鹏鼎控股：公司事件点评报告：AI手机催化高端PCB放量，全方位的 PCB 产品一站式服务平台有望率先受益

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first recommendation [2]. Core Insights - The company achieved a revenue of 13.126 billion yuan in the first half of 2024, representing a year-on-year growth of 13.79%. However, the net profit attributable to shareholders decreased by 3.4% to 784 million yuan, while the net profit excluding non-recurring items increased by 2.17% to 756 million yuan [2][4]. - The PCB industry is expected to benefit from the rise of AI smartphones, with the total market value projected to reach 73.026 billion USD in 2024, a 5% increase year-on-year. The launch of Apple's AI smartphone in the second half of 2024 is anticipated to solidify this upward trend [2][4]. - The company is expanding its production capacity to meet the demands of the AI era, with significant investments in new facilities aimed at high-end PCB products [4][5]. Summary by Relevant Sections Financial Performance - In Q2 2024, the company reported a revenue of 6.44 billion yuan, a year-on-year increase of 32.28%. However, the net profit attributable to shareholders fell by 27.03% to 287 million yuan [2][4]. - The revenue structure indicates that communication boards account for 66.51% of total production, with consumer electronics showing a recovery with a 36.57% year-on-year revenue increase [2][4]. Research and Development - The company invested 1.079 billion yuan in R&D in the first half of 2024, a 20.43% increase from the previous year, focusing on AI applications in PCs, phones, and servers [2][4]. - The company has developed high-end PCB products with advanced manufacturing capabilities, including minimum hole diameters of 0.025mm and minimum line widths of 0.020mm [4]. Market Outlook - The report highlights that 2024 is seen as the year of AI smartphones, with the convergence of consumer electronics recovery and AI trends driving the PCB industry [2][4]. - The company is well-positioned to capitalize on the increasing demand for high-specification PCBs driven by the performance requirements of AI smartphones [3][4].