Core Viewpoint - Pengding Holdings positions itself as a global leader in PCB, leveraging AI to drive a second growth curve, expanding from consumer electronics to AI computing and advanced communication boards [1] Group 1: Business Expansion - The company is deeply integrated with leading consumer electronics clients and is opening new growth avenues in AI computing and high-end communication boards, with expectations for computing-related business to exceed forecasts [1] - The wholly-owned subsidiary, Qingding Precision, has successfully acquired industrial land in Huai'an to meet PCB industry investment demands, laying a solid foundation for future expansion [1] Group 2: Technological Advancements - In the optical communication sector, the company is utilizing its accumulated SLP technology from the consumer electronics field to design advanced mSAP for the 800G/1.6T optical communication domain, with ongoing development of the next-generation 3.2T optical communication solution [1] - The parent company, Zhendin, is actively developing HDI and HLC PCB products for AI servers, indicating a strong focus on AI-related PCB technology [1] Group 3: Market Outlook - Given the company's deep technical accumulation in AIPCB, proactive capacity layout, and comprehensive product matrix, the AI-PCB business is expected to accelerate in volume, maintaining a "buy" rating [1]

2月5日，鹏鼎控股盘中下跌2.07%，截至09:35，报60.46元/股，成交1.86亿元，换手率0.13%，总市值 1401.49亿元。 资金流向方面，主力资金净流出1919.06万元，特大单买入780.88万元，占比4.20%，卖出1790.70万元， 占比9.63%；大单买入3122.09万元，占比16.79%，卖出4031.32万元，占比21.68%。 鹏鼎控股今年以来股价涨19.53%，近5个交易日涨6.63%，近20日涨14.40%，近60日涨26.17%。 今年以来鹏鼎控股已经1次登上龙虎榜，最近一次登上龙虎榜为1月22日，当日龙虎榜净买入3.21亿元； 买入总计7.90亿元 ，占总成交额比24.89%；卖出总计4.68亿元 ，占总成交额比14.77%。 资料显示，鹏鼎控股(深圳)股份有限公司位于广东省深圳市宝安区新安街道海滨社区海秀路2038号鹏鼎 时代大厦A座27层，成立日期1999年4月29日，上市日期2018年9月18日，公司主营业务涉及主要从事各 类印制电路板的设计、研发、制造与销售业务。主营业务收入构成为：通讯用板62.70%，消费电子及 计算机用板31.60%，汽车/服务器用板4. ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [7] Core Insights - The company is positioned as a global leader in PCB supply, expanding from consumer electronics into AI computing and advanced communication boards, with potential for exceeding expectations in computing-related business [1] - The company is accelerating its investment in AI PCB capacity, targeting high-potential markets such as servers, AI edge devices, and low-orbit satellites, with significant investments in Thailand and other locations to strengthen its global product matrix [2] - The company continues to demonstrate technical advantages by developing advanced HDI products suitable for GPUs and high-speed transmission interfaces, leveraging its SLP technology for optical communication applications [3] - The parent company is increasing investments in AI server PCB products, with plans to expand production capacity in multiple factories, leading to a significant expected increase in related revenues in 2026 [4] - Revenue forecasts for 2025-2027 are projected at 415.92 billion, 490.54 billion, and 580.14 billion yuan, with year-on-year growth rates of 18.4%, 17.9%, and 18.3% respectively; net profit is expected to reach 45.98 billion, 55.76 billion, and 72.44 billion yuan, with growth rates of 27.0%, 21.3%, and 29.9% [5] Financial Summary - The company's projected revenue for 2025 is 415.92 billion yuan, with a year-on-year growth of 18.36%; net profit is expected to be 4,597.79 million yuan, reflecting a growth of 27.00% [12] - Earnings per share (EPS) are forecasted to be 1.98 yuan in 2025, with a price-to-earnings (P/E) ratio of 31.13 [12]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [7] Core Insights - The company is positioned as a global leader in PCB supply, expanding from consumer electronics into AI computing and advanced communication boards, with potential for exceeding expectations in computing-related business [1] - The company is accelerating its investment in AI PCB capacity, targeting high-potential markets such as servers, AI edge devices, and low-orbit satellites, with significant investments in Thailand and new industrial land in Huai'an [2] - The company continues to demonstrate technical advantages by developing advanced HDI products suitable for GPUs and high-speed transmission interfaces, leveraging its SLP technology for optical communication applications [3] - The parent company is increasing investments in AI server PCB products, with plans to expand production capacity in Huai'an and Thailand, leading to a significant expected increase in related revenues in 2026 [4] - Revenue forecasts for 2025-2027 are projected at 415.92 billion, 490.54 billion, and 580.14 billion yuan, with year-on-year growth rates of 18.4%, 17.9%, and 18.3% respectively; net profit is expected to reach 45.98 billion, 55.76 billion, and 72.44 billion yuan, with growth rates of 27.0%, 21.3%, and 29.9% [5][12]

Summary of the Conference Call on AI Annual Report Analysis Industry Overview - The conference focused on the analysis and outlook of AI annual reports, particularly in the TMT (Technology, Media, and Telecommunications) sector, with a specific emphasis on domestic and international AI companies [1][2][4]. Key Points and Arguments General Market Sentiment - The period from October 31 to March is characterized as a performance vacuum, where the focus is on thematic investments rather than immediate earnings results [2][3]. - The spring market is expected to see a resurgence, with significant activity anticipated around March [3][4]. North American Companies - North American companies, particularly those involved in AI and cloud computing, have reported earnings that exceeded expectations, indicating strong capital expenditure in AI [4][6]. - Companies like Microsoft and Meta have shown robust spending on AI infrastructure, reflecting a positive outlook for the sector [4][6]. - Despite some domestic companies underperforming, their stock prices have rebounded, suggesting that market sentiment is more focused on thematic trends rather than immediate earnings [5][6]. Domestic AI Companies - Domestic AI companies are experiencing a supply-demand imbalance, with strong demand for AI-related products and services, despite some companies reporting earnings below expectations [6][7]. - The industry is characterized by a shortage of materials and components, which is driving prices up and creating a favorable environment for growth [6][7][10]. Future Growth Projections - There is a consensus that the growth trajectory for AI companies will continue to be strong, with expectations for significant growth in 2026 and beyond [8][9]. - Many companies are currently undervalued, trading at price-to-earnings (P/E) ratios between 15x to 20x, which presents a potential investment opportunity [8][9]. Specific Company Insights - Companies like Wan, Tianfu Communication, and others are highlighted for their potential despite recent earnings misses, as the overall industry outlook remains positive [4][6][7]. - The demand for GPUs and AI chips is expected to remain high, with domestic companies like Cambrian facing challenges but still showing potential for recovery [9][10]. Application and Innovation - The conference emphasized the importance of AI applications, particularly in gaming and media, with companies like Tencent and ByteDance leading the charge [14][15]. - The emergence of AI-driven applications is seen as a significant growth area, with expectations for increased investment and innovation in this space [14][15]. Regulatory and Market Concerns - There are concerns regarding potential regulatory impacts on the gaming industry, but these are largely viewed as unfounded and not likely to affect the overall market significantly [15][16]. - The market is currently experiencing volatility, but analysts suggest that this presents buying opportunities for fundamentally strong companies [21][22]. Additional Important Insights - The conference highlighted the importance of monitoring capital expenditure trends among major tech companies, as this will influence the demand for AI infrastructure and services [36][37]. - The potential for new technologies, such as diamond-based cooling materials for semiconductors, was discussed as a future growth area [24][25]. - Analysts recommend focusing on companies with strong fundamentals and growth potential, particularly in the AI and semiconductor sectors, as the market continues to evolve [22][23][39].

2、近期变化：根据我们对上游CCL持续跟踪来看，公司M4+M8核心物料拿料较25年底有较大幅度增长，1-2月 CCL+PP 【兴证电子】鹏鼎控股：淮安新竞560亩地，打开远期算力产值空间 1、公司公告新竞拍淮安37.49万平米工业用地，即560亩，未来用于PCB投资，公司近期在海外大客户进展顺利， 但是当期产能还有瓶颈，继淮安、泰国80、43亿投资规划后，继续拿地，体现了公司对中期算力PCB的信心，打 开产值空间！ 1、公司公告新竞拍淮安37.49万平米工业用地，即560亩，未来用于PCB投资，公司近期在海外大客户进展顺利， 但是当期产能还有瓶颈，继淮安、泰国80、43亿投资规划后，继续拿地，体现了公司对中期算力PCB的信心，打 开产值空间！ 2、近期变化：根据我们对上游CCL持续跟踪来看，公司M4+M8核心物料拿料较25年底有较大幅度增长，1-2月 CCL+PP金额再次上修，判断已经不再是非常早期的打样阶段，有望很快进入批量阶段，乃至较好的份额展望 （Computetray）。 【兴证电子】鹏鼎控股：淮安新竞560亩地，打开远期算力产值空间 Cowop：近期主流PCB玩家反馈，Cowop送样验证效果较好，产 ...

PCB算力龙头底蕴深厚，产能持续扩充凸显信心：1）在客户拓展方面，公司背靠鸿海，客户资源与技术储备丰 厚，目前公司泰国、淮安厂均已在主流算力厂商开启认证，预计GPU大客户放量在即，其他ASIC厂商进展顺利， 此外公司光模块PCB已全面放量，1.6T光模块产品优势明显；2）在技术储备领域，CoWoP由于需要在PCB外层采 用Msap工艺，而Msap工艺此前主要用于手机主板领域，公司技术底蕴深厚，处于领先地位，正交背板也积极配 合，PCB龙头厂商技术领先优势显著；3）在产能方面，26年预计泰国园区投资合计42.97亿元，此前也对淮安进行 80亿投资扩产，本次再拿土地保证后续产能，预计将显著打开公司营收天花板，后续算力业务有望再造鹏鼎！ 风险提示：行业景气度不及预期；下游扩产不及预期。 PCB算力龙头底蕴深厚，产能持续扩充凸显信心：1）在客户拓展方面，公司背靠鸿海，客户资源与技术储备丰 厚，目前公司 【中泰电子|鹏鼎控股】再拿土地凸显扩产决心，AI进展顺利有望再造鹏鼎 公司发布公告，子公司以0.66亿元人民币竞得淮安37.49万平方米土地用于满足公司未来PCB产业的投资需求，本 次土地为此前公告80亿淮安投资计划外 ...

Group 1 - Fulin Precision's subsidiary Jiangxi Shenghua invested 270 million yuan to establish a joint venture for a 500,000-ton ferrous oxalate project, with a total investment of 1.5 billion yuan expected to be completed by September 30, 2026 [1] - Xuguang Electronics plans to raise up to 1 billion yuan through a private placement to fund high-voltage vacuum arc extinguishing chamber expansion and other projects [2] - Minexplosion Optoelectronics intends to acquire 100% equity of Xiazhi Precision, with the transaction subject to shareholder and regulatory approvals [3] Group 2 - Shangluo Electronics' controlling shareholder plans to reduce his stake by up to 3% due to personal financial needs [4] - Babi Food reported a 1.3% decline in net profit for 2025, despite an 11.22% increase in revenue [5] - Pengding Holdings' subsidiary acquired industrial land in Huai'an for 66.14 million yuan [6] Group 3 - Zhuoyue New Energy's net profit for 2025 increased by 14.16%, despite a 17.43% decline in revenue [7] - Zhongyuan Media's net profit grew by 30.99% in 2025, with revenue decreasing by 5.13% [8] - Huangshan Tourism plans to invest approximately 530 million yuan in a hotel project with a 24-month construction period [9] Group 4 - *ST Jinling's restructuring plan was approved by the court, which may improve the company's financial situation [11] - Jichuan Pharmaceutical's subsidiary paid 80 million yuan for exclusive commercialization rights of a drug [12] - Pilin Bio's subsidiary received a notice for the acceptance of a drug supplement application [13] Group 5 - Nepe Mining terminated its investment in Swiss Veritas Resources AG due to changes in conditions [14] - Jinhui Wine announced a cash dividend of 0.20 yuan per share for the first three quarters of 2025 [15] - Hualan Biological's clinical trial for a new drug received approval for an additional indication [16] Group 6 - Industrial Fulian reported a total of 247 million yuan spent on share buybacks as of January 31, 2026 [17] - Yitong Century was pre-selected for a 107 million yuan project with China Tower [18] - Wanfeng Co. noted uncertainty in future price changes for disperse dyes [19] Group 7 - Bibet's clinical trial application for a new drug was approved by the National Medical Products Administration [21] - Chengbang Co. signed new project contracts worth 40.03 million yuan in Q4 2025 [22] - *ST Hengji received a court ruling for a performance compensation of 175 million yuan [23] Group 8 - Jihua Group is planning a change in control, leading to continued stock suspension [24] - Ningbo Port expects a container throughput of 5.03 million TEUs in January 2026, a 9.5% increase [25] - Hengli Petrochemical's actual controller increased his stake by 3.3 million shares [26] Group 9 - Hongfuhan signed a sales contract worth 480 million yuan with Guangdong Quanxiang [27] - All New Good's shareholder lifted a judicial freeze on 4.36% of the company's shares [28] - Changchun High-tech's subsidiary's clinical trial application for a new drug was accepted [29] Group 10 - Xingqi Eye Medicine's clinical trial for a new drug entered the first/second phase [31] - Hanma Technology reported a 140.04% increase in new energy heavy truck production in January 2026 [32] - Hengfeng Paper plans to invest 349 million yuan in a new green printing project [33] Group 11 - Zhifei Biological's mRNA vaccine for shingles received clinical trial approval [34] - Yutong Bus reported a 15.35% decrease in production in January 2026 [35] - StarNet Ruijie plans to sign a lease contract with an affiliate for a total rent of up to 110 million yuan [36] Group 12 - Hacheng Bonda's director completed a 0.97% share reduction [37] - Hendi Pharmaceutical's application for a new drug was approved [38] - Xinhua Medical's subsidiary received a medical device registration certificate [40] Group 13 - Yaokang Bio reported a 31.49% increase in net profit for 2025 [41] - Gaotie Electric reported a 14.02% increase in net profit for 2025 [42]

格隆汇2月3日丨鹏鼎控股(002938.SZ)公布，为满足公司后续业务发展需要，公司全资子公司庆鼎精密 于2026年2月3日竞得淮安市 2025GGK33 地块的国有建设用地使用权，土地面积为374,888.9平方米，土 地用途为二类工业用地，成交价格为6614万元人民币。 ...

每经AI快讯，2月3日，鹏鼎控股(002938.SZ)公告称，为满足公司后续业务发展需要，公司全资子公司 庆鼎精密2月3日竞得淮安市2025GGK33地块的国有建设用地使用权，土地面积37.49万平方米，土地用 途为二类工业用地，成交价格为6614万元。该地块将主要用于满足公司未来在PCB产业上的投资需求。 ...