Investment Rating - The investment rating for the company is "Outperform the Market" [3] Core Views - The company has shown significant recovery in consumer electronics, with impressive growth in server and automotive boards. In the first half of 2024, the company achieved a revenue of 13.126 billion yuan, a year-on-year increase of 13.79%, while the net profit attributable to the parent company was 784 million yuan, a decrease of 3.40% year-on-year [1][3] - The company is actively increasing R&D investments to capture trends in AI innovation and is expanding production capacity for high-end applications. The construction of advanced manufacturing projects is underway in various locations, including Huai'an and Taiwan, targeting AI and high-performance server products [1][3] Financial Performance Summary - In 1H24, the company's communication board business generated revenue of 8.730 billion yuan (YoY +3.68%), while the consumer electronics and computer board business achieved 3.931 billion yuan (YoY +36.57%). The automotive and server products saw a remarkable revenue of 430 million yuan (YoY +94.31%) [1] - The company reported a gross margin of 15.48% in 2Q24 (YoY +0.73 percentage points, QoQ -4.89 percentage points) and a net margin of 4.46% (YoY -3.62 percentage points, QoQ -2.98 percentage points) [1] - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 3.6 billion, 4.8 billion, and 5.4 billion yuan respectively, with year-on-year growth rates of 10%, 33%, and 12% [1][3]

上 市 公 司 电子 2024 年 08 月 15 日 鹏鼎控股 (002938) ——24Q2 景气好于预期，消费电子类 PCB 营收领涨 | --- | |-------------------| | 2024 年 08 月 14 | | 33.90 | | 43.58/15.92 | | 2.7 | | 1.47 | | 78,482 | | 2,850.65/8,311.00 | | | | --- | --- | |--------------------------|----------------| | 基础数据: | 年 06 月 30 日 | | 每股净资产（元） | 12.60 | | 资产负债率% | 26.83 | | 总股本/流通 A 股（百万） | 2,319/2,315 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-1409-1410-1411-1412-1401-1402-1403-1404-1405-1406-1407-1408-14 -50% 0% 50% 100% 鹏鼎控股 沪深300指数 (收益率) 相关研究 《鹏鼎控股（002 ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company [5]. Core Views - The company has shown stable revenue growth in the first half of 2024, with a year-on-year increase of 13.79% in revenue, reaching 131.26 billion yuan, although net profit decreased by 3.40% to 7.84 billion yuan [2][3]. - The company is well-positioned to capitalize on the growing demand in the AI mobile phone and server markets, with significant investments in high-end HDI and SLP production capacity [1][4]. - The company is expected to see a recovery in gross margins in the second half of 2024, driven by seasonal demand in the consumer electronics sector [3]. Financial Performance - In Q2 2024, the company achieved revenue of 64.40 billion yuan, a year-on-year increase of 32.28%, but a quarter-on-quarter decrease of 3.69% [2]. - The gross profit margin for Q2 2024 was 15.48%, showing a year-on-year increase of 0.73 percentage points, despite a quarter-on-quarter decline of 4.89 percentage points [3]. - The company’s net profit for the first half of 2024 was 7.84 billion yuan, with a gross margin of 17.97% and a net margin of 5.97% [2][3]. Future Projections - The company is projected to achieve net profits of 37.32 billion yuan, 45.17 billion yuan, and 51.90 billion yuan for the years 2024, 2025, and 2026, respectively, indicating a year-on-year growth of 13.5%, 21.0%, and 14.9% [4][5]. - Earnings per share (EPS) are expected to be 1.61 yuan, 1.95 yuan, and 2.24 yuan for the years 2024, 2025, and 2026, with corresponding price-to-earnings (P/E) ratios of 21.1, 17.4, and 15.1 [5].

电子 | 证券研究报告 — 调整盈利预测 2024 年 8 月 15 日 002938.SZ 买入 原评级：买入 市场价格:人民币 33.90 板块评级:强于大市 股价表现 (25%) (1%) 23% 47% 71% 95% Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Apr-24May-24Jun-24Jul-24Aug-24 鹏鼎控股 深圳成指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 52.9 (14.9) 21.4 49.7 相对深圳成指 64.5 (8.8) 35.4 72.4 | --- | |-----------| | 2,318.56 | | 2,315.11 | | 78,599.21 | | 812.48 | | | | 66.17 | | | 以 2024 年 8 月 14 日收市价为标准 相关研究报告 《鹏鼎控股》20240425 《鹏鼎控股》20240403 《鹏鼎控股》20230810 中银国际证券股份有限公司 具备证券投资咨询业务资格 电子：元件 证券分析师：苏凌瑶 lingyao.su@bocichina.com 证券 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 08 月 15 日 鹏鼎控股(002938.SZ) 紧跟 AI 浪潮，专注发展高阶产品 事件： 公司发布 2024 年半年度报告，报告期内，公司实现营业收入 131.26 亿元，同比增加 13.79%；实现归母净利润 7.84 亿元，较 2023 年同期下降 3.40%；扣非归母净利润 7.56 亿元，同增 2.17%。 受益于 AI 科技革命，下游消费电子行业回暖 2024 年以来，各品牌 AI 终端硬件创新潮也不断涌现，AI 技术革 命推动了整个电子行业的稳步复苏，消费电子产业链创新发展周 期已经到来。公司多年深耕应用于智能手机及消费电子端的 PCB 产品，已形成较强的规模优势。半年报披露，2024 年上半年，公 司通讯用板业务实现营收 87.30 亿元，较上年增长 3.68%，消费 电子及计算机用板业务实现营收 39.31 亿元，同比增长 36.57%。 同时，叠加苹果 AI 升级迭代，AI 应用赋能智能手机、PC 及平板， 为新一轮换机热潮持续蓄能，公司作为核心供应商将深度受益于 苹果 AI 升级红利。2023 年年报披露，根据 ID ...

证 券 研 究 报 告 鹏鼎控股（002938）2024 年半年报点评 强推（维持） 业绩短期承压，AI 终端提供新成长动力 目标价：48.75 元 事项： ❖ 公司 2024H1 实现营业收入 131.26 亿元（YoY +13.79%）；归母净利润 7.84 亿 元（YoY -3.40%）；扣非净利润 7.56 亿元（YoY +2.17%）；毛利率 17.97%（YoY -0.34pcts）。2024Q2 实现营业收入 64.40 亿元（YoY +32.28%，QoQ -3.69%）； 归母净利润 2.87 亿元（YoY -27.03%，QoQ -42.29%）；扣非净利润 2.52 亿元 （YoY -25.01%，QoQ -50.00%）；毛利率 15.48%（YoY +0.73pcts，QoQ -4.89pcts）。 评论： ❖ 下游需求持续回暖，盈利能力短期承压。24Q2 公司营收持续高增长，主要系 行业需求回暖以及高端产品份额持续提升。毛利率环比下滑主要系大客户降价 促销，带动老产品降价所致。24Q2 公司期间费用为 6.7 亿元，同比增长 3.6 亿元，主要系研发费用同比增加 0.8 亿元，财务 ...

Financial Performance - In the first half of 2024, the company achieved operating revenue of 13.126 billion CNY, a year-on-year increase of 13.79% [2] - Net profit for the same period was 784 million CNY, a decrease of 3.40%, while net profit attributable to shareholders after deducting non-recurring gains and losses was 756 million CNY, an increase of 2.17% [2] - R&D investment reached 1.079 billion CNY, an increase of over 100 million CNY compared to the previous year [2] Revenue Breakdown - Revenue from communication boards was 8.730 billion CNY, up 3.68% year-on-year [3] - Revenue from consumer electronics and computer boards was 3.931 billion CNY, up 36.57% [3] - Revenue from automotive and server boards was 429 million CNY, up 94.31% [3] Financial Health - As of June 30, 2024, the company had cash and cash equivalents of 10.392 billion CNY and a debt-to-asset ratio of 26.83% [3] - Accounts receivable turnover days were 72 days, and inventory turnover days were 57 days, both indicating a strong position within the industry [3] Market Outlook - The company is entering a traditional production peak season, with July revenue showing good growth and all production lines operating at full capacity [4] - The global market for server and storage PCBs is projected to grow from approximately 8.2 billion USD in 2023 to 13.8 billion USD by 2028, with a compound annual growth rate (CAGR) of 11% [4] Strategic Focus - The company is committed to a strategy of "quality improvement, efficiency enhancement, cost reduction, inventory reduction, and carbon reduction" to strengthen its core competitiveness [3] - The company aims to maintain its leadership in high-end PCB products, focusing on technological innovation and market demand [4] Investor Interaction - During the investor meeting, the company addressed questions regarding price pressures and the competitive landscape, emphasizing the importance of technological capability and product quality in maintaining market position [5]

鹏鼎控股（002938.SZ）/电子 证券研究报告/公司点评 2024 年 8 月 14 日 [Table_Industry] [Table_Title] 评级：买入（维持） 市场价格：35.26 元/股 分析师：王芳 执业证书编号：S0740521120002 Email：wangfang02@zts.com.cn 分析师：刘博文 执业证书编号：S0740524030001 Email：liubw@zts.com.cn [Table_Profit] 基本状况 | --- | --- | |------------------|--------| | 总股本(百万股) | 2,319 | | 流通股本(百万股) | 2,315 | | 市价(元) | 35.26 | | 市值(百万元) | 81,752 | | 流通市值(百万元) | 81,631 | [Table_QuotePic] 股价与行业-市场走势对比 -40% -20% 0% 20% 40% 60% 80% 100% 鹏鼎控股 沪深300 2023-082023-092023-102023-112023-122024-012024-022024-0 ...

鹏鼎控股 20240814 会议要点 1、财务表现 2024 年上半年，鹏鼎控股实现营业收入 131.26 亿元，同比增长 | --- | |---------------------------------------------------------------------------------------------| | | | | | 13.79%。尽管毛利率保持在 18%左右，与去年同期基本持平， | | 倡净利润同比下滑 3.41%。公司在二季度面临价格压力和费用增 加的挑战，导致毛利率和净利润承压。 | | 公司上半年研发投入同比增加超过 1 亿元，以拓宽产品线和涉足 | | 更多行业，为未来发展提供动力。研发投入的增加为公司在新兴 | | 领域的发展奠定了基础。 | | | | 2、业务结构与市场策略 上半年，消费电子在公司整体营收中占比约 30%，通讯用板（主 | | 要是手机)占 66%，而汽车和服务器领域的营收占比达到 3.24%， | | 同比增长显著。消费电子领域的恢复和汽车服务器领域的增长为 | | 公司带来了新的增长点。 | | 公司在二季度面临市场价格压力，尽管营收增长显 ...

鹏鼎控股（ [Table_StockNameRptType] 002938） 公司点评 稳健前行，端侧 AI 带来新机遇 | --- | --- | |------------------------------|-------------| | [Table_Rank] | | | 报告日期： | | | [Table_BaseData]收盘价（元） | 35.26 | | 近 12 个月最高/ | 43.58/15.92 | | 总股本（百万股） | 2,319 | | 流通股本（百万股） | 2,315 | | 流通股比例（%） | 99.85 | | 总市值（亿元） | 818 | | 流通市值（亿元） | 816 | [公司价格与沪深 Table_Chart] 300 走势比较 -35% -1% 33% 66% 100% 8/23 11/23 2/24 5/24 鹏鼎控股 沪深300 [Table_Author] 分析师：陈耀波 执业证书号：S0010523060001 邮箱：chenyaobo@hazq.com 分析师：刘志来 执业证书号：S0010523120005 邮箱：liuzhilai@h ...