Investment Rating - The report maintains a "Buy" rating for the company, expecting a stock price increase of over 15% relative to the industry index in the next six months [4][17]. Core Views - The company is expected to benefit from stable revenue growth in 2024, driven by the AI wave, with projected revenue of 35.14 billion yuan, a year-on-year increase of 9.6% [1][8]. - The company has established a comprehensive product matrix for AI end-side consumer electronics, positioning itself well for future market opportunities [3][8]. - The report highlights the company's strong performance in the automotive and server PCB segments, with a significant revenue increase of 90.34% in 2024 [2][7]. Financial Summary - **Revenue Projections**: The company forecasts revenues of 32.07 billion yuan in 2023, increasing to 35.14 billion yuan in 2024, and further to 39.60 billion yuan in 2025, reflecting a compound annual growth rate (CAGR) of approximately 12% from 2024 to 2027 [1][9]. - **Net Profit**: The net profit is projected to rise from 3.29 billion yuan in 2023 to 3.62 billion yuan in 2024, with a continued upward trend to 5.73 billion yuan by 2027 [1][9]. - **Earnings Per Share (EPS)**: The EPS is expected to grow from 1.42 yuan in 2023 to 2.47 yuan in 2027, indicating a strong growth trajectory [1][9]. - **Valuation Metrics**: The price-to-earnings (P/E) ratio is projected to decrease from 20.7 in 2023 to 11.9 by 2027, suggesting improving valuation as earnings grow [1][9]. Market Demand and Product Segmentation - The report notes a recovery in market demand for smartphones and consumer electronics, supported by government policies such as trade-in programs and subsidies [2][3]. - Revenue from communication boards, consumer electronics, and computing boards is expected to be 24.24 billion yuan, 9.75 billion yuan, and 1.03 billion yuan respectively in 2024, with significant growth rates of 3.08%, 22.30%, and 90.34% [2][3]. Strategic Initiatives - The company is actively enhancing its capabilities in the automotive PCB market, with plans for significant capital expenditures to support R&D and market expansion [7][8]. - The establishment of the ONE AVARY platform aims to integrate technology and resources across the AI product value chain, enhancing competitive advantages [3][8].

Core Viewpoint - The company reported a revenue increase of 9.59% year-on-year for 2024, driven by market demand recovery and new product launches, while Q1 2025 showed a significant revenue growth of 20.94% year-on-year despite a quarter-on-quarter decline [1] Financial Performance - For 2024, the company achieved a total revenue of 35.14 billion yuan and a net profit of 3.62 billion yuan, with a year-on-year increase of 10.14% [1] - In Q1 2025, the company reported a revenue of 8.09 billion yuan, a year-on-year increase of 20.94%, but a quarter-on-quarter decrease of 30.61% [1] - The gross margin for 2024 was 20.76%, a decrease of 0.58 percentage points year-on-year, while the net margin was 10.30%, an increase of 0.05 percentage points year-on-year [1] Product Segmentation - Revenue from communication boards, consumer electronics and computer boards, and automotive and server boards for 2024 was 24.24 billion yuan, 9.75 billion yuan, and 1.03 billion yuan respectively, with year-on-year growth rates of 3.08%, 22.30%, and 90.34% [1] - AI-related products accounted for over 45% of the revenue in the consumer electronics and computer boards segment, which generated 9.75 billion yuan in 2024 [3] Strategic Initiatives - The company is focusing on AI integration across its product lines, establishing a comprehensive product matrix for AI consumer electronics, including AI smartphones, PCs, and glasses [3] - Significant capital expenditure is planned for 2025, targeting projects such as the Thailand facility, flexible board expansion, and digital transformation [4] - The company is advancing its automotive PCB product development and market entry, achieving mass production of radar computing boards and domain control boards in 2024 [4] Market Outlook - The recovery in consumer electronics demand, driven by policy support and AI technology penetration, is expected to provide substantial growth opportunities for the company [5] - Forecasted net profits for 2025-2027 are 4.13 billion yuan, 4.93 billion yuan, and 5.73 billion yuan respectively, with corresponding EPS of 1.82 yuan, 2.14 yuan, and 2.47 yuan [5]

5月13日晚间，印制电路板企业胜宏科技（300476）(惠州)股份有限公司(以下简称"胜宏科技")发布2025 年度投资计划，公司拟使用不超过30亿元用于固定资产、无形资产购买。根据公告，胜宏科技此次投资 的范围包括新厂房及工程建设、设备购置、自动化生产线改造升级等，不得用于对外购买股权、股票及 其衍生品。资金来源为自有资金或自筹资金。 例如，鹏鼎控股预计2025年资本支出额为50亿元，主要投资项目为淮安第三园区高端高密度互连线路板 和先进采用半加成法制作的印制电路板智能制造项目、公司数字化转型升级项目、泰国生产基地建设项 目以及2025年软板产能扩充项目等。公司相关负责人表示，公司看好以人工智能技术为代表的新科技浪 潮为印制电路板行业带来的发展机会，新投资的项目均为具有较好投资回报率的高附加值产品。 强达电路募投的年产96万平方米多层板、高密度互连线路板项目正在抓紧建设中。公司董秘周剑青向 《证券日报》记者表示："公司产品主要服务于5G通信、汽车电子、人工智能等下游电子产业研发及产 业化的需求，促进下游电子产业新质生产力的发展。" 沪电股份在超高密度集成、超高速信号传输等方面持续加大技术和创新资源投入。公司 ...

Concept Performance - The top-performing concept sectors today include China Shipbuilding System with a gain of 6.55%, Chengfei Concept at 5.77%, and Military Information Technology at 4.28% [1] - Conversely, the underperforming sectors include Recombinant Protein down by 0.94%, Sugar Substitute down by 0.82%, and Transgenic down by 0.77% [1] Capital Inflow - The Tonghuashun Fruit Index concept sector saw a net inflow of 2.447 billion yuan, with 18 stocks experiencing net inflows and 8 stocks exceeding 100 million yuan in net inflow [1] - Leading the net inflow is Luxshare Precision with 836 million yuan, followed by Dongshan Precision, GoerTek, and Lens Technology with net inflows of 266 million yuan, 254 million yuan, and 201 million yuan respectively [1] Stock Performance - As of May 12, the Tonghuashun Fruit Index concept rose by 4.17%, ranking fourth among concept sectors, with 20 stocks increasing in value [3] - Notable gainers include Lens Technology at 9.63%, Changying Precision at 7.04%, and Luxshare Precision at 6.36% [3] Capital Inflow Ratios - Leading the capital inflow ratios are Lingyi iTech, Dongshan Precision, and Pengding Holdings with net inflow rates of 12.28%, 10.69%, and 10.53% respectively [2][4] - The detailed capital inflow data shows that Luxshare Precision had a turnover rate of 3.80% with a net inflow ratio of 9.08% [2]

点击 最 下方 " 推荐"、"赞 "及" 分享 "，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 正文 半导体设备：加速追赶，锋芒渐展 根据SEMI 数据预计2025 年全球半导体设备市场将达1210 亿美元，中国大陆扩产动能较强，引领全球半导体设备市场，全球半导体晶圆制造产能预计2025 年增长 7%，达每月产能3370 万片（8 英寸当量）， 中国大陆保持两位数产能增长，2025年增至1010 万（wpm） 。当前国内高端设备仍依赖进口，在国内政策利好及外部 制裁刺激下，国产厂商正加速追赶，逐步渗透高端设备领域。选取部分设备公司，25Q1 营业总收入合计达169.7 亿元，同比增长35.7%，归母净利润合计达到24.9 亿元，同比增长34.8%。回顾国产核心半导体设备公司2019-2024 年业绩发展，2019 年14 家公司合计营收138.1 亿元，2024 年增长至683.5 亿元，CAGR 达37.7%， 国产设备公司不断完善产品品类，国产化率持续提升。 半导体材料：国产厂商平台化布局，做大做强 2024 年全球晶圆制造材料和封装材料的销售额分别为429 亿美元和246 亿美元，受益于先进 ...

证券代码：002938 证券简称：鹏鼎控股 公告编号：2025-034 4 月营业收入简报 董 事 会 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。 2025 年 5 月 7 日 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，本公司亦将同步在深圳 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 2025 年 4 月合并营业收入为人民币 280,209 万元，较去年同期的合并 营业收入增加 27.35%。 特此公告。 鹏鼎控股（深圳）股份有限公司 鹏鼎控股（深圳）股份有限公司 ...

点击招商研究小程序查看PDF报告原文 公司公告25年一季报：Q1营收 80.87 亿同比+20.94%，归母净利4.88 亿同比-1.83%，扣非归母净 利4.78 亿同比-5.19%，毛利率 17.83%同比-2.54pct，净利率 6.01%同比-1.42pct。结合公司近况， 我们点评如下： 25Q1收入创历史同期新高，盈利表现低于市场预期。 Q1季度收入规模创历史同期新高，主因大客 户Q1有新机16e上市以及3月因关税问题提前启动对美备货，稼动率得到明显提升。盈利表现不及市 场预期，我们分析主因：1）Q1 大客户产品主要是老料号，价格承压，且上游原材料成本上涨，对 主营产品的盈利空间形成挤压；2）公司高雄厂区建成投产，处于爬坡阶段，且公司的资本开支亦 较高，形成一定的折旧压力；3）财务费用：因美元贬值产生的汇兑收益同比减少了约5500万。 展望Q2：大客户因关税问题提前备货驱动公司稼动率同比继续向上。 4月份以来的关税不确定性问 题是目前对果链扰动因素，大客户为应对未来的风险从3月份开始提前备货，目前公司的订单情况 好于去年同期，产品价格因机型原因尚有压力，公司通过提升产能利用率和自身的经营管理优化、 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a revenue of 8,087 million yuan in Q1 2025, representing a year-on-year increase of 20.94%, while the net profit attributable to the parent company was 488 million yuan, a decrease of 1.83% year-on-year [7] - The gross margin for Q1 2025 was 17.83%, down 2.54 percentage points year-on-year, indicating continued pressure on profitability [7] - The company is expanding its product matrix in AI edge products, including flexible printed circuit boards (FPC), high-density interconnect boards (HDI), and rigid printed circuit boards (R-PCB), with applications in smartphones, wearable devices, automotive electronics, and AI servers [7] - The company anticipates a revenue growth of 9.6% in 2024, driven by demand for smartphones and AI terminals, and is actively expanding into automotive and server markets [7] - The company has achieved significant growth in the AI server sector, enhancing its HDI capabilities to meet the demands of AI server development [7] - The company plans to increase its capital expenditure to 5 billion yuan in 2025, nearly doubling from 2.844 billion yuan in 2024, to support advanced manufacturing projects [7] Financial Data and Profit Forecast - The total revenue forecast for 2025 is 38,383 million yuan, with a year-on-year growth rate of 9.2% [6] - The net profit attributable to the parent company is projected to be 4,037 million yuan in 2025, reflecting an 11.5% year-on-year increase [6] - The earnings per share (EPS) is expected to be 1.74 yuan in 2025, with a projected price-to-earnings (PE) ratio of 16 [6]

转自：前瞻产业研究院 行业主要上市公司：鹏鼎控股(002938.SZ)、东山精密(002384.SZ)、深南电路(002916.SZ)、景旺电子 (603228.SH)、沪电股份(002463.SZ)、兴森科技(002436.SZ)、世运电路(603920.SH)等 本文核心数据：印制电路板政策汇总;政策解读;发展目标汇总等 1、 政策历程图 印制电路板(PCB)是电子产品的关键电子互联件，被誉为"电子产品之母"。近年来我国印制电路板行业 在政策支持下有了较快的发展，从"十二五"规划中的提高基础专用材料自给保障能力和制备技术水平， 到"十三五"规划中的形成产业集群、加强印制电路板技术创新和成果应用，再到"十四五"规划中的发展 高性能印制电路板(PCB)产品，研发新型印刷电路板及覆铜板材料，印制电路板(PCB)行业朝着高端 化、规模化、绿色化方向不断发展。 2、 国家层面政策汇总及解读 ——国家层面印制电路板(PCB)行业政策汇总 近年来，国家发布一系列政策重点发展高性能、高频高速印制电路板(PCB)产品，同时鼓励行业创新发 展，研发新型印刷电路板及覆铜板材料。截至2025年2月，我国印制电路板行业相关政策汇总 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company has positioned itself well in the AI sector, which is expected to drive significant growth in the consumer electronics market. The global AI smartphone shipment is projected to increase from 16% of total smartphone shipments in 2024 to 54% by 2028, with a CAGR of 63% [11]. - The company reported a revenue of 8.087 billion yuan in Q1 2025, representing a year-on-year growth of 20.94%. However, the net profit attributable to the parent company was 488 million yuan, a decrease of 1.83% year-on-year. The gross margin and net margin were 17.83% and 6.01%, respectively, down by 2.54 percentage points and 1.43 percentage points year-on-year [2][4]. Summary by Sections Financial Performance - In Q1 2025, the company achieved an operating income of 80.87 billion yuan, a year-on-year increase of 20.94%. The net profit attributable to the parent company was 4.88 billion yuan, a decrease of 1.83% year-on-year. The gross margin was 17.83%, and the net margin was 6.01%, both showing declines compared to the previous year [2][4]. Market Positioning - The company is strategically positioned to capitalize on the AI trend, focusing on the consumer electronics sector. The introduction of AI functionalities is expected to enhance product offerings and drive market growth [11]. - The company is actively involved in R&D to enhance its product capabilities, particularly in high-end HDI and SLP products, which are crucial for the AI industry [11]. Future Outlook - The company anticipates a stable growth trajectory, with projected net profits of 4.51 billion yuan, 5.07 billion yuan, and 5.91 billion yuan for 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios are expected to be 15.27, 13.58, and 11.65 [11].