（文章来源：每日经济新闻） 2025年1至6月份，鹏鼎控股的营业收入构成为：印制电路板占比99.22%，其他业务占比0.78%。 鹏鼎控股（SZ 002938，收盘价：51.3元）8月19日晚间发布公告称，公司第三届第十九次董事会会议于 2025年8月19日以通讯方式召开。会议审议了《关于公司淮安园区投资计划的议案》等文件。 ...

Core Viewpoint - The company plans to invest a total of 8 billion yuan in the Huai'an Industrial Park to expand its production capacity for SLP, high-end HDI, and HLC products, aiming to provide comprehensive PCB solutions for the AI application market [1] Investment Details - The investment period is set from the second half of 2025 to 2028 [1] - The funding will come from the company's own resources, with no involvement in related party transactions or major asset restructuring [1] - There is no need for shareholder meeting approval for this investment [1]

Core Viewpoint - The company, Pengding Holdings, has announced an investment of 8 billion yuan to build an industrial park in Huai'an, aiming to expand its production capacity for various PCB products to cater to the AI application market [1] Investment Details - The total investment for the Huai'an industrial park is 8 billion yuan [1] - The investment period is set from the second half of 2025 to 2028 [1] - The investment will focus on increasing production capacity for SLP, high-end HDI, and HLC products [1] Strategic Goals - The investment is part of the company's strategy to capitalize on the AI trend and enhance its overall competitiveness [1] - The company aims to leverage the ONE AVARY product technology platform to accelerate its full industry chain layout for AI, covering cloud, management, and terminal aspects [1]

证券代码： 002938 证券简称：鹏鼎控股 公告编号：2025-056 鹏鼎控股（深圳）股份有限公司 关于公司淮安园区投资计划的公告 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、本次投资计划概述 鹏鼎控股（深圳）股份有限公司（以下简称"公司"、"本公司"）于 2025年8月19日召开第三届董事会第十九次会议审议通过《关于公司淮安园区投 资计划的议案》，同意公司投资合计80亿元人民币在淮安园区整合建设淮安产 业园，并同步投资建设包括SLP、高阶HDI及HLC等产品产能，扩充软板产能，为 快速成长的AI 应用市场提供涵盖服务器、光通讯、人形机器人、智能汽车及AI 端侧产品等多领域的全方位PCB解决方案。本次投资合计80亿元人民币，投资建 设期为2025年下半年至2028年。 本次投资不涉及关联交易，不构成《上市公司重大资产重组管理办法》规 定的重大资产重组，资金来源为公司自有资金，不涉及募集资金的使用，无需 提交股东会审议。 二、项目基本情况 1、项目名称：淮安产业园建设项目 2、项目实施主体：宏恒胜电子科技（淮安）有限公司、庆鼎精密电子 （淮安）有限公 ...

鹏鼎控股(深圳)股份有限公司 第三届董事会第十九次会议决议公告 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。 证券代码：002938 证券简称：鹏鼎控股 公告编号：2025-055 以上议案已经公司战略与风险管理委员会全票审议通过，具体内容详见同日 刊登在《证券时报》、《上海证券报》及巨潮资讯网（www.cninfo.com.cn）的鹏 鼎控股《关于公司淮安园区投资计划的公告》。 三、备查文件 1、第三届董事会第十九次会议决议； 2、第三届董事会战略与风险管理委员会第八次会议决议。 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"公司"）第三届董事会第十九 次会议于2025年8月19日以通讯方式召开，相关会议通知及会议资料已于2025年8 月15日以电子邮件方式向公司全体董事发出，本次会议应出席董事9人，实际出 席董事9人，本次会议由董事长沈庆芳先生主持。会议的召开符合《中华人民共 和国公司法》、《鹏鼎控股（深圳）股份有限公司章程》和《鹏鼎控股（深圳） 股份有限公司董事会议事规则》的有关规定。 二、董事会会议审议情况 本次会议经过充分讨论，经 ...

Group 1 - The core point of the article is that Pengding Holdings (002938) has approved an investment of 8 billion yuan to build an industrial park in Huai'an, which will enhance its production capacity for various PCB products to cater to the AI application market [1] - The investment period for the construction of the Huai'an industrial park is set from the second half of 2025 to 2028 [1] - This investment aims to leverage the AI trend and utilize the ONE AVARY product technology platform to accelerate the company's full industry chain layout in AI, thereby enhancing its overall competitive strength [1]

Core Viewpoint - The company announced an investment plan of 8 billion RMB to develop the Huai'an Industrial Park, focusing on expanding production capacity for various PCB solutions to cater to the growing AI application market [1] Investment Plan - The company will invest a total of 8 billion RMB in the Huai'an Industrial Park, which includes the construction of production capacity for SLP, high-end HDI, and HLC products [1] - The investment period is set from the second half of 2025 to 2028, with funding sourced from the company's own funds, not involving any fundraising [1] Market Focus - The investment aims to provide comprehensive PCB solutions across multiple sectors, including servers, optical communications, humanoid robots, smart vehicles, and AI edge products, to meet the demands of the rapidly growing AI application market [1]

Investment Rating - The report maintains a "Buy" rating for the company [2][6] Core Views - The company has shown significant growth in revenue and profit in the first half of 2025, with a year-on-year revenue increase of 24.75% and a net profit increase of 57.22% [9] - The company's capital expenditure in AI is expected to accelerate, with a focus on both edge and cloud applications [9] - The report anticipates continued strong performance driven by product line expansion and market opportunities, particularly in AI-related sectors [6][9] Financial Summary - The company is projected to achieve revenues of RMB 411.55 billion, RMB 501.93 billion, and RMB 591.50 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of RMB 45.45 billion, RMB 57.76 billion, and RMB 67.39 billion [6][8] - The expected growth rates for revenue are 17.1% in 2025, 22.0% in 2026, and 17.8% in 2027 [8] - The company's gross margin for the first half of 2025 was 19.07%, with a notable increase in the second quarter to 20.28% [9] Business Performance - In the first half of 2025, the communication board segment generated RMB 102.68 billion in revenue, a year-on-year increase of 17.62% [9] - The consumer electronics and computing board segment saw revenue of RMB 51.74 billion, up 31.63% year-on-year, driven by the recovery in consumer electronics and AI product development [9] - The automotive/server board segment experienced a remarkable revenue growth of 87.42% year-on-year, reaching RMB 8.05 billion, fueled by demand in the AI server market [9] Investment Outlook - The report highlights the successful completion of various investment projects, including the first phase of a factory in Thailand, which is now in trial production [9] - The company plans to increase its capital expenditure to over NT$30 billion in the next two years, with nearly 50% allocated to expanding high-end HDI and HLC production capacity [9]

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]