鹏鼎控股2024年半年报点评：营业收入稳中有升，股权激励彰显经营信心

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company reported a revenue of 13.126 billion yuan for the first half of 2024, representing a year-on-year increase of 13.79%. However, the net profit attributable to shareholders decreased by 3.4% to 784 million yuan. The gross margin and net margin were 17.97% and 5.97%, respectively [6][7] - In Q2 2024, the company achieved a revenue of 6.44 billion yuan, a year-on-year increase of 32.28%, but a quarter-on-quarter decrease of 3.69%. The net profit attributable to shareholders for Q2 was 287 million yuan, down 27.03% year-on-year and 42.29% quarter-on-quarter, with gross and net margins of 15.48% and 4.46% [6][7] - The company has increased its market share in the high-end PCB market, with communication board revenue reaching 8.730 billion yuan, up 3.68% year-on-year, and revenue from consumer electronics and computer boards rising to 3.931 billion yuan, up 36.57% year-on-year. Revenue from automotive and server products grew significantly by 94.31% to 430 million yuan [6][7] Summary by Sections Financial Performance - The company reported total revenue of 13.126 billion yuan for H1 2024, with a net profit of 784 million yuan. The gross and net margins were 17.97% and 5.97%, respectively [6][7] - For Q2 2024, revenue was 6.44 billion yuan, with a net profit of 287 million yuan, reflecting significant year-on-year and quarter-on-quarter declines in profitability [6][7] Business Segments - The communication board segment generated 8.730 billion yuan in revenue, while the consumer electronics and computer board segment achieved 3.931 billion yuan. The automotive and server product segment saw a remarkable growth of 94.31% [6][7] Future Outlook - The company is well-positioned to benefit from the upcoming AI product launches and innovations in the market, with ongoing collaborations for product validation and technology development with clients [6][7] - The expansion of high-end HDI and SLP PCB production capacity is underway, which is expected to enhance market share in these segments [6][7]