鹏鼎控股（002938）：加速产能扩张，产品线覆盖多元AI应用场景

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is accelerating capacity expansion and diversifying its product lines to cover various AI application scenarios [1] - The company achieved significant revenue and net profit growth in the first half of 2025, with revenue reaching 16.375 billion yuan, up 24.75% year-on-year, and net profit of 1.233 billion yuan, up 57.22% year-on-year [8] - The company is focusing on optimizing its product structure, with AI business becoming a new growth engine, particularly in communication boards and AI-related products [8] - The company plans to increase capital expenditure to over 30 billion New Taiwan dollars in the next two years, with nearly 50% allocated to expanding high-end HDI and HLC capacity [8] Financial Performance - Revenue forecast for 2025-2027 is 41.365 billion yuan, 47.523 billion yuan, and 54.452 billion yuan respectively, with corresponding net profits of 4.503 billion yuan, 5.519 billion yuan, and 6.776 billion yuan [7][8] - The company reported a gross margin of 20.28% in Q2 2025, an increase of 4.80 percentage points year-on-year [8] - Earnings per share (EPS) is projected to be 1.94 yuan in 2025, increasing to 2.38 yuan in 2026 and 2.92 yuan in 2027 [7][8] Market Performance - The company's stock price closed at 56.90 yuan on August 13, 2025, with a market performance of -23% over the last 12 months compared to the CSI 300 index [2][4]