公司已成为 AI 手机、折叠手机与 AR/VR 设备核心供货商，并在卫星通 讯与低轨卫星领域，以及人形机器人和脑机接口领域积极布局，拓展前 瞻性技术研究。 公司预计在淮安园区投资 80 亿人民币扩充 SLP 高阶 HDI 及 HLC 等产能， 建设覆盖 AI 云管端全产业链的淮安 AI 园区。泰国一厂已试产，预计四 季度小量产，泰国二厂建设中，打造 one every 一站式 PCB 服务平台。 季盈利能力显著提升。 鹏鼎控股 20250826 摘要 2025 年上半年，公司营收 163.75 亿元，同比增长 24.7%，销售净利 率 7.49%，加权平均净资产收益率 3.76%，基本每股收益 0.53 元，均 实现同比增长。二季度盈利能力显著提升，毛利率和净利率分别较一季 度增长 2.45 和 2.92 个百分点。 通讯用板（手机业务为主）收入 102.68 亿元，同比增长 17.62%，占 总营收 62.7%；消费电子及计算机用板收入 51.74 亿元，同比增长 31%，占比 31%；汽车及服务器用板收入 8 亿元，同比大幅增长 87%，占比 4%。 公司营运能力表现良好，应收账款周转天数 53 天，同比 ...

证券研究报告 | 公司点评报告 2025 年 08 月 13 日 鹏鼎控股（002938.SZ） % 1m 6m 12m 绝对表现 31 26 52 相对表现 27 20 28 资料来源：公司数据、招商证券 -40 -20 0 20 40 60 80 Aug/24 Dec/24 Apr/25 Jul/25 (%) 鹏鼎控股 沪深300 25Q2 业绩高增，上修 AI PCB Capex 加速产能扩张和客户导入 TMT 及中小盘/电子 事件：公司公告 25H1 收入 163.8 亿 同比+24.75%；归母净利润 12.3 亿同 比+57.2%；扣非归母净利 11.5 亿 同比+51.9%，毛利率 19.1%同比+1.1pct， 净利率 7.5%同比+1.5pct。结合公司母公司臻鼎科技的财报信息及公司近况， 我们点评如下： 强烈推荐（维持） 当前股价：51.84 元 基础数据 | 总股本（百万股） | 2318 | | --- | --- | | 已上市流通股（百万股） | 2307 | | 总市值（十亿元） | 120.2 | | 流通市值（十亿元） | 119.6 | | 每股净资产（MRQ） | 13. ...

Group 1: Market Insights - The development of AI servers and terminal products is characterized by deep collaboration and mutual growth, forming a "cloud-edge-end" intelligent system [1] - In Q1, the revenue from automotive and server boards increased by 81.3% year-on-year, indicating a rapid growth trend [1] - The company is optimistic about the AI glasses market, which exceeded sales expectations last year, and sees it as a significant interactive terminal for AI applications [3] Group 2: Production and Capacity - The production cycle from equipment layout to launch is approximately six months, provided that the factory and mechanical-electrical support are in place [2] - The company has achieved a maturity level four in intelligent manufacturing capabilities at its Shenzhen factory, with ongoing upgrades in other facilities [3] Group 3: Strategic Developments - The introduction of intelligent management has improved product yield and production efficiency, contributing to cost reduction and enhanced product quality [3] - The first phase of the Thailand park project has been completed, and customer certification and sampling are currently underway, with small-scale production expected in the second half of the year [1] Group 4: Compliance and Communication - During the investor relations activity, the company ensured compliance with regulations and did not disclose any undisclosed significant information [4]