鹏鼎控股：9月营收简报预期稳增长，AI终端发力

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [2][10]. Core Insights - The company reported a consolidated revenue of 40.12 billion yuan for September 2024, marking a 5.12% increase year-on-year. For the first half of 2024, the company achieved a revenue of 131.26 billion yuan, a year-on-year growth of 13.79%, while the net profit attributable to shareholders decreased by 3.40% to 7.84 billion yuan [3][4]. - The consumer electronics industry is recovering, and the company is leveraging opportunities from the AI technology wave, resulting in steady revenue growth. The communication board business generated 87.30 billion yuan, a growth of 3.68%, while the consumer electronics and computer board business saw a significant increase of 36.57% to 39.31 billion yuan. The automotive and server products achieved a remarkable growth of 94.31% to 4.30 billion yuan [3][4]. Financial Performance - The company’s R&D investment for the first half of 2024 was 10.79 billion yuan, a 20.43% increase year-on-year, accounting for 8.22% of revenue. Total sales, management, and R&D expenses amounted to 17.29 billion yuan, slightly increasing by 0.08 percentage points year-on-year [4]. - The projected revenues for 2024-2026 are 362.27 billion yuan, 420.37 billion yuan, and 459.84 billion yuan, respectively, with net profits expected to be 37.18 billion yuan, 45.94 billion yuan, and 49.92 billion yuan [6]. Market Trends and Opportunities - The company is actively enhancing its market share in the high-end PCB market by adopting flexible market development strategies. The launch of AI mobile phones and PCs is expected to drive new growth in the industry. The company is expanding its production capacity for high-end HDI and SLP products, with the first phase of the expansion already operational [4][5]. - The company is also capitalizing on the rapid growth of AI servers and smart vehicles, with significant collaborations with major domestic and international Tier 1 manufacturers [4].