鹏鼎控股：AI振鹏翼腾飞，车和服务器启新程-20250423

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 communications, consumer electronics, automotive, and servers [1][15] - The company has expanded its production capacity and geographic footprint, enhancing its market position and is expected to benefit from the recovery in the consumer electronics sector and the growth driven by AI applications [1][2] - The automotive and server markets present significant growth opportunities, with the company focusing on expanding its production capabilities in these areas [3][4] Summary by Sections Company Overview - The company, formerly known as 富葵精密, was established in 1999 and went public in 2018. It has consistently ranked as the largest PCB manufacturer globally from 2017 to 2024 [1][14] - The company has a strong manufacturing presence in multiple locations, including Shenzhen, Qinhuangdao, Huai'an, and India, serving a wide range of international clients [14][18] Market Trends - The FPC market is experiencing increased demand due to the rising complexity of designs driven by AI functionalities, particularly in smartphones and emerging technologies like AR/VR and foldable screens [2][3] - The automotive sector is witnessing a surge in demand for PCBs due to the increasing number of sensors and the trend towards electric vehicles, with a notable growth in the sales of new energy vehicles in China [3][4] Financial Projections - 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 corresponding net profits of 4.49 billion, 5.29 billion, and 6.06 billion yuan [4][5] - The expected growth rates for revenue and net profit are 16%, 14%, and 12% for revenue, and 24%, 18%, and 14% for net profit over the next three years [4][5] Business Segments - The automotive and server segments are expected to drive significant revenue growth, with the automotive segment projected to generate 10.25 billion yuan in 2024, reflecting a year-on-year increase of 90.34% [3][32] - The communications electronics segment remains the core business, with a revenue of 242.36 billion yuan in 2024, showing a growth of 3.1% [32]