鹏鼎控股（002938）：元件

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company has shown strong revenue growth driven by the AI wave, with a projected revenue increase from 35,140 million yuan in 2024 to 81,270 million yuan by 2028, reflecting a compound annual growth rate (CAGR) of approximately 28% [3][9] - The net profit attributable to the parent company is expected to grow from 3,620 million yuan in 2024 to 10,966 million yuan in 2028, indicating a significant growth trajectory [3][9] - The company is expanding its capital expenditure (capex) to support future growth, with a planned capex of 168 billion yuan by 2026 [8] Financial Performance Summary - In 2025, the company achieved a revenue of 39,147 million yuan, representing a year-over-year growth of 11.4%, and a net profit of 3,738 million yuan, with a growth of 3.25% [4] - The gross margin for 2025 was reported at 21.5%, with a slight increase of 0.74 percentage points year-over-year [4] - The company’s revenue for Q4 2025 was 12,292 million yuan, showing a year-over-year increase of 5.47% and a quarter-over-quarter increase of 17.28% [5] Business Segment Growth - The communication board business generated revenue of 254.37 billion yuan, with a year-over-year growth of 4.95% [6] - The consumer electronics and computer board business saw a revenue increase of 15.72% year-over-year, reaching 112.87 billion yuan [6] - The automotive and server board business experienced remarkable growth, with revenue doubling to 21.19 billion yuan, a year-over-year increase of 106.67% [6] Research and Development - The company is focused on continuous R&D to develop new products, particularly in the AI sector, which is expected to drive future growth [7] - The company has become a key supplier for foldable devices and wearable technology, with significant revenue growth in AI glasses [8] Future Outlook - The company is expected to maintain strong growth in the AI server product line, with projected revenue growth exceeding 100% compared to 2024 [8] - The company plans to invest significantly in expanding its production capacity, particularly in high-end PCB manufacturing [8]