Group 1 - The A-share PCB concept stocks experienced a surge, with Jin'an Guoji hitting the daily limit, indicating strong market interest [1] - Pengding Holdings rose over 7%, reflecting positive investor sentiment towards the PCB sector [1] - Other companies such as Zhongjing Electronics, Shennan Circuit, Yihua New Materials, and Guanghe Technology also saw increases, suggesting a broader rally in the industry [1]

Group 1 - PCB concept stocks experienced a surge, with Jin'an Guoji (002636) hitting the daily limit up [1] - Pengding Holdings (002938) rose over 7%, indicating strong market interest [1] - Other companies such as Zhongjing Electronics (002579), Shennan Circuit (002916), Yihau New Materials (301176), and Guanghe Technology (001389) also saw increases in their stock prices [1]

Group 1: Market Insights - The development of AI servers and terminal products is characterized by deep collaboration and mutual growth, forming a "cloud-edge-end" intelligent system [1] - In Q1, the revenue from automotive and server boards increased by 81.3% year-on-year, indicating a rapid growth trend [1] - The company is optimistic about the AI glasses market, which exceeded sales expectations last year, and sees it as a significant interactive terminal for AI applications [3] Group 2: Production and Capacity - The production cycle from equipment layout to launch is approximately six months, provided that the factory and mechanical-electrical support are in place [2] - The company has achieved a maturity level four in intelligent manufacturing capabilities at its Shenzhen factory, with ongoing upgrades in other facilities [3] Group 3: Strategic Developments - The introduction of intelligent management has improved product yield and production efficiency, contributing to cost reduction and enhanced product quality [3] - The first phase of the Thailand park project has been completed, and customer certification and sampling are currently underway, with small-scale production expected in the second half of the year [1] Group 4: Compliance and Communication - During the investor relations activity, the company ensured compliance with regulations and did not disclose any undisclosed significant information [4]

证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 个股表现 2024-06 2024-09 2024-11 2025-01 2025-04 2025-06 -36% -27% -18% -9% 0% 9% 18% 27% 36% 45% 鹏鼎控股 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 30.73 | | --- | --- | | 总股本/流通股本（亿股）23.18 | / 23.05 | | 总市值/流通市值（亿元）712 | / 708 | | 52 周内最高/最低价 | 43.64 / 26.00 | | 资产负债率(%) | 27.4% | | 市盈率 | 19.70 | | 第一大股东 | 美港实业有限公司 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 鹏鼎控股(002938) 卡位 AI 浪潮，业绩稳健增长 l 投资要点 l 风险提示： 全球贸易格局变化的风险；市场竞争加剧风险；原材料价格上涨 风险。 | | n 盈利预测和财务指标 | | | | | --- | ...

鹏鼎控股 20260626 摘要 鹏鼎控股预计 2025 年营收维持正向增长，全年业绩关键在于下半年旺 季表现，目前满产状态应对市场需求，未受关税事件明显影响。 公司预期 2025 年温和增长，2026 年受益于折叠屏手机和 AI 眼镜等创 新产品，预计迎来业绩"大年"，相关产品将显著提升营收。 尽管无法确认 iPhone 17 系列是否涨价，但从公司端观察，其料号变化 幅度较大且成本上升，预计价格存在上涨空间，但具体幅度未知。 上游 CCL 涨价对公司成本端影响总体可控，主要因铜、晶圆等微量元素 价格波动，类似情况往年也曾出现，对公司影响有限。 泰国一期厂房已建成试运行，预计 2025 年第四季度小批量投产，主要 生产车载服务器相关产品，二期建设中，将根据需求调整投向。 2025 年第一季度服务器业务同比增长 81%，预计全年保持高增长，泰 国产能投产后，2026 年增长将更为显著，正积极寻求头部服务器客户 认证。 AI 眼镜是未来增长较快的终端产品，2024 年营收已超 1 亿，预计 2025 年大幅增长，公司在该领域市场占有率较高，高端软板需求量大。 Q&A 鹏鼎控股进入 2025 年 6 月以来的产能 ...

证券代码： 002938 证券简称：鹏鼎控股 公告编号： 2025-042 鹏鼎控股（深圳）股份有限公司 关于全资子公司参与认购投资基金份额的公告 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、本次对外投资概述 为助力企业节能减排，可持续发展的目标，鹏鼎控股(深圳)股份有限公司（以下简称"公 司"）之全资子公司鹏鼎国际有限公司（Garuda International Limited，以下简称"香港鹏鼎"）拟参 与投资China Renewable Power Infrastructure LPF（以下简称"CRPIF 基金"）并签署完成有关认 购协议，CRPIF 基金主要围绕光伏、风电等新能源基础设施及配套储能项目进行投资布局，基 金目标规模不超过6.5亿美元。子公司香港鹏鼎将出资不超过3,000万美元认购基金份额，本次 投资资金来源于公司自有资金。 本次对外投资事项经公司2025年6月24日召开的第三届董事会第十七次会议审议通过，本 次对外投资事项不构成关联交易，也不构成《上市公司重大资产重组管理办法》规定的重大 资产重组行为，无需提交股东会审议。 ...

证券代码：002938 证券简称：鹏鼎控股 公告编号：2025-041 鹏鼎控股(深圳)股份有限公司 第三届董事会第十七次会议决议公告 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。 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"）第三届董事会第十七 次会议于2025年6月24日以通讯方式召开，相关会议通知及会议资料已于2025年6 月17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 表决结果：9 票赞成，0 票反对，0 票弃权。 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《关于全资子公司参与认购投资基金份额的公告》。 三、备查文件 1、第三届董事会第十七次会议决议； 2、第三届董事会战略 ...

鹏鼎控股（深圳）股份有限公司（以下简称"鹏鼎控股"、"公司"）于 2025 年 4 月 8 日召开第三届董事会第十五次会议，审议通过了《关于向全资子公司台 湾鹏鼎增资的议案》：同意由公司全资子公司鹏鼎国际有限公司向鹏鼎科技股份 有限公司（以下简称"台湾鹏鼎"）增资新台币 30 亿元（约合人民币 6.6 亿元）。 具体内容详见公司于 2025 年 4 月 9 日在巨潮资讯网（www.cninfo.com.cn）披露 的《关于向全资子公司台湾鹏鼎增资的公告》（公告编号：2025-021）。 公司已于近日完成对台湾鹏鼎的增资，并于当地办理完成注册资本的工商变 更事项，本次增资完成后，台湾鹏鼎注册资本由新台币 1,525,000,000 元增加至 新台币 4,525,000,000 元。 特此公告！ 鹏鼎控股(深圳)股份有限公司 证券代码：002938 证券简称：鹏鼎控股 公告编号：2025-040 鹏鼎控股(深圳)股份有限公司 关于全资子公司台湾鹏鼎增资完成的公告 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。 董 事 会 2025 年 6 月 18 日 ...

Core Viewpoint - The PCB/CCL industry is experiencing a positive demand trend driven by AI computing power, with high utilization rates and expectations for continued growth in the second quarter of 2025. The overall demand is expected to remain strong due to advancements in AI applications and the increasing need for high-end products in the market [2][3][4]. Group 1: Industry Trends - The industry is in an expansion phase, with downstream AI innovations driving demand upward. The overall demand for consumer electronics, automotive, and server upgrades is expected to improve [3][16]. - PCB manufacturers are operating at a capacity utilization rate of 90-95% in Q1 2025, with expectations for continued upward trends in Q2. The industry is entering a new capacity expansion phase, focusing on high-end HDI and multilayer boards [3][24][23]. - The global PCB market is projected to grow by 6.8% in 2025, with significant contributions from AI-related applications [33][35]. Group 2: Demand Drivers - AI computing power is driving rapid growth in high-end HDI and multilayer demand, with a tight supply-demand relationship expected to persist [4][43]. - The demand for CCL materials is increasing, particularly for high-frequency and high-speed applications, with leading domestic manufacturers poised to benefit significantly [5][29]. - The automotive sector is also seeing a trend towards smart technology, which is expected to drive demand for upgraded PCB specifications [6][20]. Group 3: Investment Opportunities - Investment opportunities are identified in the PCB supply chain, particularly in high-end boards, CCL, and domestic replacements. The ongoing AI-driven technological innovation cycle is expected to create broader market demand [8][9]. - Companies involved in high-end PCB production, such as those focusing on AI server applications, are recommended for investment due to the anticipated growth in this segment [8][9]. - The domestic PCB industry is expanding its high-end capacity and increasing its overseas presence, indicating a positive outlook for future performance [24][25].

Core Insights - The next "battlefield" for artificial intelligence (AI) is in terminal applications, with a significant trend towards AI integration in devices like smartphones, smart glasses, and smart home systems by 2025 [1][2] - Shenzhen is positioned as a global leader in electronic information and hardware manufacturing, providing a solid foundation for AI terminal product production [1][3] - The Bao'an district in Shenzhen is actively pursuing the "AI + terminal" strategy to capture the high ground in the AI terminal industry, aiming for substantial growth in AI technology applications [1][4] Industry Growth and Projections - The AI terminal industry is expected to experience a "tsunami-like" growth, with IDC predicting a 20% increase in shipments of AI smartphones, tablets, and computers in China by 2025, and a staggering 99% increase in smart glasses and wearable devices [3] - Shenzhen's action plan aims for the AI terminal industry to reach over 800 billion yuan by 2026, with a target of 1 trillion yuan and the production of over 150 million AI terminal products [3] Bao'an District's Industrial Strength - Bao'an's smart terminal industry cluster is projected to achieve an added value of 24.36 billion yuan in 2024, reflecting an 8.4% year-on-year growth, with 601 enterprises in the cluster [4] - The district is home to notable companies like YingShi Innovation and Zhaowei Machinery, covering various AI terminal fields [4][5] Supply Chain and Innovation - Shenzhen's supply chain advantages, particularly in PCB (printed circuit board) manufacturing, are crucial for the hardware innovation needed for AI terminals [5] - Leading PCB manufacturers in Bao'an are benefiting from the AI terminal innovation cycle, with Pengding Holdings expected to achieve a revenue of 35.14 billion yuan in 2024, a 9.59% increase [5][6] Capital Market Engagement - Two Bao'an companies, YingShi Innovation and SwitchBot, have recently gained attention in the capital market, showcasing the integration of AI technology in their products [6][7] Ecosystem Development - The Greater Bay Area's AI companies excel in their ability to implement AI in real-world scenarios, supported by a robust manufacturing base in Bao'an [8] - Bao'an's industrial ecosystem is characterized by a diverse range of manufacturing enterprises, with over 5,601 large-scale industrial companies, accounting for nearly 40% of Shenzhen's total [8][9] Policy and Market Synergy - Bao'an is focusing on enhancing its industrial chain and supporting AI transformation in key sectors, including e-commerce and logistics, to strengthen its competitive edge [9] - The district is implementing action plans to foster the development of the smart terminal industry, including establishing public service platforms and creating demonstration projects in smart home and health sectors [9]