证券研究报告 | 公司点评报告 2025 年 12 月 16 日 鹏鼎控股（002938.SZ） 43 亿泰国基地扩产计划，进一步加速海外 AI PCB 产能布局 TMT 及中小盘/电子 事件：12 月 15 日公司公告对外投资计划：2026 年向泰国基地投资 43 亿元（自 有或自筹资金），用于建设生产厂房及配套设施，并同步布局高阶 HDI（含 SLP）、 HLC 等产品产能，为快速成长的 AI 应用市场提供涵盖 AI 服务器、AI 端侧产品、 低轨卫星等多领域的全方位 PCB 解决方案。本次投资建设项目周期为 2026 年 全年。结合公司近况，我们点评如下： ❑ 风险提示：地缘政治冲突加剧带来潜在的关税风险，需求低于预期、同行竞 争加剧、扩产进度及产能爬坡低于预期、客户新品拓展不及预期。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 32066 | 35140 | 38303 | 47879 | 57455 | | 同比增长 | -11% ...

Core Viewpoint - The company reported a solid financial performance for the first three quarters of the year, with revenue of 26.86 billion yuan, a year-on-year increase of 14.3%, and a net profit attributable to shareholders of 2.41 billion yuan, up 21.9% year-on-year, indicating strong growth in both revenue and profit [1] Financial Performance Summary - In Q3, the company achieved revenue of 10.48 billion yuan, a year-on-year increase of 1.2% and a quarter-on-quarter increase of 26.4% [1] - The net profit attributable to shareholders in Q3 was 1.17 billion yuan, down 1.3% year-on-year but up 57.7% quarter-on-quarter [1] - The gross margin for Q3 was 23.1%, a decrease of 0.5 percentage points year-on-year but an increase of 2.8 percentage points quarter-on-quarter [1] - The net profit margin for Q3 was 11.1%, down 0.4 percentage points year-on-year but up 2.2 percentage points quarter-on-quarter [1] Acquisition and Strategic Moves - The company announced a cash acquisition and capital increase of 357 million yuan for Wuxi Huayang Technology, which will result in a 53.68% stake in the company [1] - Wuxi Huayang Technology specializes in the production of vehicle-mounted modules and the research and development of sensors, enhancing the company's competitiveness in the automotive electronics sector [2] - The acquisition is expected to strengthen the company's capabilities in advanced processes and system integration in automotive PCB applications [2] Market Outlook - The company anticipates a recovery in profits in Q4, driven by strong sales of major clients and increased orders in the supply chain [2] - The company is also expanding its AI-PCB high-end capacity, with successful certification from key clients, which is expected to contribute to future revenue growth [2] - The period from 2025 to 2027 is projected to be a significant innovation phase for major clients, with new product developments expected to drive demand and technological advancements [3]