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]

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 ...