本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 26 日 鹏 鼎控股(002938.SZ) 证券研究报告 行业短期承压，AI 打开 PCB 新蓝海 消费电子组件 投资评级 买入-A 事件： 维持评级 4 月25 日公司披露2023 年报及 2024年一季报，2023年全年公司实 6个月目标价 27.47元 现营业收入 320.66亿元，同比增长-11.45%，实现归母净利润 32.87 股价 (2024-04-25) 23.60元 亿元，同比增长-34.41%。2024 年第一季度营业收入66.87 亿元，同 比增长 0.29%，归母净利润4.97 亿元，同比增长18.81%. 交易数据 总市值(百万元) 54,762.33 行业短期承压，加大新领域布局： 流通市值(百万元) 54,636.62 公司多年来深耕以智能手机为代表的通讯电子及以平板、笔记本电脑 总股本(百万股) 2,320.44 为代表的消费电子及计算机市场，在相关下游产品市场上，已经建立 流通股本(百万股) 2,315.11 了稳固的竞争优势，并成为公司发展壮大的重要支撑。 年报披露， 12个月价格区间 ...

电子 | 证券研究报告 — 业绩评论 2024年4月25日 002938.SZ 鹏鼎控股 买入 1Q24 利润同比修复，持续创新拥抱应用新蓝海 原评级：买入 市场价格:人民币 22.73 公司发布 2024 年一季报，面对行业周期波动公司稳健经营，利润已现同比修复，伴 板块评级:强于大市 随行业复苏及新应用驱动，公司24年有望重回增长轨道，维持买入评级。 支撑评级的要点 股价表现  公司 24Q1业绩同比改善，利润同比修复较收入端更为显著。公司24Q1实现营 收66.87亿元，同比+0.29%/环比-42.41%，实现归母净利润4.97亿元，同比+18.81%/ 0% 环比-65.53%，实现扣非净利润5.04亿元，同比+24.78%/环比-63.96%。逐月来看， (8%) 公司 1-3 月分别实现营业收入 26.74/17.61/22.51 亿元，分别同比 (16%) +1.47%/-16.66%/+17.35%。盈利能力方面，公司2024Q1实现毛利率20.37%，同 (24%) 比-0.53pct,归母净利率7.44%，同比+1.16pcts，扣非净利率7.54%，同比+1.48pcts。 上述变化 ...

方達 津 師 事 務 所 FANGDA PARTNERS http://www.fanodalaw.com 中国深圳市福田区中心四路 嘉里建设广场 T1 座 17 3 邮政编码:518048 17/F. Tower One, Kerry enzhen 518048. China 上海市方达（深圳）律师事务所 关于鹏鼎控股(深圳) 股份有限公司 2023 年年度股东大会的法律意见书 致:鹏鼎控股(深圳)股份有限公司 上海市方达（深圳）律师事务所（以下简称"本所"）是具有中华人民共和国 法律执业资格的律师事务所。根据相关法律顾问协议,本所指派律师出席鹏鼎控 股〈深圳〉股份有限公司（以下简称"鹏鼎控股"或"公司"）2023 年年度股东大会 (以下简称"本次股东大会")，就本次股东大会的召集和召开程序、参与表决和 召集会议人员的资格、表决程序和表决结果等有关事宜出具本法律意见书。 本法律意见书依据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司股东大会规则》及其他相关中华人民共和国境内已公开颁布并生效的法 律、法规、规章及规范性文件(以下合称"中国法律法规",仅为本法律意见书说 明之目的,不包括中国香港特 ...

Financial Performance - The total revenue for Q1 2024 was approximately ¥6.69 billion, representing a slight increase of 0.29% compared to ¥6.67 billion in the same period last year[5]. - Net profit attributable to shareholders increased by 18.81% to approximately ¥497.27 million, up from ¥418.53 million year-on-year[5]. - Basic and diluted earnings per share rose by 22.22% to ¥0.22, compared to ¥0.18 in the same period last year[5]. - Total operating revenue for Q1 2024 was CNY 6,686,545,684.69, a slight increase from CNY 6,667,007,237.88 in Q1 2023, representing a growth of approximately 0.3%[21]. - Net profit for Q1 2024 was CNY 497,244,842.35, up from CNY 418,531,593.32 in Q1 2023, indicating an increase of approximately 18.8%[22]. - Total comprehensive income for Q1 2024 was CNY 450,970,396.24, compared to CNY 441,749,570.36 in Q1 2023, reflecting an increase of approximately 2.77%[23]. Cash Flow and Liquidity - The net cash flow from operating activities decreased by 28.66% to approximately ¥1.99 billion, down from ¥2.79 billion in the previous year[5]. - Cash and cash equivalents at the end of Q1 2024 amounted to CNY 11,390,261,386.53, up from CNY 9,680,770,314.58 at the end of Q1 2023, an increase of 17.63%[26]. - Cash inflow from financing activities in Q1 2024 was CNY 3,386,846,928.40, compared to CNY 2,131,106,700.18 in Q1 2023, marking an increase of 59.00%[26]. - Cash outflow from financing activities increased to CNY 4,032,223,843.55 in Q1 2024 from CNY 1,375,095,260.36 in Q1 2023, a rise of 194.00%[26]. - Net cash flow from investing activities was negative at CNY -852,825,519.11 in Q1 2024, compared to CNY -2,081,028,379.89 in Q1 2023, indicating a reduction in cash outflow by 59.00%[26]. - The company reported cash inflow from operating activities totaling CNY 9,603,298,991.22 in Q1 2024, slightly up from CNY 9,545,246,312.18 in Q1 2023, an increase of 0.61%[24]. Assets and Liabilities - Total assets at the end of the reporting period were approximately ¥40.16 billion, a decrease of 5.02% from ¥42.28 billion at the end of the previous year[5]. - Total liabilities decreased to CNY 10,028,181,788.62 from CNY 12,602,757,888.75, reflecting a reduction of about 20.5%[19]. - The company reported a significant decrease in accounts payable from CNY 4,848,311,093.21 to CNY 3,468,923,222.32, a reduction of approximately 28.4%[19]. - Deferred income tax liabilities decreased to CNY 373,324,440.07 from CNY 435,766,061.03, indicating a decline of about 14.3%[19]. - The total equity attributable to shareholders increased to CNY 30,106,147,123.90 from CNY 29,650,687,131.66, reflecting a growth of approximately 1.5%[19]. Operational Efficiency - The company reported a significant decrease in accounts receivable by 37.40%, from approximately ¥6.19 billion to ¥3.88 billion, primarily due to the collection of receivables[9]. - Total operating costs decreased to CNY 6,048,790,293.80 from CNY 6,140,273,359.19, reflecting a reduction of about 1.5%[21]. - Research and development expenses rose to CNY 505,474,716.10, compared to CNY 400,491,558.26 in the previous year, marking an increase of about 26.2%[22]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 73,888, with the largest shareholder holding 66.12% of the shares[12]. - The top ten unrestricted shareholders hold a total of 1,534,242,198 shares, representing a significant portion of the company's equity[13]. - The company has a share repurchase account holding 9,469,900 shares, accounting for 0.41% of the total share capital[13]. Strategic Initiatives - The company is in the process of increasing capital to its wholly-owned subsidiary, with a planned investment of USD 100 million and TWD 3 billion for the Kaohsiung FPC project[14]. - The company acquired a 0.61% partnership interest in the Zhuhai Hengqin New Area Leishi Tianhe Technology Industry Investment Partnership for CNY 100,000, with the partnership primarily focused on industrial AI solutions[15]. - The company’s investment strategy includes a focus on technology intermediary services and investment activities through its partnerships[15]. - The company’s financial health appears stable with a significant increase in cash reserves and a strategic focus on technology investments and partnerships[17].

证券代码：002938 证券简称：鹏鼎控股 公告编号：2024-029 鹏鼎控股（深圳）股份有限公司 第三届董事会第九次会议决议公告 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。 一、董事会会议召开情况 鹏鼎控股（深圳）股份有限公司（以下简称"本公司"或"公司"）第三届董事 会第九次会议于 2024 年 4 月 24 日在公司深圳园区 101 会议室及台湾新店会议室 以现场会议及视频会议的方式召开。相关会议通知及会议资料已于 2024 年 4 月 19 日以电子邮件方式向公司全体董事发出，本次董事会会议应出席董事 7 人， 实际出席董事 7 人，会议由董事长沈庆芳主持。本次董事会的召开符合《中华人 民共和国公司法》（以下简称"《公司法》"）和《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。 二、董事会会议审议情况 本次会议经过充分讨论，经董事以记名投票方式表决，作出如下决议： 1、审议通过《关于公司 2024 年第一季度报告的议案》 表决结果：7 票赞成，0 票反对，0 票弃权。 以上议案具体内容详见同日刊登在《证券时报》、《上 ...

证券代码：002938 证券简称：鹏鼎控股 公告编号：2024-028 鹏鼎控股（深圳）股份有限公司 关于回购注销部分限制性股票减资暨通知债权人的公告 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。 鹏鼎控股（深圳）股份有限公司（以下简称"公司"）2024 年 3 月 29 日召 开的第三届董事会第八次会议、第三届监事会第六次会议及 2024 年 4 月 24 日召 开的 2023 年年度股东大会，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》。鉴于公司 2021 年限制性股票激励计划（以下简 称"本次激励计划"）中 8 名激励对象因个人原因离职，1 名激励对象考核为 C， 不满足第二个解除限售期解除限售条件。公司拟回购注销前述激励对象已获授的 156,000 股限制性股票；同时，鉴于公司 2023 年度业绩未达到业绩考核目标条 件，公司将对 249 名在职激励对象第三个解除限售期对应不得解除限售的 1,721,000 股限制性股票予以回购注销，本次合计回购注销限制性股票 1,877,000 股。具体内容详见公司于 2024 ...

证券代码：002938 证券简称：鹏鼎控股 公告编号：2024-027 鹏鼎控股(深圳)股份有限公司 2023 年年度股东大会决议公告 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： 1、本次股东大会采取现场投票与网络投票相结合的方式召开； 2、本次股东大会在会议召开期间无增加、否决或变更议案； 3、本次股东大会不涉及变更前次股东大会决议。 一、会议召开和出席情况 （一）会议召开情况 1、本次股东大会的召开时间 现场会议召开时间为：2024年4月24日下午14:30 网络投票时间为： 通过深圳证券交易所交易系统进行网络投票的具体时间为 2024 年 4 月 24 日上午 9:15－9:25，9:30－11:30，下午 13:00－15:00。 通过深圳证券交易所互联网投票系统投票的具体时间为2024年4月24日上午 9∶15至下午15:00。 2、会议召开地点：深圳市宝安区燕罗街道燕川社区松罗路鹏鼎园区厂房A11 栋101会议室 3、会议召开方式：现场投票与网络投票相结合 4、会议召集人：公司第三届董事会 5、会议主持人：公司董事长沈庆芳先生 本次 ...

证券研究报告 | 公司动态点评 2024 年 04月 02日 鹏鼎控股（002938.SZ） 需求不振拖累业绩，看好汽车+AI 服务器业务成长 财务指标 2022A 2023A 2024E 2025E 2026E 买入（维持评级） 营业收入（百万元） 36,211 32,066 36,058 39,873 41,859 股票信息 增长率yoy（%） 8.7 -11.4 12.5 10.6 5.0 归母净利润（百万元） 5,012 3,287 3,725 4,314 4,832 行业 电子 增长率yoy（%） 51.1 -34.4 13.3 15.8 12.0 2024年4月1日收盘价（元） 22.69 ROE（%） 17.9 11.1 11.6 12.2 12.5 总市值（百万元） 52,650.73 EPS最新摊薄（元） 2.16 1.42 1.61 1.86 2.08 流通市值（百万元） 52,529.87 P/E（倍） 10.5 16.0 14.1 12.2 10.9 总股本（百万股） 2,320.44 P/B（倍） 1.9 1.8 1.6 1.5 1.4 流通股本（百万股） 2,315.11 资料来源 ...

Investment Rating - The investment rating for the company is "Buy" [1][5] Core Views - The company is experiencing short-term pressure on performance due to weak consumer electronics demand, with 2023 revenue at 32.066 billion yuan, a year-on-year decrease of 11.45%, and net profit at 3.287 billion yuan, down 34.41% year-on-year [1] - The company is focusing on new opportunities in AI and automotive sectors, with a significant increase in revenue from automotive and server products, which reached 539 million yuan, a year-on-year increase of 71.45% [1] - The company has upgraded its production capabilities for AI servers and is actively expanding its client base both domestically and internationally [1] Summary by Relevant Sections Financial Performance - In 2023, the company achieved revenue of 32.066 billion yuan, down 11.45% year-on-year, and net profit of 3.287 billion yuan, down 34.41% year-on-year [1][3] - The fourth quarter of 2023 saw a revenue of 11.610 billion yuan, a year-on-year increase of 1.67% and a quarter-on-quarter increase of 30.15% [1] - The company’s communication board business generated revenue of 23.513 billion yuan, up 3.70% year-on-year, while the consumer electronics and computer board business saw revenue drop to 7.975 billion yuan, down 39.59% year-on-year [1] Market Trends - Global smartphone shipments in 2023 are projected to be approximately 1.164 billion units, a decrease of 3.5% year-on-year, marking the lowest shipment volume in a decade [1] - The company is well-positioned to benefit from a recovery in consumer electronics demand, particularly with the integration of AI technologies into mobile devices [1] Future Projections - The company expects net profit to recover to 3.630 billion yuan in 2024, 4.017 billion yuan in 2025, and 4.577 billion yuan in 2026, with respective year-on-year growth rates of 10.4%, 10.6%, and 13.9% [1][3] - The projected price-to-earnings (PE) ratios for the next three years are 14x, 13x, and 11x, indicating a favorable valuation compared to current market conditions [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 34.23 CNY based on a 21x PE valuation for 2024 [2][4]. Core Insights - March revenue growth significantly improved, with a year-on-year increase of 17% to 2.25 billion CNY, showing a notable acceleration compared to January and February [1][9]. - The company achieved a total revenue of 32.1 billion CNY in 2023, a decline of 11% year-on-year, with a net profit attributable to the parent company of 3.29 billion CNY, down 34% [1]. - The fourth quarter of 2023 saw a revenue of 11.6 billion CNY, a year-on-year growth of approximately 2% and a quarter-on-quarter increase of 30% [1]. Summary by Sections Revenue Performance - The company's revenue from communication boards grew by about 4% to 23.5 billion CNY in 2023, while revenue from consumer electronics and computer boards fell nearly 40% to 7.98 billion CNY [1]. - The automotive and server board segments saw a significant revenue increase of 71% to 539 million CNY in 2023, indicating strong growth potential in these areas [1]. Future Outlook - The company anticipates a recovery in global smartphone shipments in 2024, driven by new products such as AI smartphones and foldable phones [1]. - The company is expanding its presence in the automotive and server sectors, with plans for a new facility in Thailand expected to start production in 2025 [1]. Financial Projections - Earnings per share are projected to be 1.63 CNY, 1.87 CNY, and 2.14 CNY for 2024, 2025, and 2026 respectively, reflecting adjustments based on revenue and margin expectations [2][10]. - The gross margin is expected to stabilize around 21.6% in 2024, with a gradual increase to 22.3% by 2026 [2][10].