研報掘金丨招商證券:維持鵬鼎控股“強烈推薦”評級,AI算力及AI端側打開新的增長空間
招商證券研報指出,24年消費電子行業回暖驅動鵬鼎控股(002938.SZ)重回成長,AI算力及AI端側爲公司打開新的增長空間。Q4歸母淨利16.5億同比+14.1%環比+38.3%,盈利保持同環比改善趨勢。整體經營業績情況符合市場預期,業績增長源於今年下遊消費電子行業回暖及以AI爲代表的科技革命新浪潮推動PCB需求向上。展望25年,公司50億Capex超市場預期,積極佈局AI終端(含摺疊屏)及算力、智能車和低軌衛星等領域,望迎來多點開花。公司傳統業務在大客戶AI化的加持下將開啓新的成長,AI服務器/車載/低軌衛星等非手機業務的擴張有望爲公司提供遠期增長動能。維持“強烈推薦”評級。
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