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 ...

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]

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. ...

Core Viewpoint - The company reported a revenue increase of 9.59% year-on-year for 2024, driven by market demand recovery and new product launches, while Q1 2025 showed a significant revenue growth of 20.94% year-on-year despite a quarter-on-quarter decline [1] Financial Performance - For 2024, the company achieved a total revenue of 35.14 billion yuan and a net profit of 3.62 billion yuan, with a year-on-year increase of 10.14% [1] - In Q1 2025, the company reported a revenue of 8.09 billion yuan, a year-on-year increase of 20.94%, but a quarter-on-quarter decrease of 30.61% [1] - The gross margin for 2024 was 20.76%, a decrease of 0.58 percentage points year-on-year, while the net margin was 10.30%, an increase of 0.05 percentage points year-on-year [1] Product Segmentation - Revenue from communication boards, consumer electronics and computer boards, and automotive and server boards for 2024 was 24.24 billion yuan, 9.75 billion yuan, and 1.03 billion yuan respectively, with year-on-year growth rates of 3.08%, 22.30%, and 90.34% [1] - AI-related products accounted for over 45% of the revenue in the consumer electronics and computer boards segment, which generated 9.75 billion yuan in 2024 [3] Strategic Initiatives - The company is focusing on AI integration across its product lines, establishing a comprehensive product matrix for AI consumer electronics, including AI smartphones, PCs, and glasses [3] - Significant capital expenditure is planned for 2025, targeting projects such as the Thailand facility, flexible board expansion, and digital transformation [4] - The company is advancing its automotive PCB product development and market entry, achieving mass production of radar computing boards and domain control boards in 2024 [4] Market Outlook - The recovery in consumer electronics demand, driven by policy support and AI technology penetration, is expected to provide substantial growth opportunities for the company [5] - Forecasted net profits for 2025-2027 are 4.13 billion yuan, 4.93 billion yuan, and 5.73 billion yuan respectively, with corresponding EPS of 1.82 yuan, 2.14 yuan, and 2.47 yuan [5]