Core Viewpoint - The company aims to maintain shareholder rights and ensure the smooth conduct of the annual general meeting, focusing on the approval of various compensation proposals for directors and supervisors, as well as the company's operational performance and future strategies [1][2][3]. Group 1: Meeting Arrangements - The board office is responsible for the meeting's procedural arrangements and attendees must comply with staff instructions to maintain order [2]. - Only authorized personnel, including shareholders, directors, supervisors, and invited guests, are allowed to enter the meeting venue, and personal recording is prohibited [2][3]. - The meeting will be held on May 29, 2025, at 14:30, with a network voting system available from 9:15 to 15:00 on the same day [3][4]. Group 2: Company Performance - In 2024, the company achieved a revenue of 3.506 billion yuan, a year-on-year increase of 10.36%, and a net profit attributable to shareholders of 437.37 million yuan, up 23.20% from the previous year [9][34]. - The company has focused on deepening relationships with major clients, enhancing market share, and successfully delivering products to leading new energy vehicle manufacturers [9][10]. - R&D investment increased from 3.97% to 4.28% of revenue, with a year-on-year growth of 18.98%, leading to significant technological advancements in key product areas [10][11]. Group 3: Future Development Strategy - The company plans to continue focusing on the printed circuit board (PCB) industry, particularly in automotive electronics and communication sectors, while exploring new market opportunities [19][20]. - Key initiatives for 2025 include expanding international and domestic market development, optimizing the global marketing network, and enhancing customer service quality [19][20]. - The establishment of a production base in Thailand is underway to meet global demand and improve supply capabilities [11][12]. Group 4: Financial Overview - The company reported a total asset value of 55.588 billion yuan, reflecting a 10.75% increase from the previous year, and a net profit growth driven by effective market strategies [34][35]. - The financial audit for 2024 was conducted by Zhonghui Accounting Firm, which issued a standard unqualified opinion on the financial statements [33][34].

Core Viewpoint - The article identifies the top ten industries with growth potential for 2025 based on the analysis of A-share listed companies' salary increases and employee numbers, indicating a positive outlook for these sectors [4][5]. Industry Summaries Lithium Battery Industry - The lithium battery industry has a favorable outlook index of 48.4%, with 15 out of 31 companies meeting the criteria of a salary increase over 5% and a decrease in employee numbers not exceeding 2% [9][10]. - In 2024, the industry is projected to have a revenue of 636.5 billion yuan, a decrease of 2.84% year-on-year, but a positive trend is expected in 2025 with a revenue increase of 12.5% in Q1 [11]. - The global lithium battery shipment is expected to reach 1,545 GWh in 2024, with a compound annual growth rate of 22.1% from 2024 to 2030 [10][11]. Electric Motor Industry - The electric motor industry has a favorable outlook index of 50%, with 12 out of 24 companies meeting the criteria [17][20]. - In Q1 2025, the industry revenue is projected to be 17.2 billion yuan, an increase of 11% year-on-year, indicating a positive trend [21]. - The industry is evolving towards smart, digital, lightweight, efficient, and new types of motors [19]. Discrete Devices Industry - The discrete devices industry has a favorable outlook index of 52.9%, with 9 out of 17 companies meeting the criteria [28][31]. - In Q1 2025, the industry revenue is expected to be 8.9 billion yuan, a year-on-year increase of 20.3% [34]. - The industry is experiencing a period of adjustment, but inventory turnover days have significantly decreased for 11 out of 17 companies, indicating a positive trend [32]. Printed Circuit Board (PCB) Industry - The PCB industry has a favorable outlook index of 53.5%, with 23 out of 43 companies meeting the criteria [40][42]. - In Q1 2025, the industry revenue is projected to be 62.8 billion yuan, a year-on-year increase of 24.6% [43]. - The industry is expected to continue its growth trajectory, supported by increasing demand for high-end PCBs [41]. Chip Packaging and Testing Industry - The chip packaging and testing industry has a favorable outlook index of 53.8%, with 7 out of 13 companies meeting the criteria [48][50]. - In Q1 2025, the industry revenue is expected to be 21.9 billion yuan, a year-on-year increase of 23.7% [51]. - The industry is recovering from an adjustment period, with a steady increase in R&D expenses [52]. Chip Manufacturing Equipment Industry - The chip manufacturing equipment industry has a favorable outlook index of 55%, with 11 out of 20 companies meeting the criteria [58][62]. - In Q1 2025, the industry revenue is projected to be 17.9 billion yuan, a year-on-year increase of 34.6% [63]. - The industry is experiencing rapid growth, with significant increases in both revenue and net profit [62]. Power Transmission and Transformation Equipment Industry - The power transmission and transformation equipment industry has a favorable outlook index of 55.2%, with 16 out of 29 companies meeting the criteria [68][71]. - In Q1 2025, the industry revenue is expected to be 47.8 billion yuan, a year-on-year increase of 3.9% [72]. - The industry is supported by increasing demand for renewable energy integration and smart grid upgrades [70]. Digital Chip Design Industry - The digital chip design industry has a favorable outlook index of 56.3%, with 27 out of 48 companies meeting the criteria [78][81]. - In Q1 2025, the industry revenue is projected to be 38 billion yuan, a year-on-year increase of 20.3% [82]. - The industry is expected to benefit from the growing demand for GPUs and storage technologies [80]. Precious Metals Industry - The precious metals industry has a favorable outlook index of 58.3%, with 7 out of 12 companies meeting the criteria [88][92]. - In Q1 2025, the industry revenue is expected to be 162.8 billion yuan, a year-on-year increase of 13.4% [92]. - The industry is experiencing a positive trend due to rising gold and silver prices driven by market concerns [89].

Investment Rating - The report maintains a "Buy-A" investment rating for the company [4][6]. Core Views - The company has embraced new AI trends, significantly expanding its presence in high-end markets, particularly in smart driving, AI servers, and AI computing hardware, leading to stable growth in operating performance [2][3]. - The company reported a revenue of 12.659 billion yuan for 2024, a year-on-year increase of 17.68%, and a net profit of 1.169 billion yuan, up 24.86% [1][4]. - For the first quarter of 2025, the company achieved a revenue of 3.343 billion yuan, reflecting a year-on-year growth of 21.9%, with a net profit of 325 million yuan, an increase of 2.18% [1][4]. Financial Performance Summary - The company is projected to achieve revenues of 15.128 billion yuan, 18.154 billion yuan, and 21.784 billion yuan for the years 2025, 2026, and 2027, respectively [4][11]. - The expected net profits for the same years are 1.527 billion yuan, 1.986 billion yuan, and 2.405 billion yuan [4][11]. - The report anticipates a 20x PE ratio for 2025, leading to a target price of 32.69 yuan within six months [4][6]. Market Position and Product Development - The company has made significant advancements in the data center sector, with mass shipments of AI server products and a leading position in high-speed FPC and ultra-high-layer PTFE products [2][3]. - In the automotive electronics sector, the company has seen high growth in smart driving and smart cockpit products, increasing its market share in HDI and high-layer products [2][3]. - The company has also increased its R&D investment, resulting in the acquisition of 30 new invention patents and 9 utility model patents during the reporting period [3][11].

点击招商研究小程序查看PDF报告原文 事件：公司公告25年一季报，Q1收入 40.38亿同比+56.25%环比-6.77%，归母净利 7.62亿同比+48.11% 环比+3.20%，扣非归母净利 7.45 亿同比+50.07%环比+0.71%，毛利率32.75%同比-1.11pct 环比 +0.96pct，净利率18.82%同比-0.84pct环比+1.82pct。我们点评如下： AI算力需求驱动公司业绩保持高速增长。 Q1收入端同比继续提速增长趋势，显示下游AI高算力计 算场景对PCB的结构性需求持续旺盛，环比小幅下滑主因春节因素以及产能方面有一定的瓶颈限 制。利润端增速低于收入增速，盈利能力同比下滑主因：1）股权激励费用同比增加约 6,000 万； 2）汇兑收益同比减少约 4,900 万；3）公司泰国工厂仍处于爬坡期有一定的折旧拖累，亏损约 5,100 万；4）国内加速产能的扩充，期间费用同比有增加。 展望Q2：预计高阶交换机及AI服务器相关产品保持放量态势，驱动业务结构优化带动毛利率向上，且 国内外新增产能持续爬坡带来经营层面的改善。 尽管市场担忧关税对于算力方面需求将产生负面影 响，但据我们对产业链的 ...

Group 1 - The core viewpoint emphasizes the need for companies in the Guangdong-Hong Kong-Macao Greater Bay Area to build a more resilient and collaborative international supply chain system in response to the complexities of global supply chain restructuring and rising protectionism [1][2] - The meeting highlighted structural issues such as insufficient industry chain collaboration, logistics and customs efficiency, and the urgent need to enhance companies' "soft capabilities" as they accelerate their international expansion [1][2] - Companies are urged to transition from a single-point breakthrough strategy to a systematic approach for international expansion, focusing on resilience, flexibility, and collaboration within their supply chains [1][2] Group 2 - The current global economic turmoil and geopolitical conflicts are driving regional and localized adjustments in international supply chains, presenting greater uncertainties and complexities for companies in the Greater Bay Area [2] - Companies are facing new trade barriers and regulatory challenges, necessitating the establishment of a composite capability that integrates technology, regulations, and branding to support the stability of their overseas supply chains [2] - The restructuring of supply chains requires companies to not only address logistics and market development but also to rebuild their entire supply chain system to possess cross-cycle and cross-market collaborative capabilities [2] Group 3 - The case of a PCB manufacturing company illustrates the need for a flexible model of "local manufacturing + overseas delivery," which aims to diversify production bases and mitigate external risks [3] - The Greater Bay Area cities are attempting to create "stable chain" hubs through institutional openness, with Zhuhai making significant strides in cross-border logistics system development [3][4] - The construction of new trade channels, such as the Hong Kong-Zhuhai-Macao Bridge and the upcoming Huangmaohai Cross-Sea Channel, is expected to enhance trade efficiency and stability in the global supply chain [3][4] Group 4 - The Hengqin Guangdong-Macao Deep Cooperation Zone is implementing a "line management" model that offers tax incentives and facilitates cross-border e-commerce and international trade, thereby reducing tax barriers for companies [4] - Hong Kong is positioned as a "super connector" for Greater Bay Area companies, leveraging its global resource network and regulatory experience to assist in international market expansion [5] - Macau aims to strengthen its role as a hub for Portuguese-speaking countries, utilizing its cultural and legal connections to build a cross-border supply chain network [6] Group 5 - The 2024 Guangdong-Hong Kong-Macao Greater Bay Area Exhibition Industry Development Report indicates a 1.32% year-on-year increase in exhibition events, with total area surpassing 31 million square meters, showcasing the region's potential in trade platforms and temporary industrial clusters [6] - Bay Area exhibitions are evolving into critical points for supply chain convergence and initial economic activities, enhancing companies' visibility and negotiation power in international markets [6]

Summary of the Conference Call for Pengding Holdings Company Overview - **Industry**: PCB (Printed Circuit Board) manufacturing - **Key Clients**: Major clients include North American companies, domestic H clients, Microsoft, and HP. The company has been recognized as the largest PCB manufacturer globally for several consecutive years [3][4]. Core Insights and Arguments - **Global Market Position**: As the largest PCB manufacturer, the company has established production capacities in mainland China, Taiwan, Thailand, and India to optimize costs and efficiency [4]. - **Financial Performance**: Despite facing challenges in 2023 due to weak demand in consumer electronics, the company anticipates double-digit growth in revenue and profit by 2025 [4][6]. - **Market Trends**: The global PCB market experienced a decline in 2023 due to supply chain adjustments, but is expected to recover in the next five years, with China holding a 50% market share [4][7]. - **Product Structure**: Over 95% of the company's products are used in communications and consumer electronics, but the share of automotive and server boards is increasing [4][8]. - **AI Impact**: The acceleration of AI technology is expected to drive demand for AI smartphones and AI PCs, with projections indicating a 30% penetration rate for AI smartphones and 50% for AI PCs by 2025 [4][10]. Additional Important Points - **Production Capacity**: The company has a comprehensive global production layout, with specific facilities focusing on different product types, such as FPC in Huai'an and high-end rigid boards in Taiwan [5]. - **Stock Structure**: The company has a stable stock structure with no actual controller, and the largest shareholder is Meigang Industrial [6]. - **Smartphone Market Dynamics**: The global smartphone and PC markets are experiencing a slowdown, with smartphone shipments around 1.2 billion units and PC shipments at approximately 250 million units annually [9]. - **Wearable Products**: The market for wearable products is growing, with significant PCB usage in devices like AI glasses, which require around $10 worth of PCB per unit [13]. - **Automotive and Server Sector**: The company is actively expanding in the automotive and server sectors, particularly in electric vehicles and AI servers, with a $250 million investment in Thailand expected to boost revenue [14]. - **Profit Forecast**: The company projects profits of 3.6 billion, 4.5 billion, and 5.5 billion yuan for 2024, 2025, and 2026 respectively, with an average annual growth rate exceeding 20% [15]. This summary encapsulates the key points from the conference call, highlighting the company's strategic positioning, market dynamics, and future outlook in the PCB industry.