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].

Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company has shown a steady improvement in Q1 2024 performance, with revenue of 6.69 billion yuan, a year-on-year increase of 0.29% and a net profit of 499 million yuan, up 18.81% year-on-year [4][5] - The company faced challenges in 2023, with a revenue decline of 11.45% to 32.07 billion yuan and a net profit drop of 34.41% to 3.29 billion yuan, primarily due to industry-wide pressures and increased costs [5][7] - The company is expected to benefit from new business opportunities in the automotive, server, and AR/VR markets, with significant growth potential in these areas [5][8] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 32.07 billion yuan and a net profit of 3.29 billion yuan, with a gross margin of 21.34% [4][5] - For Q1 2024, the company reported a revenue of 6.69 billion yuan and a net profit of 499 million yuan, indicating a positive trend compared to the previous year [4][5] Business Segments - The communications products segment generated revenue of 23.51 billion yuan in 2023, a 3.7% increase year-on-year, while the consumer electronics segment saw a significant decline of 39.59% to 7.98 billion yuan [5][7] - The automotive and server business segments performed well, with a revenue increase of 71.45% to 539 million yuan [5][8] Market Position - The company maintains a global market share of 7%, ranking first for seven consecutive years, with an increase in the soft board market share [5][8] - The company is expanding its product offerings, including light module technology and components for AI servers, which positions it well for future growth [5][8] Profitability and Valuation - The report projects a net profit of 3.50 billion yuan for 2024, with a decrease in profit forecasts for 2024 and 2025 due to lower-than-expected downstream demand [5][7] - The company is expected to have a PE ratio of 16x for 2024, 14x for 2025, and 12x for 2026, reflecting its valuation in the market [5][8]

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 ...

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 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the company's stock price will outperform the benchmark index by more than 20% over the next 6-12 months [3]. Core Views - The company has shown a year-on-year recovery in profits for Q1 2024, with a notable improvement in net profit compared to revenue. The Q1 2024 revenue reached 6.687 billion RMB, up 0.29% year-on-year, while net profit was 497 million RMB, up 18.81% year-on-year [3]. - The report highlights that despite a challenging 2023 for the consumer electronics industry, the company continues to innovate, particularly in the smartphone sector, which is expected to drive future growth [3]. - The company is actively expanding into high-growth markets such as AI and automotive applications, with significant revenue growth in automotive and server products [3]. Financial Summary - For Q1 2024, the company achieved a gross margin of 20.37%, a slight decrease of 0.53 percentage points year-on-year, while the net profit margin improved by 1.16 percentage points to 7.44% [3]. - The projected revenues for 2024, 2025, and 2026 are 37.631 billion RMB, 42.812 billion RMB, and 48.845 billion RMB, respectively, with corresponding net profits of 4.370 billion RMB, 4.899 billion RMB, and 5.437 billion RMB [4][12]. - The company’s PE ratios for 2024, 2025, and 2026 are projected to be 12.1, 10.8, and 9.7, respectively, indicating a favorable valuation trend [4][12].

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 ...