证券代码：002938 证券简称：鹏鼎控股 公告编号：2024-076 鹏鼎控股（深圳）股份有限公司 2024 年 11 月营业收入简报 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。 特别提示：鹏鼎控股(深圳)股份有限公司(以下简称"本公司"或"公司") 之间接控股股东臻鼎科技控股股份有限公司（以下简称"臻鼎科技"）为台湾 地区上市公司，臻鼎科技需按照台湾证券交易所相关规定，披露每月营业收入 数据。为使 A 股投资者能够及时了解公司的经营情况，本公司亦同步在深圳证 券交易所指定的信息披露媒体上披露本公司营业收入。 本简报为初步核算数据，未经会计师事务所审计或审阅，最终数据以公司 定期报告为准，敬请投资者注意投资风险。 公司 2024 年 11 月合并营业收入为人民币 404,517 万元，较去年同期的合并 营业收入增加 0.79%。 特此公告。 鹏鼎控股（深圳）股份有限公司 董 事 会 2024 年 12 月 7 日 ...

证券代码：002938 证券简称：鹏鼎控股 公告编号：2024-075 鹏鼎控股（深圳）股份有限公司 关于参加 2024 年度深圳辖区上市公司集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，鹏鼎控股（深圳）股份有限 公司（以下简称"公司"）将参加由深圳证监局和深圳证券交易所指 导、深圳上市公司协会与深圳市全景网络有限公司联合举办的"2024 年度深圳辖区上市公司集体接待日"活动，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演" 网站（https://rs.p5w.net），或关注微信公众号：全景财经，或下 载全景路演APP,参与本次互动交流，活动时间为2024 年12 月12 日 （周四）14:30-17:00。届时公司董事、高管将在线就公司治理、发 展战略、经营状况和可持续发展等投资者关心的问题，与投资者进行 沟通与交流，欢迎广大投资者踊跃参与！ 特此公告！ 鹏鼎控股（深圳）股份有限公司 董 事 会 2024 年 12 月 7 日 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company, Pengding Holdings, is positioned to benefit from the AI phone trend, with expectations of entering a new growth cycle in the flexible printed circuit (FPC) segment [1]. - The company experienced a short-term performance decline in 2023 due to industry factors, but is projected to see significant revenue and profit growth in 2024 as overseas clients ramp up orders [1]. - The FPC segment is expected to see a rise in both volume and price due to advancements in AI technology, which will enhance the company's market share in the supply chain of major clients [1]. Summary by Sections 1. PCB Leading Manufacturer, Short-term Profit Pressure - Pengding Holdings is a leading PCB manufacturer with a diverse product line including FPC, SMA, SLP, HDI, Mini LED, and more, serving various sectors such as communication electronics and AI servers [1][71]. - The company faced a revenue drop to 32.1 billion yuan in 2023, a decrease of 11% year-on-year, and a net profit drop to 3.3 billion yuan, down 34% year-on-year [1][77]. 2. Flexible Printed Circuit (FPC) Layout and Growth - FPC is favored in the consumer electronics market due to its lightweight and flexible characteristics, making it suitable for compact devices [1][94]. - The growth of FPC has occurred in two phases: the first driven by the increase in smartphone penetration, and the second by the rising value of FPC in smartphones due to added features [1][102]. 3. Apple's Influence on FPC Development - Apple has been a key driver in the FPC market, continuously increasing the unit value of FPC in its devices, with the number of FPC units in iPhones growing from 10 in iPhone 4 to 30 in iPhone 12 [1][107]. - The company maintains a significant market share in Apple's supply chain, estimated at around 33% from 2016 to 2019 [1][112]. 4. Advantages from Early Entry and Shareholder Support - The company benefits from stable production yields and a strong order base, supported by its major shareholder, Foxconn, which provides a vast customer network [1][115]. - The FPC industry has high entry barriers due to the need for significant capital investment and technological expertise, which favors established players like Pengding [1][122]. 5. Profit Forecast and Valuation - The report forecasts net profits for 2024, 2025, and 2026 to be 3.5 billion, 4.1 billion, and 4.7 billion yuan respectively, with corresponding P/E ratios of 20, 17, and 15 times [1].

Investment Rating - The report maintains a "Buy" investment rating for the company [1]. Core Views - The company reported strong performance in Q3 2024, with revenue of 23.487 billion yuan, a year-on-year increase of 14.82%, and a net profit attributable to shareholders of 1.974 billion yuan, up 7.05% year-on-year [1]. - The PCB industry is benefiting from the AI trend, with a projected industry output value of 73.026 billion USD in 2024, reflecting a 5.0% year-on-year growth [1][3]. - The company is positioned as a high-end PCB solution provider, with significant capacity expansion plans to meet the demands of the AI era [3]. Summary by Sections Q3 Performance - In Q3 2024, the company achieved revenue of 10.36 billion yuan, a year-on-year increase of 16.14% and a quarter-on-quarter increase of 60.89%. The net profit attributable to shareholders was 1.19 billion yuan, up 15.26% year-on-year and 314.66% quarter-on-quarter [1]. - The gross profit margin for Q3 2024 was 23.62%, an increase of 8.14 percentage points quarter-on-quarter, while the net profit margin was 11.48%, up 7.02 percentage points quarter-on-quarter [1]. Industry Outlook - The recovery in consumer electronics is driving the PCB industry's growth, with AI empowering innovation in the sector. The demand for high-quality, high-speed, and high-precision PCBs is expected to rise due to the increasing performance requirements of AI terminals [1][3]. - The company is expanding its production capacity in various locations, including a 4.2 billion yuan investment in its Huai'an third park, which focuses on high-end HDI and SLP products, and a 2.5 billion USD investment in Thailand targeting automotive and server products [3]. Financial Forecast - The company is projected to achieve revenues of 38.088 billion yuan, 45.012 billion yuan, and 51.017 billion yuan for the years 2024, 2025, and 2026, respectively. The earnings per share (EPS) are forecasted to be 1.72 yuan, 2.16 yuan, and 2.59 yuan for the same years [4][6]. - The current stock price corresponds to a price-to-earnings (P/E) ratio of 20.1, 16.0, and 13.3 for the years 2024, 2025, and 2026, indicating the company's potential to benefit from the upgrading trend in consumer electronics [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the CSI 300 index in the next six months [9]. Core Views - The consumer electronics market is experiencing a mild recovery, with growth driven by automotive electronics and AI servers. The company reported a consolidated revenue of 4.363 billion yuan in October, a decrease of 2.18% year-on-year, but achieved a revenue of 23.487 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 14.82% [2][3]. - The company is benefiting from the release of new products by major overseas clients and is increasing its market share, particularly in high-end HDI and SLP products, which are in demand due to advancements in AI technology [2][3]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 10.36 billion yuan, a year-on-year increase of 16.14%, and a net profit attributable to shareholders of 1.19 billion yuan, up 15.26% year-on-year [2]. - The revenue breakdown by product shows that consumer electronics, automotive and server electronics, and communication electronics generated revenues of 6.912 billion, 0.729 billion, and 15.776 billion yuan, with year-on-year growth rates of 22.03%, 102.52%, and 9.53% respectively [2]. Future Projections - The company forecasts total revenues of 36.227 billion, 42.037 billion, and 45.984 billion yuan for 2024, 2025, and 2026, with year-on-year growth rates of 12.98%, 16.04%, and 9.39% respectively. Net profits are projected to be 3.718 billion, 4.588 billion, and 4.986 billion yuan for the same years, with growth rates of 13.10%, 23.42%, and 8.68% respectively [3][4].

证券代码：002938 证券简称：鹏鼎控股 公告编号：2024-074 鹏鼎控股（深圳）股份有限公司 2024 年 10 月营业收入简报 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。 特别提示：鹏鼎控股(深圳)股份有限公司(以下简称"本公司"或"公司") 之间接控股股东臻鼎科技控股股份有限公司（以下简称"臻鼎科技"）为台湾 地区上市公司，臻鼎科技需按照台湾证券交易所相关规定，披露每月营业收入 数据。为使 A 股投资者能够及时了解公司的经营情况，本公司亦同步在深圳证 券交易所指定的信息披露媒体上披露本公司营业收入。 本简报为初步核算数据，未经会计师事务所审计或审阅，最终数据以公司 定期报告为准，敬请投资者注意投资风险。 公司 2024 年 10 月合并营业收入为人民币 436,296 万元，较去年同期的合并 营业收入減少 2.18%。 特此公告。 鹏鼎控股（深圳）股份有限公司 董 事 会 2024 年 11 月 7 日 ...

[Table_MainInfo] 公司研究/信息设备/电子元器件 证券研究报告 鹏鼎控股（002938）公司研究报告 2024 年 11 月 05 日 [Table_InvestInfo] 投资评级 优于大市 首次 覆盖 | --- | --- | |---------------------------------------------------|-------------| | 股票数据 | | | 11 [ Table_StockInfo 月 04 日收盘价（元） ] | 37.30 | | 52 周股价波动（元） | 15.92-43.58 | | 总股本 / 流通 A 股（百万股） | 2319/2305 | | 总市值 / 流通市值（百万元） 相关研究 | 86482/85995 | 市场表现 [Table_QuoteInfo] -28.54% -3.54% 21.46% 46.46% 71.46% 96.46% 2023/11 2024/2 2024/5 2024/8 鹏鼎控股 海通综指 | --- | --- | --- | --- | |------------------------- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The company reported a revenue increase in Q3 2024, with a year-on-year growth of 16.14% and a quarter-on-quarter growth of 60.89%. The net profit for Q3 2024 also saw significant growth, with a year-on-year increase of 15.26% and a quarter-on-quarter increase of 314.66% [2][3] - The company is positioned to benefit from the recovery in the consumer electronics industry and the growth in AI-related products, maintaining profit forecasts for 2024-2026 with expected net profits of 35.52 billion, 44.17 billion, and 48.62 billion respectively [2][3] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 234.87 billion, a year-on-year increase of 14.82%. The net profit attributable to the parent company was 19.74 billion, up 7.05% year-on-year, with a gross margin of 20.47% [2][4] - In Q3 2024, the company recorded a revenue of 103.6 billion, with a gross margin of 23.62%, reflecting a year-on-year increase of 0.78 percentage points and a quarter-on-quarter increase of 8.14 percentage points [2][4] Business Development - The company is expanding its capabilities in various sectors, including AI-related products, automotive electronics, and server markets. It is increasing production capacity for high-end HDI and SLP printed circuit boards to meet rising demand [3][4] - The company has established partnerships with major domestic and international clients in the automotive sector and is actively pursuing opportunities in the AI server market [3][4] Valuation Metrics - The projected earnings per share (EPS) for 2024-2026 are 1.53, 1.91, and 2.10 respectively, with corresponding price-to-earnings (P/E) ratios of 23.9, 19.2, and 17.5 [2][4] - The company’s total market capitalization is approximately 849.75 billion, with a current stock price of 36.65 [5]

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company reported a revenue of 23.487 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 14.82%. The net profit attributable to the parent company was 1.974 billion yuan, up 7.05% year-on-year. In the third quarter alone, revenue reached 10.360 billion yuan, a year-on-year increase of 16.14% and a quarter-on-quarter increase of 60.89%. The net profit for the third quarter was 1.190 billion yuan, reflecting a year-on-year increase of 15.26% and a quarter-on-quarter increase of 314.66% [2][3]. Financial Performance - For the first three quarters of 2024, the company achieved a gross margin of 20.47% and a net margin of 8.40%, with slight year-on-year changes of +0.19 percentage points and -0.62 percentage points respectively. In Q3 2024, the gross margin was 23.62% and the net margin was 11.48%, showing improvements both year-on-year and quarter-on-quarter [2][3]. - The company is benefiting from the upcoming consumer electronics peak season, leading to a significant increase in production capacity and strong order performance for related products [3]. Market Outlook - The report anticipates a new growth cycle in the industry driven by the rapid launch of AI-enabled smartphones and PCs, as well as the booming foldable phone market. The company is actively involved in the development of next-generation products in collaboration with clients, with its PCB products achieving advanced specifications [3]. - The company is also expanding its production capacity for high-end HDI and SLP printed circuit boards, which is expected to enhance its market share in these segments [3]. Earnings Forecast - The company is projected to achieve net profits of 3.708 billion yuan, 4.534 billion yuan, and 5.085 billion yuan for the years 2024, 2025, and 2026 respectively. The corresponding price-to-earnings ratios are estimated to be 22.89, 18.72, and 16.69 [4].

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 36.65 CNY [3]. Core Insights - The company reported a revenue of 23.487 billion CNY for the first three quarters of 2024, representing a year-on-year increase of 14.82%. The net profit attributable to shareholders was 1.974 billion CNY, up 7.05% year-on-year [1]. - In Q3 alone, the company achieved a revenue of 10.360 billion CNY, a year-on-year increase of 16.14% and a quarter-on-quarter increase of 60.87%. The net profit for Q3 was 1.190 billion CNY, reflecting a year-on-year growth of 15.26% and a quarter-on-quarter growth of 314.63% [1]. - The company is focusing on AI innovation, particularly in high-end HDI and SLP products, to meet the growing demand in the PCB industry, which is projected to grow by 5.0% in 2024 [1]. - The company is expanding its production capacity in Thailand, particularly for AI servers and automotive applications, with significant growth expected in these sectors [1]. Financial Summary - For 2024, the company is projected to achieve a net profit of 3.332 billion CNY, with a PE ratio of 26. The net profit is expected to grow to 4.511 billion CNY in 2025 and 5.036 billion CNY in 2026, with corresponding PE ratios of 19 and 17 respectively [2][4]. - The company's revenue is forecasted to increase from 32.066 billion CNY in 2023 to 35.193 billion CNY in 2024, with a growth rate of 9.8% [4]. - The gross margin is expected to remain stable around 21.29% in 2024, with a net profit margin of 9.47% [4].