鹏鼎控股（002938）：卡位AI浪潮，业绩稳健增长

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Insights - The company is positioned to capitalize on the AI consumer product innovation cycle, which is expected to drive stable revenue growth. The global AI smartphone shipment is projected to account for 16% of total smartphone shipments in 2024, increasing to 54% by 2028. Additionally, AI PC shipments are expected to reach 114 million units in 2025, a growth of 165.5% compared to 2024, representing 43% of total PC shipments [4] - The company has established a comprehensive product matrix covering AI smartphones, AI PCs, and AI glasses, enabling rapid technology implementation and large-scale production through collaboration with leading global clients [4] - The company is also expanding its presence in AI servers, optical modules, and switches, with a focus on the 800G/1.6T optical module upgrade window [5] Financial Projections - The projected revenues for 2025, 2026, and 2027 are 399.0 billion, 450.0 billion, and 502.3 billion respectively, with net profits of 41.7 billion, 49.7 billion, and 57.3 billion [6] - The expected growth rates for revenue from 2024 to 2027 are 9.59%, 13.56%, 12.76%, and 11.63% respectively [8] - The earnings per share (EPS) is projected to increase from 1.56 in 2024 to 2.47 in 2027 [8]