鹏鼎控股2024年三季报点评：消费电子旺季来临，盈利能力稳中有升

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company reported a revenue of 23.487 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 14.82%. The net profit attributable to the parent company was 1.974 billion yuan, up 7.05% year-on-year. In the third quarter alone, revenue reached 10.360 billion yuan, a year-on-year increase of 16.14% and a quarter-on-quarter increase of 60.89%. The net profit for the third quarter was 1.190 billion yuan, reflecting a year-on-year increase of 15.26% and a quarter-on-quarter increase of 314.66% [2][3]. Financial Performance - For the first three quarters of 2024, the company achieved a gross margin of 20.47% and a net margin of 8.40%, with slight year-on-year changes of +0.19 percentage points and -0.62 percentage points respectively. In Q3 2024, the gross margin was 23.62% and the net margin was 11.48%, showing improvements both year-on-year and quarter-on-quarter [2][3]. - The company is benefiting from the upcoming consumer electronics peak season, leading to a significant increase in production capacity and strong order performance for related products [3]. Market Outlook - The report anticipates a new growth cycle in the industry driven by the rapid launch of AI-enabled smartphones and PCs, as well as the booming foldable phone market. The company is actively involved in the development of next-generation products in collaboration with clients, with its PCB products achieving advanced specifications [3]. - The company is also expanding its production capacity for high-end HDI and SLP printed circuit boards, which is expected to enhance its market share in these segments [3]. Earnings Forecast - The company is projected to achieve net profits of 3.708 billion yuan, 4.534 billion yuan, and 5.085 billion yuan for the years 2024, 2025, and 2026 respectively. The corresponding price-to-earnings ratios are estimated to be 22.89, 18.72, and 16.69 [4].