鹏鼎控股线上策略会交流240605光大_原文 2024年06月06日12:27 发言人1 00:00 目前所有参会者均处于静音状态，下面开始播报免责声明。声明，播报完毕后，主持人可以直 接开始发言，谢谢。 发言人2 00:08 特别声明，本会议为光大证券专业机构投资者设计，任何情形下，会议内容不构成对任何人的 投资建议，参会者应当充分了解各类投资风险，根据自身情况自主做出投资决策，并自行承担 投资风险。嘉宾发言内容仅代表嘉宾的个人观点和立场。研究人员发言内容来自于以外发报告 或对研报的跟踪解读，观点仅代表报告发布当日的判断。本会议内容的知识产权仅归光大证券 所有。未经书面许可，任何机构和个人不得以任何形式、任何目的进行转发、翻版、复制、发 布或引用会议全部或部分内容，亦不得擅自录音、制作会议纪要、对外传播。 发言人1 01:00 更多纪要，添加微信V17772725945 好的，非常感谢各位领导参加鹏林控股的线上交流。我是光大电子研究员何浩。今天的话我们 也是很荣幸邀请到公司的AR 主管侯总和我们进行一个简单的交流。侯总要不请您简单更新一 下咱们的近况，然后后面咱们就直接问答，谢谢杭州。 发言人301:22 ...

Summary of the Conference Call for Pengding Holdings Company Overview - **Company**: Pengding Holdings - **Date of Call**: June 6, 2024 - **Participants**: Company IR supervisor and researchers from Everbright Securities Key Points Industry and Company Performance - **Revenue Growth**: In April 2024, the company reported a revenue of 2.2 billion, which is a year-on-year increase of over 52% [4][5] - **May and June Outlook**: The company anticipates positive year-on-year growth for May and June, driven by a recovery in electronic sales and new product launches in the tablet sector [5][6] - **PCB Industry Recovery**: The PCB industry is expected to recover by approximately 5% in 2024 after a decline of over 15% in the previous year [5][6] Product and Market Trends - **AI Product Launches**: There is significant anticipation for new AI product launches in the second half of the year, which may positively impact sales [6][7] - **Sales Distribution**: The revenue distribution includes approximately 80% from FPC and 20% from high-end hard drives, including SOP, HDI, and RPC [9] - **AI Mobile Trends**: The demand for AI mobile devices is expected to increase, leading to changes in material requirements and design specifications [10][19] Production and Capacity Expansion - **Production Capacity**: The company is expanding its production capacity, particularly in high-end HDI and HRP, with a total investment of around 7.2 billion planned by 2027 [22][31] - **AI Server Production**: The company has invested 250 million USD in AI server production in Thailand, with expected revenue contributions starting in 2026 [26][28] Financial Metrics - **Revenue Projections**: The company expects to maintain a stable revenue growth trajectory, with a focus on high-margin products in the automotive and AI sectors [26][35] - **Gross Margin**: Historically, the gross margin has been around 20-24%, with expectations to maintain this level despite market fluctuations [34][35] - **R&D Investment**: R&D expenses are projected to remain around 4% of revenue, reflecting the company's commitment to innovation [40][41] Customer and Market Dynamics - **Client Relationships**: The company supplies components to major clients, including NVIDIA and Huawei, with ongoing certification processes for new products [37][39] - **Market Demand**: There is a growing demand for high-end products, particularly in the automotive sector, which is expected to drive higher margins [35][36] Cost Management - **Expense Control**: The company has effectively managed its sales and administrative expenses, with a focus on maintaining low sales costs while increasing R&D investment [39][42] Seasonal Trends - **Seasonal Demand**: The company anticipates increased production capacity utilization in the second half of the year, which typically sees higher demand [44] Additional Insights - **Market Positioning**: The company aims to position itself as a leader in the high-end electronic components market, particularly in the context of rapid technological advancements [40][43] - **Future Outlook**: The overall sentiment is optimistic, with expectations of continued growth driven by new product launches and market recovery trends [6][7][26]

关于收到全资子公司利润分配款的公告 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。 鹏鼎控股（深圳）股份有限公司（以下简称"公司"）于 2024 年 6 月 5 日 收到全资子公司宏启胜精密电子（秦皇岛）有限公司 2023 年度利润分配款人民 币 2,000,000,000.00 元。 本次分红将增加母公司 2024 年度净利润，但不增加公司 2024 年度合并报表 净利润，不会影响公司 2024 年度整体经营业绩，敬请广大投资者注意投资风险。 特此公告。 证券代码：002938 证券简称：鹏鼎控股 公告编号：2024-036 鹏鼎控股(深圳)股份有限公司 鹏鼎控股（深圳）股份有限公司 董 事 会 2024 年 6 月 6 日 ...

证券代码：002938 证券简称：鹏鼎控股 公告编号：2024-035 鹏鼎控股（深圳）股份有限公司 2023 年年度利润分配实施公告 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。 特别提示： 收盘价-0.4979578 元。 公司 2023 年年度利润分配方案已获 2024 年 4 月 24 日召开的 2023 年年度股 东大会审议通过，现将利润分配事宜公告如下： 一、股东大会审议通过利润分配情况 1、公司于2024年3月29日召开的第三届董事会第八次会议、2024年4月24日 召开的2023年年度股东大会，审议通过了《关于公司2023年利润分配预案的议案》。 公司利润分配方案为：以母公司可供分配的利润为依据，以2023年12月31日的总 股本2,320,437,816股，扣除拟回购注销的2021年限制性股票激励计划部分限制 性股票，以及扣除公司回购专户上已回购股份后的公司股本为基数，向全体股东 每10股派发现金红利5.00元（含税）。不送红股，不以资本公积金转增股本。本 次利润分配预案公布后至实施前，公司总股本由于股份回购或股权激励等原因而 发生变化时， ...

证券代码：002938 证券简称：鹏鼎控股 公告编号：2024-034 鹏鼎控股（深圳）股份有限公司 关于 2021 年限制性股票激励计划 部分限制性股票回购注销完成的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、公司本次回购注销 2021 年限制性股票激励计划部分限制性股票 1,877,000 股，占回购注销前公司总股本的 0.0809%；本次回购价格为 16.44 元/股，共涉及 激励对象 257 人。 2、经中国证券登记结算有限责任公司深圳分公司审核确认，公司本次部分 A 股限制性股票回购注销事项已于 2024 年 6 月 4 日办理完成。本次回购注销完 成后，公司总股本由 2,320,437,816 股减少为 2,318,560,816 股。 鹏鼎控股（深圳）股份有限公司（以下简称"公司"）于 2024 年 3 月 29 日召开第三届董事会第八次会议、第三届监事会第六次会议，审议通过了《关于 回购注销 2021 年限制性股票激励计划部分限制性股票的议案》，并经 2024 年 4 月 24 日 2023 年年度股东大会审议通过。同 ...

证券代码：002938 证券简称：鹏鼎控股 公告编号：2024-033 鹏鼎控股（深圳）股份有限公司 关于回购公司股份的进展公告 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。 三、其他事项说明 一、股份回购基本方案 鹏鼎控股（深圳）股份有限公司（以下简称"公司"）于 2023 年 10 月 30 日召开的第三届董事会第五次会议审议通过了《关于以集中竞价方式回购公司股 份的议案》，公司拟使用自有资金以集中竞价交易方式回购部分公司股份，本次 回购股份将用于员工持股计划或股权激励计划。本次回购资金总额不低于人民币 20,000 万元（含）且不超过人民币 40,000 万元（含），回购价格不超过人民币 25 元/股。回购期限自公司董事会审议通过回购方案之日起 12 个月。具体内容 详见公司于 2023 年 10 月 31 日在《证券时报》《上海证券报》及巨潮资讯网 （http://www.cninfo.com.cn）披露的《关于以集中竞价方式回购公司股份方案 的公告》(公告编号 2023-088)。 二、股份回购的进展情况 根据《上市公司股份回购规则》《深圳证券交易 ...

Investment Rating - The report assigns an "Accumulate-A" rating to the company, indicating a positive outlook for future performance [1][9]. Core Views - The company is positioned as a global leader in the PCB industry, benefiting from the AI technology revolution and the transformation of the automotive sector, which is expected to create new growth opportunities in PCB demand and pricing [1][9]. - The company has established a comprehensive one-stop service platform for PCB products, maintaining a competitive edge in the communications electronics and consumer electronics markets [1][2]. Financial Performance and Projections - In 2023, the company achieved revenue of 32.066 billion yuan and a net profit of 3.287 billion yuan, with significant contributions from communication boards and consumer electronics [1][3]. - Revenue projections for 2024 to 2026 are 35.153 billion yuan, 39.178 billion yuan, and 43.570 billion yuan, respectively, with growth rates of 9.6%, 11.5%, and 11.2% [2][8]. - The net profit forecasts for the same period are 3.832 billion yuan, 4.436 billion yuan, and 4.942 billion yuan, with growth rates of 16.6%, 15.8%, and 11.4% [2][8]. Market Trends and Opportunities - The report highlights the expected growth in the automotive PCB market, driven by the rise of electric and smart vehicles, with a projected increase in demand for automotive PCBs by 50% from 2022 to 2028 [1][6]. - The consumer electronics sector is anticipated to recover, supported by innovations in AI-driven products, with a compound annual growth rate of 5.1% expected from 2023 to 2028 [5][6]. Competitive Positioning - The company has maintained its status as the largest PCB manufacturer globally for seven consecutive years, with a diverse product line that includes FPC, HDI, and Mini LED boards [1][2]. - The company is actively expanding its production capacity in various regions, including Thailand and India, to meet growing global demand [1][2]. Valuation Metrics - The report provides a valuation with projected P/E ratios of 17.6, 15.2, and 13.6 for 2024, 2025, and 2026, respectively, reflecting the company's strong market position and growth potential [2][8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [16]. Core Views - The company reported a significant revenue increase in April 2024, with a year-on-year growth of 52.21%, driven by strong demand from major clients and new product launches [2][3]. - The company is expected to benefit from the ongoing AI trend, particularly in the smartphone and automotive sectors, which are anticipated to drive new demand and product upgrades [3][4]. - The company is focusing on expanding its capabilities in the automotive and server markets, with plans for increased production capacity in Thailand expected to contribute to long-term growth [4][7]. Financial Performance Summary - For Q1 2024, the company achieved a revenue of 6.687 billion yuan, a slight year-on-year increase of 0.29%, but a quarter-on-quarter decrease of 42.41%. The net profit attributable to shareholders was 497 million yuan, up 18.81% year-on-year, but down 65.53% quarter-on-quarter [2]. - The company's revenue for 2024 is projected to be 36.058 billion yuan, with a year-on-year growth rate of 12.5%. The net profit is expected to reach 3.725 billion yuan, reflecting a growth rate of 13.3% [10][11]. - The company's gross margin for Q1 2024 was 20.37%, showing a slight decline compared to the previous year, while the net margin improved to 7.44% [3]. Market and Product Insights - The report highlights the anticipated growth in AI-related products, with IDC forecasting that the next generation of AI smartphones will see shipments reach 170 million units in 2024, accounting for nearly 15% of the total smartphone market [3]. - The foldable smartphone market is also expected to grow significantly, with shipments in China projected to increase by 114.5% year-on-year in 2023 [3]. - The company is actively expanding its product offerings in the automotive sector, focusing on high-end markets such as domain controllers and radar systems, with production ramping up for laser radar and high-frequency antenna boards [4][7].

Group 1: Financial Performance - In 2023, revenue from automotive and server boards accounted for 1.68%, with a year-on-year growth of 71.45% due to a low revenue base in this sector, indicating strong future growth potential [1] - In April 2024, the company's revenue increased by 52% year-on-year, driven by significant order growth across various product lines [3] Group 2: Investment and Production Plans - The company plans to invest $250 million in the first phase of its Thailand facility, focusing on automotive and server-related products, with certification and sampling expected in the second half of 2025 [3] - The company aims to target high-end markets in the automotive sector, including domain controllers and radar technologies, while also focusing on AI servers in the server sector [3] Group 3: Capacity Utilization and Market Expansion - The company typically experiences lower capacity utilization in the first half of the year, with full production expected in the second half [3] - The company is actively expanding its domestic customer base in high-end markets, including foldable devices and other consumer electronics [4] Group 4: Capital Expenditure - The company maintains an average annual capital expenditure of over 3 billion, adapting to market demand and industry cycles [4]

Investment Rating - The investment rating for the company is "Accumulate" (首次) [1] Core Views - The report highlights a recovery in the consumer electronics market, driven by AI leading to new demand for PCBs [1][2] - The company reported a significant revenue increase of 52.2% year-on-year in April 2024, with a total revenue of 22.0 billion yuan [1][6] - The global smartphone market is expected to see a resurgence, with AI smartphones projected to account for nearly 15% of total smartphone shipments in 2024 [2][8] Summary by Sections Consumer Electronics Market Recovery - The company achieved a revenue of 66.9 billion yuan in Q1 2024, a slight increase of 0.3% year-on-year, with a gross margin of 20.4% [6] - The consumer electronics market is gradually recovering, with major brands launching new products, contributing to a narrowing decline in smartphone shipments [6][8] - The report notes that the global smartphone market saw a decline of 3.5% in 2023, but the trend is expected to reverse in 2024 [6][8] AI Driving New PCB Demand - The rise of AI technologies, particularly since the introduction of ChatGPT, has created new opportunities in the PCB market, especially for AI servers and related products [8] - The global market for server and storage PCBs is projected to grow from 8.2 billion USD in 2023 to 13.8 billion USD by 2028, with a compound annual growth rate of 11.0% [8] - AI PC products are anticipated to become mainstream, further driving demand for PCBs [2][8] Financial Forecasts - The company’s projected net profits for 2024, 2025, and 2026 are 37.45 billion yuan, 44.03 billion yuan, and 47.92 billion yuan respectively, with corresponding EPS of 1.61, 1.90, and 2.07 yuan [2][11] - The report forecasts a revenue growth of 12.0% in 2024, followed by 10.4% in 2025 and 7.3% in 2026 [11][12]