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鹏鼎控股20250826
2025-08-26 15:02
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 ...
【国信电子胡剑团队】鹏鼎控股:CAPEX提速彰显明确信心,泰国工厂顺利导入AI算力客户
剑道电子· 2025-08-20 02:44
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]
鹏鼎控股(002938):AI端侧、服务器齐头并进,推动公司开启新一轮成长
Huachuang Securities· 2025-08-19 07:07
Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][23]. Core Views - The company achieved a revenue of 16.374 billion yuan in H1 2025, representing a year-on-year increase of 24.75%, and a net profit of 1.233 billion yuan, up 57.22% year-on-year [2]. - The growth is driven by advancements in AI edge and server technologies, with significant contributions from the communication board and consumer electronics segments [8]. - The company is actively investing in R&D and expanding production capacity to meet the rising demand in AI-related products [8]. Financial Performance Summary - In Q2 2025, the company reported a revenue of 8.288 billion yuan, a year-on-year increase of 28.71%, and a net profit of 745 million yuan, up 159.55% year-on-year [2]. - The gross margin for Q2 2025 was 20.28%, reflecting a year-on-year increase of 4.8 percentage points [2]. - The company’s total revenue is projected to grow from 35.14 billion yuan in 2024 to 56.073 billion yuan by 2027, with a compound annual growth rate of 19% [4]. Segment Performance Summary - The communication board segment generated 10.268 billion yuan in revenue in H1 2025, up 17.62% year-on-year, while maintaining a stable gross margin of 15.98% [8]. - The consumer electronics segment benefited from industry demand recovery, achieving 5.174 billion yuan in revenue, a 31.63% increase year-on-year, with a gross margin of 24.52% [8]. - The automotive/server segment saw a remarkable growth of 87.42%, generating 805 million yuan in revenue, driven by the rapid demand for AI servers [8]. Future Outlook - The company is expected to release new products and expand production capacity, with profit forecasts adjusted to 4.382 billion yuan for 2025, 5.687 billion yuan for 2026, and 6.712 billion yuan for 2027 [8]. - The target price for the company's stock has been adjusted to 73.5 yuan, based on a projected 30 times price-to-earnings ratio for 2026 [4][8].
鹏鼎控股(002938):25Q2业绩高增,上修AIPCBCapex加速产能扩张和客户导入
CMS· 2025-08-13 02:04
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. ...
鹏鼎控股(002938):2024年收入稳定增长 充分受益AI浪潮
Xin Lang Cai Jing· 2025-05-16 10:45
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]