行业研究 / 行业点评 2026 年 03 月 24 日 证券研究报告 机械设备 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《全球人形机器人产业周报（三）：GTC 催化， 机器人量产预期仍是核心锚点》2026-03-17 《全球商业航天产业周报（二）：Starship 商 业化运力逐步进入验证期》2026-03-17 《智能制造行业周报：看好多层板放量下 PCB 设备升级机遇》2026-03-16 《智能制造行业周报：持续看好半导体设备零 部件国产化替代》2026-03-09 《全球人形机器人产业周报（二）：产业化提 速，标准体系与应用落地共振》2026-03-09 王凯 S0820524120002 021-32229888-25522 wangkai526@ajzq.com 行业及产业 宇树科技 IPO 获受理，出货放量可期 ——智能制造行业周报（2026/03/16-2026/03/20） | 2.1 | 板块行情回顾 | 6 | | --- | --- | --- | | 2.2 | 个股行情回顾 | 8 | | | | 10 | | 3.2 | 东威 ...

Group 1 - The mechanical equipment sector is expected to outperform the market, driven by a combination of cyclical recovery and growth potential, with engineering machinery and rail transit equipment showing significant profit recovery and low valuations [3][10] - The commercial aerospace sector is anticipated to reach a critical turning point in 2026, with advancements in reusable rocket technology and an increase in launch frequency, leading to a projected 197% year-on-year growth in payload quality [3][4] - The humanoid robotics industry is transitioning towards large-scale production, with significant cost reductions and improved capabilities expected, particularly with the launch of the Optimus V3 model [3][4] Group 2 - The semiconductor equipment sector is poised for growth due to increased demand from storage expansion and advanced packaging upgrades, with key players expected to benefit from ongoing capital expenditure recovery [3][4] - The PCB equipment market is experiencing a shift towards high-end products, driven by the penetration of AI servers and HPC architectures, leading to increased demand for new capacity and upgrades of existing production lines [3][4] - The controllable nuclear fusion sector is advancing with the construction of experimental devices and the bidding for key equipment, with high-temperature superconducting materials expected to become a core beneficiary of technological evolution [3][4] Group 3 - The mechanical equipment sector has shown a significant recovery in profitability, with 17 out of 19 sub-industries reporting improved net profit margins, indicating a broad-based recovery [12][33] - The sector's valuation has rebounded to a historically high level, with the current PE ratio at 35.42, reflecting a strong market preference for growth-oriented manufacturing assets [13][26] - The demand side remains weak but is stabilizing, with high-tech manufacturing and equipment manufacturing showing better performance compared to traditional sectors, indicating a gradual recovery in the overall manufacturing landscape [34][38]

Investment Rating - The investment rating for the specialized equipment sub-industry is positive, indicating a favorable outlook for PCB equipment due to rising downstream demand and capital expenditure trends [2]. Core Insights - The global PCB industry market size is expected to reach USD 84.89 billion by 2025, growing at a rate of 15.4% year-on-year, driven by strong demand in sectors such as AI servers and data storage [15][16]. - The PCB equipment market is entering a high prosperity cycle, with significant growth anticipated in drilling, exposure, plating, and testing equipment segments [3][22]. - Capital expenditures among A-share PCB manufacturers are on the rise, with a total of CNY 30.70 billion in the first three quarters of 2025, surpassing the total for 2024 [15][19]. Summary by Sections PCB Market Overview - PCB, known as the "mother of electronic products," is widely used across various industries including communication, consumer electronics, automotive, medical devices, industrial control, and aerospace [14]. - The market is projected to benefit significantly from AI-driven demand, particularly in the server and data storage sectors, which are expected to grow at a compound annual growth rate (CAGR) of 18.7% from 2024 to 2029 [16][19]. Equipment Market Dynamics - The global PCB specialized equipment market is projected to grow from USD 7.085 billion in 2024 to USD 10.765 billion by 2029, with a CAGR of 8.73% [3][23]. - China remains the largest market for PCB specialized equipment, accounting for over 50% of the global market share [23]. Drilling Equipment - The global PCB drilling equipment market is expected to reach USD 1.470 billion in 2024, representing over 20% of the specialized equipment market, with a projected CAGR of 10.29% [31]. - Domestic manufacturers are rapidly catching up in the drilling equipment sector, particularly in laser drilling technology, which is gaining traction due to its precision and efficiency [35][36]. Exposure Equipment - The global PCB exposure equipment market is anticipated to grow to USD 1.204 billion in 2024, with a CAGR of 9.99% expected through 2029 [39]. - The market is currently dominated by foreign companies, but domestic firms are making significant progress in the mid-to-low-end segments [43]. Plating Equipment - The global PCB plating equipment market is projected to reach USD 564 million in 2025, with a CAGR of 9.51% expected until 2029 [50]. - China continues to be the largest market for PCB plating equipment, maintaining over 80% of the global market share [50]. Testing Equipment - The global PCB testing equipment market is expected to grow to USD 1.063 billion in 2024, with a CAGR of 9.48% projected through 2029 [53]. - The increasing complexity of PCB designs necessitates advanced automated testing solutions to ensure product quality [53]. Company Profiles Dazhu CNC - Dazhu CNC is a leading player in the PCB specialized equipment market, with a comprehensive product line covering various PCB manufacturing processes [58]. - The company has shown a significant rebound in performance, with a projected revenue of CNY 39.03 billion in the first three quarters of 2025, reflecting a year-on-year growth of 66.53% [59]. Ding Tai High-Tech - Ding Tai High-Tech has experienced steady revenue growth, with expectations of a net profit increase of 80.72% to 102.76% in 2025, driven by rising demand in the high-end PCB market [66]. - The company maintains a stable profit margin, with a projected gross margin of 40.62% in 2025 [68].

[Table_Page] 跟踪研究|专用设备 证券研究报告 -32% -21% -10% 0% 11% 22% 03/25 05/25 07/25 09/25 11/25 01/26 03/26 东威科技 沪深300 [Table_Title] 东威科技（688700.SH） PCB 电镀与复合铜箔共振，业绩拐点已现 [Table_Summary] 核心观点： | 盈利预测： | | | | | | | --- | --- | --- | --- | --- | --- | | [Table_ 单位 Finance] :人民币百万元 | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业收入 | 909 | 750 | 1,107 | 1,521 | 1,848 | | ） 增长率（ % | -10.1% | -17.5% | 47.6% | 37.4% | 21.5% | | EBITDA | 213 | 117 | 241 | 342 | 435 | | 归母净利润 | 151 | 69 | 129 | 236 | 303 | | 增长率（ % ） | -29.0% ...

证券代码：688700 证券简称：东威科技 公告编号：2026-005 信永中和作为公司聘任的2025年度财务报告审计机构与内部控制审计机构，原委 派汤其美先生、张子健先生为签字注册会计师。鉴于张子健先生因信永中和内部工作 调整原因，不再担任公司2025年度审计业务签字注册会计师，现指派赵泽如女士接替 张子健先生作为公司2025年度审计业务的签字注册会计师，继续完成相关工作。变 更后的签字注册会计师为汤其美、赵泽如。 二、本次变更人员的基本信息 签字注册会计师：赵泽如女士，2022年获得中国注册会计师资质，2019年开始从 事上市公司审计，2019年开始在本所执业，2025年开始为公司提供审计服务，具备相 应专业胜任能力。 三、本次变更人员的诚信记录和独立性情况 赵泽如女士近三年无执业行为受到刑事处罚、受到证监会及其派出机构、行业主 管部门的行政处罚、监督管理措施，无受到证券交易所、行业协会等自律组织的自律 监管措施、纪律处分等情况。不存在违反《中国注册会计师职业道德守则》对独立性 要求的情形。 昆山东威科技股份有限公司 关于变更签字会计师的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 ...

Investment Rating - The report indicates a positive outlook for Dongwei Technology, suggesting a potential investment opportunity due to its recent performance and market conditions [4][26]. Core Insights - Dongwei Technology experienced a significant turnaround in 2025, with total revenue reaching 1.107 billion, a year-on-year increase of 47.65%, and a net profit attributable to shareholders of 129.41 million, reflecting an impressive growth of 86.81% [4][5]. - The resurgence in performance is attributed to the booming demand for high-end PCB equipment driven by AI advancements and the company's ability to capitalize on overseas expansion trends [6][26]. - The company’s contract liabilities and inventory levels have reached historical highs, indicating strong future revenue potential and a solid order backlog [22][23]. Summary by Sections Financial Performance - In 2025, Dongwei Technology reported total revenue of 1.107 billion, up from 749.99 million in the previous year, marking a 47.65% increase [5]. - The operating profit rose to 145.08 million, a 96.61% increase from 73.79 million, while the net profit attributable to shareholders surged to 129.41 million, up 86.81% from 69.27 million [5]. Market Dynamics - The PCB industry is experiencing a recovery, particularly in high-end segments, driven by increased demand for advanced equipment due to AI applications [10][12]. - Dongwei Technology's vertical continuous plating equipment (VCP) remains a key product, accounting for 80% of its revenue, benefiting from both increased order volume and higher pricing [12][13]. Future Outlook - As of September 2025, the company reported contract liabilities of 560 million, a 52% increase from the end of 2024, indicating robust order growth [22]. - Inventory levels reached 933 million, also a record high, primarily consisting of equipment that has been shipped but not yet recognized as revenue, providing a buffer for future earnings [23].

Core Viewpoint - Dongwei Technology (688700.SH) has shown a remarkable turnaround in its performance, with a revenue of 1.107 billion and a net profit of 129 million in 2025, marking increases of 47.65% and 86.81% year-on-year respectively, after experiencing declines in 2023 and 2024 [3][4]. Group 1: Performance Recovery - The company's revenue and profit growth in 2025 is attributed to the surge in demand for AI servers and data storage, leading to a recovery in the global PCB (Printed Circuit Board) industry [9][10]. - Dongwei's flagship product, the Vertical Continuous Plating (VCP) equipment, remains crucial in PCB production, with its revenue share maintaining at 80% in the first three quarters of 2025 [10]. - The shift towards high-end PCB products has allowed Dongwei to achieve a gross margin of around 40%, significantly higher than that of standard equipment, contributing to the profit growth outpacing revenue growth [11]. Group 2: Industry Context - The PCB industry is characterized by heavy assets and strong cycles, with Dongwei's previous performance decline linked to lower-than-expected demand in the renewable energy sector and a general downturn in the PCB market [12][13]. - The recovery in 2025 is not only driven by domestic demand but also by a trend of domestic PCB manufacturers relocating to Southeast Asia, which has increased orders for Dongwei's equipment [13]. Group 3: Future Indicators - As of September 2025, Dongwei's contract liabilities reached 560 million, a historical high, indicating strong order growth [18]. - The company's inventory also hit a record high of 933 million, primarily consisting of equipment that has been shipped but not yet recognized as revenue, providing a buffer for future earnings [19]. - The combination of increased contract liabilities and inventory suggests that the growth is sustainable and not merely a temporary spike [21].

Group 1 - The PCB concept stocks in the A-share market have collectively strengthened, with notable gains from several companies [1] - Tongyu New Materials saw an increase of over 17%, while Mingyang Circuit rose by over 16% [1] - Other companies such as Wanyuantong, Weiergao, and Dazhu Laser also experienced significant gains, with increases of over 10% [1] Group 2 - Detailed stock performance includes: - Tongyu New Materials: 17.25% increase, market cap of 8.92 billion [2] - Mingyang Circuit: 16.31% increase, market cap of 12.7 billion [2] - Wanyuantong: 11.29% increase, market cap of 5.607 billion [2] - Weiergao: 10.14% increase, market cap of 9.287 billion [2] - Dazhu Laser: 10% increase, market cap of 71.8 billion [2] - Other companies like Guanghe Technology, Shennan Circuit, and Huhua Electric also reported 10% increases [2]

Group 1: Financial Performance - The company reported a significant increase in revenue and net profit for 2025, with total revenue reaching 1.107 billion yuan, a year-on-year growth of 47.65% [1] - The net profit attributable to shareholders was 129 million yuan, reflecting an 86.81% increase year-on-year, while the net profit excluding non-recurring items was 125 million yuan, up 103.52% [1] - The weighted average return on equity improved to 7.2%, an increase of 3.18 percentage points compared to the same period last year, driven by growth in equipment orders from the PCB Southeast Asia investment trend and advancements in AI and computing power [1] Group 2: Recent Developments - The company has entered small-batch trial production of its third-generation photovoltaic copper plating equipment, which has received customer recognition [2] - This equipment aims to address the technical challenge of replacing silver with copper in HJT batteries, currently undergoing testing at customer factories, potentially creating new opportunities in the renewable energy sector [2] - The news aligns with the company's performance report, highlighting its diversified business strategy [2] Group 3: Stock Performance - Over the past seven trading days (February 6 to 13, 2026), the company's stock exhibited a volatile trend, with a price fluctuation of -0.67% and an amplitude of 14.32% [3] - On February 10, the stock rose by 2.37%, but closed at 40.95 yuan on February 13, down 0.80% for the day [3] - There was a net outflow of 16.92 million yuan in principal funds on February 10, accounting for 5.24% of the total trading volume, indicating short-term profit-taking pressure [3]

Core Viewpoints - The mechanical industry is expected to embrace "technology + going global" as its dual main lines in 2026, focusing on high elasticity growth opportunities and performance certainty from overseas expansion [13][9][7] 2025 Review Market Performance - In 2025, the mechanical sector achieved a 41% increase, significantly outperforming the CSI 300 index, which rose by 18%, ranking fifth among A-share sub-industries [6][16] - The sub-sectors that performed well included PCB equipment (+252%), 3C equipment (+129%), controllable nuclear fusion (+119%), data centers (+112%), and humanoid robots (+85%) [20][6] Demand Side - Domestic demand showed signs of bottoming out, with a marginal improvement towards the end of 2025, while external demand began to recover positively [31][35] - The manufacturing PMI in December 2025 rebounded to 50.1, indicating a return to expansion territory, driven by large enterprises and high-tech manufacturing [32][35] Cost Side - The cost structure showed a continuous improvement trend, with PPI declining by 2.6% year-on-year in 2025, reflecting insufficient industrial demand [31][33] 2026 Outlook Macro Perspective - The macro narrative for the next five years is centered around "AI commercialization + global re-industrialization," with expectations of a cyclical recovery driven by proactive fiscal policies [6][7] Mid-level Perspective - Technology - The technology sector is expected to see explosive growth, with key areas including data centers, PCB equipment, semiconductor equipment, humanoid robots, and commercial aerospace [7][9] Mid-level Perspective - Going Global - The overseas production capacity is anticipated to enter a release phase in 2026, with significant revenue and profit growth expected for companies in the machinery and equipment sectors [7][8] Investment Recommendations - Investment strategies should focus on high-certainty directions with strong industry trends and competitive advantages, prioritizing stock selection based on industry trends, competitive positioning, and valuation [7][8] - Long-term investments should consider companies with platform capabilities that offer sustainable value [7][8]