Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported strong performance in Q3 2024, with expectations for the AI Phone model cycle [1] - The revenue for the first three quarters of 2024 reached 23.49 billion yuan, a year-on-year increase of 14.8%, while the net profit attributable to the parent company was 1.97 billion yuan, up 7.1% year-on-year [1] - The single-quarter revenue for Q3 2024 was 10.36 billion yuan, reflecting a year-on-year growth of 16.1% and a quarter-on-quarter increase of 60.9% [1] - The company anticipates a new innovation cycle driven by the iPhone series updates and AI systems, similar to past significant design changes that led to super model cycles [1] Financial Performance Summary - The company’s Q3 2024 gross margin was 23.6%, showing a year-on-year increase of 0.8 percentage points and a quarter-on-quarter increase of 8.1 percentage points [1] - The net profit margin for Q3 2024 was 11.5%, nearly flat year-on-year, despite increased financial expenses [1] - The report maintains previous profit forecasts, projecting net profits of 3.75 billion, 4.40 billion, and 4.79 billion yuan for 2024-2026, with corresponding EPS of 1.62, 1.90, and 2.06 yuan [1][2] Financial Indicators - The company’s operating income for 2023 is projected at 32.066 billion yuan, with a year-on-year decrease of 11.4%, followed by a recovery with expected growth of 12.0% in 2024 [2][5] - The gross profit margin is expected to improve from 21.3% in 2023 to 22.0% in 2024 [2][5] - The return on equity (ROE) is projected to increase from 11.1% in 2023 to 11.8% in 2024 [2][5] Cash Flow and Balance Sheet - The operating cash flow for 2023 is reported at 7.969 billion yuan, with a forecasted decrease to 6.108 billion yuan in 2024 [3] - Total assets are projected to grow from 42.278 billion yuan in 2023 to 51.647 billion yuan by 2026 [4] - The company’s total liabilities are expected to remain stable, with a slight increase from 12.603 billion yuan in 2023 to 13.791 billion yuan in 2026 [4]

Investment Rating - Strong Buy (Maintained) with a target price of 48.75 RMB, current price at 37.53 RMB [1] Core Views - The company's Q3 2024 performance met expectations, with significant improvements in operations [2] - Revenue for Q3 2024 reached 10.36 billion RMB, a YoY increase of 16.14%, and a QoQ increase of 60.89% [1] - Net profit attributable to shareholders in Q3 2024 was 1.19 billion RMB, a YoY increase of 15.26%, and a QoQ increase of 314.66% [1] - Gross margin for Q3 2024 was 23.62%, up 0.78 pcts YoY and 8.14 pcts QoQ [1] - The launch of AI smartphones by major clients is expected to drive a new wave of innovation in the terminal market, potentially boosting sales and upgrading PCB products to higher quality, low-loss, high-heat dissipation, and fine-line products [2] - The company is well-positioned to benefit from the rapid iteration and upgrade of product specifications due to its leading position in the global FPC market [2] - The AI server and smart car businesses are developing rapidly, with the automotive sector expected to see significant growth in H2 2024 due to the mass production of radar computing boards and autonomous driving domain control boards [2] - The company is actively expanding its presence in the AI server market, with significant growth in related businesses in H1 2024 and ongoing efforts to accelerate customer certification and testing in the Huaian and Thailand industrial parks [2] Financial Performance Summary - Total revenue for the first three quarters of 2024 was 23.487 billion RMB, a YoY increase of 14.82% [1] - Net profit attributable to shareholders for the first three quarters of 2024 was 1.974 billion RMB, a YoY increase of 7.05% [1] - Non-GAAP net profit for the first three quarters of 2024 was 1.929 billion RMB, a YoY increase of 8.89% [1] - Gross margin for the first three quarters of 2024 was 20.47%, up 0.19 pcts YoY [1] - The company's EPS for 2024-2026 is forecasted to be 1.46/1.95/2.14 RMB, adjusted from previous estimates of 1.58/1.95/2.14 RMB due to exchange rate fluctuations [2] Industry and Market Outlook - The AI terminal market is expected to drive a new cycle of innovation, with AI smartphones leading the way in boosting terminal product sales and upgrading PCB products [2] - The company's focus on high-end AI server products and its expansion in the automotive sector are expected to create new growth engines [2] - The competitive landscape in the FPC market is expected to improve as technological and process barriers increase, benefiting the company as a global leader in FPC [2]

002938.SZ 买入 原评级：买入 市场价格:人民币 36.61 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 (21%) 3% 28% 52% 77% 101% Oct-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24 鹏鼎控股 深圳成指 绝对 65.1 2.3 2.4 74.3 相对深圳成指 53.1 2.3 (22.0) 68.3 | --- | --- | --- | |-------------------------------|------------|-----------| | | | | | 发行股数 ( 百万 ) | | 2,318.56 | | 流通股 ( 百万 ) | | 2,305.49 | | 总市值 ( 人民币 百万 ) | | 84,882.51 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 688.74 | | 主要股东 | | | | 美港实业有限公司 | | 66.17 | | 资料来源：公司公告， Wind | ，中银证券 | | ...

证券代码：002938 证券简称：鹏鼎控股 公告编号：2024-073 鹏鼎控股（深圳）股份有限公司 为配合公司业务发展需要，公司及全资子公司拟向以下银行申请授信额 度: | 单位：万元 | | --- | | 项次 | 授信银行名称 | 往来法人 | 授信额度 | | 性质 | 备注 | | --- | --- | --- | --- | --- | --- | --- | | | | | 币别 | 金额 | | | | 1 | 中国建设银行股份有限公司 | 鹏鼎控股(深圳)股份有限公司 | CNY | 100,000 短期 | | 续约 | | | 深圳市分行 | | | | | | | 2 | 中信银行股份有限公司 | 鹏鼎控股(深圳)股份有限公司 | CNY | 50,000 短期 | | 续约 | | | 深圳分行 | | | | | | | 3 | 中国光大银行股份有限公司 | 鹏鼎控股(深圳)股份有限公司 | CNY | 60,000 短期 | | 增额 | | | 深圳分行 | | | | | | | 4 | 招商银行股份有限公司 | 奎盛科技(深圳)有限公司 | CNY | 3,000 短期 ...

证券代码：002938 证券简称：鹏鼎控股 公告编号：2024-070 鹏鼎控股（深圳）股份有限公司 关于增加公司 2024 年度日常关联交易预计额度的公告 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。 一、日常关联交易基本情况 （一）日常关联交易概述 鹏鼎控股（深圳）股份有限公司（以下简称"公司"、"本公司"） 2024年1 月30日召开的第三届董事会第七次会议及4月24日召开的2023年年度股东大会审 议通过了《关于预计公司2024年度日常关联交易的议案》，预计公司2024年度与 鸿海精密工业股份有限公司及其控股子公司(以下简称"鸿海集团")购买商品、 设备及服务等的日常关联交易金额不超过人民币65,000万元，具体内容详见刊登 在《证券时报》、《上海证券报》和巨潮资讯网（www.cninfo.com.cn）的鹏鼎控 股《关于预计公司2024年度日常关联交易的公告》（公告编号：2024-004）。 根据公司截至目前与鸿海集团的日常关联交易额度实际使用情况及下半年 经营计划情况,公司于2024年10月30日召开第三届董事会第十二次会议审议通过 《关于增加公 ...

证券代码：002938 证券简称：鹏鼎控股 公告编号：2024-071 鹏鼎控股（深圳）股份有限公司 关于聘任公司副总经理的公告 特此公告。 鹏鼎控股（深圳）股份有限公司 董 事 会 2024 年 10 月 31 日 附：罗安智先生简历： 罗安智，男，1975年生，中国台湾籍，无其他境外永久居留权，毕业于台湾 淡江大学机械工程系；2000年至2011年任职于欣兴电子股份有限公司，曾任资深 经理；2011年至今任职于鹏鼎控股，现任公司营运总处二处资深协理。 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。 鹏鼎控股（深圳）股份有限公司（以下简称"鹏鼎控股"、"公司"）于 2024 年 10 月 30 日召开第三届董事会第十二次会议，审议通过了《关于聘任公 司副总经理的议案》，因公司业务发展的需要，经首席执行官林益弘先生提名， 董事会同意聘任罗安智先生为鹏鼎控股副总经理，任期自董事会审议通过之日起 至第三届董事会任期届满为止。 以上罗安智先生任职资格已经公司于 2024 年 10 月 29 日召开的第三届董事 会提名委员会第二次会议审议通过，董事会提名委员会在认真查 ...

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。 一、董事会会议召开情况 鹏鼎控股（深圳）股份有限公司（以下简称"本公司"或"公司"）第三届董事 会第十二次会议于 2024 年 10 月 30 日以通讯方式召开。相关会议通知及会议资 料已于 2024 年 10 月 26 日以电子邮件方式向公司全体董事发出，本次董事会会 议应出席董事 7 人，实际出席董事 7 人，会议由董事长沈庆芳主持。本次董事会 的召开符合《中华人民共和国公司法》（以下简称"《公司法》"）和《鹏鼎控股 （深圳）股份有限公司章程》（以下简称"《公司章程》"）的相关规定。 二、董事会会议审议情况 证券代码：002938 证券简称：鹏鼎控股 公告编号：2024-068 鹏鼎控股（深圳）股份有限公司 第三届董事会第十二次会议决议公告 本次会议经过充分讨论，经董事以记名投票方式表决，作出如下决议： 1、审议通过《关于公司 2024 年第三季度报告的议案》 表决结果：7 票赞成，0 票反对，0 票弃权。 以上议案已经公司董事会审计委员会全票审议通过。 以上议案具体内容详见同日刊登在《证券时报》、《上海证券 ...

证券代码：002938 证券简称：鹏鼎控股 公告编号：2024-072 鹏鼎控股（深圳）股份有限公司 关于回购完成暨回购实施结果的公告 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。 鹏鼎控股（深圳）股份有限公司（以下简称"公司"）于 2023 年 10 月 30 日召开的第三届董事会第五次会议审议通过了《关于以集中竞价方式回购公司股 份的议案》，公司拟使用自有资金以集中竞价交易方式回购部分公司股份，本次 回购股份将用于员工持股计划或股权激励计划。本次回购资金总额不低于人民币 20,000 万元（含）且不超过人民币 40,000 万元（含），回购价格不超过人民币 25 元/股。回购期限自公司董事会审议通过回购方案之日起 12 个月。具体内容 详见公司于 2023 年 10 月 31 日在《证券时报》《上海证券报》及巨潮资讯网 （http://www.cninfo.com.cn）披露的《关于以集中竞价方式回购公司股份方案 的公告》(公告编号 2023-088)。 根据《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》的相 关规定，公司回购期限届满或者回 ...

Financial Performance - Revenue for the third quarter reached RMB 10.36 billion, a year-on-year increase of 16.14%[2] - Net profit attributable to shareholders was RMB 1.19 billion, up 15.26% compared to the same period last year[2] - Total revenue for the period reached 23.49 billion RMB, an increase from 20.46 billion RMB in the previous period[19] - Total operating costs were 21.32 billion RMB, compared to 18.51 billion RMB in the previous period[19] - Net profit attributable to the parent company's owners was 14.31 billion RMB, up from 13.49 billion RMB in the previous period[18] - Net profit attributable to parent company shareholders reached 1,974,256,997.34 RMB, compared to 1,844,302,223.56 RMB in the previous period[20] - Basic earnings per share were 0.86 RMB, compared to 0.8 RMB in the previous period[21] Cash Flow and Financial Position - Operating cash flow for the first nine months of 2024 was RMB 2.92 billion, a decrease of 41.56% year-on-year[2] - Total assets as of the end of the reporting period were RMB 43.91 billion, an increase of 3.87% compared to the end of the previous year[2] - The company's cash and cash equivalents decreased to 10.23 billion RMB from 10.91 billion RMB at the beginning of the period[16] - Accounts receivable increased to 6.97 billion RMB from 6.19 billion RMB at the beginning of the period[16] - Operating cash flow decreased to 2,918,153,828.82 RMB from 4,993,551,512.81 RMB in the previous period[22] - Investment cash flow showed a net outflow of -2,044,566,852.41 RMB, compared to -3,740,271,766.30 RMB in the previous period[23] - Financing cash flow had a net outflow of -1,483,846,572.41 RMB, compared to -1,327,224,297.83 RMB in the previous period[23] - Cash and cash equivalents at the end of the period were 10,187,876,240.46 RMB, down from 10,889,042,063.55 RMB at the beginning of the period[23] Investments and Subsidiaries - Inventory increased by 62.38% to RMB 4.96 billion, mainly due to increased stockpiling to meet customer demand[5] - Long-term equity investments decreased by 59.56% to RMB 1.99 million, primarily due to increased losses from equity method investments[5] - Investment income surged by 356.04% to RMB 5.84 million, driven by gains from other equity instrument investments[6] - Fair value change losses expanded by 161.25% to RMB -46.48 million, mainly due to changes in the fair value of non-current financial assets[6] - Minority shareholders' equity increased by 116.65% to RMB 53.55 million, primarily due to capital injection into the Thai factory[5] - The company approved a capital increase of RMB 250 million for its subsidiary Pengding Investment[10] - The company established a joint venture with Huai'an Jiawei Industrial Development Co., Ltd. for employee dormitory development[11] - The company established a new subsidiary, Yaoding Environmental Technology (Shenzhen) Co., Ltd., with a registered capital of RMB 14 million[12] - The new subsidiary Yaoding Environmental Technology focuses on environmental protection and energy-saving technology[13] - The company invested 30 million RMB in Shenzhen Cloud Leopard Intelligent Co., Ltd., a semiconductor company specializing in cloud computing and data center data processor chips (DPU) and solutions[14] - The company closed its Japanese subsidiary, Avary Japan, on September 5, 2024, with a registered capital of 98 million JPY, which had no impact on the company's business[15] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 49,084[7] - Meigang Industrial Co., Ltd. holds 66.17% of the shares, totaling 1,534,242,198 shares[7] - Jihui International Co., Ltd. holds 5.71% of the shares, totaling 132,402,775 shares[7] - Hong Kong Securities Clearing Company holds 3.21% of the shares, totaling 74,395,508 shares[7] - The National Social Security Fund 103 Portfolio holds 1.38% of the shares, totaling 32,006,767 shares[7] Expenses and Costs - Financial expenses decreased by 33.61% to RMB -250.01 million, mainly due to reduced exchange gains from currency fluctuations[6] - R&D expenses increased to 1.71 billion RMB from 1.42 billion RMB in the previous period[19] - Payments for goods and services increased to 16,360,742,212.91 RMB from 12,365,455,391.08 RMB in the previous period[22] - Payments to employees increased to 3,562,715,017.91 RMB from 2,746,058,787.05 RMB in the previous period[22] Tax and Refunds - Tax refunds received increased to 930,897,206.92 RMB from 787,360,511.93 RMB in the previous period[22]

公 司 研 究 2024 年 10 月 21 日 公司点评 买入/维持 鹏鼎控股(002938) 昨收盘:34.94 9 月营收简报预期稳增长，AI 终端发力 走势比较 (10%) 20% 50% 80% 110% 140% 23/10/2324/1/324/3/1524/5/2624/8/624/10/17 鹏鼎控股 沪深300 股票数据 总股本/流通(亿股) 23.19/23.19 总市值/流通(亿元) 810.11/810.11 12 个月内最高/最低价 (元) 43.58/15.92 证券分析师：张世杰 E-MAIL：zhangsj@tpyzq.com 分析师登记编号：S1190523020001 证券分析师：李珏晗 E-MAIL：lijuehan@tpyzq.com 分析师登记编号：S1190523080001 证券分析师：罗平 E-MAIL：luoping@tyqzq.com 分析师登记编号：S1190524030001 事件：公司发布 9 月营收简报，公司 2024 年 9 月合并营业收入为 40.12 亿元，较去年同期的合并营业收入增加 5.12%。公司发布 2024 年中报， 2024H1 ...