According to the Open Source Securities Research Report, Pengding Holdings' R&D investment is increasing AI PCBs, and the release of advanced production capacity opens up room for growth. Net profit attributable to mother for the first three quarters of 2026 was RMB 2,448 million, +1.68% YoY; net profit for the third quarter of a single quarter was RMB 1,164 billion, -0.87% YoY, +41.82% YoY. It is believed that the first three quarters of 2026 were mainly disrupted by factors such as increased forward-looking R&D investment in AI and high-end automotive boards and phased exchange losses due to exchange rate fluctuations. Together, the two affected profits by more than 1.6 billion yuan, putting pressure on profits for the full year of 2026. In the future, with more than 10 plants under construction being put into operation one after another, the concentrated release of high-grade MSAP and HDI computing power production capacity, and the combined R&D cost rate peaked and declined, and the company's profit is expected to rise strongly. As a result, the profit forecast for 2026 was lowered and the 2027-2028 profit forecast is expected to be 40.60/78.36/9.830 billion yuan. The PE corresponding to the current stock price is 31.7/16.4/13.1 times. The traditional main business is stable, the development of additional computing power products, and the gradual release of advanced production capacity is maintained.

According to the Open Source Securities Research Report, Pengding Holdings' R&D investment is increasing AI PCBs, and the release of advanced production capacity opens up room for growth. Net profit attributable to mother for the first three quarters of 2026 was RMB 2,448 million, +1.68% YoY; net profit for the third quarter of a single quarter was RMB 1,164 billion, -0.87% YoY, +41.82% YoY. It is believed that the first three quarters of 2026 were mainly disrupted by factors such as increased forward-looking R&D investment in AI and high-end automotive boards and phased exchange losses due to exchange rate fluctuations. Together, the two affected profits by more than 1.6 billion yuan, putting pressure on profits for the full year of 2026. In the future, with more than 10 plants under construction being put into operation one after another, the concentrated release of high-grade MSAP and HDI computing power production capacity, and the combined R&D cost rate peaked and declined, and the company's profit is expected to rise strongly. As a result, the profit forecast for 2026 was lowered and the 2027-2028 profit forecast is expected to be 40.60/78.36/9.830 billion yuan. The PE corresponding to the current stock price is 31.7/16.4/13.1 times. The traditional main business is stable, the development of additional computing power products, and the gradual release of advanced production capacity is maintained.