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 ...

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].

证券代码：002938 证券简称：鹏鼎控股 公告编号：2024-026 鹏鼎控股（深圳）股份有限公司 2024 年 3 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 3 月合并营业收入为人民币 225,117 万元，较去年同期的合并 营业收入增加 17.35%。 特此公告。 鹏鼎控股（深圳）股份有限公司 董 事 会 2024 年 4 月 9 日 ...