全A独一份，4家社保重仓的PCB龙头，3家社保都是三季度新进场的

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].