Core Insights - The report highlights a stable inflation trend in non-energy sectors, indicating an improvement in domestic demand, which may influence future monetary policy decisions [2][6] - The company, Pengding Holdings, has successfully implemented a comprehensive AI strategy across its operations, including cloud, management, and end-user applications, while also advancing its electric vehicle business [7][8] Market Performance - The report provides an overview of market indices, with the Shanghai Composite Index closing at 3238.23, up by 0.45%, and the Shenzhen Component Index at 9834.44, up by 0.82% [3] - The electronic sector showed a strong performance with a 3.77% increase, while the agriculture, forestry, animal husbandry, and fishery sector declined by 3.18% [4] Company Financials - For the year 2024, the company is projected to achieve a revenue of 35.14 billion yuan, representing a year-on-year growth of 9.59%, and a net profit of 3.62 billion yuan, reflecting a 10.14% increase [8] - In Q4 2024, the company expects to report a revenue of 11.65 billion yuan, with a year-on-year growth of 0.37% and a quarter-on-quarter growth of 12.48% [8] AI and Technology Development - The company has made significant strides in AI applications, with revenue from AI-related products exceeding 45% in the communications sector, and a notable growth in sales from AI server products [9] - The automotive PCB products have also seen accelerated development, with a 90.34% year-on-year increase in sales revenue for automotive and server-related PCB products [9]

点击招商研究小程序查看PDF报告原文 事件： 公司公告24年报，24年总收入133.4亿同比+49.3%，归母净利25.9亿同比+71.1%，扣非归母 净利25.5亿同比+80.8%，毛利率34.5%同比+3.3cpts，净利率19.2%同比+2.5pcts，拟每 10股派发 现金5元(含税)。我们点评如下： AI需求持续推动收入及利润高速增长。 业绩高速增长受益于高速运算服务器、人工智能等新兴计算 场景对高端PCB的结构性需求，依托平衡的产品布局以及深耕多年的中高阶产品与量产技术，24年 公司PCB业务实现营收约128.4亿元同比+49.8%；同时随着公司PCB业务产品结构的进一步优化， 公司PCB业务毛利率提升至35.9%同比+3.4pcts；公司良品率92.3%，保持相对稳定的高水平。 24 年沪士泰国厂和胜伟策分别亏损约 0.33/0.84 亿元。单看Q4季度，收入 43.3 亿同比+51.6%环比 +20.7%，归母净利 7.4 亿同比+32.1%环比+4.4%，扣非归母净利 7.4 亿同比+39.5%环比+6.5%，毛 利率31.8%同比-2.1pcts环比-3.1pcts，净利率17.0%同比- ...

Investment Rating - The report maintains an "Outperform" rating for the electronic industry [3][17]. Core Insights - The Taiwan PCB industry achieved a significant revenue increase in February, with total revenue reaching NT$ 59.8 billion, a year-on-year growth of 26% [9][10]. - The report highlights strong performance among high-layer and HDI-related companies, with notable revenue growth from companies like Jinchang Electric, which reported a 47% year-on-year increase in February [9][17]. - The demand for high-end PCBs is expected to continue due to the needs of AI servers, high-speed communication devices, and automotive intelligence [17]. Summary by Sections 1. Taiwan PCB Industry Revenue Situation - In February, the Taiwan PCB industry generated NT$ 59.8 billion, reflecting a 26% year-on-year increase and a 3% decrease month-on-month. Cumulative revenue from January to February reached NT$ 121.5 billion, up 11% year-on-year [10][11]. 2. Revenue Performance of Related Companies - Notable revenue performances in February include: - Xinxing Electronics: NT$ 10 billion, up 21% year-on-year [11]. - Nandian: NT$ 2.8 billion, up 50% year-on-year [11]. - Jinchang Electric: NT$ 3.9 billion, up 47% year-on-year, setting a new monthly revenue record [11][13]. - Zhendin: NT$ 12.2 billion, up 42% year-on-year [13]. - Overall, the revenue of Taiwan PCB listed companies showed widespread growth, particularly in high-layer and HDI sectors [11][17].

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The computing hardware sector has shown strong performance this year, particularly in terms of market attention, although it has underperformed compared to the application side. Companies like Nvidia have seen stock price corrections due to concerns over demand for high-performance chips [2][3] - Innovations from Deepseek have reduced reliance on traditional high-performance chips, raising concerns about short-term demand contraction for computing power, despite potential long-term demand growth [3][4] - Major cloud service providers are actively developing proprietary AI chips, which could pose competition to the GPU market. Companies like Google, Amazon, and Microsoft are increasing their chip output, while Meta collaborates with TSMC on specialized chips [3][6] - The PCB sector is benefiting from high-growth areas such as AI computing and smart driving, with several companies reporting impressive earnings. The demand for advanced HDI products is increasing due to the need for high-speed and stable communication [3][5] - The CCL market is experiencing price adjustments driven by rising demand in automotive electronics and AI products, alongside increases in raw material prices. Different CCL manufacturers need to adapt to ensure smooth cost transmission [3][9] Summary by Sections Section: Computing Hardware - The computing hardware sector has seen a strong market performance this year, particularly in terms of attention, but has underperformed relative to application sectors. Nvidia and other GPU manufacturers have faced stock price corrections due to concerns over demand [2][3] - Deepseek's innovations have led to a reduced dependency on high-performance chips, raising concerns about short-term demand contraction for computing power, despite the potential for long-term demand growth [3][4] Section: PCB Sector - The PCB sector has shown strong performance, with several companies reporting impressive earnings. The demand for advanced HDI products is increasing due to the need for high-speed and stable communication in AI servers and other applications [3][5] Section: CCL Market - The CCL market is undergoing price adjustments, influenced by rising demand in automotive electronics and AI products, as well as increases in raw material prices. Manufacturers need to adapt to ensure effective cost transmission [3][9] Section: AI Chip Development - Major cloud service providers are actively developing proprietary AI chips, which could pose competition to the GPU market. Companies like Google, Amazon, and Microsoft are increasing their chip output, while Meta collaborates with TSMC on specialized chips [3][6]

Group 1 - Investment Rating: "Recommended" for Shengyi Technology (600183.SH) [2][17] - Investment Rating: "Outperform" for AMC's involvement in real estate asset restructuring [9][12] - Investment Rating: "Outperform" for humanoid robot perception systems [19][21] Group 2 - Core View: AMC's accelerated involvement in real estate non-performing assets is a crucial method for mitigating industry risks, but successful cases are limited to high-quality projects with temporary liquidity issues [2][12] - Core View: Shengyi Technology is positioned as a leading domestic player in high-end CCL, with expected EPS growth from 0.73 yuan in 2024 to 1.37 yuan in 2026, driven by recovering demand and AI-related growth [2][17] - Core View: The humanoid robot market has significant potential, with perception systems being a core subsystem that integrates various sensors for environmental interaction [19][21] Group 3 - Summary of Real Estate Report: AMC's deep involvement in revitalizing the industry requires government support and management restructuring, with successful cases focusing on regionally high-quality projects [9][10] - Summary of Shengyi Technology Report: The company has a comprehensive product matrix and is expected to benefit from the recovery in downstream demand and AI-driven growth, with a projected PE of 40.5x for 2025 [2][17] - Summary of Humanoid Robot Report: The perception system, including 3D vision and tactile sensors, is essential for humanoid robots, indicating a substantial market opportunity as the technology matures [19][21]

Investment Rating - The report maintains a "Recommended" investment rating for the company, with a current stock price of 69.84 CNY [1]. Core Views - The company is experiencing rapid growth in its operating performance, driven by strong demand for AI-related products, with a projected revenue increase of 35.3% to 10.73 billion CNY in 2024 and a net profit increase of 72.9% to 1.16 billion CNY [3][7]. - The company is positioned as a core supplier in the AI PCB market, benefiting from the increasing demand for high-end products and the expansion of production capacity in overseas markets [7][8]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2024 revenue is expected to reach 10.73 billion CNY, a 35.3% increase from 2023, while net profit is projected at 1.16 billion CNY, a 72.9% increase [3][7]. - For Q1 2025, net profit is anticipated to be between 780 million CNY and 980 million CNY, representing a year-on-year increase of 320% [7]. - **Earnings Per Share (EPS)**: - EPS is forecasted to be 1.37 CNY in 2024, 4.99 CNY in 2025, and 6.85 CNY in 2026, reflecting significant growth [8][10]. - **Profitability Ratios**: - Gross margin is expected to improve from 20.7% in 2023 to 34.1% by 2026, while net margin is projected to rise from 8.5% to 24.2% over the same period [10]. - **Valuation Metrics**: - The price-to-earnings (P/E) ratio is expected to decrease from 89.7 in 2023 to 10.2 by 2026, indicating improved valuation as earnings grow [10]. Market Position and Strategy - The company is leveraging its technological and production advantages to capture the growing demand for AI PCBs, with a focus on high-end products and new material applications [7][8]. - The expansion of production capacity in Thailand and Vietnam is expected to further enhance the company's long-term growth prospects [7].

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][6][7] Core Views - The company's Q4 performance met market expectations, driven by increased sales from major clients and innovations in AI terminals, indicating a new growth cycle [6][7] - The company is expected to accelerate growth in Q1 2025, supported by new product launches and increased production capacity [6][7] - The company is actively expanding its presence in AI terminals, smart vehicles, and low-orbit satellites, which are anticipated to drive multiple growth opportunities [6][7] Financial Performance - In 2024, the company achieved a revenue of 35.14 billion, a year-on-year increase of 9.6%, and a net profit of 3.62 billion, up 10.1% year-on-year [6][7] - Q4 revenue was 11.65 billion, reflecting a 0.4% year-on-year increase and a 12.5% quarter-on-quarter increase, with a net profit of 1.65 billion, up 14.1% year-on-year [6][7] - The company forecasts revenues of 35.14 billion, 41.29 billion, and 47.49 billion for 2024, 2025, and 2026 respectively, with corresponding net profits of 3.62 billion, 4.46 billion, and 5.33 billion [6][7] Market Position and Strategy - The company is enhancing its technological capabilities and expanding high-end production capacity, particularly in AI-related products [6][7] - The report highlights the expected innovation cycle from major clients, particularly in AI-integrated devices, which is projected to drive significant growth from 2025 to 2027 [6][7] - The company is positioned to benefit from the increasing demand for AI servers, automotive electronics, and low-orbit satellite applications, providing long-term growth momentum [6][7]

分析师：李怀军 证书编号：S1080510120001 电话：010-63197789 证券研究报告 点评报告 2025 年 3 月 11 日 晨会纪要 第一创业证券研究所 邮箱：lihuaijun@fcsc.com 证书编号：S1080524120001 电话：0755-23838533 邮箱：guoqiang@fcsc.com 核[心Ta观bl点e_：Summary] 一、策略和先进制造组： 胜宏科技发布 2025 年第一季度业绩预告，归属于上市公司股东的净利润 7.8 亿 元–9.8 亿元，比上年同期增长 70%–90%，扣除非经常性损益后的净利润 6.9 万 元–7.9 亿元，比上年同期增长 72%–97%。按公司 2024 年业绩预告，公司 2024 年全年归属于上市公司股东的净利润为 11.6 亿元，同比增长 72.9%，扣除非经常 性损益后的净利润 11.4 亿元，同比增长 71.5%。今年一季度的业绩相当于 2024 年全年的约 80%。业绩增长的主要推动因素是参与国际头部大客户新产品预研， 突破超高多层板、高阶 HDI 相结合的新技术，实现了 PTFE 等新材料的应用。快 速落地 AI 算力 ...