鹏鼎控股（002938）：加大AIPCB投入，软硬板发力掌握AI云网端成长机遇

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [8][18]. Core Views - The company reported a revenue of 16.375 billion yuan for the first half of 2025, representing a year-over-year increase of 24.75%. In the second quarter of 2025, revenue reached 8.288 billion yuan, up 28.72% year-over-year and 2.49% quarter-over-quarter [1][2]. - The net profit attributable to the parent company for the first half of 2025 was 1.233 billion yuan, a year-over-year increase of 57.22%, with a non-recurring net profit of 1.149 billion yuan, up 51.90% year-over-year [1][2]. - The company is actively expanding its production capacity, particularly in Thailand and Taiwan, to meet the growing demand in AI servers and automotive electronics [3][4]. Financial Performance - The company achieved a gross margin of 20.28% in Q2 2025, an increase of 4.81 percentage points year-over-year, and a net profit margin of 8.93%, up 4.47 percentage points year-over-year [2]. - Operating cash flow for the first half of 2025 was 4.277 billion yuan, reflecting a significant year-over-year improvement of 53.29% [2]. Product Segmentation - Revenue from communication boards, consumer electronics, and automotive/server boards showed significant growth, with automotive and server boards increasing by 87.42% and 261.27% year-over-year, respectively [2][3]. - The company is focusing on high-end AI products, with plans to increase capital expenditures to over 30 billion New Taiwan dollars in the next two years, targeting HDI and HLC products [3][4]. Market Positioning - The company is strategically positioning itself in high-growth sectors such as AI servers, optical communications, and automotive electronics, with ongoing collaborations for next-generation products [4][3]. - The company has developed advanced technologies for flexible printed circuits (FPC) and low-orbit satellite antennas, aiming to capture future market opportunities in satellite internet and robotics [4].