鹏鼎控股(002938)：2024年收入稳定增长 充分受益AI浪潮

Core Viewpoint - The company reported a revenue increase of 9.59% year-on-year for 2024, driven by market demand recovery and new product launches, while Q1 2025 showed a significant revenue growth of 20.94% year-on-year despite a quarter-on-quarter decline [1] Financial Performance - For 2024, the company achieved a total revenue of 35.14 billion yuan and a net profit of 3.62 billion yuan, with a year-on-year increase of 10.14% [1] - In Q1 2025, the company reported a revenue of 8.09 billion yuan, a year-on-year increase of 20.94%, but a quarter-on-quarter decrease of 30.61% [1] - The gross margin for 2024 was 20.76%, a decrease of 0.58 percentage points year-on-year, while the net margin was 10.30%, an increase of 0.05 percentage points year-on-year [1] Product Segmentation - Revenue from communication boards, consumer electronics and computer boards, and automotive and server boards for 2024 was 24.24 billion yuan, 9.75 billion yuan, and 1.03 billion yuan respectively, with year-on-year growth rates of 3.08%, 22.30%, and 90.34% [1] - AI-related products accounted for over 45% of the revenue in the consumer electronics and computer boards segment, which generated 9.75 billion yuan in 2024 [3] Strategic Initiatives - The company is focusing on AI integration across its product lines, establishing a comprehensive product matrix for AI consumer electronics, including AI smartphones, PCs, and glasses [3] - Significant capital expenditure is planned for 2025, targeting projects such as the Thailand facility, flexible board expansion, and digital transformation [4] - The company is advancing its automotive PCB product development and market entry, achieving mass production of radar computing boards and domain control boards in 2024 [4] Market Outlook - The recovery in consumer electronics demand, driven by policy support and AI technology penetration, is expected to provide substantial growth opportunities for the company [5] - Forecasted net profits for 2025-2027 are 4.13 billion yuan, 4.93 billion yuan, and 5.73 billion yuan respectively, with corresponding EPS of 1.82 yuan, 2.14 yuan, and 2.47 yuan [5]