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鹏鼎控股(002938):AI端侧、服务器齐头并进,推动公司开启新一轮成长

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][23]. Core Views - The company achieved a revenue of 16.374 billion yuan in H1 2025, representing a year-on-year increase of 24.75%, and a net profit of 1.233 billion yuan, up 57.22% year-on-year [2]. - The growth is driven by advancements in AI edge and server technologies, with significant contributions from the communication board and consumer electronics segments [8]. - The company is actively investing in R&D and expanding production capacity to meet the rising demand in AI-related products [8]. Financial Performance Summary - In Q2 2025, the company reported a revenue of 8.288 billion yuan, a year-on-year increase of 28.71%, and a net profit of 745 million yuan, up 159.55% year-on-year [2]. - The gross margin for Q2 2025 was 20.28%, reflecting a year-on-year increase of 4.8 percentage points [2]. - The company’s total revenue is projected to grow from 35.14 billion yuan in 2024 to 56.073 billion yuan by 2027, with a compound annual growth rate of 19% [4]. Segment Performance Summary - The communication board segment generated 10.268 billion yuan in revenue in H1 2025, up 17.62% year-on-year, while maintaining a stable gross margin of 15.98% [8]. - The consumer electronics segment benefited from industry demand recovery, achieving 5.174 billion yuan in revenue, a 31.63% increase year-on-year, with a gross margin of 24.52% [8]. - The automotive/server segment saw a remarkable growth of 87.42%, generating 805 million yuan in revenue, driven by the rapid demand for AI servers [8]. Future Outlook - The company is expected to release new products and expand production capacity, with profit forecasts adjusted to 4.382 billion yuan for 2025, 5.687 billion yuan for 2026, and 6.712 billion yuan for 2027 [8]. - The target price for the company's stock has been adjusted to 73.5 yuan, based on a projected 30 times price-to-earnings ratio for 2026 [4][8].