Overview - The semiconductor industry is experiencing a structural recovery driven by multiple factors including AI technology penetration, deepening domestic substitution, and cyclical inventory replenishment, leading to growth across various segments [23][24]. Semiconductor Equipment - The global semiconductor equipment market is expected to reach $121 billion by 2025, with China leading in capacity expansion, projected to grow to 10.1 million wafers per month [2][28]. - Domestic high-end equipment still relies on imports, but local manufacturers are accelerating their catch-up in high-end equipment sectors due to favorable policies and external sanctions [2][28]. - In Q1 2025, selected domestic equipment companies reported a total revenue of 16.97 billion yuan, a year-on-year increase of 35.7%, and a net profit of 2.49 billion yuan, up 34.8% [2][28]. Semiconductor Materials - The global sales of wafer manufacturing materials and packaging materials are projected to be $42.9 billion and $24.6 billion in 2024, respectively, benefiting from advanced process developments [3][29]. - The semiconductor materials market is expected to exceed $84 billion by 2028, driven by AI development [3][29]. - From 2019 to 2024, the compound annual growth rate (CAGR) for selected semiconductor materials companies is projected to be 18.58% [3][29]. Semiconductor Components - The revenue and profit growth in the semiconductor components industry have significantly accelerated since 2020, with a CAGR of 27% from 6.77 billion yuan in 2019 to 22.34 billion yuan in 2024 [4][30]. - The net profit for the same period increased from 670 million yuan to 2.69 billion yuan, with a CAGR of 32% [4][30]. Packaging and Testing - The packaging and testing sector has seen continuous revenue growth for six consecutive quarters, with Q1 2025 revenue reaching 21.8 billion yuan, a year-on-year increase of 24% [5][31]. - The sector's gross margin in Q1 2025 was 13.3%, with a net profit of 420 million yuan, up 8% year-on-year [5][31]. Storage - The storage sector is expected to see an upward trend in average selling prices (ASP), driven by AI demand [7][27]. - In Q1 2025, the revenue of certain module manufacturers increased by 54% year-on-year, indicating a recovery in the sector [7][27]. Consumer Electronics - The global smartphone shipment is projected to reach 1.22 billion units in 2024, a 7% year-on-year increase, marking a rebound after two years of decline [12][32]. - The consumer electronics sector is experiencing a recovery trend, with Q1 2025 revenue reaching 400.85 billion yuan, a 22% year-on-year increase [12][32]. PCB - The PCB sector is expected to see comprehensive growth in 2024, driven by high-end demand from AI applications [13][34]. - In Q1 2025, PCB companies reported significant revenue growth, with some companies like Shenghong Technology achieving an 80.3% year-on-year increase [13][34]. Passive Components - The revenue of key listed companies in the passive components sector reached 9.383 billion yuan in Q1 2025, a year-on-year increase of 16.76% [14][35]. - The average gross margin for the sector was 27.93%, indicating stable performance despite seasonal fluctuations [14][35].

Group 1: Company Performance - Wens Foodstuff's April chicken sales revenue was 2.543 billion yuan, a year-on-year decrease of 5.01% [1] - Wens Foodstuff sold 10.381 million chickens in April, a year-on-year increase of 10.87% [1] - Wens Foodstuff's average chicken selling price was 11.24 yuan/kg, a year-on-year decrease of 14.91% [1] - Zhongtong Bus's April vehicle sales volume was 1,046 units, a year-on-year decrease of 4.04% [1][2] - Kemin Food's April pig sales revenue reached 70.9048 million yuan, a year-on-year increase of 16.04% [3] - Muyuan Foods sold 6.573 million pigs in April, a year-on-year increase of 51.80% [5] - Muyuan Foods' pig sales revenue was 12.595 billion yuan in April, a year-on-year increase of 53.42% [5] - Xiamen Airport's April passenger throughput was 2.3881 million, a year-on-year increase of 7.73% [24] - Daqin Railway's April cargo transport volume was 30.62 million tons, a year-on-year increase of 0.99% [26] - Shaanxi Coal's April coal production was 14.24 million tons, a year-on-year decrease of 1.78% [28] Group 2: Industry Overview - Wens Foodstuff operates in the agriculture, forestry, animal husbandry, and fishery industry, specifically in pig farming [1] - Zhongtong Bus operates in the automotive industry, focusing on commercial vehicles [2] - Kemin Food operates in the food and beverage industry, specifically in food processing [3] - Muyuan Foods is also in the agriculture, forestry, animal husbandry, and fishery industry, focusing on pig farming [5] - Xiamen Airport is part of the transportation industry, specifically in airport operations [24] - Daqin Railway operates in the coal industry, focusing on coal mining and transportation [26] - Shaanxi Coal is also in the coal industry, focusing on coal mining and related services [28]

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]

Core Viewpoint - The printed circuit board (PCB) industry in China is experiencing rapid development driven by government policies aimed at enhancing high-performance, high-frequency, and high-speed PCB products, as well as encouraging innovation and the development of new materials [1][3]. Policy Overview - The PCB industry is recognized as a critical component of electronic products, often referred to as the "mother of electronic products." The industry has evolved through various national plans, including the "12th Five-Year Plan," "13th Five-Year Plan," and "14th Five-Year Plan," focusing on improving material self-sufficiency, forming industrial clusters, and advancing technology innovation [1][3]. - A series of policies have been issued at the national level to support the development of high-performance PCBs, with a focus on innovation and new material research. As of February 2025, several key policies have been summarized [3][4]. National Policy Summary - Policies include the "Development Implementation Plan for Fine Chemical Industry Innovation" (2024-2027), which aims to enhance the supply capacity of key products in various fields, including electronic chemicals and high-performance materials [4]. - The "Guidance on Accelerating the Transformation and Upgrading of Traditional Manufacturing" emphasizes the need for enterprises to focus on foundational components and materials [5]. - The "Quality Strong Nation Construction Outline" aims to improve manufacturing agility and quality through the integration of digital technologies [5]. Provincial Policy Summary - Local governments are actively issuing policies to promote the PCB industry. For instance, Beijing's "14th Five-Year Plan" focuses on supporting consumer electronics and advanced manufacturing processes [10]. - Guangdong's initiatives include fostering high-end PCB production and supporting semiconductor material development [10][11]. - Jiangxi's plans aim to enhance the local PCB industry, targeting a revenue of 80 billion yuan by 2026 [12]. Industry Development Goals - The industry aims to overcome technological bottlenecks in high-end products such as HDI boards and flexible PCBs, while also focusing on the development of advanced manufacturing techniques [8]. - There is a strong emphasis on achieving self-sufficiency in key materials and components, reducing reliance on imports [8]. - The overall goal is to enhance the competitiveness of the PCB industry through innovation and improved product quality, aligning with national and local development strategies [8][12].

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].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported rapid revenue growth in Q1 2025, achieving revenue of 8.087 billion yuan, a year-on-year increase of 20.94%, although profit growth was slightly below expectations due to increased financial expenses [1] - The company is expected to benefit from the launch of new models by major clients and the continuous improvement of AI functionalities in the second half of the year, leading to a positive turning point in performance [1] - The company has adjusted its profit forecasts for 2025 and 2026, with expected net profits of 4.214 billion yuan for 2025 and 5.008 billion yuan for 2026, corresponding to PE ratios of 15.7 and 13.2 respectively [1] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 8.087 billion yuan, with a year-on-year growth of 20.94% and a quarter-on-quarter decline of 30.61% [1] - The net profit attributable to shareholders was 488 million yuan, down 1.83% year-on-year and down 70.34% quarter-on-quarter [1] - The gross margin was 17.83%, a decrease of 2.54 percentage points year-on-year, and the net margin was 6.01%, down 1.42 percentage points year-on-year [1] Market Position and Growth Opportunities - The company is positioned to benefit from the ongoing wave of AI terminal innovations, with a significant increase in the value of PCB driven by the demand for upgraded consumer electronics [2] - The company is actively expanding into new fields such as automotive, servers, and optical modules, with successful product launches and collaborations with Tier 1 clients [3] - The company is expected to see rapid revenue growth in the AI server sector and has made significant advancements in automotive and optical module products [3] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 40.126 billion yuan, 47.815 billion yuan, and 51.619 billion yuan respectively, with year-on-year growth rates of 14.2%, 19.2%, and 8.0% [4] - The projected net profit for 2025, 2026, and 2027 is 4.214 billion yuan, 5.008 billion yuan, and 5.803 billion yuan respectively, with corresponding year-on-year growth rates of 16.4%, 18.8%, and 15.9% [4] - The company’s PE ratio is projected to decrease from 15.7 in 2025 to 11.4 in 2027, indicating an attractive valuation over the forecast period [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 40.26 RMB [7][8]. Core Insights - In Q1 2025, the company achieved a record revenue of 8.087 billion RMB, representing a year-over-year increase of 20.94%, while the net profit was 488 million RMB, down 1.83% year-over-year. The revenue growth was attributed to new product launches from major clients and early inventory buildup by some customers. However, profit margins were pressured by rising costs and short-term depreciation [1][2]. - The company is expected to benefit from long-term opportunities driven by AI, including advancements in consumer electronics and the automotive sector. The release of new capacities in automotive and server fields is anticipated to become a new growth driver [1][3]. - The report highlights that the company's gross margin in Q1 2025 was 17.83%, down 2.54 percentage points year-over-year, and the net margin was 6.01%, down 1.42 percentage points year-over-year. The decline in profit margins is attributed to increased capital expenditures and rising material prices [2][3]. Summary by Sections Financial Performance - Q1 2025 revenue reached 8.087 billion RMB, a record for the same period, with a year-over-year growth of 20.94%. Net profit was 488 million RMB, reflecting a slight decline of 1.83% year-over-year. The gross margin was 17.83%, and the net margin was 6.01% [1][2][3]. - The company forecasts revenue growth for 2025 to be 38.227 billion RMB, with net profit expected to reach 4.249 billion RMB, indicating a growth rate of 17.36% [6][35]. Market Outlook - The company is well-positioned to capitalize on the AI-driven upgrade in consumer electronics, including AI smartphones, AIPC, foldable screens, and AI glasses. The establishment of new high-end production capacities is expected to support this growth [3][4]. - The report anticipates that the company's profitability will improve as the industry enters a peak season in the second half of the year, with increased production capacity and operational efficiency [2][3]. Valuation - The target price of 40.26 RMB is based on a projected PE ratio of 22 times for 2025, reflecting the company's growth prospects in AI and cloud products [4][8]. - The report adjusts the net profit forecast for 2025-2027 to 4.249 billion RMB, 5.160 billion RMB, and 5.948 billion RMB, respectively, with a slight downward adjustment for 2025 [4][6].

证券代码：002938 证券简称：鹏鼎控股 公告编号：2025-028 鹏鼎控股(深圳)股份有限公司 2024 年年度股东会决议公告 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。 特别提示： 1、本次股东会采取现场投票与网络投票相结合的方式召开； 2、本次股东会在会议召开期间无增加、否决或变更议案； 3、本次股东会不涉及变更前次股东会决议。 一、会议召开和出席情况 （一）会议召开情况 1、本次股东会的召开时间 现场会议召开时间为：2025年4月29日下午14:30 网络投票时间为： 通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 4 月 29 日上午 9:15－9:25，9:30－11:30，下午 13:00－15:00。 通过深圳证券交易所互联网投票系统投票的具体时间为2025年4月29日上午 9∶15至下午15:00。 2、会议召开地点：深圳市宝安区燕罗街道燕川社区松罗路鹏鼎园区厂房A11 栋101会议室 3、会议召开方式：现场投票与网络投票相结合 4、会议召集人：公司第三届董事会 5、会议主持人：公司董事长沈庆芳先生 本次会议的召集、 ...