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鹏鼎控股2026年中报管理层讨论与分析：AI算力驱动第二增长曲线，传统消费电子承压毛利率显著改善

2026-08-11 21:12:41来源：证券之星经营分析  


【资料图】

业务板块2025H1收入2026H1收入收入同比变动2025H1毛利率2026H1毛利率毛利率变动通讯用板102.68亿元100.48亿元-2.15%15.98%19.94%+3.96pct消费电子及计算机用板51.74亿元47.42亿元-8.36%24.52%25.54%+1.02pct汽车/服务器用板8.05亿元22.67亿元+181.58%未披露37.42%+20.59pct2025年规划2026H1执行进展淮安园区投资80亿元（2025H2-2028年）淮安HD园区已签约，拟投资110亿元，用于AI算力及光模块产品泰国一期2025年5月试产泰国一期已建成投产并通过多家客户认证，二期、三期同步建设中IHDI与HLC产能翻倍增长（至2026年底）淮安产业园项目截至报告期末累计投入61.82亿元，进度30.91%2026年资本支出预计168亿元2026H1投资活动现金流出60.97亿元，同比增长101.37%

指标2025H12026H1变动研发投入金额10.72亿元15.97亿元+49.00%研发投入占营收比例6.55%9.28%+2.73pct

2026年上半年研发投入同比增长49.00%至15.97亿元，占营收比重提升至9.28%，创历史同期新高。管理层解释主要系"试产品及模具费用增加所致"。与2025年全年6.28%的研发投入占比相比，2026年上半年的研发强度显著提升，反映出公司在AI算力相关产品上的技术攻关力度加大。

指标2025年末2026年6月末变动累计申请专利2,801件2,872件+71件累计获证专利1,647件1,744件+97件

指标2025H12026H1同比变动营业收入163.75亿元172.17亿元+5.14%归母净利润12.33亿元12.84亿元+4.11%扣非净利润11.49亿元8.92亿元-22.31%经营活动现金流净额42.77亿元31.83亿元-25.57%综合毛利率18.74%23.82%+5.08pct加权平均净资产收益率3.76%3.71%-0.05pct

郑重声明：相关内容不构成任何投资建议，股市有风险，投资需谨慎。

责任编辑：hnmd003

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