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]

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][6]. Core Views - The company reported a stable revenue growth of 9.59% year-on-year for 2024, with total revenue reaching 35.14 billion yuan and a net profit of 3.62 billion yuan, reflecting a 10.14% increase year-on-year [4][5]. - The company is actively expanding its presence in the AI industry chain, with over 45% of its revenue coming from AI-related products in 2024 [5][6]. - The company is positioned as a key supplier for AI mobile phones, PCs, and glasses, and is enhancing its technology in AI server products [5]. Financial Performance - In 2024, the company achieved a gross margin of 20.76%, a slight decrease of 0.58 percentage points year-on-year, primarily due to rising raw material costs and changes in product structure [5]. - The company’s earnings per share (EPS) for 2024 was 1.56 yuan, with projected EPS of 1.84 yuan, 2.22 yuan, and 2.79 yuan for 2025, 2026, and 2027 respectively [10][12]. - The net asset return rate (ROE) for 2024 was 11.2%, with expectations of gradual improvement in the following years [10][12]. Revenue and Profit Forecast - The company forecasts net profits of 4.27 billion yuan, 5.15 billion yuan, and 6.46 billion yuan for 2025, 2026, and 2027, representing year-on-year growth rates of 17.9%, 20.6%, and 25.5% respectively [6][8]. - Revenue is expected to grow to 40.83 billion yuan in 2025, with a year-on-year increase of 16.2% [8][12]. Market Performance - The company's stock closed at 27.95 yuan, with a year-to-date high of 44.66 yuan and a low of 20.91 yuan [3]. - The circulating A-share market value is approximately 64.44 billion yuan, with a total market value of around 64.80 billion yuan [3].

证券研究报告·公司点评报告·元件 鹏鼎控股（002938） 2024 年报点评：业绩符合预期，看好端侧 AI+ 折叠屏双重成长趋势 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 32,066 | 35,140 | 40,832 | 47,031 | 54,472 | | 同比（%） | (11.45) | 9.59 | 16.20 | 15.18 | 15.82 | | 归母净利润（百万元） | 3,287 | 3,620 | 4,462 | 5,048 | 5,899 | | 同比（%） | (34.41) | 10.14 | 23.26 | 13.11 | 16.86 | | EPS-最新摊薄（元/股） | 1.42 | 1.56 | 1.92 | 2.18 | 2.54 | | P/E（现价&最新摊薄） | 18.34 | 16.65 | 13.51 | 11.94 | 10.22 | [Table_Ta ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's revenue for 2024 is projected at 35.14 billion, with a net profit of 3.62 billion, representing year-on-year growth of 9.59% and 10.14% respectively [2] - The company is expected to benefit from the dual growth trends of AI at the edge and foldable screens, positioning itself as a leader in SLP and FPC markets [5] Revenue and Profit Forecast - Total revenue is forecasted to grow from 32.07 billion in 2023 to 54.47 billion by 2027, with a compound annual growth rate (CAGR) of approximately 15.82% [1] - Net profit is expected to increase from 3.29 billion in 2023 to 5.90 billion by 2027, reflecting a CAGR of about 16.86% [1] Business Segments Performance - In 2024, the company achieved revenue of 24.24 billion in communication boards, a 3.08% increase year-on-year, while revenue from consumer electronics and computer boards reached 9.75 billion, up 22.30% [3] - The automotive and server PCB products saw a remarkable revenue increase of 90.34%, totaling 1.03 billion [3] Capacity Expansion and Investment - The company is set to release new production capacity in 2024, with a capital expenditure of 5 billion expected in 2025 to meet the demand for high-end HDI and SLP products [4] - The first phase of the high-end HDI and SLP project in Huai'an has been successfully launched in 2024, with the second phase under accelerated construction [4] Market Trends and Innovations - The company is well-positioned to capitalize on the trends of edge AI and foldable screens, with FPC's advantages in internal connections becoming increasingly essential [5] - The revenue from AI edge products has surpassed 45% of total revenue in the consumer electronics segment [3]

Group 1 - The Tonghuashun Fruit Index concept rose by 4.97%, ranking third among concept sectors, with 20 stocks increasing in value, including Industrial Fulian, which hit the daily limit, and other notable gainers such as GoerTek and Lens Technology, which rose by 9.69%, 8.86%, and 7.50% respectively [1][2] - The main capital inflow into the Tonghuashun Fruit Index concept sector was 2.097 billion yuan, with 14 stocks receiving net inflows, and 7 stocks seeing inflows exceeding 50 million yuan. Industrial Fulian led with a net inflow of 843 million yuan, followed by GoerTek, Luxshare Precision, and Dongshan Precision with net inflows of 639 million yuan, 344 million yuan, and 144 million yuan respectively [2][3] - The net inflow ratios for Industrial Fulian, GoerTek, and Zhuhai Guanyu were the highest at 18.61%, 11.09%, and 10.39% respectively [3][4] Group 2 - The top-performing concept sectors today included Dairy with a rise of 6.28%, and Childcare Services with an increase of 5.22%, while the Tonghuashun Fruit Index was at 4.97% [2] - The trading volume and turnover rates for key stocks in the Tonghuashun Fruit Index were significant, with Industrial Fulian showing a turnover rate of 1.28% and GoerTek at 9.12% [3][4]

A股苹果概念股走强，蓝思科技涨13%，立讯精密涨停，歌尔股份、鹏鼎控股、东山精密、工业富联等 多股涨超9%。 ...

凭借多年来在高端PCB领域的技术积淀以及在智能手机及消费电子市场的深耕，公司已构建覆盖AI手 机、AI PC、AI眼镜等AI端侧消费品的全场景产品矩阵，并已成为全球AI端侧产品供应链中不可或缺的 力量。同时，公司积极利用ONE AVARY产品平台，加快了在AI服务器、光模块、交换机、人形机器 人、新能源汽车等领域的全链条布局，全面推动AI产业的纵深发展。尽管贸易战影响将对世界经济的 发展带来短期影响，但科技创新的脚步不会停止，特别是随着以AI为代表的新的科技革命蓬勃发展， 将进一步推动PCB产品向更轻薄、更高集成度，更高传输速度方向升级变化，为公司的长远稳健发展带 来更多市场机遇。 格隆汇4月9日丨鹏鼎控股(002938.SZ)在互动平台表示，公司虽然外销比例较高，但几乎没有直接对美 销售。公司产品均交货至国内及位于亚洲地区的下游组装厂，同时，公司的原物料采购大部分来自亚洲 地区，从美国本土直接采购的占比也较低。因此，目前来看，本次关税事件对公司尚无直接影响。公司 将密切关注相关形势变化，积极保持与客户的沟通，与客户协商最优解决方案。在宏观环境不确定性加 深背景下，公司始终恪守"稳健经营"的经营理念，构筑了健 ...

2025年4月9日，鹏鼎控股（002938）披露接待调研公告，公司于4月9日接待淡水泉(北京)、长盛基金、 银华基金、国海富兰克林基金、博时基金、方正富邦基金等173家机构调研。 调研情况显示，2024年鹏鼎控股把握消费电子复苏和人工智能产品落地机遇，实现营收351.40亿元，同 比增长9.59%，归母净利润36.20亿元，同比增长10.14%。公司业务结构持续拓展，在通讯用板、消费电 子及计算机用板、AI云侧与管侧、汽车服务器用板等领域表现出色。 公司研发投入增长，进行了多项技术布局，推进数字化转型。新投产能方面，淮安三园区和高雄园区项 目有进展，泰国园区项目将建成。公司还发布了2024年分红预案。 在互动交流中，公司表示地缘政治和关税目前对公司尚无直接影响，今年资本开支计划为50亿，投资项 目包括泰国园区等。同时解答了毛利下降原因、资本开支投入结构等问题，并对AI相关产品市场发表 看法。接待过程符合规定。 调研详情如下： 一、解读公司2024年年度经营情况 2024年,随着消费电子的温和复苏及以AI终端为代表的人工智能产品的逐步落地,公司及时把握机遇,实现 了营收及归母净利润的稳步成长。2024年,公司实 ...

新兴业务方面，新能源汽车相关产品表现亮眼。雷达运算板、域控制板等产品实现量产出货，带动汽车及服务器用板业务收入达10.25亿元，同比增长 90.34%。 2024年，公司同步加码技术研发，全年研发投入23.24亿元，占营收比重6.61%，重点投向AI服务器、光模块等高端领域以应对技术挑战。公司以"满足客户 需求、超越客户期望、引领行业技术"为研发核心目标，不断优化技术平台布局，聚焦关键技术突破和创新能力提升。通过与客户深度协作及联合开发，为 客户量身打造多元化解决方案，并以严格的产品验证体系为依托，加速推动研发成果的市场化落地，全面抢占技术制高点。 （校对/黄仁贵） 4月8日，鹏鼎控股发布2024年年度业绩报告。报告显示，公司全年实现营业收入351.4亿元，同比增长9.59%；归属于上市公司股东的净利润36.2亿元，同比 增长10.14%，创历史新高。扣非净利润为35.31亿元，同比增长11.4%。截至报告期末，公司总资产达445.43亿元，资产负债率降至27.44%，经营活动现金流 净额为70.82亿元。 | | 2024 年 | 2023 年 | 本年比上年增减 | 2022 年 | | --- | -- ...

证券代码：002938 证券简称：鹏鼎控股 编号：2025-02 | 投资者关系活动 | □特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | ■其他 （2024 年年报交流会） | | 参与单位名称 | 长盛基金/银华基金/国海富兰克林基金/博时基金/长盛基金 | | | /方正富邦基金/平安证券/国海证券/广发证券/华夏基金/国 | | | 投证券/兴证全球基金/仁桥（北京）资产/华润元大基金/中 | | | 国人保资产/盘京投资/国投瑞银基金/东北证券/中银国际证 | | | 券/浩成資產/中国国际金融/中国船舶集团投资/甬兴证券/ | | | 富国基金/亘曦资产/Point72/汇添富基金/国融基金/华福证 | | | 券/中国人寿养老/西部证券/海南道亦私募/九泰基金/汇华 | | | 理财/嘉实基金/国华人寿/招商证券/上海健顺投资/方正证 | | | 券/诺德基金/财通证券//昆仑健康保险/深圳星睿资产/上海 | | | 保银私募基金/第一上海證券/中国人民养老/上海理成资产 ...