Investment Rating - The investment rating for the company is "Buy" with a market price of RMB 47.89 and a sector rating of "Outperform" [1][4]. Core Views - The company is expanding its AI production capacity in Thailand, which supports its "cloud-edge" full industry chain strategy. This investment is expected to enhance the company's capabilities in the AI application market [4][6]. - The company is projected to achieve revenues of RMB 411.55 billion, RMB 501.93 billion, and RMB 591.50 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of RMB 45.45 billion, RMB 57.76 billion, and RMB 67.39 billion. The price-to-earnings ratios for these years are estimated at 24.4, 19.2, and 16.5 times [4][5]. Financial Summary - The company’s main revenue for 2025 is estimated at RMB 41,155 million, with a growth rate of 17.1% compared to the previous year. The EBITDA is projected to be RMB 7,170 million, and the net profit is expected to reach RMB 4,545 million, reflecting a growth rate of 25.5% [5][10]. - The company’s capital expenditure reached RMB 49.72 billion by the end of Q3 2025, indicating a significant increase in investment compared to the previous year [6][7]. - The company reported a revenue of RMB 268.55 billion for the first three quarters of 2025, a year-on-year increase of 14.34%, with a net profit of RMB 24.07 billion, up 21.23% [6][7]. Investment Strategy - The company is actively expanding its production capacity in various locations, including Huai'an, Thailand, and Kaohsiung, Taiwan, to meet the growing demand for AI-related products [6][7]. - The strategic investment in Thailand, amounting to RMB 42.97 billion, aims to build production facilities and enhance the company's product offerings in high-end HDI and other advanced PCB solutions [6][7].

Core Viewpoint - The company plans to invest a total of 4.297 billion RMB in its Thailand park for the construction of production facilities and supporting infrastructure in 2026, aiming to capitalize on the growing AI application market [1] Investment Plan - The board of directors has approved the investment plan for 2026, which includes the construction of production plants and related facilities in Thailand [1] - The investment will also focus on increasing production capacity for high-end HDI (including SLP), HLC, and other products [1] Market Strategy - The investment is aimed at providing comprehensive PCB solutions across various fields, including servers, AI edge products, and low-orbit satellites, to meet the demands of the rapidly growing AI market [1] - The project is expected to enhance the company's "cloud-edge-end" full industry chain layout and accelerate its global business expansion [1]

Core Viewpoint - The company, Pengding Holdings, has approved an investment plan for 2026 to invest a total of 4.297 billion RMB in a production park in Thailand, focusing on the rapidly growing AI application market [1] Investment Plan - The investment will be used for the construction of production facilities and supporting infrastructure in Thailand [1] - The investment includes the capacity expansion for high-end HDI products, including SLP and HLC, to provide comprehensive PCB solutions across various fields such as servers, AI edge products, and low-orbit satellites [1] - The project is scheduled to be completed throughout the year 2026 [1] Strategic Goals - The investment aims to capitalize on the AI trend and leverage the ONEAVARY product technology platform [1] - The company intends to accelerate its full industry chain layout for AI, covering cloud, management, and edge [1] - This move is part of the company's strategy to enhance its global business footprint [1]