鹏鼎控股：泰国基地顺利推进 产品正处于陆续客户认证过程中

Core Viewpoint - Pengding Holdings has provided updates on its Thailand base progress, short-term performance fluctuations, and future growth drivers, indicating that the first phase of the Thailand base is on track and expected to reach a good production rhythm by mid-next year [1]. Group 1: Thailand Production Base - The Thailand Phase I base has been in production line debugging since May, and the overall progress is in line with expectations [1]. - Products are currently undergoing customer certification, with a good production rhythm anticipated by the first half of next year [1]. - Short-term cost differences are attributed to production efficiency and yield factors of the new production line, which are expected to diminish over time as local industry support improves and employee skills enhance [3]. Group 2: Financial Performance - The company expects revenue to grow in the fourth quarter due to seasonal demand, with operating profit also anticipated to rise [3]. - Profit performance will be impacted by increased depreciation costs and additional expenses during the certification and ramp-up process of the new production line [3]. - In Q3, the gross margin declined by approximately one percentage point year-on-year, primarily due to a quarterly increase in depreciation costs of over 60 million yuan and higher certification costs for the new factory [3]. - Despite the Q3 decline, the overall gross margin for the first three quarters of the year showed a slight year-on-year increase [3]. Group 3: High-Growth Areas - The automotive and server businesses saw a significant revenue increase of 91% year-on-year in the first three quarters, with expectations for these sectors to become important pillars for future growth [3]. - The optical module PCB business also experienced substantial revenue growth compared to the same period last year, aligning with the demand for next-generation 1.6T optical modules [3]. Group 4: AI Smart Hardware - In the AI smart hardware sector, the company is a major supplier for high-end products, with AI glasses requiring higher layers and precision for flexible boards [4]. - The company holds an optimistic outlook for the market next year, anticipating significant growth in demand for AI glasses as more clients enter the field and product functionalities and ecosystems improve [4]. - The company expects AI glasses to contribute incrementally to flexible and high-end rigid boards over the next two years [4]. Group 5: Automation in Production - The automation rate of the new production lines is generally high, but the specific level depends on the product type [4]. - Large-scale production lines can achieve "lights-out factories," while smaller, more diverse production lines do not pursue excessive automation to avoid efficiency loss [4].