鹏鼎控股2024年财报：营收利润双增长，但AI布局面临挑战

Core Viewpoint - Pengding Holdings (002938) reported a revenue of 35.14 billion yuan for 2024, marking a year-on-year growth of 9.59%, with a net profit of 3.62 billion yuan, up 10.14% year-on-year. Despite progress in consumer electronics and AI, the company faces challenges in the depth and breadth of its AI layout [1]. Group 1: Performance in Consumer Electronics - The global consumer electronics industry showed signs of recovery in 2024, allowing Pengding Holdings to achieve steady growth in performance, with communication board business revenue reaching 24.24 billion yuan, a growth of 3.08%, and consumer electronics and computer board business revenue at 9.75 billion yuan, up 22.30% [4]. - AI-related products accounted for over 45% of the company's revenue, indicating initial success in the AI end-side market [4]. - The slower growth rate of the communication board business suggests a weakening competitive position, particularly in the smartphone sector, necessitating improvements in technology and market share [4]. Group 2: AI Development - The company has established a comprehensive product matrix in the AI sector, covering AI smartphones, AIPC, and AI glasses, and is actively utilizing the ONEAVARY product platform to accelerate its full-chain layout in AI servers, optical modules, and switches [5]. - Sales revenue in the AI server sector saw rapid growth, with collaborations with Tier 1 clients to advance new product designs and deep development [5]. - Despite these advancements, the company faces significant technical challenges in high-end products, requiring increased R&D investment to enhance technology and product competitiveness [5][6]. Group 3: Growth in New Energy Vehicles - Pengding Holdings has made progress in the new energy vehicle sector, with radar computing boards, domain control boards, and automotive radar high-frequency products achieving mass production, resulting in sales revenue of 1.025 billion yuan, a year-on-year increase of 90.34% [7]. - The company has established comprehensive collaborations with several domestic Tier 1 manufacturers and successfully passed certifications from international Tier 1 clients, gradually expanding its product lines in the autonomous driving sector [7]. - However, the market share in the new energy vehicle sector remains limited, with automotive server boards and other PCB products accounting for less than 3% of total revenue, indicating that the company's positioning in this market is still in its early stages [7].