鹏鼎控股20240618

Company and Industry Overview * Company: PEGASUS PRECISION INDUSTRIES CO., LTD. (Pegatron) * Industry: PCB (Printed Circuit Board) manufacturing, particularly focused on FPC (Flexible Printed Circuit) and HDI (High-Density Interconnect) technologies. * Market: High-end consumer electronics, including smartphones, servers, and other electronic devices. Key Points 1. Revenue and Profit Growth * 2024 Revenue: Expected to reach 37 billion RMB (approx. 5.5 billion USD). * 2024 Profit: Expected to reach 4 billion RMB (approx. 600 million USD). * Valuation: Currently at 22 times forward earnings. 2. Product and Application Segments * FPC (Flexible Printed Circuit): 80% of revenue, primarily used in smartphones, servers, and other electronic devices. * HDI (High-Density Interconnect): 20% of revenue, used in servers, high-end smartphones, and other electronic devices. * Applications: Smartphones, servers, consumer electronics, and automotive electronics. 3. Key Drivers of Growth * Smartphone Market: Expected to grow due to increased demand for high-end smartphones and foldable phones. * AI Integration: AI integration in smartphones is expected to drive demand for advanced PCB technologies like HDI and SLP. * Server Market: Growth in the server market is expected to drive demand for HDI technology. 4. Key Customers * Apple: The largest customer, accounting for over 70% of revenue. * Other Customers: Microsoft, Huawei, and other leading smartphone and server manufacturers. 5. Future Outlook * Revenue Growth: Expected to grow at a CAGR of 25% over the next few years. * Profit Growth: Expected to grow at a CAGR of 20% over the next few years. * Valuation: Expected to reach over 20 times forward earnings in the next few years. Conclusion Pegatron is well-positioned to benefit from the growing demand for advanced PCB technologies in the high-end consumer electronics and server markets. The company's focus on FPC and HDI technologies, combined with its strong customer relationships and strategic partnerships, positions it for strong future growth.