Core Insights - The report highlights a stable inflation trend in non-energy sectors, indicating an improvement in domestic demand, which may influence future monetary policy decisions [2][6] - The company, Pengding Holdings, has successfully implemented a comprehensive AI strategy across its operations, including cloud, management, and end-user applications, while also advancing its electric vehicle business [7][8] Market Performance - The report provides an overview of market indices, with the Shanghai Composite Index closing at 3238.23, up by 0.45%, and the Shenzhen Component Index at 9834.44, up by 0.82% [3] - The electronic sector showed a strong performance with a 3.77% increase, while the agriculture, forestry, animal husbandry, and fishery sector declined by 3.18% [4] Company Financials - For the year 2024, the company is projected to achieve a revenue of 35.14 billion yuan, representing a year-on-year growth of 9.59%, and a net profit of 3.62 billion yuan, reflecting a 10.14% increase [8] - In Q4 2024, the company expects to report a revenue of 11.65 billion yuan, with a year-on-year growth of 0.37% and a quarter-on-quarter growth of 12.48% [8] AI and Technology Development - The company has made significant strides in AI applications, with revenue from AI-related products exceeding 45% in the communications sector, and a notable growth in sales from AI server products [9] - The automotive PCB products have also seen accelerated development, with a 90.34% year-on-year increase in sales revenue for automotive and server-related PCB products [9]

消费电子概念盘初活跃，朝阳科技（002981）涨停，杰美特（300868）、水晶光电（002273）、歌尔股 份（002241）、立讯精密（002475）、鹏鼎控股（002938）等集体高开。 ...

点击招商研究小程序查看PDF报告原文 公司公告24年报：24年实现营收 351.4 亿同比+9.6%，归母净利润 36.2 亿同比+10.1%，扣非归母净利 35.3 亿同比+11.4%，毛利率20.8%同 比-0.5pct，净利率 10.3%同比+0.1pct，利润分配预案：每10股派发现金红利10元。且近期公司公告月度收入简报，3月营收29.2亿同比+29.7%。结 合近期关税风波事件最新情况和公司近况，我们点评如下： 24年消费电子行业回暖驱动公司重回成长，AI算力及AI端侧为公司打开新的增长空间。 单Q4季度收入116.5亿同比+0.4%环比+12.5%，归母净利 16.5 亿同比+14.1%环比+38.3%，扣非归母净利16.0亿同比+14.6%环比+36.6%，毛利率21.4%同比-1.8pcts环比-2.3pcts，净利率14.1%同比+1.5pcts环 比+2.9pcts，盈利保持同环比改善趋势。整体经营业绩情况符合市场预期，业绩增长源于今年下游消费电子行业回暖及以AI为代表的科技革命新浪 潮推动PCB需求向上。 24年主营业务结构： 1）以智能手机为代表的通讯用板领域营收242.4亿同比+3 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 35.14 billion yuan in 2024, representing a year-on-year growth of 9.59%. The net profit attributable to the parent company was 3.62 billion yuan, with a year-on-year increase of 10.14%. The gross margin and net margin for 2024 were 20.76% and 10.3%, showing a slight decrease of 0.58 percentage points and an increase of 0.05 percentage points respectively [2][5]. - The company has seen significant growth in AI-related products, with revenue from AI edge products exceeding 45% of total sales. The communication board segment, represented by smartphones, generated 24.236 billion yuan, up 3.08%, while the consumer electronics and computer board business achieved 9.754 billion yuan, a growth of 22.30%. The automotive and server board business also saw a remarkable increase of 90.34%, reaching 1.025 billion yuan [10]. - The company is strategically positioning itself in the AI industry chain, focusing on high-end products and technological innovation. It is advancing in the optical module market with SLP products and has successfully launched its first phase of high-end HDI and SLP projects in Huai'an [10]. - The company is expected to enter a rapid growth phase, 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 estimated to be 14.37, 12.78, and 10.97 [10]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 35.14 billion yuan and a net profit of 3.62 billion yuan, with respective year-on-year growth rates of 9.59% and 10.14% [2][5]. - The gross margin was reported at 20.76%, while the net margin stood at 10.3% [2][5]. Business Segments - The AI edge product revenue has significantly increased, with over 45% of total sales coming from this segment. The communication board segment generated 24.236 billion yuan, while the consumer electronics and computer board business reached 9.754 billion yuan [10]. - The automotive and server board business saw a substantial growth of 90.34%, totaling 1.025 billion yuan [10]. Strategic Initiatives - The company is focusing on high-end product development and technological advancements, particularly in the optical module market and AI-related products [10]. - The first phase of high-end HDI and SLP projects in Huai'an has been successfully launched, with further expansions planned [10].

Investment Rating - The report maintains a "Buy" rating for the company, indicating expected returns exceeding the market benchmark by more than 15% over the next 6-12 months [8]. Core Views - The company achieved a revenue of 35.14 billion yuan in 2024, representing a year-on-year growth of 9.6%, with a net profit attributable to shareholders of 3.62 billion yuan, up 10.1% year-on-year [5][10]. - The report highlights the company's strategic positioning in the AI wave, leveraging its technology, customer relationships, and production capacity to capitalize on the growing demand in the consumer electronics market [5][6]. - The company is expected to benefit from the increasing penetration of AI features in consumer electronics, with global AI smartphone shipments projected to reach 16% of total smartphone shipments in 2024, growing to 54% by 2028 [6][7]. Financial Performance Summary - In Q4 2024, the company reported a revenue of 11.65 billion yuan, a year-on-year increase of 0.4% and a quarter-on-quarter increase of 12.5% [5]. - The gross margin for Q4 2024 was 21.4%, showing a slight decline compared to previous periods, while total expenses decreased significantly due to positive financial income [5]. - The company forecasts net profits of 4.19 billion yuan, 4.62 billion yuan, and 5.00 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.81 yuan, 1.99 yuan, and 2.16 yuan [8][10].

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。 证券代码：002938 证券简称：鹏鼎控股 公告编号：2025-027 鹏鼎控股（深圳）股份有限公司 关于子公司完成工商变更登记的公告 2、宏恒胜变更后的营业执照 特此公告。 鹏鼎控股（深圳）股份有限公司 董 事 会 2025 年 4 月 12 日 鹏鼎控股(深圳)股份有限公司（以下简称"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《关于向全资子公司宏恒胜增资的议案》， 同意公司向全资子公司宏恒胜电子科技（淮安）有限公司（以下简称"宏恒胜"） 增资人民币 5 亿元。具体详见公司 4 月 9 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《关于向全资子公司宏恒胜增 资的公告》。 近日，宏恒胜完成以上工商变更登记并收到淮安经济开发区行政审批局下发 的登记通知书，宏恒胜变更后的工商登记基本信息如下： 宏恒胜电子科技（淮安）有限公司 原注册资本：92,648.713 万元人民币 变更后现注册资本：142,648.713 万元人民币 备查 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting it to outperform the market benchmark by 5% to 15% over the next 6-12 months [8]. Core Views - The company achieved a revenue of 35.14 billion yuan in 2024, representing a year-on-year growth of 9.6%, with a net profit attributable to shareholders of 3.62 billion yuan, up 10.1% year-on-year [5][10]. - The report highlights the company's strategic positioning in the AI wave, leveraging its technology, customer relationships, and production capacity to capture opportunities in the consumer electronics market [5][6]. - The global economic recovery and domestic policies are expected to drive demand for smartphones and consumer electronics, supporting the company's short-term performance [5]. Financial Performance - In Q4 2024, the company reported a revenue of 11.65 billion yuan, a year-on-year increase of 0.4% and a quarter-on-quarter increase of 12.5% [5]. - The gross margin for Q4 2024 was 21.4%, showing a slight decline compared to previous periods, while total expenses decreased significantly due to positive financial income [5]. - The company forecasts net profits of 4.19 billion yuan, 4.62 billion yuan, and 5.00 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.81 yuan, 1.99 yuan, and 2.16 yuan [8][10]. Market Outlook - The report cites Canalys' prediction that AI smartphone shipments will account for 16% of total smartphone shipments in 2024, increasing to 54% by 2028, with a compound annual growth rate of 63% [6]. - The company is positioned to benefit from the upgrade of 800G/1.6T optical modules and aims to expand its SLP product offerings in the AI sector [7].

2025 年 04 月 11 日 鹏鼎控股 (002938) ——AI 服务器、光模块与汽车 PCB 取得重大突破 报告原因：有业绩公布需要点评 买入（维持） 研究支持 | 市场数据： | 2025 年 04 月 10 日 | | --- | --- | | 收盘价（元） | 27.95 | | 一年内最高/最低（元） | 44.66/20.91 | | 市净率 | 2.0 | | 息率（分红/股价） | 1.79 | | 流通 A 股市值（百万元） | 64,439 | | 上证指数/深证成指 | 3,223.64/9,754.64 | | 注："息率"以最近一年已公布分红计算 | | --- | | 基础数据: | 2024 年 12 月 31 日 | | --- | --- | | 每股净资产（元） | 13.85 | | 资产负债率% | 27.44 | | 总股本/流通 A 股（百万） | 2,319/2,305 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-10 05-10 06-10 07-10 08-10 09-10 10-10 11-10 12-10 ...

电子 | 证券研究报告 — 调整盈利预测 2025 年 4 月 11 日 002938.SZ 买入 原评级：买入 市场价格:人民币 26.00 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (27.0) (33.4) (31.6) 18.7 相对深圳成指 (21.5) (21.4) (27.3) 17.8 发行股数 (百万) 2,318.56 (14%) 10% 34% 59% 83% 107% Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Feb-25 Mar-25 Apr-25 鹏鼎控股 深圳成指 | 流通股 (百万) | 2,305.49 | | --- | --- | | 总市值 (人民币 百万) | 60,282.58 | | 3 个月日均交易额 (人民币 百万) | 501.84 | | 主要股东(%) | | | 美港实业有限公司 | 66.17 | 资料来源：公司公告， Wind ，中银证券 以 2025 年 4 月 9 日收市价为标准 相关研究报告 《鹏鼎控股》20241 ...

Macro Strategy - The report suggests that the depreciation of the RMB against the USD may be a response to overseas risk events and a proactive measure to release risks in currency management, with a gradual approach expected in the depreciation process [1][12] - The expected range for USDCNY is projected to gradually rise to 7.40-7.50, indicating a controlled release of risks while maintaining a stable exchange rate [12] Fixed Income - The report on Weicai Convertible Bond indicates an expected listing price range of 112.72 to 125.13 RMB, with a subscription rate of 0.0046% and a conversion premium of approximately 35% [2][14] - The report on Anji Convertible Bond anticipates a listing price range of 109.63 to 122.00 RMB, with a subscription rate of 0.0037% and a conversion premium of around 28% [3][15] - The report on Qingyuan Convertible Bond expects a listing price range of 100.22 to 111.65 RMB, with a subscription rate of 0.0020% and a conversion premium of about 25% [3][17] Industry Analysis - The engineering machinery sector is entering an upward cycle, with a projected 2-3 years of growth ahead, supported by significant share buybacks from major companies like Sany Heavy Industry and XCMG [20][21] - The report highlights a 38% year-on-year increase in domestic excavator sales in Q1 2025, indicating strong market demand and potential for upward valuation adjustments [21] - The engineering machinery companies have low exposure to the US market, with Sany's exposure at approximately 3%, making the overall risk manageable [21] Company Insights - Pengding Holdings reported a revenue of 35.14 billion RMB and a net profit of 3.62 billion RMB for 2024, with significant growth in the automotive and server sectors [5][22] - The company is expanding its production capacity with a projected capital expenditure of 5 billion RMB in 2025, reflecting confidence in future market demand [6][22] - The report on Jerey Co. indicates a projected net profit of 3.03 billion RMB for 2025, with a focus on overseas expansion despite tariff risks [7][8]