鹏鼎控股：AI技术革命&汽车三化，塑造PCB量价新蓝海

Investment Rating - The report assigns an "Accumulate-A" rating to the company, indicating a positive outlook for future performance [1][9]. Core Views - The company is positioned as a global leader in the PCB industry, benefiting from the AI technology revolution and the transformation of the automotive sector, which is expected to create new growth opportunities in PCB demand and pricing [1][9]. - The company has established a comprehensive one-stop service platform for PCB products, maintaining a competitive edge in the communications electronics and consumer electronics markets [1][2]. Financial Performance and Projections - In 2023, the company achieved revenue of 32.066 billion yuan and a net profit of 3.287 billion yuan, with significant contributions from communication boards and consumer electronics [1][3]. - Revenue projections for 2024 to 2026 are 35.153 billion yuan, 39.178 billion yuan, and 43.570 billion yuan, respectively, with growth rates of 9.6%, 11.5%, and 11.2% [2][8]. - The net profit forecasts for the same period are 3.832 billion yuan, 4.436 billion yuan, and 4.942 billion yuan, with growth rates of 16.6%, 15.8%, and 11.4% [2][8]. Market Trends and Opportunities - The report highlights the expected growth in the automotive PCB market, driven by the rise of electric and smart vehicles, with a projected increase in demand for automotive PCBs by 50% from 2022 to 2028 [1][6]. - The consumer electronics sector is anticipated to recover, supported by innovations in AI-driven products, with a compound annual growth rate of 5.1% expected from 2023 to 2028 [5][6]. Competitive Positioning - The company has maintained its status as the largest PCB manufacturer globally for seven consecutive years, with a diverse product line that includes FPC, HDI, and Mini LED boards [1][2]. - The company is actively expanding its production capacity in various regions, including Thailand and India, to meet growing global demand [1][2]. Valuation Metrics - The report provides a valuation with projected P/E ratios of 17.6, 15.2, and 13.6 for 2024, 2025, and 2026, respectively, reflecting the company's strong market position and growth potential [2][8].