研報掘金丨國盛證券:鵬鼎控股半年度業績高增長,維持“買入”評級
國盛證券研報指出,鵬鼎控股預計2025年上半年歸母淨利潤爲11.98億元~12.60億元,比上年同期增長52.79%~60.62%。若取中值,25Q2單季度歸母淨利潤約爲7.41億,同比增長158%。公司持續進行成本管控、製程改善、強化自動化生產,降低生產成本,利潤增加;同時,利潤成長主要來自產品結構改善,產能利用率提升以及公司新產品線的良率穩步提高,進而帶動了公司的毛利率提升。公司正加快推進高階HDI及SLP板擴產項目以滿足市場對高階產品的產能需求,重視泰國園區的建設進程,擴大在汽車及服務器領域的產能。認爲隨着產能逐步釋放,公司業績增長可期。預計公司在2025/2026/2027年分別實現營業收入409/466/520億元,同比增長16%/14%/12%,實現歸母淨利潤45/53/61億元,同比增長24%/18%/14%,當前股價對應2025/2026/2027年PE分別爲20/17/15X,維持“買入”評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.