鹏鼎控股（002938）：25Q2业绩大超预期，AIPCBcapex上调

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company reported a significant performance exceeding expectations in Q2 2025, with revenue of 16.38 billion yuan, a year-on-year increase of 24.8%, and a net profit attributable to shareholders of 1.23 billion yuan, up 57.2% year-on-year [1] - The growth in profit was driven by improvements in business structure, yield enhancement, and cost reduction [1] - The company is increasing its capital expenditure for AI PCB due to strong demand in AI servers, with plans to raise capital expenditure to over 30 billion New Taiwan dollars for 2025-2026 [10] Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 16.38 billion yuan, a 24.8% increase year-on-year, and a net profit of 1.23 billion yuan, a 57.2% increase year-on-year [1] - Q2 2025 revenue was 8.29 billion yuan, up 28.7% year-on-year, with a net profit of 740 million yuan, reflecting a 159.5% year-on-year increase [1] Business Segments - The communication board business generated revenue of 10.27 billion yuan, a 17.6% increase year-on-year, maintaining a gross margin of 16.0% [2] - The consumer electronics and computer board business achieved revenue of 5.17 billion yuan, a 31.6% increase year-on-year, with a gross margin of 24.5% [2] - The automotive and server board business saw revenue of 810 million yuan, an 87.4% increase year-on-year, driven by new product certifications and collaborations in AI ASIC products [2] Market Position and Growth Drivers - The company holds over 30% market share in the FPC industry and is positioned to benefit from the growing demand for AI-related products, including AI glasses and foldable screens [3] - The global FPC market is projected to reach 15.62 billion USD by 2029, with a CAGR of 4.5% from 2024 to 2029 [3] - The company is enhancing its production capabilities for high-end HDI and SLP products to meet the increasing performance requirements of AI servers [4] Future Projections - Revenue projections for the company are 41.25 billion yuan in 2025, 48.34 billion yuan in 2026, and 55.58 billion yuan in 2027, with expected year-on-year growth rates of 17%, 17%, and 15% respectively [11] - Net profit projections are 4.5 billion yuan in 2025, 5.5 billion yuan in 2026, and 6.34 billion yuan in 2027, with year-on-year growth rates of 24%, 22%, and 15% respectively [11]