【招商电子】鹏鼎控股：25Q2业绩高增，上修AI PCB Capex加速产能扩张和客户导入

Core Viewpoint - The company reported strong financial performance in H1 2025, with revenue of 16.38 billion, a year-on-year increase of 24.75%, and a net profit of 1.23 billion, up 57.2% year-on-year, indicating robust growth driven by product structure optimization and improved operational efficiency [1][2]. Group 1: Financial Performance - In Q2 2025, the company achieved revenue of 8.29 billion, a year-on-year increase of 28.7%, and a net profit of 745 million, up 159.6% year-on-year, reflecting significant profitability improvements [1][2]. - The gross margin for Q2 was 20.3%, an increase of 4.8 percentage points year-on-year, while the net margin reached 8.9%, up 4.5 percentage points year-on-year [1][2]. Group 2: Business Structure Analysis - Revenue from communication boards was 10.27 billion, a year-on-year increase of 17.6%, with a gross margin of 16.0% [2]. - Revenue from consumer electronics and computer boards was 5.17 billion, up 31.6% year-on-year, with a gross margin of 24.5% [2]. - Revenue from automotive and server applications reached 810 million, a remarkable increase of 87.4% year-on-year, driven by new product certifications and collaborations [2]. Group 3: Capital Expenditure and Future Outlook - The company has increased its capital expenditure (Capex) for AI PCB to over 30 billion New Taiwan dollars (approximately 7-9 billion RMB) for 2025-2026, with nearly 50% allocated to expanding high-end HDI and HLC production capacity [3][11]. - The company is actively expanding its production capabilities in Thailand and Kaohsiung, with plans for new production lines for ultra-high-layer products [3][11]. Group 4: Long-term Growth Drivers - The company anticipates a significant growth cycle from 2025 to 2027, driven by innovations in AI-related products such as AI smartphones, foldable devices, and AI glasses [4][20]. - The demand for high-end AI products is expected to drive a new round of capital expenditure expansion, with a focus on GPU/ASIC terminal customers [4][20].