Core Viewpoint - The simultaneous heavy investment by four social security funds in a company with declining performance raises questions about the underlying reasons for this "contrarian layout" amidst a weak consumer electronics demand and the booming AI server PCB market [1][3]. Company Summary - Four social security funds, namely 103, 416, 117, and 2101, have significantly invested in Pengding Holdings, making it the only PCB company in the A-share market to be heavily backed by four social security funds [3]. - Pengding Holdings is the largest PCB manufacturer globally, headquartered in Shenzhen, with a revenue of 26.855 billion yuan and a net profit of 2.408 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 14% and 21.95% respectively [3][4]. - Despite the overall revenue growth, the company experienced a notable decline in performance in the third quarter, with net profit growth dropping to 21.95% from 57.22% in the previous quarter [4]. Industry Context - The PCB industry is currently experiencing a high growth cycle driven by the AI wave, with the value of PCBs in an AI server cabinet reaching $171,000, second only to GPU chips [5]. - The global shipment of AI servers is projected to increase from 500,000 units in 2020 to 2 million units by 2024, representing a compound annual growth rate of 45.2% [5]. - Other PCB companies focusing on AI have reported strong performance, with companies like Huadian and Shenghong Technology seeing significant profit increases due to their strategic positioning in the AI market [7]. Future Outlook - Social security funds typically adopt a long-term investment strategy, which may indicate confidence in Pengding Holdings' potential for future recovery, especially if the consumer electronics market rebounds [9]. - Pengding Holdings has established a strong foothold in high-end HDI and SLP technology, with ongoing projects that could position the company favorably in the AI server market [9]. - The company is also a key supplier for Apple's iPhone, holding a 70% market share, suggesting that a strong product cycle from Apple could significantly boost its performance [9].

Core Viewpoint - Pengding Holdings (002938) reported a decrease in consolidated operating revenue for October 2025 compared to the same period last year, indicating potential challenges in revenue generation [1] Financial Performance - The consolidated operating revenue for October 2025 was RMB 422,868 million, which represents a decrease of 3.08% from the same month last year [1]

Core Viewpoint - Pengding Holdings (002938.SZ) reported a consolidated operating revenue of 4.229 billion yuan for October 2025, representing a decrease of 3.08% compared to the same period last year [1] Company Summary - The consolidated operating revenue for October 2025 was 4.229 billion yuan [1] - This figure shows a decline of 3.08% from the consolidated operating revenue of the same month in the previous year [1]

Core Insights - Pengding Holdings (002938.SZ) reported a consolidated revenue of 4.229 billion yuan for October 2025, representing a decrease of 3.08% compared to the same period last year [1] Financial Performance - The consolidated revenue for October 2025 was 4.229 billion yuan [1] - This figure shows a year-over-year decline of 3.08% from the previous year's revenue [1]

Core Viewpoint - Pengding Holdings (002938) reported a decrease in consolidated operating revenue for October, indicating potential challenges in maintaining revenue growth compared to the previous year [1] Financial Performance - The consolidated operating revenue for October was 4.229 billion yuan, which represents a 3.08% decrease compared to the same month last year [1]

特此公告。 鹏鼎控股（深圳）股份有限公司 董 事 会 2025 年 10 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 2025 年 10 月合并营业收入为人民币 422,868 万元，较去年同期的合并 营业收入减少 3.08%。 证券代码：002938 证券简称：鹏鼎控股 公告编号：2025-069 鹏鼎控股（深圳）股份有限公司 2025 年 11 月 7 日 ...

Core Viewpoint - Pengding Holdings announced that its consolidated operating revenue for October 2025 is 422,868 million yuan, representing a decrease of 3.08% compared to the same period last year. This data is preliminary and unaudited, with final figures to be confirmed in the regular report [1] Summary by Category - **Financial Performance** - The consolidated operating revenue for October 2025 is reported at 422,868 million yuan [1] - This figure indicates a year-on-year decrease of 3.08% [1]

Core Viewpoint - The report from Huazhong Securities indicates that Pengding Holdings achieved a net profit attributable to shareholders of 2.408 billion yuan in the first three quarters, representing a year-on-year growth of 21.95% [1] Financial Performance - In Q3 2025, the net profit attributable to shareholders was 1.175 billion yuan, showing a year-on-year decline of 1.30% but a quarter-on-quarter increase of 57.68% [1] - Total revenue for the first three quarters reached 16.754 billion yuan, with a year-on-year increase of 6%, accounting for 62% of the company's revenue [1] Business Structure and Growth - The communication board business, leveraging its technological and capacity advantages in flexible boards, has allowed the company to maintain its leading position in the industry [1] - The company's business structure has further optimized, with the revenue share of high value-added segments continuously increasing [1] Capital Expenditure and Future Outlook - The company actively promoted new capacity construction, with capital expenditures reaching 4.972 billion yuan in the first three quarters, an increase of nearly 3 billion yuan year-on-year [1] - As new capacities are gradually released, the computing power sector is expected to become an important pillar for the company's development [1] - The company maintains an "overweight" rating [1]

Core Viewpoint - The company is actively engaging in the AI market by developing high-end HDI products for AI servers and expanding collaborations with cloud server manufacturers to enhance competitiveness in the AI server market [2] Group 1: AI Business Strategy - The company is focusing on entering the AI server market with high-end HDI products and is progressing with product certifications alongside well-known manufacturers [2] - The company has established a comprehensive product matrix covering AI mobile phones, AI PCs, and AI glasses, becoming an essential part of the global AI endpoint product supply chain [2] Group 2: Collaborative Efforts - The company is expanding its development and cooperation with cloud server manufacturers on AI ASIC-related products to strengthen its market position [2] - The company is leveraging its ONE AVARY product platform to accelerate its full-chain layout in various fields, including AI servers, optical modules, switches, humanoid robots, and new energy vehicles [2]

Core Viewpoint - The electronic industry shows significant growth in Q3 2025, with a notable increase in net profit across various sub-sectors, particularly in satellite electronics, semiconductors, and AI supply chains [4]. Summary by Sections Overall Industry Performance - In Q3 2025, 650 companies in the electronic industry reported a total net profit of 163.7 billion yuan, reflecting a year-on-year increase of 40% and a quarter-on-quarter increase of 20% [4]. Sub-industry Performance - The top three sub-industries by year-on-year net profit growth in Q3 2025 are: - Satellite Electronics: 200 million yuan, +113% - Semiconductors: 22.11 billion yuan, +89% - AI Supply Chain: 22.06 billion yuan, +84% [4]. Detailed Sub-sector Growth - Among 74 detailed sub-sectors, the top five in terms of year-on-year net profit growth are: - LED-LED Power: 8 million yuan, +644% - LED-LED Display: 193 million yuan, +431% - Display-Equipment: 202 million yuan, +250% - Semiconductor-Digital GPU and CPU: 1.242 billion yuan, +242% - Semiconductor-Analog: 459 million yuan, +218% [4]. Leading Companies in the Electronic Industry - The top five companies by net profit and year-on-year growth in Q3 2025 are: - Industrial Fulian: 10.373 billion yuan, +62% - Cambricon Technologies: 567 million yuan, turned profitable - Haiguang Information: 760 million yuan, +13% - Luxshare Precision: 4.874 billion yuan, +32% - Hikvision: 3.662 billion yuan, +20% [5]. Semiconductor Sector Leaders - The leading companies in the semiconductor sub-industry for Q3 2025 are: - Cambricon Technologies: 567 million yuan, turned profitable - Haiguang Information: 760 million yuan, +13% - Northern Huachuang: 1.922 billion yuan, +14% - Zhongwei Company: 505 million yuan, +28% - OmniVision Technologies: 1.182 billion yuan, +17% [6]. AI Industry Chain Leaders - The top five companies in the AI industry chain for Q3 2025 are: - Industrial Fulian: 10.373 billion yuan, +62% - Cambricon Technologies: 567 million yuan, turned profitable - Zhongji Xuchuang: 3.137 billion yuan, +125% - Haiguang Information: 760 million yuan, +13% - Xinyi Sheng: 2.385 billion yuan, +205% [7]. Nvidia Supply Chain Performance - The leading companies in the Nvidia supply chain for Q3 2025 are: - Industrial Fulian: 10.373 billion yuan, +62% - Zhongji Xuchuang: 3.137 billion yuan, +125% - Shenghong Technology: 1.102 billion yuan, +261% - Shengyi Technology: 1.017 billion yuan, +131% - Huitian Technology: 1.035 billion yuan, +46% - Tianfu Communication: 566 million yuan, +76% [8]. Apple Supply Chain Performance - The top five companies in the Apple supply chain for Q3 2025 are: - Industrial Fulian: 10.373 billion yuan, +62% - Luxshare Precision: 4.874 billion yuan, +32% - Lens Technology: 1.700 billion yuan, +13% - Pengding Holdings: 1.175 billion yuan, -1% - GoerTek: 1.171 billion yuan, +5% [9].