鹏鼎控股：4月营收同比高增长，关注大客户端侧AI落地进展

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [16]. Core Views - The company reported a significant revenue increase in April 2024, with a year-on-year growth of 52.21%, driven by strong demand from major clients and new product launches [2][3]. - The company is expected to benefit from the ongoing AI trend, particularly in the smartphone and automotive sectors, which are anticipated to drive new demand and product upgrades [3][4]. - The company is focusing on expanding its capabilities in the automotive and server markets, with plans for increased production capacity in Thailand expected to contribute to long-term growth [4][7]. Financial Performance Summary - For Q1 2024, the company achieved a revenue of 6.687 billion yuan, a slight year-on-year increase of 0.29%, but a quarter-on-quarter decrease of 42.41%. The net profit attributable to shareholders was 497 million yuan, up 18.81% year-on-year, but down 65.53% quarter-on-quarter [2]. - The company's revenue for 2024 is projected to be 36.058 billion yuan, with a year-on-year growth rate of 12.5%. The net profit is expected to reach 3.725 billion yuan, reflecting a growth rate of 13.3% [10][11]. - The company's gross margin for Q1 2024 was 20.37%, showing a slight decline compared to the previous year, while the net margin improved to 7.44% [3]. Market and Product Insights - The report highlights the anticipated growth in AI-related products, with IDC forecasting that the next generation of AI smartphones will see shipments reach 170 million units in 2024, accounting for nearly 15% of the total smartphone market [3]. - The foldable smartphone market is also expected to grow significantly, with shipments in China projected to increase by 114.5% year-on-year in 2023 [3]. - The company is actively expanding its product offerings in the automotive sector, focusing on high-end markets such as domain controllers and radar systems, with production ramping up for laser radar and high-frequency antenna boards [4][7].