鹏鼎控股（深圳）股份有限公司 （二）控股子公司：由公司持股比例超过 50%，或者虽然未超过 50%，但 是能够决定其董事会半数以上成员的组成，或者依据协议、公司所持股份的表决 权能对被持股公司股东会的决议产生重大影响，即公司对其构成实际控股的公司。 第三条 公司作为出资人，以股东或控制人的身份行使对子公司的重大事项 监督管理，对投资企业依法享有投资收益、选择管理者及股权处置等重大事项决 策的权力，并负有对子公司进行指导、监督和提供相关协助服务的义务。 子公司管理办法 二〇二五年四月 鹏鼎控股（深圳）股份有限公司 子公司管理办法 第一章总则 第一条 为规范鹏鼎控股（深圳）股份有限公司（以下简称"公司"）子公司 的经营管理行为，促进子公司健康发展，优化公司资源配置，维护公司总体形象 和投资者利益，依照《中华人民共和国公司法》（以下简称"《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《鹏鼎控股（深圳） 股份有限公司章程》（以下简称"《公司章程》"）的相关规定，特制定本办法。 第二条 本办法所称子公司是指公司根 ...

鹏鼎控股（深圳）股份有限公司 信息披露暂缓与豁免制度 第一章 总 则 第一条 为规范鹏鼎控股（深圳）股份有限公司（以下简称"公司"）信息披 露暂缓与豁免行为，确保公司及相关信息披露义务人（以下简称"信息披露义务 人"）依法合规地履行信息披露义务，保护投资者的合法权益，根据《中华人民 共和国公司法》《中华人民共和国证券法》《上市公司信息披露管理办法》《上市 公司信息披露暂缓与豁免管理规定》以及有关法律、法规、规章和《鹏鼎控股（深 圳）股份有限公司章程》（以下简称"《公司章程》"）、《公司信息披露管理制度》 的规定，结合公司信息披露工作的实际情况，制定本制度。 第二条 公司和信息披露义务人按照《股票上市规则》及交易所其他相关业 务规则的规定，办理信息披露暂缓、豁免业务的，适用本制度。 第二章 信息披露暂缓与豁免的适用情形 第三条公司和信息披露义务人拟披露的信息涉及商业秘密或者保密商务信 息（以下统称商业秘密），符合下列情形之一，且尚未公开或者泄露的，可以暂 缓或者豁免披露： （一）属于核心技术信息等，披露后可能引致不正当竞争的； （二）属于公司自身经营信息，客户、供应商等他人经营信息，披露后可能 侵犯公司、他人商 ...

鹏鼎控股（深圳）股份有限公司 董事会战略与风险管理委员会议事规则 第一章 总则 第一条 为适应鹏鼎控股（深圳）股份有限公司（以下称"公司"）战略发 展需要，增强公司核心竞争力，确定公司发展规划，健全投资决策程序，加强决 策科学性，提高重大投资决策质量，健全公司风险治理及强化公司风险管理机制 运作。根据《中华人民共和国公司法》、《上市公司治理准则》、《鹏鼎控股（深 圳）股份有限公司公司章程》（以下简称"《公司章程》"）及其他有关规定， 公司特设立董事会战略与风险管理委员会，并制定本规则。 第二条 董事会战略与风险管理委员会主要负责对公司长期发展战略和重 大投资决策进行研究并提出建议。推动公司风险管理，预防及应对公司经营风险。 第二章 人员组成 第三条 战略与风险管理委员会由五名董事组成。 第四条 战略与风险管理委员会设召集人一名，负责召集和主持委员会会议。 当召集人不能或无法履行职责时，由其指定一名其他委员代行其职责；召集人既 不履行职责，也不指定其他委员代行其职责时，任何一名委员均可将有关情况向 公司董事会报告，由公司董事会指定一名委员履行召集人职责。 第五条 战略与风险管理委员会的召集人和委员由董事长、二分 ...

鹏鼎控股（深圳）股份有限公司 董事会秘书工作细则 二〇二五年四月 鹏鼎控股（深圳）股份有限公司 董事会秘书工作细则 第四条 董事会秘书由董事长提名，董事会聘任或解聘，对董事会负责。董 事会秘书为公司与深圳证券交易所（以下简称"深交所"）之间的指定联络人。 第五条 董事会秘书应当具备履行职责所必须的财务、管理、法律专业知识， 具有良好的职业道德和个人品德，并取得深交所颁发的董事会秘书资格证书。有 下列情形之一的人士不得担任上市公司董事会秘书： （一） 《公司法》第一百四十六条规定的任何一种情形； （二） 自受到中国证监会最近一次行政处罚未满三年的； 第一章 总则 第一条 为规范鹏鼎控股（深圳）股份有限公司（以下简称"公司"）董事 会秘书的行为，加强对董事会秘书工作的指导，充分发挥董事会秘书的作用，根 据《中华人民共和国公司法》（以下简称"《公司法》"）、《深圳证券交易所股票上 市规则》、《鹏鼎控股（深圳）股份有限公司章程》（以下简称"公司章程"）和其 他相关规定，制定本细则。 第二条 本细则适用于董事会秘书岗位，是董事会考核董事会秘书工作的主 要依据。 第二章 董事会秘书的任职资格和任免程序 第三条 公司设董事 ...

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]