公司研究 | 年报点评 鹏鼎控股 002938.SZ 买入 （维持） 3 月营收增速提升，受益于 AI 行业趋势 股价（2024年04月08日） 21.6元 目标价格 34.23元 52周最高价/最低价 32.57/15.92元 总股本/流通A股（万股） 232,044/231,511 A股市值（百万元） 50,121 核心观点 国家/地区 中国 行业 电子 ⚫ 3月营收增速显著提升，四季度营收环比高增。公司3月营收同比增长 17%至22.5 报告发布日期 2024年04月10日 亿元，相比1/2月增速显著提升。23年实现营收321亿元，同比下降11%，归母净 利润32.9亿元，同比下降34%；毛利率21.3%，同比下降约3 pct。23年年底，行 1周 1月 3月 12月 业需求有所恢复，公司 23Q4 单季营收 116 亿元，同比增长约 2%，环比增长达 绝对表现% -4.8 -3.05 7.14 -30.11 30%，归母净利润14.4亿元，同比下降约17%，环比提升40%。 相对表现% -3.15 -2.81 -0.48 -15.88 ⚫ 通讯用板业务逆势增长，消费电子和计算机用板下滑。通讯用板业务为 ...

证券代码：002938 证券简称：鹏鼎控股 公告编号：2024-026 鹏鼎控股（深圳）股份有限公司 2024 年 3 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 3 月合并营业收入为人民币 225,117 万元，较去年同期的合并 营业收入增加 17.35%。 特此公告。 鹏鼎控股（深圳）股份有限公司 董 事 会 2024 年 4 月 9 日 ...

电子 | 证券研究报告 — 调整盈利预测 2024年4月3日 002938.SZ 鹏鼎控股 买入 消电周期致业绩波动，持续创新拥抱应用新蓝海 原评级：买入 市场价格:人民币 23.20 公司发布 2023 年年报，面对行业周期波动公司业绩亦短期承压，但伴随行业复苏及 板块评级:强于大市 新应用驱动，公司有望重回增长轨道，维持买入评级。 支撑评级的要点 股价表现  公司2023年整体业绩承压，但23Q4已现回暖迹象。公司2023年全年实现收入 320.66亿元，同比下降11.45%，实现归母净利润32.87亿元，同比下降34.41%， 4% 实现扣非净利润31.70亿元，同比下降35.09%。单季度来看，公司23Q4实现营 (6%) 收 116.10 亿元，同比+1.67%/环比+30.15%，实现归母净利润 14.43 亿元，同比 (15%) -17.43%/环比+39.73%,实现扣非净利润 13.99 亿元，同比-17.66%/环比+35.60%。 盈利能力方面，公司 2023 年毛利率 21.34%，同比减少 2.66pcts，归母净利率 (25%) 10.25%，同比减少3.59pcts。单季度来看 ...

鹏鼎控股：23年业绩承压，服务器+新能源车打开成长空间 鹏鼎控股（002938.SZ）/电子 证券研究报告/公司点评 2024年3月31日 评级：买入 （维持） 公司盈利预测及 估值 市场价格：23.2元/股 指标 2022A 2023A 2024E 2025E 2026E 分析师：王芳 营业收入（百万元） 36,211 32,066 36,053 39,358 41,281 增长率yoy% 9% -11% 12% 9% 5% 执业证书编号：S0740521120002 净利润（百万元） 5,012 3,287 3,870 4,351 4,553 Email：wangfang02@zts.com.cn 增长率yoy% 51% -34% 18% 12% 5% 每股收益（元） 2.16 1.42 1.67 1.88 1.96 每股现金流量 4.72 3.43 1.38 2.90 3.11 分析师：刘博文 净资产收益率 18% 11% 12% 12% 12% 执业证书编号：S0740524030001 P/E 10.7 16.4 13.9 12.4 11.8 P/B 1.9 1.8 1.7 1.5 1.4 Emai ...

消费电子组件 鹏鼎控股（002938.SZ） 增持-A(首次) 业绩短期承压，看好汽车、服务器领域战略布局 2024年4月2日 公司研究/动态分析 公司近一年市场表现 投资要点：  公司发布2023年年报。公司2023年实现营业收入320.66亿元，同比下 降11.45%，归母净利润32.87亿元，同比下降34.41%。2023年四季度实现营 业收入116.1亿元，同比增长1.67%，归母净利润14.43亿元，同比下降17.43%。  收入端下滑主要受消费电子行业周期影响，新扩展汽车及服务器产品线 布局稳健。2023年通讯用板收入235.13亿元，同比增长3.70%，消费电子及 计算机用板收入79.75亿元，同比下降39.59%，在下游消费电子行业整体下 市场数据：2024年4月1日 行的环境下，通过提高产品品质，提高在下游客户的市占率，维持了通讯用 收盘价（元）： 22.69 板的收入稳健增长。而在汽车和服务器等新兴增长领域，2023年实现营业收 总股本（亿股）： 23.20 入5.39亿元，同比增长71.45%，在车用领域，23年上半年完成雷达运算板 流通股本（亿股）： 23.15 的顺利量产，202 ...

证券代码：002938 证券简称：鹏鼎控股 公告编号：2024-025 鹏鼎控股（深圳）股份有限公司 关于回购公司股份的进展公告 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、股份回购基本方案 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)。 二、股份回购的进展情况 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管 ...

%% research.95579.com %% ...

Investment Rating - The report upgrades the investment rating of the company to "Buy" due to its potential growth in new fields and undervaluation compared to the industry average [6] Core Views - The company has been the world's largest PCB manufacturer for seven consecutive years (2017-2023) according to Prismark [5] - The company is actively expanding into new areas such as automotive, AI servers, and low-orbit satellite communications [5] - Despite a 11 45% YoY decline in 2023 revenue to 32 066 billion yuan, the company shows strong growth potential in emerging sectors [5][6] Financial Performance - 2023 revenue: 32 066 billion yuan, down 11 45% YoY [5] - 2023 net profit attributable to parent company: 3 287 billion yuan [5] - 2024E/2025E/2026E net profit forecasts adjusted to 3 695/4 046/4 362 billion yuan respectively [6] - 2024 PE ratio: 15X, below industry average of 21X, indicating 40% upside potential [6] Business Segments - Communication boards: 23 513 billion yuan in 2023, relatively stable [5] - Consumer electronics and computer boards: 7 975 billion yuan in 2023, significant decline [5] - Automotive and server products: 539 million yuan in 2023, up 71 45% YoY [5] New Business Developments - Automotive PCB: Completed 150k sq ft battery board project in 2022, started mass production of radar computing boards in H1 2023, and laser radar/high-frequency antenna boards in Q4 2023 [5] - AI servers: Upgraded main product layers from 10-12L to 16-20L in 2023, entered global server customer supply chain, won AMD's "Partner Excellence Award" in Jan 2024 [5] - 6G communications: Entered low-orbit satellite, millimeter wave antenna, base station antenna, and GPS radar fields [5] Capacity Expansion - Soft board: Completed Huai'an flexible multilayer PCB expansion project [6] - Hard board: Huai'an new park project to enhance high-end HDI and SLP competitiveness [6] - Overseas: Kaohsiung park project topped out in Jan 2023, Thailand phase 1 project with $250 million investment to start production in H2 2025 [6] - Smart manufacturing: Built seven smart factories since 2017, with 40% increase in per capita output from 2017 to 2023 [6]

电子/元件 公 司 研 鹏鼎控股（002938.SZ） 2023 年业绩短期承压，汽车和 AI 产品注入新动力 究 2024年03月31日 ——公司信息更新报告 投资评级：买入（维持） 罗通（分析师） 董邦宜（联系人） luotong@kysec.cn dongbangyi@kysec.cn 证 书编号：S0790522070002 证书编号：S0790123100019 日期 2024/3/29 当前股价(元) 23.20  2023Q4业绩增速提振，行业有望步入复苏周期，维持“买入”评级 公 一年最高最低(元) 33.50/15.92 公司2023年全年实现营收320.66亿元，同比-11.45%；归母净利润32.87亿元， 司 信 总市值(亿元) 538.34 同比-34.41%；扣非净利润 31.70 亿元，同比-35.09%；毛利率 21.34%，同比 息 流通市值(亿元) 537.11 -2.66pcts。2023Q4 单季度实现营收 116.10 亿元，同比+1.67%，环比+30.15%； 更 总股本(亿股) 23.20 归母净利润14.43亿元，同比-17.43%，环比+39.73%；扣非 ...

Financial Performance - The company's operating revenue for 2023 was ¥32,066,047,781.90, a decrease of 11.45% compared to ¥36,210,971,441.99 in 2022[6]. - Net profit attributable to shareholders was ¥3,286,953,204.23, down 34.41% from ¥5,011,536,639.03 in the previous year[6]. - The cash flow from operating activities was ¥7,968,561,814.22, reflecting a decline of 27.27% from ¥10,956,763,951.29 in 2022[6]. - Basic earnings per share decreased by 34.26% to ¥1.42 from ¥2.16 in 2022[6]. - The company reported a total of ¥116,851,302.85 in non-recurring gains for 2023, compared to ¥127,458,754.13 in 2022[26]. - The company's total revenue for 2023 was approximately ¥32.07 billion, a decrease of 11.45% compared to ¥36.21 billion in 2022[70]. - Revenue from communication boards reached CNY 23.513 billion, while revenue from consumer electronics and computer boards was CNY 7.975 billion[59]. - The automotive and server product lines generated revenue of CNY 539 million, representing a year-on-year growth of 71.45%[60]. Risk Factors and Management - The company has confirmed that there are no significant risk factors affecting its production, operational, financial status, or sustainable profitability[3]. - The company has outlined potential risk factors and corresponding strategies in its annual report, emphasizing the importance of investor awareness regarding these risks[3]. - The company is exposed to foreign exchange risks due to significant USD-denominated assets and liabilities, necessitating the use of financial hedging products[142]. - The company is actively managing risks related to raw material shortages and price increases, which could affect profit margins[144]. - The company faces risks from global economic fluctuations and potential inventory issues in the electronics industry, which could impact PCB industry growth[141]. Market Trends and Industry Outlook - The PCB industry is projected to experience a compound annual growth rate of 5.4% from 2024 to 2028, with an expected market value exceeding $90 billion by 2028[31]. - The overall PCB market value for 2023 is estimated at $69.517 billion, reflecting a 15.0% decline year-over-year due to weakened demand in traditional consumer electronics[31]. - The global smartphone market is projected to see a decline in shipments to approximately 1.164 billion units in 2023, a decrease of 3.5% from 2022, marking the lowest shipment volume in a decade[41]. - The automotive PCB market is expected to grow significantly, with usage projected to increase by 50% from 2022 to 2028, driven by advancements in electric and smart vehicles[44]. - AI technology is creating new opportunities in the PCB sector, with the global market for server and storage PCBs expected to grow from $8.201 billion in 2023 to $13.804 billion by 2028, reflecting a compound annual growth rate of 11.0%[43]. Research and Development - The company invested approximately RMB 660 million in environmental protection in 2023, including operational costs and investments in environmental facilities[53]. - The company is focusing on R&D in high-density interconnect (HDI) and flexible printed circuit (FPC) products to enhance its competitive edge in the automotive and AI server markets[44]. - R&D investment increased by 17.04% to approximately CNY 1.96 billion in 2023, compared to CNY 1.67 billion in 2022[85]. - The number of R&D personnel rose by 11.23% to 6,022 in 2023, compared to 5,414 in 2022[85]. - The company has made significant advancements in the development of AI high-performance computing server materials and processes, laying the groundwork for future industrialization[85]. Corporate Governance - The board of directors consists of 7 members, including 3 independent directors, ensuring a balanced and professional governance structure[155]. - The company has established a performance evaluation and incentive mechanism linking executive compensation to company performance, promoting sustainable development[157]. - The company maintains independence from its controlling shareholders, ensuring no interference in decision-making processes[154]. - The company has established an information disclosure committee to ensure compliance with regulations and protect investor interests, with a focus on transparent communication[159]. - The company is committed to enhancing governance efficiency and transparency to maximize long-term shareholder value[149]. Environmental and Social Responsibility - The company emphasizes sustainable development and advanced technology, adhering to a strategy focused on lightweight, thin, and low-carbon products[45]. - The company achieved a 100% external certification for greenhouse gas emissions under ISO14064-1 for its main production sites in 2023[67]. - The company reduced carbon emissions by 37,209 tons in 2023 through energy-saving projects and advanced energy-efficient equipment[68]. - The company is committed to achieving carbon neutrality and advancing low-carbon operations as part of its mission to benefit humanity and improve the environment[136]. - The company emphasizes social responsibility, viewing "employees, customers, strategic partners, shareholders, and society" as key stakeholders in its development[158]. Strategic Initiatives and Future Plans - The company plans to invest approximately 3.3 billion in capital expenditures for 2024, focusing on high-end HDI and advanced SLP smart manufacturing projects, digital transformation, and production base construction in Thailand[134]. - The company aims to enhance its market share by focusing on high-end PCB products and expanding its global market presence while leveraging technological advancements[129]. - The company plans to respond to market demands by accelerating new product launches and deepening collaborations with leading domestic and international clients[131]. - The company is actively exploring new technologies and product development to enhance its competitive edge[200]. - The company is focused on expanding its market presence through new product development and technological advancements[104].