根据公司公告，景旺电子拟投资50亿元对珠海金湾基地进行扩产，主要用于现有工厂技术改造升级及新 工厂建设。项目建设周期为2025年至2027年，旨在提升高阶HDI、HLC、SLP等产品的产能和技术能 力。 景旺电子8月22日股价报收54.18元，较前一交易日下跌0.02元，跌幅0.04%。当日成交量为328665手， 成交金额达17.90亿元。 该公司主营业务为印制电路板的研发、生产和销售，产品广泛应用于通信设备、计算机、消费电子、汽 车电子等领域。景旺电子在广东、江西等地设有生产基地，具备从研发设计到生产制造的全产业链能 力。 资金流向方面，8月22日主力资金净流入1190.42万元，占流通市值的0.02%。近五个交易日主力资金累 计净流出29845.56万元，占流通市值的0.59%。 风险提示：投资有风险，入市需谨慎。市场行情波动可能带来投资风险，请投资者理性决策。 ...

淮安基地80亿扩产超市场预期，这将进一步提升公司AI算力领域的竞争力。 此次投资规划是公司针对淮安园区的中长期AI-PCB 的产能规划，与此 前臻鼎 25-26 年年度 300亿以上新台币（50%用于 AI-PCB 扩产）的投资（包括淮安、泰国、中国台湾高雄等基地整体投资规划）有一定的重 合，但从时间维度上讲，公司进一步给出 27-28 年远期规划，反映了公司对于AI-PCB 行业景气度的乐观预期，以及下游 AI 算力客户的需求愈加 旺盛。据公司交流，此次 投资中大部分将聚焦于高阶 HDI 和 HLC的产能扩充，其中又以高阶HDI为主，且扩产的节奏将视下游客户订单导入的进 度适时进行调整，若订单需求旺盛，会加快产能的兴建投产速度。此次淮安 AI PCB的扩产将加快公司 AI "云-管-端"全产业链布局，提升起在AI 算力领域的技术实力和量产能力，推动各产品线的快速升级，有望进一步打开业绩的中长期成长空间。我们需要强调的是：1）AI PCB 属于定制化 产品，只有在较为明确的客户需求的背景下，PCB 厂商才会积极的扩充产能，此次PCB 龙头公司鹏鼎的针对单一产业园区的中长期扩产规划是对 行业高景气的再度确认，对 ...

Core Viewpoint - Pengding Holdings (002938) announced an investment of 8 billion yuan to build the Huai'an Industrial Park, aiming to expand production capacity for SLP, high-end HDI, and HLC products to cater to the growing AI application market [1] Investment Details - The investment project will take place from the second half of 2025 to 2028, funded entirely by the company's own capital [1] - The purpose of the investment is to leverage the AI trend and utilize the ONE AVARY product technology platform to accelerate the company's full industry chain layout in AI [1] Market Positioning - The investment is expected to enhance the company's technical strength and mass production capabilities in the AI computing power field, thereby expanding operational scale and improving operational efficiency [1] - The company is focusing on the development of AI server products and has established production capacity in both Huai'an and Thailand [2] Financial Performance - In the first half of the year, the company achieved revenue of 16.375 billion yuan, a year-on-year increase of 24.75%, and a net profit attributable to shareholders of 1.233 billion yuan, up 57.22% year-on-year [2] - The company is actively developing AI endpoint products, such as AI glasses, to capitalize on the recovery cycle in consumer electronics [2] Production Capacity and Client Engagement - The first phase of the Thailand project has been completed and is currently undergoing client certification and sampling, with small-scale production expected in the second half of the year [3] - The company's capital expenditure plan for this year primarily targets high-end HDI and SLP projects, including investments in the Thailand and Huai'an parks [3]

鹏鼎控股（002938）(002938.SZ)公告，公司董事会审议通过《关于公司淮安园区投资计划的议案》， 同意公司投资合计80亿元人民币在淮安园区整合建设淮安产业园，并同步投资建设包括SLP、高阶HDI 及HLC等产品产能，扩充软板产能，为快速成长的AI应用市场提供涵盖服务器、光通讯、人形机器 人、智能汽车及AI端侧产品等多领域的全方位PCB解决方案。本次投资合计80亿元人民币，投资建设期 为2025年下半年至2028年。 公告称，本次投资整合建设淮安产业园项目，主要为公司把握AI趋势浪潮，充分利用ONE AVARY的产 品技术平台，进一步加快公司AI"云-管-端"全产业链布局，提升公司整体竞争实力。 ...

格隆汇8月19日丨鹏鼎控股(002938.SZ)公布，公司于2025年8月19日召开第三届董事会第十九次会议审 议通过《关于公司淮安园区投资计划的议案》，同意公司投资合计80亿元人民币在淮安园区整合建设淮 安产业园，并同步投资建设包括SLP、高阶HDI及HLC等产品产能，扩充软板产能，为快速成长的AI应 用市场提供涵盖服务器、光通讯、人形机器人、智能汽车及AI端侧产品等多领域的全方位PCB解决方 案。本次投资合计80亿元人民币，投资建设期为2025年下半年至2028年。 ...

Core Viewpoint - The company reported strong financial performance in H1 2025, with revenue of 16.38 billion, a year-on-year increase of 24.75%, and a net profit of 1.23 billion, up 57.2% year-on-year, indicating robust growth driven by product structure optimization and improved operational efficiency [1][2]. Group 1: Financial Performance - In Q2 2025, the company achieved revenue of 8.29 billion, a year-on-year increase of 28.7%, and a net profit of 745 million, up 159.6% year-on-year, reflecting significant profitability improvements [1][2]. - The gross margin for Q2 was 20.3%, an increase of 4.8 percentage points year-on-year, while the net margin reached 8.9%, up 4.5 percentage points year-on-year [1][2]. Group 2: Business Structure Analysis - Revenue from communication boards was 10.27 billion, a year-on-year increase of 17.6%, with a gross margin of 16.0% [2]. - Revenue from consumer electronics and computer boards was 5.17 billion, up 31.6% year-on-year, with a gross margin of 24.5% [2]. - Revenue from automotive and server applications reached 810 million, a remarkable increase of 87.4% year-on-year, driven by new product certifications and collaborations [2]. Group 3: Capital Expenditure and Future Outlook - The company has increased its capital expenditure (Capex) for AI PCB to over 30 billion New Taiwan dollars (approximately 7-9 billion RMB) for 2025-2026, with nearly 50% allocated to expanding high-end HDI and HLC production capacity [3][11]. - The company is actively expanding its production capabilities in Thailand and Kaohsiung, with plans for new production lines for ultra-high-layer products [3][11]. Group 4: Long-term Growth Drivers - The company anticipates a significant growth cycle from 2025 to 2027, driven by innovations in AI-related products such as AI smartphones, foldable devices, and AI glasses [4][20]. - The demand for high-end AI products is expected to drive a new round of capital expenditure expansion, with a focus on GPU/ASIC terminal customers [4][20].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - The company achieved an operating revenue of 12.659 billion yuan in 2024, representing a year-on-year growth of 17.68%. The net profit attributable to shareholders was 1.169 billion yuan, up 24.86% year-on-year. The gross margin and net margin were 22.73% and 9.16%, respectively, with a gross margin decrease of 0.44 percentage points and a net margin increase of 0.69 percentage points [2][5] - In the first quarter of 2025, the company reported an operating revenue of 3.343 billion yuan, a year-on-year increase of 21.90%, and a net profit of 325 million yuan, up 2.18% year-on-year. The gross margin and net margin were 20.78% and 9.87%, respectively, with a gross margin decrease of 3.83 percentage points and a net margin decrease of 1.70 percentage points [2][5] - The company is focusing on the automotive sector and embracing AI technologies, with significant advancements in AI server products and high-end HDI PCB products. The company has achieved breakthroughs in AI server fields and is experiencing high demand for its products [11] - The automotive electronics sector is also a key focus, with the company actively developing products for intelligent driving and accumulating a strong customer base among leading Tier 1 manufacturers and domestic automakers. The company expects substantial growth in its automotive business [11] - The company aims to leverage its technological strengths in high-end HDI and multilayer PCB products to drive growth in both the automotive and data communication sectors, anticipating net profits of 1.541 billion yuan, 2.023 billion yuan, and 2.408 billion yuan from 2025 to 2027, with corresponding price-to-earnings ratios of 16.62, 12.65, and 10.63 [11] Financial Summary - In 2024, the company reported total revenue of 12.659 billion yuan and a net profit of 1.169 billion yuan. The projected revenues for 2025, 2026, and 2027 are 14.938 billion yuan, 17.926 billion yuan, and 21.511 billion yuan, respectively [18] - The company’s gross profit is expected to grow from 2.878 billion yuan in 2024 to 5.163 billion yuan in 2027, maintaining a gross margin of around 24% [18] - The company’s total assets are projected to increase from 19.244 billion yuan in 2024 to 24.903 billion yuan in 2027, with a debt-to-asset ratio of approximately 45.4% by 2027 [18]