鹏鼎控股（深圳）股份有限公司 内部控制制度 二〇二五年四月 | 第一章 | 总则 2 | | --- | --- | | 第二章 | 基本要求 3 | | 第三章 | 重点关注的控制活动 4 | | 第四章 | 信息与沟通 9 | | 第五章 | 内部监督 10 | | 第六章 | 附则 11 | 鹏鼎控股（深圳）股份有限公司 内部控制制度 第一章 总则 第一条 为有效落实鹏鼎控股（深圳）股份有限公司（以下简称"公司"） 风险管理和流程控制，保障公司经营管理的安全，防范和化解各类风险，提高经 营效益和效率，保护投资者合法权益。根据《中华人民共和国公司法》、《中华人 民共和国证券法》、《深圳证券交易所股票上市规则》、《深圳证券交易所上市公司 自律监管指引第 1 号—主板上市公司规范运作》以及《内部控制基本规范》等法 律法规，结合公司实际，制定本制度。 第二条 本制度所称的内部控制是指公司董事会和高级管理人员及全体 员工为实现下列目标而提供合理保证的过程： （一）确保国家有关法律、法规和公司内部规章制度的贯彻执行； （二）提高公司经营效益和效率； （三）保障公司资产的安全、完整； （四）确保公司信息披露的真实、准 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4] Core Views - The company is a leading player in the PCB industry with a diverse product portfolio, including FPC, SMA, SLP, HDI, Mini LED, RPCB, and Rigid Flex, serving various sectors such as communications, consumer electronics, automotive, and servers [1][15] - The company has expanded its production capacity and geographic footprint, enhancing its market position and is expected to benefit from the recovery in the consumer electronics sector and the growth driven by AI applications [1][2] - The automotive and server markets present significant growth opportunities, with the company focusing on expanding its production capabilities in these areas [3][4] Summary by Sections Company Overview - The company, formerly known as 富葵精密, was established in 1999 and went public in 2018. It has consistently ranked as the largest PCB manufacturer globally from 2017 to 2024 [1][14] - The company has a strong manufacturing presence in multiple locations, including Shenzhen, Qinhuangdao, Huai'an, and India, serving a wide range of international clients [14][18] Market Trends - The FPC market is experiencing increased demand due to the rising complexity of designs driven by AI functionalities, particularly in smartphones and emerging technologies like AR/VR and foldable screens [2][3] - The automotive sector is witnessing a surge in demand for PCBs due to the increasing number of sensors and the trend towards electric vehicles, with a notable growth in the sales of new energy vehicles in China [3][4] Financial Projections - The company is projected to achieve revenues of 40.87 billion, 46.58 billion, and 51.99 billion yuan in 2025, 2026, and 2027, respectively, with corresponding net profits of 4.49 billion, 5.29 billion, and 6.06 billion yuan [4][5] - The expected growth rates for revenue and net profit are 16%, 14%, and 12% for revenue, and 24%, 18%, and 14% for net profit over the next three years [4][5] Business Segments - The automotive and server segments are expected to drive significant revenue growth, with the automotive segment projected to generate 10.25 billion yuan in 2024, reflecting a year-on-year increase of 90.34% [3][32] - The communications electronics segment remains the core business, with a revenue of 242.36 billion yuan in 2024, showing a growth of 3.1% [32]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4] Core Views - The company is a leading player in the PCB industry with a diverse product portfolio, including FPC, SMA, SLP, HDI, Mini LED, RPCB, and Rigid Flex, serving various sectors such as communication electronics, consumer electronics, automotive, and servers [1][15] - The company has expanded its production capacity and geographical footprint, establishing manufacturing bases in Shenzhen, Qinhuangdao, Huai'an, and India, which enhances its competitive position globally [14][15] - The automotive and server markets present significant growth opportunities, with the company focusing on high-end products and expanding its production capacity to meet increasing demand [3][4] Summary by Sections 1. Company Overview - The company was established in 1999 and has been listed on the Shenzhen Stock Exchange since 2018, continuously expanding its production capacity and solidifying its market position [1][14] - It ranks as the largest PCB manufacturer globally for eight consecutive years from 2017 to 2024 according to Prismark [2][14] 2. Market Trends - The FPC market is experiencing increased demand due to the rise of AI functionalities in consumer electronics, leading to higher design complexities and a growing need for high-density interconnects [2][3] - The automotive sector is witnessing a surge in demand for PCBs driven by the increasing number of sensors and the trend towards electric vehicles, with a notable growth in sales of new energy vehicles in China [3][4] 3. Financial Performance - The company is projected to achieve revenues of 40.87 billion, 46.58 billion, and 51.99 billion yuan in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 16%, 14%, and 12% [4][5] - The net profit attributable to the parent company is expected to reach 4.49 billion, 5.29 billion, and 6.06 billion yuan for the same years, reflecting growth rates of 24%, 18%, and 14% [4][5] 4. Product and Market Segmentation - The company’s product lines cater to various applications, including communication boards primarily for smartphones, consumer electronics, and automotive and server applications [15][18] - The automotive and server segments are expected to contribute significantly to revenue growth, with automotive and server boards projected to generate 10.25 billion yuan in 2024, a year-on-year increase of 90.34% [3][32] 5. Investment Recommendations - The report suggests that the company has a valuation advantage with projected P/E ratios of 15, 12, and 11 for 2025, 2026, and 2027 respectively, indicating a favorable investment opportunity [4][5]

Group 1 - The Tonghuashun Fruit Index concept declined by 1.38%, ranking among the top declines in the concept sector, with companies like Lens Technology, Lante Optics, and Changying Precision experiencing significant drops [1][2] - Among the stocks in the Tonghuashun Fruit Index, only two stocks saw price increases, with Zhongshi Technology and BOE A rising by 2.20% and 0.26% respectively [1][2] Group 2 - The concept sectors with the highest gains today included Supply and Marketing Cooperatives (+3.93%), Cross-Border Payment (CIPS) (+3.65%), and Glyphosate (+3.57%), while the China AI 50 and Nvidia concept saw declines of -2.09% and -1.48% respectively [2] - The Tonghuashun Fruit Index experienced a net outflow of 587 million yuan from main funds, with 14 stocks seeing net outflows, and five stocks experiencing outflows exceeding 50 million yuan [2] - The stock with the highest net outflow was Luxshare Precision, with a net outflow of 184 million yuan, followed by Goer Technology and Lingyi iTech with outflows of 165 million yuan and 61.8 million yuan respectively [2][3]

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company is experiencing steady growth in major customer share, driven by AI innovations that are revitalizing demand in the consumer electronics sector. The 2024 annual report indicates a revenue of 35.14 billion (YoY +9.6%) and a net profit of 3.62 billion (YoY +10.1%) [1][2] - The company is actively expanding its AI capabilities across the "cloud, network, and terminal" sectors, with significant capital expenditure plans reflecting long-term confidence in high-end product demand driven by AI [3][6] - The company anticipates a boost in performance in Q1 2025 due to new product launches, including the iPhone 16e, and is adjusting its profit forecasts while maintaining an optimistic outlook on its competitive edge in high-end products [3][6] Summary by Sections Financial Performance - The company reported a revenue of 35.14 billion in 2024, with a net profit of 3.62 billion, reflecting a year-on-year growth of 10.1%. The gross margin was 20.8%, and the net margin was 10.3% [1][5] - For Q4 2024, the revenue was 11.65 billion (YoY +0.4%, QoQ +12.5%), with a net profit of 1.65 billion (YoY +14.1%, QoQ +38.3%) [1][5] Product Segmentation - Revenue from communication boards was 24.24 billion (YoY +3.1%), while revenue from consumer electronics and computer boards was 9.75 billion (YoY +22.3%), with AI-related products accounting for over 45% of this segment [2] - The automotive and server PCB products saw a significant revenue increase of 90.3% to 1.03 billion, indicating strong growth in these areas [2] Future Outlook - The company plans to increase its capital expenditure to 5 billion in 2025, up from 700 million in 2024, focusing on high-end product development and expansion in Thailand and other regions [3][5] - The profit forecast for 2025-2027 has been adjusted to 4 billion, 4.8 billion, and 5.7 billion respectively, with expected growth rates of 11%, 20%, and 18% [3][5]

Investment Rating - The investment rating for the electronics industry is "Positive" [2] Core Viewpoints - The consumer electronics industry has established a strong global presence, with companies like Industrial Fulian and Lens Technology demonstrating resilience against geopolitical risks through diversified international operations [2][4] - The impact of current tariff policies is expected to be short-term, with potential for recovery in the consumer electronics sector as companies optimize their global supply chains [3][4] - The report emphasizes the importance of Chinese consumer electronics firms in the global supply chain, highlighting their technological advantages and the challenges in finding alternatives in other countries [4] Summary by Relevant Sections Industrial Fulian - Industrial Fulian has a significant global footprint, operating in 14 countries and regions, with overseas assets amounting to 180.158 billion RMB, representing 61.44% of total assets [2][11] - The company is focused on cloud computing and communication networks, with rapid growth in its cloud computing business due to the rise of AI [5] Lens Technology - Lens Technology has become a leading provider of precision manufacturing solutions for smart terminals, with a strong focus on innovation and a diversified product range [13] - The company has established multiple R&D and production bases in China and overseas, including Vietnam, where a new facility is under construction with a budget of 429 million RMB [16] Pengding Holdings - Pengding Holdings is recognized as a major player in the PCB industry, with a diverse product range and significant investments in Taiwan and Thailand [18][23] - The company has been ranked as the largest PCB manufacturer globally for eight consecutive years [18] Linyi Intelligent Manufacturing - Linyi Intelligent Manufacturing has a strong market share in precision components for consumer electronics and has expanded its global footprint with subsidiaries in various countries [24][27] Dongshan Precision - Dongshan Precision has established itself as a leading manufacturer in the FPC and PCB sectors, with significant investments in overseas operations to enhance its global supply chain resilience [29][31] Luxshare Precision - Luxshare Precision focuses on providing integrated manufacturing solutions for consumer electronics and automotive products, with a strong international presence [33][35]

Group 1 - The fruit index concept rose by 1.62%, ranking 9th among concept sectors, with 18 stocks increasing in value, led by Xinyi Technology, Lante Optics, and Lens Technology, which rose by 6.73%, 4.82%, and 4.41% respectively [1][2] - The fruit index concept saw a net inflow of 773 million yuan from main funds, with 14 stocks receiving net inflows, and 6 stocks exceeding 50 million yuan in net inflow, with Lens Technology leading at 247 million yuan [2][3] - The top net inflow ratios were recorded for Lens Technology, Xinyi Technology, and Lingyi Technology, with net inflow rates of 15.12%, 12.74%, and 9.75% respectively [3][4] Group 2 - The fruit index concept's performance was contrasted with other sectors, such as the 6G concept which rose by 3.18%, while the South Korea-China Free Trade Zone fell by 3.88% [2] - The trading volume and turnover rates for leading stocks in the fruit index concept were highlighted, with Lens Technology showing a turnover rate of 1.68% and a trading volume of 246.58 million yuan [3][4] - The overall market sentiment reflected a mixed performance across various sectors, with some experiencing significant declines, such as the dairy sector which fell by 3.69% [2]

Summary of Key Points from the Conference Call Records Company Overview - **Company**: Pengding Holdings - **Industry**: Printed Circuit Board (PCB) Industry Financial Performance - Total market capitalization reached 84.581 billion RMB by the end of 2024, a growth of 63.31% from the beginning of the year [1] - Revenue for 2024 was 35.140 billion RMB, a year-on-year increase of 9.59%, surpassing the average growth rate of the PCB industry [1][8] - Net profit for 2024 was 3.619 billion RMB, with a year-on-year growth of 10.11% [1][8] - The company maintained a global market share of 7.3%, ranking first in the global PCB industry for eight consecutive years [1][8] Shareholder Returns - The company announced a cash dividend of 10 RMB per 10 shares for 2024, marking a record high in dividend payout ratio [1][4] - Cumulative dividends since listing exceeded 9.7 billion RMB, significantly surpassing the total financing amount of 3.6 billion RMB [1][4] Investor Relations - Engaged in 71 strategy meetings and received over 6,000 investor visits in 2024, with institutional investors holding 86.66% of shares [1][5] - Received 79 institutional research reports, primarily with buy ratings, indicating strong investor interest [1][5] Corporate Governance and Disclosure - Achieved an A-level rating in information disclosure from the Shenzhen Stock Exchange for five consecutive years, with zero violations or penalties [1][7] - Received over 20 awards for excellence in corporate governance and investor relations [1][7] Industry Trends and Future Outlook - The PCB industry is expected to benefit from a recovery in the consumer electronics market, AI technology innovations, and growth in the electric vehicle sector [2][9] - Prismark forecasts a compound annual growth rate of 4.8% for the global PCB industry from 2025 to 2029, with an expected market value exceeding 94 billion USD by 2029 [2][10] Strategic Initiatives - The company is focusing on AI technology, developing a comprehensive product matrix for AI edge products, and expanding into AI cloud and communication sectors [2][12] - Increased R&D investment to over 2 billion RMB in 2024, representing more than 6% of revenue, with a total of 2,642 patent applications filed [2][15] Risk Management and Financial Health - Maintained a low debt-to-asset ratio of 27.44% and a net cash reserve of 10 billion RMB, ensuring financial stability [2][16] - Implemented robust financial management practices to mitigate market volatility risks [2][16] Global Expansion and Digital Transformation - Established production bases in Taiwan, Thailand, and India to enhance global presence [2][17] - Focused on digital transformation initiatives to improve operational efficiency and reduce costs [2][17] Sustainability and ESG Efforts - Committed to green manufacturing with cumulative environmental investments of 4.799 billion RMB since 2005, achieving significant carbon reduction [2][18] - Recognized for outstanding performance in environmental protection and social responsibility, scoring 67 in the S&P Global Corporate Sustainability Assessment [2][18]

Core Viewpoint - Pengding Holdings (002938.SZ) anticipates growth in revenue across its business segments, particularly in the AI-related products sector, indicating a strategic shift towards advanced technology applications [1] Group 1: Revenue Performance - In 2024, the company expects to achieve revenue of 24.236 billion yuan in the communication board sector, representing a year-on-year growth of 3.08% [1] - The revenue from consumer electronics and computer boards is projected to reach 9.754 billion yuan, showing a significant year-on-year increase of 22.30% [1] Group 2: AI Product Integration - AI edge products now account for over 45% of the company's revenue in the consumer electronics and computer board segment [1] - By 2025, it is anticipated that the revenue share from AI-related business will exceed 70% as AI terminal products gradually come to market [1]

Group 1: Financial Performance - In 2024, the company achieved a revenue of 35.14 billion RMB, a year-on-year increase of 9.59% [5] - The net profit attributable to shareholders was 3.62 billion RMB, up 10.14% year-on-year [5] - The overall gross margin was 20.8%, with a net profit margin of 10.3% and a return on equity of 11.7% [5] Group 2: Revenue Contributions and Growth Areas - Revenue from automotive and server boards reached 1.025 billion RMB in 2024, growing by 90.34% [4] - The revenue from AI-related products is expected to exceed 70% of total revenue by 2025 [3] - In the communication board sector, revenue was 24.236 billion RMB, a 3.08% increase year-on-year, with AI-related products accounting for over 45% of this segment [3] Group 3: Market Position and Client Relationships - The company has established deep partnerships with leading global electronic brands, enhancing its position in high-end AI products [4] - The company is becoming a significant player in the smart automotive PCB market, with ongoing collaborations with multiple Tier 1 manufacturers [4] - Approximately 82.20% of the company's revenue is indirectly related to exports to the U.S., with minimal direct sales [7] Group 4: R&D and Technological Advancements - R&D expenditure reached 2.324 billion RMB in 2024, a year-on-year increase of 18.79%, representing 6.61% of total revenue [10] - The company has filed a total of 2,642 patents, with 1,453 granted, and has been recognized as a national enterprise technology center [13] - The company is focusing on advanced technologies in high-frequency, high-reliability, and high-power applications [13] Group 5: Environmental and Sustainability Initiatives - The company reduced carbon emissions by 575,000 tons in 2024, achieving an 80% reduction in greenhouse gas emissions density compared to 2013 [15] - Environmental investments totaled 344 million RMB in 2024, with cumulative investments reaching 4.799 billion RMB since 2005 [15] Group 6: Industry Outlook - The global PCB market is projected to reach 73.565 billion USD in 2024, with a year-on-year growth of 5.8% [14] - The PCB industry is expected to grow at a compound annual growth rate of 4.8% from 2025 to 2029, potentially exceeding 94 billion USD by 2029 [15]