每经AI快讯，有投资者在投资者互动平台提问：请问公司具是否备了70层高精密多层板、28层8阶HDI 板的量产能力？是否布局下一代30层10阶HDI板？ （文章来源：每日经济新闻） 鹏鼎控股（002938.SZ）9月10日在投资者互动平台表示，公司在消费电子用HDI领域积累了丰富的经 验，已具备量产3-8阶HDI产品的能力，尤其在高阶HDI产品及SLP产品方面拥有领先的技术实力与量产 能力。同时，公司也在积极扩充高阶HDI及高多层等产品产能，以满足行业需求。 ...

Core Viewpoint - The company has accumulated rich experience in the HDI field for consumer electronics and possesses the capability for mass production of 3-8 layer HDI products, particularly excelling in high-end HDI and SLP products with leading technology and production capacity [1] Group 1 - The company is actively expanding production capacity for high-end HDI and high multilayer products to meet industry demand [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 16.375 billion yuan, a year-on-year growth of 24.75%, and a net profit of 1.233 billion yuan, up 57.22% year-on-year [4][5] Company Overview - The latest closing price is 56.93 yuan, with a total share capital of 2.318 billion shares and a total market capitalization of 132 billion yuan [3] - The company has a debt-to-asset ratio of 27.4% and a price-to-earnings ratio of 36.49 [3] Investment Highlights - The demand for AI server market is surging, leading to rapid growth in automotive and server board businesses. The communication board business achieved revenue of 10.268 billion yuan, a year-on-year increase of 17.62%, with a stable gross margin of 15.98% [5] - The consumer electronics and computer board business capitalized on the recovery cycle, generating revenue of 5.174 billion yuan, a year-on-year growth of 31.63%, with a gross margin of 24.52%, up 2.80% year-on-year [5] - The automotive/server board business saw revenue of 0.805 billion yuan, a remarkable year-on-year increase of 87.42% due to the surge in AI server market demand [5] Future Outlook - Revenue projections for 2025, 2026, and 2027 are 40.28 billion yuan, 46.47 billion yuan, and 52.94 billion yuan respectively, with net profits expected to be 4.21 billion yuan, 5.42 billion yuan, and 6.47 billion yuan [7] - The company is expanding its production capacity, with new facilities in Thailand and Taiwan aimed at serving high-demand sectors such as AI servers and optical modules [6]

Core Viewpoint - The company plans to invest RMB 5 billion in expanding its Zhuhai Jinwan base to enhance production capacity and technology for high-end HDI, HLC, and SLP products, catering to the growing demands in AI computing, high-speed networking, automotive intelligence, and AI edge applications [1][2]. Group 1: Investment Details - The investment will be funded through self-owned or self-raised funds amounting to RMB 5 billion [1]. - The expansion project includes technological upgrades to existing facilities, construction of new factories, and enhancement of production capabilities for high-end products [2]. - The project aims to address bottlenecks in production capacity and strengthen the company's ability to deliver high-end products [2]. Group 2: Project Timeline and Scope - The construction period for the project is set from 2025 to 2027 [3]. - The Zhuhai Jinwan base is planned to have an annual production capacity of 600,000 square meters for HDI products, with capabilities for AnyLayer production and mSAP technology [3]. - High-end HDI products are expected to have extensive applications in AI servers, data centers, optical modules, automotive intelligence, and high-end consumer electronics [3]. Group 3: Strategic Implications - The investment is seen as a strategic move to capitalize on the structural growth opportunities in the PCB industry driven by the AI wave [1]. - It is anticipated to enhance the company's core competitiveness and market position, leading to improved operational efficiency and long-term growth [1]. - The company is currently upgrading its existing HDI production lines to further boost capacity for high-end applications [3].

Investment Rating - The report maintains a "Buy" rating for the company [2][6] Core Views - The company has shown significant growth in revenue and profit in the first half of 2025, with a year-on-year revenue increase of 24.75% and a net profit increase of 57.22% [9] - The company's capital expenditure in AI is expected to accelerate, with a focus on both edge and cloud applications [9] - The report anticipates continued strong performance driven by product line expansion and market opportunities, particularly in AI-related sectors [6][9] Financial Summary - 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 [6][8] - The expected growth rates for revenue are 17.1% in 2025, 22.0% in 2026, and 17.8% in 2027 [8] - The company's gross margin for the first half of 2025 was 19.07%, with a notable increase in the second quarter to 20.28% [9] Business Performance - In the first half of 2025, the communication board segment generated RMB 102.68 billion in revenue, a year-on-year increase of 17.62% [9] - The consumer electronics and computing board segment saw revenue of RMB 51.74 billion, up 31.63% year-on-year, driven by the recovery in consumer electronics and AI product development [9] - The automotive/server board segment experienced a remarkable revenue growth of 87.42% year-on-year, reaching RMB 8.05 billion, fueled by demand in the AI server market [9] Investment Outlook - The report highlights the successful completion of various investment projects, including the first phase of a factory in Thailand, which is now in trial production [9] - The company plans to increase its capital expenditure to over NT$30 billion in the next two years, with nearly 50% allocated to expanding high-end HDI and HLC production capacity [9]

Core Viewpoint - Pengding Holdings, a leading global PCB company, has experienced significant revenue and profit growth driven by its strategic positioning in the AI sector and robust operational strategies [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 16.38 billion yuan, a year-on-year increase of 24.8%, with net profit around 1.2 billion yuan, reflecting a growth rate exceeding 50% [1][2]. - The second quarter of 2025 saw remarkable growth, with revenue reaching 8.29 billion yuan, up 28.7%, and net profit soaring by 159.5% to 745 million yuan [2]. - The operating cash flow for the first half of 2025 was 4.277 billion yuan, marking a 53.3% increase year-on-year [2]. Market Position and Strategy - The company has leveraged its leadership in the FPC industry to capitalize on the AI edge computing trend, focusing on high-end HDI products for the server and optical module markets [1][6]. - Pengding Holdings has maintained a strong financial position, with a debt-to-asset ratio of only 29.24% and cash assets amounting to 13 billion yuan as of June 30, 2025 [1][6]. R&D and Product Development - The company is actively advancing its R&D and marketization processes, particularly in high-end products for AI servers and optical communications [1][6][7]. - As of June 30, 2025, Pengding Holdings had applied for 2,732 patents, with 1,525 patents granted [7]. Geographic Revenue Distribution - In the first half of 2025, revenue from the U.S. region was 13.08 billion yuan, accounting for 79.87% of total revenue [6]. - The company has consistently generated a significant portion of its revenue from overseas markets, particularly the U.S., with revenue from this region increasing from 20.6 billion yuan in 2020 to 28.88 billion yuan in 2024 [5][6]. Institutional Interest - As of August 12, 2025, 47 institutional investors held shares in Pengding Holdings, collectively owning 1.866 billion shares, which is 80.52% of the total share capital [3]. - The top ten institutional investors account for 79.91% of the holdings, including notable entities such as the Hong Kong Central Clearing Limited and the National Social Security Fund [3].

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [1]. Core Insights - The company reported a significant increase in performance for Q2 2025, with revenue reaching 8.29 billion, a year-on-year increase of 28.7%, and a net profit of 745 million, up 159.6% year-on-year [5]. - The company has revised its AI PCB capital expenditure (Capex) upwards, aiming to accelerate capacity expansion and customer integration in the TMT and small-cap/electronic sectors [1][5]. - The company is well-positioned to benefit from the ongoing hardware innovations and AI integration trends, particularly with major clients expected to drive demand for new products [5]. Financial Performance - For H1 2025, the company reported 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 [1]. - The gross margin improved to 19.1%, an increase of 1.1 percentage points year-on-year, while the net margin reached 7.5%, up 1.5 percentage points year-on-year [1]. - The company’s revenue for 2025 is projected to be 42.17 billion, with a net profit of 4.50 billion, corresponding to an EPS of 1.94 [10][13]. Business Structure Analysis - Revenue from communication boards was 10.27 billion, a year-on-year increase of 17.6%, while consumer electronics and computer boards generated 5.17 billion, up 31.6% year-on-year [5]. - The automotive and server segments saw revenue of 810 million, a significant year-on-year increase of 87.4% [5]. - The company has established strong capabilities in AI PCB technology, particularly in high-density interconnect (HDI) and substrate-like PCB (SLP) products, with successful entry into the 800G/1.6T optical module market [5]. Future Outlook - The company has increased its AI PCB Capex to over 30 billion New Taiwan dollars (approximately 7-9 billion RMB) for 2025-2026, with nearly 50% allocated for expanding high-end HDI and high-layer count (HLC) capacity [5]. - The company is actively expanding its production capabilities in Thailand and Kaohsiung to meet future demand for high-end products [5]. - The report emphasizes a positive long-term outlook driven by hardware innovations and AI integration, with significant growth expected in the AI-related product segments [5].

证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 个股表现 2024-06 2024-09 2024-11 2025-01 2025-04 2025-06 -36% -27% -18% -9% 0% 9% 18% 27% 36% 45% 鹏鼎控股 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 30.73 | | --- | --- | | 总股本/流通股本（亿股）23.18 | / 23.05 | | 总市值/流通市值（亿元）712 | / 708 | | 52 周内最高/最低价 | 43.64 / 26.00 | | 资产负债率(%) | 27.4% | | 市盈率 | 19.70 | | 第一大股东 | 美港实业有限公司 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 鹏鼎控股(002938) 卡位 AI 浪潮，业绩稳健增长 l 投资要点 l 风险提示： 全球贸易格局变化的风险；市场竞争加剧风险；原材料价格上涨 风险。 | | n 盈利预测和财务指标 | | | | | --- | ...