Investment Rating - The industry investment rating is "Positive" due to the expected growth driven by advancements in the AI industry and its impact on PCB equipment demand [4]. Core Viewpoints - The development of the AI industry is driving demand for PCB equipment, with key products such as AI servers, 800G switches, and AI smartphones expected to see significant growth. This transformation is a crucial factor for the PCB industry's new development cycle [5]. - The penetration rate of laser applications in PCB processing is increasing, particularly in drilling, exposure, and forming processes, which enhances the efficiency and precision of PCB manufacturing [5]. - Core companies in the laser equipment sector are expected to benefit from the rising complexity of PCB technology, with a focus on high-layer HDI boards and high-value-added processing equipment [5]. Summary by Sections AI Industry Impact - The AI industry's rapid expansion is a key growth engine for the PCB sector, with "All in AI" becoming a primary strategy for leading tech companies [5]. - The demand for high-layer boards and advanced packaging substrates is expected to drive continuous investment in specialized processing equipment [5]. Laser Application in PCB Processing - Drilling: Laser technology allows for the creation of micro-holes under 100 microns, offering a clean, efficient, and precise manufacturing process compared to traditional methods [5]. - Exposure: Laser direct imaging technology eliminates multiple steps in the traditional exposure process, improving production efficiency and quality [5]. - Forming: Laser technology is preferred for high-precision processing of ultra-thin and flexible boards, enhancing the manufacturing capabilities for complex PCB designs [5]. Key Companies - The report highlights several key companies that are expected to benefit from these trends, including: - 大族激光 (Daheng Laser) - 大族数控 (Daheng CNC) - 杰普特 (Jepter) - 帝尔激光 (Dier Laser) - 德龙激光 (Delong Laser) - 英诺激光 (Inno Laser) - 锐科激光 (Raycus Laser) [5][6].

Core Viewpoint - Delong Laser (688170) has experienced a decline in stock price and significant net outflow of funds, indicating potential challenges in its financial performance and market perception [1][3]. Financial Performance - As of the first quarter of 2025, Delong Laser reported total revenue of 99.1651 million yuan, a year-on-year decrease of 14.26% [1]. - The net profit attributable to shareholders was 16.4704 million yuan, down 126.76% year-on-year [1]. - The non-recurring net profit was 19.9177 million yuan, reflecting a decrease of 106.23% compared to the previous year [1]. - The company's liquidity ratios are as follows: current ratio at 2.557, quick ratio at 1.512, and debt-to-asset ratio at 31.66% [1]. Market Activity - On August 8, 2025, Delong Laser's stock closed at 38.0 yuan, down 1.91%, with a turnover rate of 4.06% [1]. - The trading volume was 41,900 hands, with a transaction amount of 160 million yuan [1]. - There was a net outflow of main funds amounting to 30.7313 million yuan, accounting for 19.22% of the transaction amount [1]. Company Background - Suzhou Delong Laser Co., Ltd. was established in 2005 and is primarily engaged in the manufacturing of computers, communications, and other electronic devices [2]. - The company has a registered capital of 103.36 million yuan and has made investments in 11 enterprises [2]. - Delong Laser has participated in 293 bidding projects and holds 16 trademark registrations and 585 patents [2].

Core Viewpoint - The article discusses the accelerating exploration of mass production in all-solid-state battery technology, highlighting the emerging demand for new processes and equipment to address unique manufacturing challenges [2][6]. Group 1: Event Overview - The 2025 (15th) High-tech Lithium Battery Annual Conference will be held from November 18-20, 2025, at the JW Marriott Hotel in Shenzhen [2]. - The event will celebrate the 15th anniversary and include the High-tech Golden Ball Award ceremony [2]. Group 2: Manufacturing Challenges and Solutions - All-solid-state batteries face unique challenges during manufacturing, such as deformation and internal short circuits due to the absence of traditional separators and the need for high-pressure preparation [2]. - The introduction of the electrode frame printing process aims to support and insulate the battery, preventing direct contact between the positive and negative electrodes [2]. Group 3: Technology Routes for Frame Printing - Various frame printing technologies are being evaluated for yield, efficiency, and precision, including: - Screen printing, which offers high precision and fast production cycles, with single-piece printing times under 2 seconds [3]. - Pre-fabricated frame transfer, which improves uniformity but faces challenges with transfer yield [3]. - Dispensing technology, which has lower equipment costs but poorer size precision and lower production efficiency due to long curing times [3]. - UV printing, a new non-contact technology, is slower and requires further validation of process stability [3]. Group 4: Equipment Manufacturers' Strategies - Equipment manufacturers are betting on different technological paths: - Liyuanheng recommends screen printing for its high throughput and precision control [4]. - High-energy Digital integrates 3D frame printing with electrolyte printing to enhance production efficiency [4]. - Delong Laser and Matsui Co. are adopting UV printing technology, with Delong's laser groove-making and Matsui's production-level UV printing project [5]. Group 5: Laser Technology Applications - Laser technology is increasingly applied in solid-state battery manufacturing, including: - Laser drying, which is more efficient than traditional oven drying, saving 80% space and 50% energy [6]. - Laser cutting as a replacement for traditional tools and online cleaning of roller presses, enhancing the value of laser equipment in production lines [6]. - The transition from material research to production processes and equipment standardization in all-solid-state batteries opens new growth opportunities for upstream equipment manufacturers, particularly in high-precision printing and advanced laser applications [6].

截至2025年8月5日15时0分，德龙激光最新股价为40.50元，较前一交易日收盘价上涨0.32元。当日开盘 价为40.10元，最高触及42.00元，最低下探至39.46元，成交量为57550手，成交金额达2.34亿元。 德龙激光主要从事激光加工设备的研发、生产和销售，产品广泛应用于半导体、显示面板、新能源等领 域。公司所属行业为专用设备制造业，业务涉及江苏地区，并与华为海思、玻璃基板、BC电池等概念 相关。 风险提示：以上内容仅供参考，不构成任何投资建议。市场有风险，投资需谨慎。 公司近期在互动平台表示，其生产的极片制痕绝缘设备已应用于固态电池领域。该设备主要用于固态电 池生产过程中的极片处理环节，但未涉及锂电池铝塑膜材料的切割加工业务。 资金流向方面，8月5日主力资金净流入4638.38万元，占流通市值的1.11%。近五个交易日累计主力资金 净流入2871.16万元，占流通市值的0.69%。 ...

人民财讯8月5日电，德龙激光在互动平台表示，公司生产的极片制痕绝缘设备应用于固态电池领域，未 应用于锂电池中的铝塑膜材料切割加工。 ...

格隆汇8月5日丨德龙激光(688170.SH)在投资者互动平台表示，公司生产的极片制痕绝缘设备应用于固 态电池领域，未应用于锂电池中的铝塑膜材料切割加工。 ...

Investment Rating - The report gives a "Buy" rating for the solid-state battery industry, indicating a positive outlook for growth and investment opportunities [1][7][25]. Core Insights - The demand for gel frame printing technology is driven by safety requirements in solid-state batteries, with material compatibility and manufacturing precision being critical factors [3][6][8]. - Various manufacturers are actively developing gel frame printing solutions, with notable advancements from companies like Liyuanheng and Delong Laser, which have secured orders from leading industry clients [4][16][19]. - The gel frame printing process involves multiple techniques, including screen printing, pre-fabricated gel frame transfer, dispensing, and UV printing, each with unique characteristics affecting yield, production efficiency, and precision [12][14]. Summary by Sections Gel Frame Printing Overview - Solid-state batteries are becoming a key development direction due to their high energy density and safety, with isostatic pressing technology enhancing overall battery performance [6][9]. - Safety concerns related to short-circuit risks in solid-state batteries have led to increased demand for gel frame printing technology, which provides insulation and moisture barrier properties [9][10]. Current Status of Gel Frame Printing Manufacturers - Manufacturers like Liyuanheng and High Energy Digital have introduced distinctive solutions, while Delong Laser has received significant orders for its UV printing equipment [16][19]. - Platform companies like Songji Co. have demonstrated strong capabilities in both equipment and materials, successfully implementing the world's first mass production of insulated UV printing for battery cells [4][16]. Investment Recommendations - The report suggests focusing on companies specializing in lithium battery equipment, such as Liyuanheng, Delong Laser, and Songji Co., which have developed integrated solutions and secured key client orders [25][24].

Group 1 - The core viewpoint of the news is that Delong Laser (688170) has experienced a stock price increase of 6.46% as of July 31, 2025, closing at 39.58 yuan, despite facing a decline in revenue and net profit in its latest quarterly report [1] - The company reported total revenue of 99.1651 million yuan for Q1 2025, a year-on-year decrease of 14.26%, and a net profit attributable to shareholders of 16.4704 million yuan, down 126.76% year-on-year [1] - The company's liquidity ratios are strong, with a current ratio of 2.557 and a quick ratio of 1.512, while the debt-to-asset ratio stands at 31.66% [1] Group 2 - Delong Laser has made investments in 11 companies and participated in 293 bidding projects, indicating active engagement in business expansion [2] - The company holds 16 trademark registrations and 583 patents, showcasing its focus on intellectual property and innovation [2] - Delong Laser has obtained 5 administrative licenses, reflecting its compliance with regulatory requirements [2]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 430425 | 乐创技术 | 22.86 | -3.87% | 4.05万 | 9350.61万 | | 688090 | 瑞松科技 | 32.98 | -2.97% | 2.23万 | 7509.52万 | | 301112 | 信邦智能 | 37.04 | -2.63% | 2.31万 | 8663.83万 | | 001266 | 宏英智能 | 28.62 | -2.55% | - 3.44万 | 9981.68万 | | 871478 | 巨能股份 | 27.52 | -2.52% | 1.26万 | 3525.20万 | | 001223 | 欧克科技 | 42.82 | -2.46% | 9859.0 | 4275.01万 | | 688570 | 天玛智控 | 20.72 | -2.36% | 2.36万 | 4962.97万 | | 300461 | 田中精机 | 20.15 | -1.99% | 3.04万 | 6206.70万 ...

格隆汇7月31日｜A股市场华为海思概念股拉升，其中，德龙激光涨近14%，神州数码、卓易信息、飞 荣达、智立方、慧博云通、润和软件、诚迈科技等跟涨。 ...