Group 1: Financial Performance - The company's revenue in April increased by 52% year-on-year, driven by growth across all product lines [1] - The company plans to invest $250 million in the first phase of its Thailand facility, focusing on automotive and server-related products, with expected certification and sampling by the second half of 2025 [1] Group 2: Production Capacity and Utilization - The company typically experiences a low season in the first half of the year, with production capacity expected to reach full utilization in the second half [1] - The company is expanding its production capabilities in Thailand to cater to high-end markets in the automotive and server sectors [3] Group 3: Market Position and Strategy - The company positions itself in the high-end automotive market, including products like domain controllers and radar systems, while also focusing on AI servers in the server market [3] - The company emphasizes its competitive advantages, including strong technology, customer relationships, and financial strength, to navigate the challenges in the PCB industry [4] Group 4: Industry Trends and Challenges - The company acknowledges the impact of rising copper prices on costs but reports that procurement prices for high-end materials remain stable [3] - The PCB industry faces pressure from overcapacity in low-end products, making core competitiveness essential for survival and growth [4]

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company reported a consolidated revenue of RMB 2.2 billion in April 2024, representing a 52.21% increase compared to the same month last year [5]. - The consumer electronics sector is experiencing a turning point, driven by innovation, with the global smartphone market showing an 8% year-on-year growth in Q4 2023, ending a seven-quarter decline [5]. - The company is well-positioned to benefit from the ongoing AI wave and the development of automotive electronics, which are expected to open up a second growth avenue for the company [5]. Summary by Sections Revenue Performance - In April 2024, the company achieved a consolidated revenue of RMB 2.2 billion, a 52.21% increase year-on-year [5]. Industry Trends - The consumer electronics industry, particularly smartphones and tablets, has faced challenges since 2022 but is now entering a recovery phase due to innovations such as foldable phones and AI integration [5]. - The AI applications are expected to drive rapid growth in AI PC products, leading to a new round of innovation in the entire consumer electronics supply chain [5]. Company Strategy - The company is actively developing high-end FPC, HDI, and SLP products, positioning itself to benefit from the increasing demand for advanced PCB technologies [5]. - The company has successfully completed mass production of radar computing boards in the automotive electronics sector and is advancing in AI server technology with upgraded product capabilities [5]. Financial Projections - The company is projected to achieve net profits of RMB 3.838 billion, RMB 4.553 billion, and RMB 4.937 billion for the years 2024, 2025, and 2026, respectively [6]. - Corresponding PE ratios for these years are expected to be 16.05, 13.53, and 12.48 [6].

Summary of Conference Call on Consumer Electronics Industry Industry Overview - The discussion primarily focused on the consumer electronics sector, particularly the growth potential of flexible and rigid printed circuit boards (PCBs) in smartphones, tablets, laptops, and flat displays [2][3][4] - The integration of artificial intelligence (AI) technology is expected to significantly increase the demand for both flexible and rigid boards [2][3] Key Insights and Arguments - **Growth in Demand**: The demand for flexible and rigid boards is projected to rise due to advancements in AI technology, which is becoming increasingly prevalent in consumer electronics [2][3] - **Technological Advancements**: Innovations such as larger chip sizes and optimized manufacturing processes are driving the complexity of consumer electronics designs, leading to upgrades in flexible and rigid board technologies [2][3] - **Market Trends**: Analysts predict a sustained growth trend in the industry over the coming years, with market leaders leveraging these trends to enhance their competitive advantages [2][3] - **AI Integration**: Companies like Qualcomm and Apple are launching new AI-integrated chips, which are expected to drive the growth of the consumer electronics market, particularly in smartphones [2][3][4] - **Impact on PCB Industry**: The PCB industry is facing challenges in meeting the demands for smaller line widths and distances, necessitating a shift towards more advanced manufacturing techniques [6][7] Additional Important Points - **Value Enhancement**: The value of flexible and rigid boards is expected to increase significantly due to the evolution of System-on-Chip (SoC) designs that require higher computational power [5][6] - **Company Positioning**: Pengding Holdings, as a leading supplier in the flexible and rigid board market, is well-positioned to benefit from the upcoming wave of consumer electronics upgrades driven by AI applications [5][6][9] - **Material Upgrades**: The transition from traditional fiberglass materials to lighter and more efficient materials like RCC is anticipated to enhance the performance and value of PCBs [7] - **Profit Forecast**: Pengding is projected to achieve profits of approximately 3.8 to 3.9 billion, indicating potential for valuation recovery compared to other domestic companies with AI attributes [9] Conclusion - The consumer electronics industry is entering a new phase of innovation driven by AI, with significant implications for the flexible and rigid PCB markets. Companies that adapt to these changes and invest in advanced technologies are likely to gain a competitive edge and experience substantial growth in the coming years [2][3][4][5][6][7][9]

Summary of the Conference Call on Pengding Holdings Company Overview - **Company**: Pengding Holdings - **Industry**: Consumer Electronics, specifically focusing on soft and hard printed circuit boards (PCBs) used in devices like smartphones, tablets, PCs, and wearables [1][16] Core Insights and Arguments - **Market Position**: Pengding Holdings is recognized as a leading supplier of soft and hard PCBs in the global consumer electronics market, with over 90% of its business derived from this sector [1][16] - **AI Integration**: The ongoing AI arms race has led to significant advancements in hardware, particularly in the integration of AI capabilities into consumer electronics. This trend is expected to drive a new wave of device upgrades [2][8][10] - **Product Upgrades**: The transition to AI-driven devices is prompting substantial upgrades in PCB specifications, including: - Increased chip area and enhanced processing power through advanced chip manufacturing processes [3][12] - Shrinking line widths and spacings in PCBs, moving from approximately 35 micrometers to potentially 20-25 micrometers [4][5][13] - Upgrades in materials used for PCBs, moving away from traditional fiberglass to newer materials that allow for thinner designs [14] - **Consumer Demand**: The introduction of AI smartphones and processors is expected to stimulate a new replacement cycle in the consumer electronics market, particularly as major brands like Apple and Samsung launch AI-enabled devices [8][10][11] Additional Important Points - **Revenue Growth**: The company reported a year-on-year revenue growth of over 52% in April, indicating a strong recovery in demand, particularly from the consumer electronics and tablet sectors [16][17] - **Production Capacity**: Pengding is strategically enhancing its production capabilities, focusing on high-end products in its facilities in Taiwan and Thailand, with plans for capacity expansion by 2025 [18] - **Valuation Outlook**: The company is projected to achieve revenues of approximately 3.8 to 3.9 billion, suggesting a favorable valuation compared to other domestic companies with AI attributes [19] Conclusion - The integration of AI into consumer electronics is set to significantly enhance the value and demand for PCBs, positioning Pengding Holdings to benefit from these industry trends. The company's proactive approach in upgrading its technology and production capacity aligns well with the anticipated market shifts driven by AI advancements [6][15][18]

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [6][18]. Core Views - The company's revenue for April 2024 exceeded expectations, with a reported revenue of RMB 2.20033 billion, representing a year-on-year increase of 52.21% [2][3]. - The consumer electronics sector is anticipated to experience a sustained recovery, with the company expected to benefit from the upcoming product launches from major clients like Apple [3]. - The company is positioned to capitalize on the AI innovation cycle, particularly with Apple's focus on AI in its upcoming product releases [3]. - The server and automotive segments are showing significant growth, with a reported 70% increase in these product lines in 2023 [3]. - The company has established a new production base in Thailand aimed at high-end overseas markets, which is expected to enhance its product offerings [3]. Financial Summary - The projected total revenue for 2024 is RMB 33.735 billion, reflecting a year-on-year growth of 5.2% [4]. - The net profit attributable to the parent company for 2024 is estimated at RMB 3.670 billion, with a growth rate of 11.6% [4]. - Earnings per share (EPS) are forecasted to be RMB 1.58 for 2024, with a price-to-earnings (P/E) ratio of 17 [4][6]. - The company's total assets are projected to reach RMB 46.326 billion by 2024, with a debt-to-asset ratio of 28% [4][7].

证券代码：002938 证券简称：鹏鼎控股 公告编号：2024-032 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 公司回购股份的时间、回购股份数量及集中竞价交易的委托时间段均符合公 司回购股份的方案及《深圳证券交易所上市公司自律监管指引第 9 号——回购 股份》等相关规定。 1、公司未在下列期间回购股份： 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。 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.cn ...

2024 年 4 月营业收入简报 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：鹏鼎控股(深圳)股份有限公司(以下简称"本公司"或"公司") 之间接控股股东臻鼎科技控股股份有限公司（以下简称"臻鼎科技"）为台湾 地区上市公司，臻鼎科技需按照台湾证券交易所相关规定，披露每月营业收入 数据。为使 A 股投资者能够及时了解公司的经营情况，本公司亦同步在深圳证 券交易所指定的信息披露媒体上披露本公司营业收入。 本简报为初步核算数据，未经会计师事务所审计或审阅，最终数据以公司 定期报告为准，敬请投资者注意投资风险。 公司 2024 年 4 月合并营业收入为人民币 220,033 万元，较去年同期的合并 营业收入增加 52.21%。 特此公告。 鹏鼎控股（深圳）股份有限公司 证券代码：002938 证券简称：鹏鼎控股 公告编号：2024-031 鹏鼎控股（深圳）股份有限公司 董 事 会 2024 年 5 月 7 日 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][32]. Core Views - The report highlights that the gradual adoption of edge AI is expected to trigger a wave of upgrades in consumer electronics, particularly in smartphones and PCs, driven by the introduction of AI processors by major players [3][8][14]. - The company is positioned as a global leader in PCB manufacturing, benefiting from the dual increase in volume and price of soft and hard boards due to the rise of AI terminals [25][32]. - The report emphasizes the significant potential for revenue growth as the company expands its product lines and production capabilities in response to the evolving market demands [30][32]. Summary by Sections 1. Edge AI and Consumer Electronics Upgrade - The introduction of AI processors by companies like Qualcomm and MediaTek is facilitating the emergence of AI smartphones, enhancing user experience through features like real-time translation and personalized services [8][10][14]. - The report anticipates a rapid increase in AI smartphone penetration, with projections indicating that the market share will rise from 5% in 2024 to 45% by 2027 [14][16]. 2. Chip Performance and PCB Value Increase - The report discusses how the integration of AI requires enhanced computing power, leading to upgrades in smartphone hardware, such as the Samsung Galaxy S24 series, which features significant improvements in CPU, GPU, and NPU performance [17][19]. - It notes that the increase in chip size and complexity will elevate the value of PCBs, with expectations for higher layer counts and reduced line widths in future designs [21][22]. 3. Global PCB Leader and Market Position - The company is recognized as the largest PCB manufacturer globally, with a diverse product range that includes FPC, SLP, HDI, and more, catering to various sectors including consumer electronics and automotive [25][27]. - The report highlights the company's strong competitive advantage in the smartphone and consumer electronics markets, which accounted for over 95% of its revenue in 2023 [27][30]. 4. Profit Forecast and Valuation - The report maintains previous profit forecasts, projecting net profits of 38.17 billion, 44.49 billion, and 49.18 billion yuan for 2024-2026, with corresponding PE ratios of 14.7, 12.6, and 11.4 [3][32].

2024年5月5日 公司研究 24Q1 业绩同比稳中有升，后续有望持续改善 ——鹏鼎控股（002938.SZ）跟踪报告之五 买入（维持） 要点 当前价：24.14元 事件： 作者 1、公司发布2023年年报：2023年公司实现营收320.66亿元（同比下滑11.45%）， 分析师：刘凯 实现归母净利润32.87亿元（同比下滑34.41%），毛利率21.34%（同比减少 执业证书编号：S0930517100002 021-52523849 2.66pct）；其中，2023Q4单季度公司实现营收116.10亿元，实现归母净利润14.43 kailiu@ebscn.com 亿元。 2、公司发布2024年一季度报告：2024Q1公司实现营收66.87亿元（同比增加 市场数据 0.29%，环比减少42.41%），实现归母净利润4.97亿元（同比增加18.81%，环 总股本(亿股) 23.20 比减少65.56%）。 总市值(亿元)： 560.15 一年最低/最高(元)： 15.92/25.63 点评： 近3月换手率： 44.76% 23年业绩承压，24Q1业绩同比稳中有升。2023年PCB行业企业承压，Prismark ...

电子/元件 公 司 研 鹏鼎控股（002938.SZ） 消费电子行业逐步复苏，公司业绩有望持续改善 究 2024年04月29日 ——公司信息更新报告 投资评级：买入（维持） 罗通（分析师） 董邦宜（联系人） luotong@kysec.cn dongbangyi@kysec.cn 日期 2024/4/26 证 书编号：S0790522070002 证书编号：S0790123100019 当前股价(元) 23.69  2024Q1业绩同比显著改善，伴随消费电子行业复苏，维持“买入”评级 公 一年最高最低(元) 26.10/15.92 2024Q1单季度实现营收66.87亿元，同比+0.29%，环比-42.41%；归母净利润4.97 司 信 总市值(亿元) 549.71 亿元，同比+18.81%，环比-65.53%；扣非净利润5.04亿元，同比+24.78%，环比 息 流通市值(亿元) 548.45 -63.96%；毛利率20.37%，同比-0.54pcts，环比-2.82pcts。我们维持2024-2026年 更 总股本(亿股) 23.20 业绩预期，预计2024-2026年归母净利润为35.52/41.60 ...