According to Shen Wan Hongyuan's research, the 26Q2 of Pengding Holdings was in line with expectations, and the AI server+optical module growth was realized. After deducting unrealistic exchange losses, the 26Q2 results were in line with expectations. The AI server 26H1 achieved revenue of nearly 1 billion yuan and became the core supplier of Nvidia AIPCB. The company has developed innovative technologies such as high-end HDI and embedded components to support GPU modules. High-end HDI products have successfully entered the AI server market, have been certified by mainstream server and cloud service vendors in the market, and are being supplied in batches. Optical module 26H1 achieved revenue of 626 million yuan, and Zhongji Xuchuang took a strategic shareholding. New production capacity in Huai'an, Thailand, and Shenzhen has been launched one after another. Another 4 plants are under construction in Thailand, and production is expected to be gradually put into operation in 26Q4. Maintain a “buy” rating.

According to Shen Wan Hongyuan's research, the 26Q2 of Pengding Holdings was in line with expectations, and the AI server+optical module growth was realized. After deducting unrealistic exchange losses, the 26Q2 results were in line with expectations. The AI server 26H1 achieved revenue of nearly 1 billion yuan and became the core supplier of Nvidia AIPCB. The company has developed innovative technologies such as high-end HDI and embedded components to support GPU modules. High-end HDI products have successfully entered the AI server market, have been certified by mainstream server and cloud service vendors in the market, and are being supplied in batches. Optical module 26H1 achieved revenue of 626 million yuan, and Zhongji Xuchuang took a strategic shareholding. New production capacity in Huai'an, Thailand, and Shenzhen has been launched one after another. Another 4 plants are under construction in Thailand, and production is expected to be gradually put into operation in 26Q4. Maintain a “buy” rating.