鹏鼎控股：23年业绩承压，服务器+新能源车打开成长空间 鹏鼎控股（002938.SZ）/电子 证券研究报告/公司点评 2024年3月31日 评级：买入 （维持） 公司盈利预测及 估值 市场价格：23.2元/股 指标 2022A 2023A 2024E 2025E 2026E 分析师：王芳 营业收入（百万元） 36,211 32,066 36,053 39,358 41,281 增长率yoy% 9% -11% 12% 9% 5% 执业证书编号：S0740521120002 净利润（百万元） 5,012 3,287 3,870 4,351 4,553 Email：wangfang02@zts.com.cn 增长率yoy% 51% -34% 18% 12% 5% 每股收益（元） 2.16 1.42 1.67 1.88 1.96 每股现金流量 4.72 3.43 1.38 2.90 3.11 分析师：刘博文 净资产收益率 18% 11% 12% 12% 12% 执业证书编号：S0740524030001 P/E 10.7 16.4 13.9 12.4 11.8 P/B 1.9 1.8 1.7 1.5 1.4 Emai ...

证券代码：002938 证券简称：鹏鼎控股 公告编号：2024-025 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 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.cninfo.com.cn）披露的《关于以集中竞价方式回购公司股份方案 的公告》(公告编号 2023-088)。 二、股份回购的进展情况 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管 ...

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Investment Rating - The report upgrades the investment rating of the company to "Buy" due to its potential growth in new fields and undervaluation compared to the industry average [6] Core Views - The company has been the world's largest PCB manufacturer for seven consecutive years (2017-2023) according to Prismark [5] - The company is actively expanding into new areas such as automotive, AI servers, and low-orbit satellite communications [5] - Despite a 11 45% YoY decline in 2023 revenue to 32 066 billion yuan, the company shows strong growth potential in emerging sectors [5][6] Financial Performance - 2023 revenue: 32 066 billion yuan, down 11 45% YoY [5] - 2023 net profit attributable to parent company: 3 287 billion yuan [5] - 2024E/2025E/2026E net profit forecasts adjusted to 3 695/4 046/4 362 billion yuan respectively [6] - 2024 PE ratio: 15X, below industry average of 21X, indicating 40% upside potential [6] Business Segments - Communication boards: 23 513 billion yuan in 2023, relatively stable [5] - Consumer electronics and computer boards: 7 975 billion yuan in 2023, significant decline [5] - Automotive and server products: 539 million yuan in 2023, up 71 45% YoY [5] New Business Developments - Automotive PCB: Completed 150k sq ft battery board project in 2022, started mass production of radar computing boards in H1 2023, and laser radar/high-frequency antenna boards in Q4 2023 [5] - AI servers: Upgraded main product layers from 10-12L to 16-20L in 2023, entered global server customer supply chain, won AMD's "Partner Excellence Award" in Jan 2024 [5] - 6G communications: Entered low-orbit satellite, millimeter wave antenna, base station antenna, and GPS radar fields [5] Capacity Expansion - Soft board: Completed Huai'an flexible multilayer PCB expansion project [6] - Hard board: Huai'an new park project to enhance high-end HDI and SLP competitiveness [6] - Overseas: Kaohsiung park project topped out in Jan 2023, Thailand phase 1 project with $250 million investment to start production in H2 2025 [6] - Smart manufacturing: Built seven smart factories since 2017, with 40% increase in per capita output from 2017 to 2023 [6]

电子/元件 公 司 研 鹏鼎控股（002938.SZ） 2023 年业绩短期承压，汽车和 AI 产品注入新动力 究 2024年03月31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 证 书编号：S0790522070002 证书编号：S0790123100019 日期 2024/3/29 当前股价(元) 23.20  2023Q4业绩增速提振，行业有望步入复苏周期，维持“买入”评级 公 一年最高最低(元) 33.50/15.92 公司2023年全年实现营收320.66亿元，同比-11.45%；归母净利润32.87亿元， 司 信 总市值(亿元) 538.34 同比-34.41%；扣非净利润 31.70 亿元，同比-35.09%；毛利率 21.34%，同比 息 流通市值(亿元) 537.11 -2.66pcts。2023Q4 单季度实现营收 116.10 亿元，同比+1.67%，环比+30.15%； 更 总股本(亿股) 23.20 归母净利润14.43亿元，同比-17.43%，环比+39.73%；扣非 ...

Financial Performance - The company's operating revenue for 2023 was ¥32,066,047,781.90, a decrease of 11.45% compared to ¥36,210,971,441.99 in 2022[6]. - Net profit attributable to shareholders was ¥3,286,953,204.23, down 34.41% from ¥5,011,536,639.03 in the previous year[6]. - The cash flow from operating activities was ¥7,968,561,814.22, reflecting a decline of 27.27% from ¥10,956,763,951.29 in 2022[6]. - Basic earnings per share decreased by 34.26% to ¥1.42 from ¥2.16 in 2022[6]. - The company reported a total of ¥116,851,302.85 in non-recurring gains for 2023, compared to ¥127,458,754.13 in 2022[26]. - The company's total revenue for 2023 was approximately ¥32.07 billion, a decrease of 11.45% compared to ¥36.21 billion in 2022[70]. - Revenue from communication boards reached CNY 23.513 billion, while revenue from consumer electronics and computer boards was CNY 7.975 billion[59]. - The automotive and server product lines generated revenue of CNY 539 million, representing a year-on-year growth of 71.45%[60]. Risk Factors and Management - The company has confirmed that there are no significant risk factors affecting its production, operational, financial status, or sustainable profitability[3]. - The company has outlined potential risk factors and corresponding strategies in its annual report, emphasizing the importance of investor awareness regarding these risks[3]. - The company is exposed to foreign exchange risks due to significant USD-denominated assets and liabilities, necessitating the use of financial hedging products[142]. - The company is actively managing risks related to raw material shortages and price increases, which could affect profit margins[144]. - The company faces risks from global economic fluctuations and potential inventory issues in the electronics industry, which could impact PCB industry growth[141]. Market Trends and Industry Outlook - The PCB industry is projected to experience a compound annual growth rate of 5.4% from 2024 to 2028, with an expected market value exceeding $90 billion by 2028[31]. - The overall PCB market value for 2023 is estimated at $69.517 billion, reflecting a 15.0% decline year-over-year due to weakened demand in traditional consumer electronics[31]. - The global smartphone market is projected to see a decline in shipments to approximately 1.164 billion units in 2023, a decrease of 3.5% from 2022, marking the lowest shipment volume in a decade[41]. - The automotive PCB market is expected to grow significantly, with usage projected to increase by 50% from 2022 to 2028, driven by advancements in electric and smart vehicles[44]. - AI technology is creating new opportunities in the PCB sector, with the global market for server and storage PCBs expected to grow from $8.201 billion in 2023 to $13.804 billion by 2028, reflecting a compound annual growth rate of 11.0%[43]. Research and Development - The company invested approximately RMB 660 million in environmental protection in 2023, including operational costs and investments in environmental facilities[53]. - The company is focusing on R&D in high-density interconnect (HDI) and flexible printed circuit (FPC) products to enhance its competitive edge in the automotive and AI server markets[44]. - R&D investment increased by 17.04% to approximately CNY 1.96 billion in 2023, compared to CNY 1.67 billion in 2022[85]. - The number of R&D personnel rose by 11.23% to 6,022 in 2023, compared to 5,414 in 2022[85]. - The company has made significant advancements in the development of AI high-performance computing server materials and processes, laying the groundwork for future industrialization[85]. Corporate Governance - The board of directors consists of 7 members, including 3 independent directors, ensuring a balanced and professional governance structure[155]. - The company has established a performance evaluation and incentive mechanism linking executive compensation to company performance, promoting sustainable development[157]. - The company maintains independence from its controlling shareholders, ensuring no interference in decision-making processes[154]. - The company has established an information disclosure committee to ensure compliance with regulations and protect investor interests, with a focus on transparent communication[159]. - The company is committed to enhancing governance efficiency and transparency to maximize long-term shareholder value[149]. Environmental and Social Responsibility - The company emphasizes sustainable development and advanced technology, adhering to a strategy focused on lightweight, thin, and low-carbon products[45]. - The company achieved a 100% external certification for greenhouse gas emissions under ISO14064-1 for its main production sites in 2023[67]. - The company reduced carbon emissions by 37,209 tons in 2023 through energy-saving projects and advanced energy-efficient equipment[68]. - The company is committed to achieving carbon neutrality and advancing low-carbon operations as part of its mission to benefit humanity and improve the environment[136]. - The company emphasizes social responsibility, viewing "employees, customers, strategic partners, shareholders, and society" as key stakeholders in its development[158]. Strategic Initiatives and Future Plans - The company plans to invest approximately 3.3 billion in capital expenditures for 2024, focusing on high-end HDI and advanced SLP smart manufacturing projects, digital transformation, and production base construction in Thailand[134]. - The company aims to enhance its market share by focusing on high-end PCB products and expanding its global market presence while leveraging technological advancements[129]. - The company plans to respond to market demands by accelerating new product launches and deepening collaborations with leading domestic and international clients[131]. - The company is actively exploring new technologies and product development to enhance its competitive edge[200]. - The company is focused on expanding its market presence through new product development and technological advancements[104].

证券代码：002938 证券简称：鹏鼎控股 公告编号：2024-023 鹏鼎控股（深圳）股份有限公司 关于召开 2023 年年度股东大会的通知 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。 鹏鼎控股（深圳）股份有限公司（以下简称"公司"）于 2024 年 3 月 29 日召 开的第三届董事会第八次会议审议通过了《关于提请召开 2023 年年度股东大会 的议案》。公司董事会决定于 2024 年 4 月 24 日下午 14:30 召开公司 2023 年年 度股东大会（以下简称"本次股东大会"），现就召开本次股东大会的有关事项提 示公告如下： 一、召开会议的基本情况 1．股东大会届次：2023 年年度股东大会。 2．股东大会召集人：公司第三届董事会；第三届董事会第八次会议审议通 过召开本次股东大会的议案。 3．会议召开的合法、合规性：本次股东大会会议召集、召开符合有关法律、 行政法规、部门规章、规范性文件和公司章程的规定。 4．现场会议时间：2024 年 4 月 24 日下午 14:30。 网络投票时间： 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 202 ...

证券代码：002938 证券简称：鹏鼎控股 公告编号：2024-013 鹏鼎控股(深圳)股份有限公司 第三届董事会第八次会议决议公告 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"公司"）第三届董事会第八次 会议于2024年3月29日在鹏鼎时代大厦31层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。本次会议应出席董事7人，实际出席董事7人。本次会议 由董事长沈庆芳先生主持,会议的召开符合《中华人民共和国公司法》、《鹏鼎 控股（深圳）股份有限公司章程》和《鹏鼎控股（深圳）股份有限公司董事会议 事规则》的有关规定。 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 2023 年董事会工作报告的议案》； 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巨潮资讯网（www.cninfo.com.cn）的鹏 鼎控股《2023 年董事会工作报告》。 3、审议通过《关于公司 2023 年财务决算报告的议案》； ...

证券代码：002938 证券简称：鹏鼎控股 公告编号：2024-020 鹏鼎控股(深圳)股份有限公司 关于公司 2023 年利润分配预案的公告 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。 鹏鼎控股(深圳)股份有限公司（以下简称"公司"）于 2024 年 3 月 29 日召 开的第三届董事会第八次会议，审议通过了《关于公司 2023 年利润分配预案的 议案》，并将该预案提交公司 2023 年年度股东大会审议。现将本次利润分配预案 公告如下： 一、公司 2023 年利润分配预案的基本情况 1、盈余公积金的提取 截止 2022 年 12 月 31 日，公司法定盈余公积金为 1,113,838,258.48 元，根 据《中华人民共和国公司法》及《公司章程》的规定，公司按年度净利润的 10% 提取法定盈余公积金，当法定盈余公积金累计额达到注册资本的 50%以上时，可 不再提取。2023 年公司按照注册资本的 50%作为上限，提取法定盈余公积金 46,380,649.52 元，同时，公司自 2024 年度开始不再计提盈余公积，以后根据 具体情况再恢复计提。 公司目前已 ...

鹏鼎控股（深圳）股份有限公司 2023 年度非经营性资金占用及其他关联资金往来 情况汇总表 鹏鼎控股（深圳）股份有限公司 控股股东及其他关联方占用资金情况表 截至 2023 年 12 月 31 日止年度 单位：万元 非经营性资金占用 资金占用方 名称 占用方与上市公司的 关联关系 上市公司 核算的会 计科目 2023 年期 初占用资 金余额 2023 年度 占用累计 发生金额 (不含利息) 2023 年度 占用资金的 利息(如有) 2023 年度 偿还累计 发生金额 2023 年期 末占用资 金余额 占用形成 原因 占用性质 控股股东、实际控制 人及其附属企业 — — — - - - - - — — 小计 — — — - - - - - — — 前控股股东、实际控 制人及其附属企业 — — — - - - - - — — 小计 — — — - - - - - — — 其他关联方及其附属 企业 — — — - - - - - — — 小计 — — — - - - - - — — 总计 — — — - - - - - — — 鹏鼎控股（深圳）股份有限公司 控股股东及其他关联方占用资金情况表 截至 2023 年 1 ...