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【国信电子胡剑团队】鹏鼎控股:CAPEX提速彰显明确信心,泰国工厂顺利导入AI算力客户

Core Viewpoint - The company is experiencing steady growth in major customer share, coupled with cost reduction and efficiency improvements, leading to a significant increase in profit margins [3] Financial Performance - In 1H25, the company achieved revenue of 16.375 billion (YoY +24.75%) and a net profit of 1.233 billion (YoY +57.22%), with a gross margin of 19.07% (YoY +1.1pct) and a net margin of 7.49% (YoY +1.52pct) [4] - For Q2 2025, the company reported revenue of 8.288 billion (YoY +28.71%, QoQ +2.49%) and a net profit of 745 million (YoY +159.55%, QoQ +52.59%), with a gross margin of 20.28% (YoY +4.8pct, QoQ +2.45pct) and a net margin of 8.93% (YoY +4.47pct, QoQ +2.92pct) [4] Market Position and Product Segments - The company continues to enhance its market share in FPC, maintaining a leading position, with revenue from communication boards at 10.268 billion (YoY +17.62%) and a gross margin of 15.98% (YoY -0.31pct); revenue from consumer electronics and computer boards at 5.174 billion (YoY +31.63%) with a gross margin of 24.52% (YoY +2.80pct) [5] - The company has become a core supplier for foldable phones, AR/VR, and AI glasses through its dynamic bending FPC modules and ultra-long size FPC components [5] Technological Advancements - The company is a leading manufacturer in mSAP technology and is actively expanding into the AI computing market, with revenue from automotive and server boards reaching 805 million (YoY +87.42%) [6] - In the AI server sector, the company has launched high-end HDI supporting GPU modules and high-speed transmission interfaces to meet the high computing power demands [6] Capital Expenditure and Expansion Plans - The company has revised its CAPEX guidance upwards, with successful completion of various investment projects; the first phase of the Thailand factory for servers and optical modules has passed customer certification, and the second phase has commenced [7] - The company plans to increase CAPEX to over 7 billion in 2025-2026, with nearly 50% of the funds allocated to expanding high-end circuit board capacity [7]