to achieve revenues of 40.87 billion, 46.58 billion, and 51.99 billion yuan in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 16%, 14%, and 12% [4][5] - The net profit attributable to the parent company is expected to reach 4.49 billion, 5.29 billion, and 6.06 billion yuan for the same years, reflecting growth rates of 24%, 18%, and 14% [4][5] 4. Product and Market Segmentation - The company’s product lines cater to various applications, including communication boards primarily for smartphones, consumer electronics, and automotive and server applications [15][18] - The automotive and server segments are expected to contribute significantly to revenue growth, with automotive and server boards projected to generate 10.25 billion yuan in 2024, a year-on-year increase of 90.34% [3][32] 5. Investment Recommendations - The report suggests that the company has a valuation advantage with projected P/E ratios of 15, 12, and 11 for 2025, 2026, and 2027 respectively, indicating a favorable investment opportunity [4][5]

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company is experiencing steady growth in major customer share, driven by AI innovations that are revitalizing demand in the consumer electronics sector. The 2024 annual report indicates a revenue of 35.14 billion (YoY +9.6%) and a net profit of 3.62 billion (YoY +10.1%) [1][2] - The company is actively expanding its AI capabilities across the "cloud, network, and terminal" sectors, with significant capital expenditure plans reflecting long-term confidence in high-end product demand driven by AI [3][6] - The company anticipates a boost in performance in Q1 2025 due to new product launches, including the iPhone 16e, and is adjusting its profit forecasts while maintaining an optimistic outlook on its competitive edge in high-end products [3][6] Summary by Sections Financial Performance - The company reported a revenue of 35.14 billion in 2024, with a net profit of 3.62 billion, reflecting a year-on-year growth of 10.1%. The gross margin was 20.8%, and the net margin was 10.3% [1][5] - For Q4 2024, the revenue was 11.65 billion (YoY +0.4%, QoQ +12.5%), with a net profit of 1.65 billion (YoY +14.1%, QoQ +38.3%) [1][5] Product Segmentation - Revenue from communication boards was 24.24 billion (YoY +3.1%), while revenue from consumer electronics and computer boards was 9.75 billion (YoY +22.3%), with AI-related products accounting for over 45% of this segment [2] - The automotive and server PCB products saw a significant revenue increase of 90.3% to 1.03 billion, indicating strong growth in these areas [2] Future Outlook - The company plans to increase its capital expenditure to 5 billion in 2025, up from 700 million in 2024, focusing on high-end product development and expansion in Thailand and other regions [3][5] - The profit forecast for 2025-2027 has been adjusted to 4 billion, 4.8 billion, and 5.7 billion respectively, with expected growth rates of 11%, 20%, and 18% [3][5]

Summary of Key Points from the Conference Call Records Company Overview - **Company**: Pengding Holdings - **Industry**: Printed Circuit Board (PCB) Industry Financial Performance - Total market capitalization reached 84.581 billion RMB by the end of 2024, a growth of 63.31% from the beginning of the year [1] - Revenue for 2024 was 35.140 billion RMB, a year-on-year increase of 9.59%, surpassing the average growth rate of the PCB industry [1][8] - Net profit for 2024 was 3.619 billion RMB, with a year-on-year growth of 10.11% [1][8] - The company maintained a global market share of 7.3%, ranking first in the global PCB industry for eight consecutive years [1][8] Shareholder Returns - The company announced a cash dividend of 10 RMB per 10 shares for 2024, marking a record high in dividend payout ratio [1][4] - Cumulative dividends since listing exceeded 9.7 billion RMB, significantly surpassing the total financing amount of 3.6 billion RMB [1][4] Investor Relations - Engaged in 71 strategy meetings and received over 6,000 investor visits in 2024, with institutional investors holding 86.66% of shares [1][5] - Received 79 institutional research reports, primarily with buy ratings, indicating strong investor interest [1][5] Corporate Governance and Disclosure - Achieved an A-level rating in information disclosure from the Shenzhen Stock Exchange for five consecutive years, with zero violations or penalties [1][7] - Received over 20 awards for excellence in corporate governance and investor relations [1][7] Industry Trends and Future Outlook - The PCB industry is expected to benefit from a recovery in the consumer electronics market, AI technology innovations, and growth in the electric vehicle sector [2][9] - Prismark forecasts a compound annual growth rate of 4.8% for the global PCB industry from 2025 to 2029, with an expected market value exceeding 94 billion USD by 2029 [2][10] Strategic Initiatives - The company is focusing on AI technology, developing a comprehensive product matrix for AI edge products, and expanding into AI cloud and communication sectors [2][12] - Increased R&D investment to over 2 billion RMB in 2024, representing more than 6% of revenue, with a total of 2,642 patent applications filed [2][15] Risk Management and Financial Health - Maintained a low debt-to-asset ratio of 27.44% and a net cash reserve of 10 billion RMB, ensuring financial stability [2][16] - Implemented robust financial management practices to mitigate market volatility risks [2][16] Global Expansion and Digital Transformation - Established production bases in Taiwan, Thailand, and India to enhance global presence [2][17] - Focused on digital transformation initiatives to improve operational efficiency and reduce costs [2][17] Sustainability and ESG Efforts - Committed to green manufacturing with cumulative environmental investments of 4.799 billion RMB since 2005, achieving significant carbon reduction [2][18] - Recognized for outstanding performance in environmental protection and social responsibility, scoring 67 in the S&P Global Corporate Sustainability Assessment [2][18]

Core Viewpoint - Pengding Holdings (002938.SZ) anticipates growth in revenue across its business segments, particularly in the AI-related products sector, indicating a strategic shift towards advanced technology applications [1] Group 1: Revenue Performance - In 2024, the company expects to achieve revenue of 24.236 billion yuan in the communication board sector, representing a year-on-year growth of 3.08% [1] - The revenue from consumer electronics and computer boards is projected to reach 9.754 billion yuan, showing a significant year-on-year increase of 22.30% [1] Group 2: AI Product Integration - AI edge products now account for over 45% of the company's revenue in the consumer electronics and computer board segment [1] - By 2025, it is anticipated that the revenue share from AI-related business will exceed 70% as AI terminal products gradually come to market [1]

Group 1: Financial Performance - In 2024, the company achieved a revenue of 35.14 billion RMB, a year-on-year increase of 9.59% [5] - The net profit attributable to shareholders was 3.62 billion RMB, up 10.14% year-on-year [5] - The overall gross margin was 20.8%, with a net profit margin of 10.3% and a return on equity of 11.7% [5] Group 2: Revenue Contributions and Growth Areas - Revenue from automotive and server boards reached 1.025 billion RMB in 2024, growing by 90.34% [4] - The revenue from AI-related products is expected to exceed 70% of total revenue by 2025 [3] - In the communication board sector, revenue was 24.236 billion RMB, a 3.08% increase year-on-year, with AI-related products accounting for over 45% of this segment [3] Group 3: Market Position and Client Relationships - The company has established deep partnerships with leading global electronic brands, enhancing its position in high-end AI products [4] - The company is becoming a significant player in the smart automotive PCB market, with ongoing collaborations with multiple Tier 1 manufacturers [4] - Approximately 82.20% of the company's revenue is indirectly related to exports to the U.S., with minimal direct sales [7] Group 4: R&D and Technological Advancements - R&D expenditure reached 2.324 billion RMB in 2024, a year-on-year increase of 18.79%, representing 6.61% of total revenue [10] - The company has filed a total of 2,642 patents, with 1,453 granted, and has been recognized as a national enterprise technology center [13] - The company is focusing on advanced technologies in high-frequency, high-reliability, and high-power applications [13] Group 5: Environmental and Sustainability Initiatives - The company reduced carbon emissions by 575,000 tons in 2024, achieving an 80% reduction in greenhouse gas emissions density compared to 2013 [15] - Environmental investments totaled 344 million RMB in 2024, with cumulative investments reaching 4.799 billion RMB since 2005 [15] Group 6: Industry Outlook - The global PCB market is projected to reach 73.565 billion USD in 2024, with a year-on-year growth of 5.8% [14] - The PCB industry is expected to grow at a compound annual growth rate of 4.8% from 2025 to 2029, potentially exceeding 94 billion USD by 2029 [15]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 35.14 billion yuan in 2024, representing a year-on-year growth of 9.59%. The net profit attributable to the parent company was 3.62 billion yuan, with a year-on-year increase of 10.14%. The gross margin and net margin for 2024 were 20.76% and 10.3%, showing a slight decrease of 0.58 percentage points and an increase of 0.05 percentage points respectively [2][5]. - The company has seen significant growth in AI-related products, with revenue from AI edge products exceeding 45% of total sales. The communication board segment, represented by smartphones, generated 24.236 billion yuan, up 3.08%, while the consumer electronics and computer board business achieved 9.754 billion yuan, a growth of 22.30%. The automotive and server board business also saw a remarkable increase of 90.34%, reaching 1.025 billion yuan [10]. - The company is strategically positioning itself in the AI industry chain, focusing on high-end products and technological innovation. It is advancing in the optical module market with SLP products and has successfully launched its first phase of high-end HDI and SLP projects in Huai'an [10]. - The company is expected to enter a rapid growth phase, with projected net profits of 4.51 billion yuan, 5.07 billion yuan, and 5.91 billion yuan for 2025, 2026, and 2027 respectively. The corresponding price-to-earnings ratios are estimated to be 14.37, 12.78, and 10.97 [10]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 35.14 billion yuan and a net profit of 3.62 billion yuan, with respective year-on-year growth rates of 9.59% and 10.14% [2][5]. - The gross margin was reported at 20.76%, while the net margin stood at 10.3% [2][5]. Business Segments - The AI edge product revenue has significantly increased, with over 45% of total sales coming from this segment. The communication board segment generated 24.236 billion yuan, while the consumer electronics and computer board business reached 9.754 billion yuan [10]. - The automotive and server board business saw a substantial growth of 90.34%, totaling 1.025 billion yuan [10]. Strategic Initiatives - The company is focusing on high-end product development and technological advancements, particularly in the optical module market and AI-related products [10]. - The first phase of high-end HDI and SLP projects in Huai'an has been successfully launched, with further expansions planned [10].

Investment Rating - The report maintains a "Buy" rating for the company, indicating expected returns exceeding the market benchmark by more than 15% over the next 6-12 months [8]. Core Views - The company achieved a revenue of 35.14 billion yuan in 2024, representing a year-on-year growth of 9.6%, with a net profit attributable to shareholders of 3.62 billion yuan, up 10.1% year-on-year [5][10]. - The report highlights the company's strategic positioning in the AI wave, leveraging its technology, customer relationships, and production capacity to capitalize on the growing demand in the consumer electronics market [5][6]. - The company is expected to benefit from the increasing penetration of AI features in consumer electronics, with global AI smartphone shipments projected to reach 16% of total smartphone shipments in 2024, growing to 54% by 2028 [6][7]. Financial Performance Summary - In Q4 2024, the company reported a revenue of 11.65 billion yuan, a year-on-year increase of 0.4% and a quarter-on-quarter increase of 12.5% [5]. - The gross margin for Q4 2024 was 21.4%, showing a slight decline compared to previous periods, while total expenses decreased significantly due to positive financial income [5]. - The company forecasts net profits of 4.19 billion yuan, 4.62 billion yuan, and 5.00 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.81 yuan, 1.99 yuan, and 2.16 yuan [8][10].

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 证券代码：002938 证券简称：鹏鼎控股 公告编号：2025-027 鹏鼎控股（深圳）股份有限公司 关于子公司完成工商变更登记的公告 2、宏恒胜变更后的营业执照 特此公告。 鹏鼎控股（深圳）股份有限公司 董 事 会 2025 年 4 月 12 日 鹏鼎控股(深圳)股份有限公司（以下简称"公司"）于 2025 年 4 月 8 日召 开第三届董事会第十五次会议审议通过《关于向全资子公司宏恒胜增资的议案》， 同意公司向全资子公司宏恒胜电子科技（淮安）有限公司（以下简称"宏恒胜"） 增资人民币 5 亿元。具体详见公司 4 月 9 日刊登在《证券时报》、《上海证券报》 及巨潮资讯网（www.cninfo.com.cn）的鹏鼎控股《关于向全资子公司宏恒胜增 资的公告》。 近日，宏恒胜完成以上工商变更登记并收到淮安经济开发区行政审批局下发 的登记通知书，宏恒胜变更后的工商登记基本信息如下： 宏恒胜电子科技（淮安）有限公司 原注册资本：92,648.713 万元人民币 变更后现注册资本：142,648.713 万元人民币 备查 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting it to outperform the market benchmark by 5% to 15% over the next 6-12 months [8]. Core Views - The company achieved a revenue of 35.14 billion yuan in 2024, representing a year-on-year growth of 9.6%, with a net profit attributable to shareholders of 3.62 billion yuan, up 10.1% year-on-year [5][10]. - The report highlights the company's strategic positioning in the AI wave, leveraging its technology, customer relationships, and production capacity to capture opportunities in the consumer electronics market [5][6]. - The global economic recovery and domestic policies are expected to drive demand for smartphones and consumer electronics, supporting the company's short-term performance [5]. Financial Performance - In Q4 2024, the company reported a revenue of 11.65 billion yuan, a year-on-year increase of 0.4% and a quarter-on-quarter increase of 12.5% [5]. - The gross margin for Q4 2024 was 21.4%, showing a slight decline compared to previous periods, while total expenses decreased significantly due to positive financial income [5]. - The company forecasts net profits of 4.19 billion yuan, 4.62 billion yuan, and 5.00 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.81 yuan, 1.99 yuan, and 2.16 yuan [8][10]. Market Outlook - The report cites Canalys' prediction that AI smartphone shipments will account for 16% of total smartphone shipments in 2024, increasing to 54% by 2028, with a compound annual growth rate of 63% [6]. - The company is positioned to benefit from the upgrade of 800G/1.6T optical modules and aims to expand its SLP product offerings in the AI sector [7].

2025 年 04 月 11 日 鹏鼎控股 (002938) ——AI 服务器、光模块与汽车 PCB 取得重大突破 报告原因：有业绩公布需要点评 买入（维持） 研究支持 | 市场数据： | 2025 年 04 月 10 日 | | --- | --- | | 收盘价（元） | 27.95 | | 一年内最高/最低（元） | 44.66/20.91 | | 市净率 | 2.0 | | 息率（分红/股价） | 1.79 | | 流通 A 股市值（百万元） | 64,439 | | 上证指数/深证成指 | 3,223.64/9,754.64 | | 注："息率"以最近一年已公布分红计算 | | --- | | 基础数据: | 2024 年 12 月 31 日 | | --- | --- | | 每股净资产（元） | 13.85 | | 资产负债率% | 27.44 | | 总股本/流通 A 股（百万） | 2,319/2,305 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-10 05-10 06-10 07-10 08-10 09-10 10-10 11-10 12-10 ...