Shenwan Hongyuan Research: Maintains a "Buy" rating for Pengding Holdings, with growth in AI servers + optical modules realized.

Shenwan Hongyuan Research pointed out that Pegatron Holdings' Q2 26 results met expectations, with growth in AI servers and optical modules realized. After excluding non-operating items and considering foreign exchange losses, the Q2 26 performance is in line with expectations. AI servers generated nearly 1 billion yuan in revenue in H1 26, positioning the company as a core supplier for NVIDIA's AIPCB. The company has developed innovative technologies such as high-end HDI and embedded components that support GPU modules. High-end HDI products have successfully entered the AI server market and have been certified by leading server and cloud service providers, with shipments now occurring in bulk. Optical modules generated 626 million yuan in revenue in H1 26, with Zhongji Xuchuang strategically investing. New production capacity in Huai'an, Thailand, and Shenzhen is being gradually released. In Thailand, an additional four factories are under construction and are expected to gradually start production in Q4 26. The rating is maintained at "Buy."