Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][23]. Core Views - The company achieved a revenue of 16.374 billion yuan in H1 2025, representing a year-on-year increase of 24.75%, and a net profit of 1.233 billion yuan, up 57.22% year-on-year [2]. - The growth is driven by advancements in AI edge and server technologies, with significant contributions from the communication board and consumer electronics segments [8]. - The company is actively investing in R&D and expanding production capacity to meet the rising demand in AI-related products [8]. Financial Performance Summary - In Q2 2025, the company reported a revenue of 8.288 billion yuan, a year-on-year increase of 28.71%, and a net profit of 745 million yuan, up 159.55% year-on-year [2]. - The gross margin for Q2 2025 was 20.28%, reflecting a year-on-year increase of 4.8 percentage points [2]. - The company’s total revenue is projected to grow from 35.14 billion yuan in 2024 to 56.073 billion yuan by 2027, with a compound annual growth rate of 19% [4]. Segment Performance Summary - The communication board segment generated 10.268 billion yuan in revenue in H1 2025, up 17.62% year-on-year, while maintaining a stable gross margin of 15.98% [8]. - The consumer electronics segment benefited from industry demand recovery, achieving 5.174 billion yuan in revenue, a 31.63% increase year-on-year, with a gross margin of 24.52% [8]. - The automotive/server segment saw a remarkable growth of 87.42%, generating 805 million yuan in revenue, driven by the rapid demand for AI servers [8]. Future Outlook - The company is expected to release new products and expand production capacity, with profit forecasts adjusted to 4.382 billion yuan for 2025, 5.687 billion yuan for 2026, and 6.712 billion yuan for 2027 [8]. - The target price for the company's stock has been adjusted to 73.5 yuan, based on a projected 30 times price-to-earnings ratio for 2026 [4][8].

Core Insights - The Social Security Fund (SSF) has invested in 90 stocks by the end of Q2, with 34 stocks held for over 8 quarters, indicating a long-term investment strategy [1][2] Group 1: Investment Holdings - The SSF's longest-held stock is Changshu Bank, held for 30 quarters since Q1 2018, with a total holding of 277.91 million shares, representing 8.38% of the circulating shares [1][3] - Other notable long-term holdings include Aide Biological (26 quarters), Sanrenxing (21 quarters), and Pengding Holdings (20 quarters) [1][2] - By the end of Q2, the top holdings by quantity include Changshu Bank (27.79 million shares), Huafa Co. (9.04 million shares), and Pengding Holdings (4.30 million shares) [2][3] Group 2: Changes in Holdings - Among the 34 stocks held for over 2 years, 9 stocks saw an increase in holdings, with Hai Da Group, Hongfa Co., and Fala Electronics showing significant increases of 93.26%, 76.77%, and 73.58% respectively [2][3] - Conversely, 13 stocks experienced a reduction in holdings, with Shenhuo Co., Huajin Co., and Aide Biological showing declines of 59.75%, 56.76%, and 52.54% respectively [2][3] Group 3: Industry Distribution - The 34 stocks are concentrated in the electronics, basic chemicals, and power equipment sectors, with 5, 4, and 3 stocks respectively [2][3] - The main board has 26 stocks, while the ChiNext and Sci-Tech Innovation boards each have 4 stocks [2][3] Group 4: Financial Performance - Among the stocks held, 24 reported year-on-year profit growth, with notable increases from Shengnong Development (791.93%), Jifeng Co. (189.51%), and Wanhui High-tech (97.47%) [3][4] - 9 stocks reported a decline in net profit, with Huafa Co., Bayi Shikong, and Huajin Co. showing declines of 86.41%, 37.90%, and 33.15% respectively [3][4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company reported a strong performance in the first half of 2025, achieving operating revenue of 16.375 billion, a year-on-year increase of 24.75%, and a net profit attributable to shareholders of 1.233 billion, up 57.22% year-on-year [2][5]. - The gross margin and net margin for the first half of 2025 were 19.07% and 7.49%, respectively, reflecting increases of 1.10 percentage points and 1.52 percentage points year-on-year [2][5]. - In Q2 2025, the company achieved operating revenue of 8.288 billion, a year-on-year increase of 28.71% and a quarter-on-quarter increase of 2.49%, with a net profit of 745 million, up 159.55% year-on-year and 52.59% quarter-on-quarter [2][5]. Summary by Sections Business Performance - The company’s communication board business generated revenue of 10.268 billion, a year-on-year increase of 17.62% [11]. - The consumer electronics and computer board business saw revenue of 5.174 billion, up 31.63% year-on-year, driven by the recovery in consumer electronics and the development of AI-related products [11]. - The automotive and server board business achieved revenue of 805 million, a significant increase of 87.42% year-on-year [11]. R&D and Innovation - The company continues to focus on PCB technology R&D, with current products achieving a minimum hole diameter of 0.025mm and a minimum line width of 0.020mm [11]. - The company is advancing new product development in areas such as foldable devices and AI servers, positioning itself as a key supplier for emerging technologies [11]. Capital Expenditure and Growth Outlook - The company plans to increase capital expenditures to over 30 billion New Taiwan dollars in the next two years, with nearly 50% allocated to expanding high-end HDI and HLC capacity [11]. - The company is expected to achieve net profits of 4.397 billion, 5.644 billion, and 6.773 billion for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 27.65, 21.54, and 17.95 [11].

Group 1 - The core viewpoint of the article highlights the movements of social security funds in the stock market, revealing that as of the end of Q2, these funds appeared in the top ten shareholders of 69 stocks, with 16 new entries and 20 increases in holdings [1][2] - The total number of shares held by social security funds is 1.174 billion, with a total market value of 20.855 billion yuan [1] - The most significant holdings are in Changshu Bank, where four social security funds are listed among the top ten shareholders, holding a total of 277.91 million shares, accounting for 8.38% of the circulating shares [1][2] Group 2 - Among the stocks held by social security funds, 51 companies reported a year-on-year increase in net profit, with the highest growth seen in Rongzhi Rixin, which achieved a net profit of 14.2355 million yuan, a year-on-year increase of 2063.42% [2] - The sectors with the most significant concentration of holdings include pharmaceuticals, basic chemicals, and electronics, with 9, 9, and 7 stocks respectively [2] - Since July, the average increase in the stock prices of social security fund heavyweights is 14.37%, outperforming the Shanghai Composite Index [2] Group 3 - The top stocks held by social security funds include Changshu Bank, Huafa Co., and Pengding Holdings, with respective holdings of 27.779 million, 9.043 million, and 4.301 million shares [3][4] - The stock with the highest increase in holdings is Shengnong Development, which saw a net profit increase of 791.93% [2] - The article provides a detailed list of stocks held by social security funds, including their respective shareholdings and industry classifications [3][4]

格隆汇8月15日｜天风证券研报指出，鹏鼎控股上半年汽车、服务器用板增速亮眼，消费电子及计算机 用板快速增长，持续推进降本增效，毛利率同环比改善明显。新增产能逐步释放，持续贡献业绩增量。 高阶AI硬板持续高景气，公司积极扩大资本开支。因客户对高阶AI产品的未来订单需求明显成长，臻 鼎董事长沈庆芳表示，臻鼎规划提高今、明两年的资本开支金额至新台币300亿元以上，其中近50%资 本开支将用于扩大HDI及HLC以掌握相关产品成长契机。积极布局前瞻技术，卡位关键高增长赛道。积 极与全球人形机器人的领先厂商及脑机接口领域的科研机构建立合作关系，通过深入探讨未来人形机器 人及脑机接口领域PCB产品的应用场景与产品发展路线。考虑高端算力pcb高景气，将26年归母净利润 由50亿上修到54亿，新增27年归母净利润62亿业绩预期，维持"买入"评级。 ...

Group 1 - The core viewpoint of the report is that Pengding Holdings (002938.SZ) is rated as a "buy" due to its strong position in the FPC industry and growth driven by new product categories such as AI edge devices and foldable screens/AI glasses [2] - The company maintains a leading position in the FPC industry, benefiting from the AI edge wave and new product categories [2] - Pengding Holdings is expanding into high-end HDI markets, specifically in servers and optical modules, achieving a comprehensive layout across the AI cloud-network-end industry chain [2]

Core Viewpoint - The article highlights the significant presence of social security funds in the stock market, particularly focusing on their investments in various sectors and specific companies as of the first half of 2025 [1][3]. Group 1: Social Security Fund Holdings - As of August 13, 2025, 281 A-share listed companies have disclosed their mid-year reports, with 42 companies having social security funds among their top ten circulating shareholders [3][6]. - The total number of shares held by social security funds amounts to 789 million, with a market value of 14 billion yuan [3][9]. - The top three companies by market value held by social security funds are Changshu Bank (20.47 billion yuan), Pengding Holdings (13.78 billion yuan), and Haida Group (12.32 billion yuan) [3][4]. Group 2: Sector Analysis - Social security funds have significant holdings in the basic chemical and banking sectors, each exceeding 2 billion yuan, while holdings in the electronics and pharmaceutical sectors exceed 1.2 billion yuan [9][11]. - The total market value of social security fund holdings in the basic chemical sector is 23.97 billion yuan, and in the banking sector, it is 20.47 billion yuan [9][11]. Group 3: Changes in Holdings - In the second quarter of 2025, social security funds entered the top ten shareholders of 15 new stocks, with notable investments in Yanjing Beer, Chuanfeng Power, and Weixing Chemical, each exceeding 300 million yuan [6][9]. - The largest increase in holdings was seen in Changshu Bank, with an additional 23.8 million shares acquired, followed by Haida Group and Pengding Holdings with increases of 10.15 million shares and 6.51 million shares, respectively [8][9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in performance for the first half of 2025, with revenue reaching 16.375 billion yuan, a year-on-year increase of 24.75%, and a net profit attributable to shareholders of 1.233 billion yuan, up 57.22% year-on-year [3][4] - The company is the largest FPC manufacturer globally, holding over 30% market share, and is well-positioned to benefit from the growing demand for AI-related products and new categories such as foldable screens and AI glasses [4][5] - The company is expanding its high-end HDI and SLP product lines into the AI server and optical module markets, with ongoing collaborations with well-known server manufacturers and CSPs [5] Financial Performance Summary - In H1 2025, the company achieved a gross margin of 19.07%, an increase of 1.10 percentage points year-on-year, and a net profit margin of 7.49%, up 1.51 percentage points year-on-year [3] - The company has revised its profit forecasts for 2025, 2026, and 2027, expecting net profits of 4.514 billion, 5.515 billion, and 6.502 billion yuan respectively, reflecting an upward adjustment from previous estimates [3][6] - The company's P/E ratios for 2025, 2026, and 2027 are projected to be 26.9, 22.0, and 18.7 times respectively, indicating a favorable valuation outlook [6]

Core Insights - The Social Security Fund (SSF) has invested in 57 stocks by the end of Q2, with 21 stocks held for over 8 quarters, indicating a long-term investment strategy [1][2] Group 1: Investment Holdings - The SSF's longest-held stock is Changshu Bank, held for 30 quarters since Q1 2018, with a total holding of 278 million shares, representing 8.38% of the circulating shares [1][3] - Other notable long-term holdings include Aide Biology (26 quarters), Sanrenxing (21 quarters), and Pengding Holdings (20 quarters) [1][3] - By the end of Q2, the top holdings by quantity include Changshu Bank (278 million shares), Huafa Co. (9.04 million shares), and Pengding Holdings (4.3 million shares) [2] Group 2: Shareholding Changes - Among the 21 stocks held for over 2 years, 7 saw an increase in holdings, with Hai Da Group, Hongfa Co., and Huagong Technology showing significant increases of 93.26%, 76.77%, and 62.89% respectively [2][3] - Conversely, 5 stocks experienced a decrease in holdings, with Huajin Co., Aide Biology, and Gongda Electronics showing declines of 56.76%, 52.54%, and 27.27% respectively [2][4] Group 3: Industry Performance - The 21 stocks held by the SSF are concentrated in the electronics, pharmaceutical, and basic chemical industries, with 3 stocks each from electronics and pharmaceuticals, and 2 from basic chemicals [2] - In terms of performance, 16 out of the 21 stocks reported a year-on-year increase in net profit, with notable increases from Jifeng Co. (189.51%), Pengding Holdings (57.22%), and Yanjing Beer (45.45%) [3][4] - The stocks with declining net profits include Huafa Co. (down 86.41%), Huajin Co. (down 33.15%), and Xinwei Communication (down 20.18%) [3][4]

Group 1 - The core viewpoint of the news is that Pengding Holdings (SZ002938) reported significant growth in both revenue and profit for the first half of 2025, indicating strong operational performance [1] - The company's revenue for the first half of 2025 reached 16.375 billion yuan, representing a year-on-year increase of 24.75% [1] - The net profit attributable to shareholders was 1.233 billion yuan, showing a year-on-year growth of 57.22% [1] - The net profit after deducting non-recurring gains and losses was 1.149 billion yuan, which is a 51.90% increase compared to the same period last year [1] - The basic earnings per share (EPS) was 0.53 yuan, up 55.88% from the previous year [1] Group 2 - The gross margin for Pengding Holdings in the first half of 2025 was 19.07%, an increase of 1.10 percentage points year-on-year [2] - The net profit margin improved to 7.49%, up 1.51 percentage points from the same period last year [2] - The company's operating expenses for the first half of 2025 amounted to 1.582 billion yuan, an increase of 241 million yuan compared to the previous year [2] - The expense ratio decreased to 9.66%, down 0.56 percentage points year-on-year [2] - Sales expenses increased by 10.71%, while management expenses rose by 6.68%, and research and development expenses decreased by 0.63% [2] Group 3 - Pengding Holdings' total revenue for 2024 was 35.14 billion yuan, reflecting a year-on-year growth of 9.59% [7] - The net profit attributable to shareholders for 2024 was 3.620 billion yuan, which is a 10.14% increase compared to the previous year [7] - The company specializes in the design, research and development, manufacturing, and sales of various printed circuit boards [7]