Avary Holding(SZ:002938) Chang Jiang Shang Bao·2025-08-15 00:15Core Viewpoint - Pengding Holdings, a leading global PCB company, has experienced significant revenue and profit growth driven by its strategic positioning in the AI sector and robust operational strategies [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 16.38 billion yuan, a year-on-year increase of 24.8%, with net profit around 1.2 billion yuan, reflecting a growth rate exceeding 50% [1][2]. - The second quarter of 2025 saw remarkable growth, with revenue reaching 8.29 billion yuan, up 28.7%, and net profit soaring by 159.5% to 745 million yuan [2]. - The operating cash flow for the first half of 2025 was 4.277 billion yuan, marking a 53.3% increase year-on-year [2]. Market Position and Strategy - The company has leveraged its leadership in the FPC industry to capitalize on the AI edge computing trend, focusing on high-end HDI products for the server and optical module markets [1][6]. - Pengding Holdings has maintained a strong financial position, with a debt-to-asset ratio of only 29.24% and cash assets amounting to 13 billion yuan as of June 30, 2025 [1][6]. R&D and Product Development - The company is actively advancing its R&D and marketization processes, particularly in high-end products for AI servers and optical communications [1][6][7]. - As of June 30, 2025, Pengding Holdings had applied for 2,732 patents, with 1,525 patents granted [7]. Geographic Revenue Distribution - In the first half of 2025, revenue from the U.S. region was 13.08 billion yuan, accounting for 79.87% of total revenue [6]. - The company has consistently generated a significant portion of its revenue from overseas markets, particularly the U.S., with revenue from this region increasing from 20.6 billion yuan in 2020 to 28.88 billion yuan in 2024 [5][6]. Institutional Interest - As of August 12, 2025, 47 institutional investors held shares in Pengding Holdings, collectively owning 1.866 billion shares, which is 80.52% of the total share capital [3]. - The top ten institutional investors account for 79.91% of the holdings, including notable entities such as the Hong Kong Central Clearing Limited and the National Social Security Fund [3].