证券代码：002938 证券简称：鹏鼎控股 公告编号：2024-054 鹏鼎控股（深圳）股份有限公司 2024 年 8 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 8 月合并营业收入为人民币 367,454 万元，较去年同期的合并 营业收入增加 25.56%。 特此公告。 鹏鼎控股（深圳）股份有限公司 董 事 会 2024 年 9 月 6 日 ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1]. Core Viewpoints - The company is focused on developing high-end PCB products and is expected to benefit significantly from the AI development wave, establishing a comprehensive one-stop PCB product platform [2][3]. - The demand for high-end PCB products is anticipated to surge due to the AI-driven upgrade in electronic devices, including smartphones, servers, and automotive applications [2]. - The company is accelerating capacity expansion and technological advancements to meet the growing demand for high-end products [2]. Summary by Relevant Sections Overview - The company is a leading global PCB manufacturer, continuously ranked as the largest PCB producer from 2017 to 2023, with a diverse product range including FPC, SMA, SLP, HDI, Mini LED, RPCB, and Rigid Flex [2][15]. - It aims to create a one-stop service platform for PCB products, enhancing its capabilities in design, manufacturing, and sales [15]. Market Recovery and Growth Drivers - The recovery in the consumer electronics market is expected to drive PCB industry growth, with AI technologies injecting long-term growth momentum [2][4]. - The company is strategically positioned to capture the increasing demand for high-end HDI and SLP products driven by AI applications [2][4]. Financial Performance and Forecast - Revenue projections for 2024 to 2026 are estimated at 351.53 billion, 391.78 billion, and 435.70 billion yuan, with growth rates of 9.6%, 11.5%, and 11.2% respectively [3][4]. - The net profit forecast for the same period is 38.32 billion, 44.36 billion, and 49.42 billion yuan, with growth rates of 16.6%, 15.8%, and 11.4% respectively [3][4]. Competitive Advantages - The company possesses five core competitive advantages: product, customer, technology, management, and environmental advantages, which collectively enhance its market position [20]. - It has established long-term partnerships with leading global electronic brands, ensuring a steady demand for its products [20]. Research and Development Strategy - The company emphasizes R&D, with a focus on meeting current customer needs while innovating for future demands, and has established partnerships with several universities for collaborative research [30]. - R&D investment for the first half of 2024 was 1.079 billion yuan, representing a 20.43% year-on-year increase, accounting for 8.22% of revenue [30].

Group 1: Company Overview and Market Position - Pengding Holdings has a strong technical foundation in foldable terminal devices, supplying major domestic brands [2] - The PCB industry is expected to recover in 2024, with a total market value of $73.026 billion, reflecting a year-on-year growth of 5.0% [3] - The company aims to increase its market share in high-end PCB markets by leveraging its technological and scale advantages [3] Group 2: Product Development and Innovation - The company is focusing on AI-related products, including AI PCs, AI phones, and AI servers, to meet market demands [2] - In the first half of 2024, the company saw significant growth in radar computing boards and autonomous driving domain control boards, collaborating with several Tier 1 manufacturers [4] - The company is actively developing new materials, products, processes, and technologies to enhance its product offerings [6] Group 3: Financial Performance and Strategy - The company's production capacity utilization is typically 50%-60% in the first half of the year and over 90% in the second half [3] - The company has distributed over 7.4 billion RMB in dividends since its listing, with a commitment to high cash dividends in the next three years [7] - The company is implementing a strategy focused on quality improvement, efficiency enhancement, cost reduction, inventory reduction, and carbon reduction [4] Group 4: Sustainability and Environmental Initiatives - The company is advancing its green product and sustainable solution initiatives, including carbon footprint assessments and collaborations with universities for green technology development [5] - It is actively working on reducing carbon emissions through various measures, including optimizing production processes and increasing the use of renewable energy [5] Group 5: Future Outlook and Strategic Plans - The company plans to expand its product lines in smart automotive and server sectors, with a focus on high-end HDI and SLP printed circuit boards [6] - It aims to enhance its digital transformation efforts to improve decision-making efficiency and respond to market uncertainties [6] - The company is considering strategic partnerships and acquisitions to accelerate business expansion in response to market conditions [6]

[ T able_StockInfo] 2024 年 08 月 19 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：33.48 元 鹏鼎控股（002938）电子 目标价：41.50 元（6 个月） 营收稳健增长，有望持续受益于 AI 端侧发展 [Table_Summary 事件：公司发布] 2024年半年报，24H1公司实现营业收入 131.3亿元，同比增 长 13.8%；实现归母净利润 7.8亿元，同比下降 3.4%；实现归母扣非净利润约 7.6 亿元，同比增长 2.2%。 受下游需求回暖影响，公司营业收入稳健增长。1）从营收端来看，公司 Q2单 季度营业收入为 64.4 亿元，同比增长 32.3%、环比略降 3.7%。分业务来看， 24H1 公司通讯用板业务实现收入 87.3亿元，同比微增 3.7%；消费电子及计算 机用板业务实现收入 39.3亿元，同比增长 36.6%；汽车及服务器产品实现收入 4.3 亿元，同比增长 94.3%。2）从利润端来看， Q2 单季度归母净利润为 2.9 亿元，同比下降 27.0%，主要因为汇兑收益同比减少较多、研发费用单季度同 比增加近 8000 万。2 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 41.50 CNY over the next six months [1][11]. Core Insights - The company reported a revenue of 13.13 billion CNY for H1 2024, representing a year-on-year growth of 13.8%. However, the net profit attributable to shareholders decreased by 3.4% to 780 million CNY, while the net profit excluding non-recurring items increased by 2.2% to approximately 760 million CNY [2]. - The growth in revenue is attributed to a recovery in downstream demand, with Q2 2024 revenue reaching 6.44 billion CNY, a year-on-year increase of 32.3% [2]. - The company is expected to benefit from the accelerated development of AI applications, which is projected to significantly increase the demand for high-end PCB products [2]. - The company is actively expanding its production capacity for high-end HDI and SLP printed circuit boards, with the first phase of its expansion project already in operation [2]. - The automotive and server sectors are also seeing growth, with the company establishing partnerships with major Tier 1 manufacturers and accelerating its business layout in these areas [2]. Summary by Sections Revenue and Profitability - For H1 2024, the company achieved a revenue of 13.13 billion CNY, a 13.8% increase year-on-year. The Q2 revenue was 6.44 billion CNY, up 32.3% year-on-year [2]. - The net profit attributable to shareholders was 780 million CNY, down 3.4% year-on-year, while the net profit excluding non-recurring items was approximately 760 million CNY, up 2.2% [2]. - The gross margin for H1 2024 was 18.0%, a decrease of 0.3 percentage points year-on-year, primarily due to pricing pressures and increased expenses for production preparations [2]. Business Segments - The communication board segment generated 8.73 billion CNY in revenue, a slight increase of 3.7% year-on-year. The consumer electronics and computing board segment saw revenue of 3.93 billion CNY, a growth of 36.6% [2]. - The automotive and server products generated 430 million CNY in revenue, marking a significant increase of 94.3% year-on-year [2]. Future Outlook - The company forecasts net profits of 3.84 billion CNY, 4.78 billion CNY, and 5.52 billion CNY for 2024, 2025, and 2026, respectively [11]. - The report anticipates that the demand for high-end PCBs will increase due to the rapid adoption of AI technologies in consumer electronics [2]. - The company is also focusing on expanding its production capacity in the automotive and server sectors, which are expected to contribute significantly to revenue growth in the coming years [2].

2024 年 08 月 16 日 评级 买入 | --- | --- | |---------------------|-------------| | | 维持 | | 交易数据 | | | 当前价格（元） | 35.26 | | 52 周价格区间（元） | 16.88-42.48 | | 总市值（百万） | 81752.46 | | 流通市值（百万） | 81630.82 | | 总股本（万股） | 231856.10 | | 流通股（万股） | 231511.20 | 涨跌幅比较 鹏鼎控股 元件 -30% 20% 70% 120% 2023-08 2023-11 2024-02 2024-05 何晨 分析师 执业证书编号:S0530513080001 hechen@hnchasing.com 袁鑫 研究助理 yuanxin@hnchasing.com 相关报告 | --- | --- | --- | --- | |----------|--------|-------|-------| | % | 1M | 3M | 12M | | 鹏鼎控股 | -11.50 | 32.06 | 56.71 | | 元 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first recommendation [2]. Core Views - The company reported a revenue of 13.79% year-on-year growth in the first half of 2024, reaching 13.126 billion yuan, while the net profit attributable to shareholders decreased by 3.4% to 784 million yuan [2][5]. - The PCB industry is expected to benefit from the rise of AI smartphones, with the total market value projected to reach 73.026 billion USD in 2024, growing by 5.0% [2][4]. - The company is enhancing its R&D efforts in AI-related fields, with R&D expenditure increasing by 20.43% to 1.079 billion yuan in the first half of 2024 [2][4]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 6.440 billion yuan, a year-on-year increase of 32.28%, while the net profit attributable to shareholders was 287 million yuan, down 27.03% [2]. - The revenue structure indicates that communication boards account for 66.51% of total production, with consumer electronics boards showing a recovery with a 36.57% increase in revenue [2][4]. Market Trends - The report highlights 2024 as the year of AI smartphones, with the upcoming release of the iPhone 16 expected to solidify the upward trend in the PCB industry [2][4]. - The company is positioned to meet the increasing demand for high-end PCBs driven by the performance requirements of AI smartphones [3][4]. Production Capacity and R&D - The company is expanding its production capacity with significant investments in new facilities, including a 4.2 billion yuan investment in the Huai'an third park, which focuses on high-end HDI and SLP products [4]. - The company’s production capabilities include advanced PCB products with minimum hole diameters of 0.025mm and minimum line widths of 0.020mm, catering to high-end applications [4]. Earnings Forecast - The forecast for the company's revenue from 2024 to 2026 is 38.088 billion yuan, 45.012 billion yuan, and 51.017 billion yuan, respectively, with corresponding EPS of 1.72, 2.16, and 2.59 yuan [5][7].

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first recommendation [2]. Core Insights - The company achieved a revenue of 13.126 billion yuan in the first half of 2024, representing a year-on-year growth of 13.79%. However, the net profit attributable to shareholders decreased by 3.4% to 784 million yuan, while the net profit excluding non-recurring items increased by 2.17% to 756 million yuan [2][4]. - The PCB industry is expected to benefit from the rise of AI smartphones, with the total market value projected to reach 73.026 billion USD in 2024, a 5% increase year-on-year. The launch of Apple's AI smartphone in the second half of 2024 is anticipated to solidify this upward trend [2][4]. - The company is expanding its production capacity to meet the demands of the AI era, with significant investments in new facilities aimed at high-end PCB products [4][5]. Summary by Relevant Sections Financial Performance - In Q2 2024, the company reported a revenue of 6.44 billion yuan, a year-on-year increase of 32.28%. However, the net profit attributable to shareholders fell by 27.03% to 287 million yuan [2][4]. - The revenue structure indicates that communication boards account for 66.51% of total production, with consumer electronics showing a recovery with a 36.57% year-on-year revenue increase [2][4]. Research and Development - The company invested 1.079 billion yuan in R&D in the first half of 2024, a 20.43% increase from the previous year, focusing on AI applications in PCs, phones, and servers [2][4]. - The company has developed high-end PCB products with advanced manufacturing capabilities, including minimum hole diameters of 0.025mm and minimum line widths of 0.020mm [4]. Market Outlook - The report highlights that 2024 is seen as the year of AI smartphones, with the convergence of consumer electronics recovery and AI trends driving the PCB industry [2][4]. - The company is well-positioned to capitalize on the increasing demand for high-specification PCBs driven by the performance requirements of AI smartphones [3][4].

公 司 研 究 鹏鼎控股（002938.SZ） 2024 年 08 月 16 日 投资评级：买入（维持） 开 源 证 券 证 券 研 究 报 告 公司信息更新报告 股价走势图 鹏鼎控股 沪深300 -40% 0% 40% 80% 120% 2023-08 2023-12 2024-04 数据来源：聚源 相关研究报告 《消费电子行业逐步复苏，公司业绩 有望持续改善 —公司信息更新报告》 -2024.4.29 《2023 年业绩短期承压，汽车和 AI 产品注入新动力 —公司信息更新报 告》-2024.3.31 《2023Q3 业绩短期承压，静待行业周 期反转 — 公 司 信 息 更 新 报 告 》 -2023.11.17 电子/元件 2024Q2 营收同比高增，加速布局高阶 HDI 及 SLP ——公司信息更新报告 罗通（分析师） 刘天文（分析师） luotong@kysec.cn 证书编号：S0790522070002 liutianwen@kysec.cn 证书编号：S0790523110001 | --- | --- | |--------------------|-------------| | 日期 | ...

证券研究报告 鹏鼎控股 (002938 CH) Q2 利润短期承压，看好公司在 AI 创 新周期中的长期成长空间 华泰研究 中报点评 投资评级(维持): 买入 目标价(人民币): 42.60 2024 年 8 月 14 日│中国内地 消费电子 研究员 谢春生 SAC No. S0570519080006 SFC No. BQZ938 xiechunsheng@htsc.com +(86) 21 2987 2036 | --- | --- | |------------------------|---------------------| | 研究员 | 王心怡 | | SAC No. S0570523110001 | xinyi.wang@htsc.com | | SFC No. BTB527 | +(86) 21 2897 2228 | 基本数据 | --- | --- | |---------------------------------|-------------| | 目标价 (人民币) | 42.60 | | 收盘价 (人民币 截至 8 月 13 日) | 35.26 | | 市值 (人民币百万) ...