鹏鼎控股：深度报告：打造AI终端的创新底座

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its future performance [2]. Core Insights - The company, Pengding Holdings, is a leading PCB manufacturer in China with a diverse product portfolio that includes FPC, SMA, SLP, HDI, Mini LED, RPCB, and Rigid Flex, serving various sectors such as communication electronics, consumer electronics, smart automotive, and AI servers [1][5]. - The global PCB market is expected to grow at a CAGR of 5.4% from 2023 to 2028, reaching a market size of $90.4 billion by 2028, driven by increasing demand in AI computing and automotive electronics [1][21]. - The company has established strong relationships with major clients and is well-positioned to capture growth opportunities in the upcoming innovation cycle, particularly in AI servers and automotive electronics [1][21]. Summary by Sections 1. PCB Industry Leadership and Diversified Layout - Pengding Holdings has been focused on PCB products for over 20 years, establishing itself as an industry leader with a stable shareholding structure and a sustainable strategic layout [1][10]. - The company has seen steady revenue growth, with 2022 revenue reaching 36.21 billion yuan, a year-on-year increase of 8.71%, despite a decline in 2023 due to macroeconomic factors [11][12]. 2. High-End Demand in PCB Market - PCB is a critical component in various electronic products, with a significant portion of the market driven by high-end applications in servers, consumer electronics, and automotive electronics [16][21]. - The demand for AI computing and the increasing electronicization of vehicles are expected to provide new growth points for the PCB market [21][24]. 3. Technological Advantages and Product Development - The company has a strong technological foundation and is actively developing high-end products such as SLP, which is expected to lead to increased value in PCB manufacturing [1][38]. - The report highlights the importance of product structure optimization, with a focus on high-margin segments like consumer electronics and computing boards [11][14]. 4. Financial Forecast and Investment Recommendations - The company is projected to achieve revenues of 35.19 billion yuan in 2024, 39.83 billion yuan in 2025, and 43.69 billion yuan in 2026, with corresponding net profits of 3.62 billion yuan, 4.67 billion yuan, and 5.26 billion yuan respectively [2][4]. - The report emphasizes the long-term growth potential of the company, recommending a "Buy" rating based on its market position and growth prospects [1][2].