（记者 王晓波） 每经AI快讯，大族激光（SZ 002008，收盘价：37.19元）8月28日晚间发布公告称，公司近日接获公司 控股股东大族控股集团有限公司（以下简称"大族控股"）之告知函，获悉其将持有的本公司部分股份进 行了解除质押及质押登记。截至本公告日，大族控股累计质押股数约为1.15亿股，占其所持股份比例为 71.24%。 2025年1至6月份，大族激光的营业收入构成为：智能制造装备制造业占比100.0%。 截至发稿，大族激光市值为383亿元。 每经头条（nbdtoutiao）——世界首例基因编辑猪肺成功移植人体 对话主要参与者：距离临床应用还有 多远？ ...

关于控股股东部分股份解除质押及质押的公告 证券代码：002008 证券简称：大族激光 公告编号：2025062 （一）股东股份质押（解除质押）基本情况 | 1、本次股份解除质押基本情况 | | --- | 大族激光科技产业集团股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 关于控股股东部分股份解除质押及质押的公告 大族激光科技产业集团股份有限公司（以下简称"公司"或"大族激光"） 近日接获公司控股股东大族控股集团有限公司（以下简称"大族控股"）之告知 函，获悉其将持有的本公司部分股份进行了解除质押及质押登记，具体情况如下： 一、股东股份质押（解除质押）情况 3、股东股份累计质押情况 | 股东名称 | 是否为控股股东 或第一大股东及 | 本次解除质 押股份数量 | 占其所 持股份 | 占公司总 股本比例 | 起始日 | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 其一致行动人 | （股） | 比例 | | | | | | 大族控股 | 是 | 1,500,00 ...

2025 年 08 月 27 日 券 研 究 报 告 AI 驱动 PCB 与半导体双线突破，工业激光领域 加速产业升级 买入(首次) 事件 分析师：尤少炜 S1050525030002 yousw@cfsc.com.cn | 基本数据 | 2025-08-27 | | --- | --- | | 当前股价（元） | 36.52 | | 总市值（亿元） | 376 | | 总股本（百万股） | 1030 | | 流通股本（百万股） | 957 | | 52 周价格范围（元） | 18.24-37.82 | | 日均成交额（百万元） | 937.68 | 市场表现 相关研究 —大族激光（002008.SZ）公司事件点评报告 大族激光于 2025 年 8 月 25 日发布 2025 年半年度报告， 2025 年上半年实现营业收入 76.13 亿元，比 2024 年同期增 加 19.79%；实现归母净利润 4.88 亿元，同比减少 60.15%； 实现扣非归母净利润 2.61 亿元，同比增加 18.44%。 投资要点 ▌AI 浪潮驱动 PCB 设备需求激增，全球产能扩张打开 增长空间 AI 服务器、高速交换机等基础设 ...

点击 最 下方 关注《材料汇》 ， 点击"❤"和" "并分享 添加 小编微信 ，寻 志同道合 的你 一则，先进制程摩尔定律的尽头，封装摩尔定律的开始。 摩尔定律实际上是一则商业定律，是指集成的单位面积的晶体管数量上升伴随着单个晶体管价格下降。 当晶体管大小微缩至分子，甚至原子大小时，先进制程的代价会导致规模化效应大幅锐减 ，从而打破了单个晶体管价格下行的规则。那么， 如何以更低成本带来 更高性能则转向了从系统层面考虑的封装工艺 。 二则， 随着下游对多样化功能的需求，功能器件之间的交互更加频繁，水平角度体现在于GPU与VRAM（显存）之间，垂直角度体现在PCB与芯片间的线宽/线距巨 大差异。 如何以更低成本高效实现芯片间与芯片内部高速互连，提高系统整体性能是驱动封装的核心。 为何需要面板级封装？ 采用面板级封装（PLP）技术具有更高的成本效益、更强的设计与布局灵活性，以及更优异的热性能和电气性能。 PLP解决方案采用厚铜重布线层（RDL）实现芯 片互连，既能支持高电流密度，又彻底消除了对引线框架或基板的需求。 2024年传统封装市场规模542亿美元，预计2030年将达到698亿美元，PLP封装可替代空间广阔。 ...

证券之星价投圈财报分析工具显示： 财报体检工具显示： 据证券之星公开数据整理，近期大族激光(002008)发布2025年中报。截至本报告期末，公司营业总收入 76.13亿元，同比上升19.79%，归母净利润4.88亿元，同比下降60.15%。按单季度数据看，第二季度营 业总收入46.69亿元，同比上升26.21%，第二季度归母净利润3.25亿元，同比上升37.62%。本报告期大 族激光公司应收账款体量较大，当期应收账款占最新年报归母净利润比达510.65%。 分析师工具显示：证券研究员普遍预期2025年业绩在10.74亿元，每股收益均值在1.04元。 本次财报公布的各项数据指标表现一般。其中，毛利率30.95%，同比减1.83%，净利率7.07%，同比减 64.22%，销售费用、管理费用、财务费用总计11.46亿元，三费占营收比15.05%，同比减4.58%，每股净 资产15.42元，同比增3.45%，每股经营性现金流-0.69元，同比减264.98%，每股收益0.48元，同比减 58.97% 业务评价：公司去年的ROIC为7.08%，资本回报率一般。去年的净利率为11.86%，算上全部成本 后，公司产品或服 ...

Core Viewpoint - The robotics sector is experiencing significant growth driven by advancements in artificial intelligence and supportive government policies, leading to increased investment opportunities and market performance. Group 1: Market Performance - As of August 27, 2025, the CSI Robotics Index rose by 3.41%, with key stocks like Keda Intelligent hitting the daily limit up, and Yuntian Lifeng and Dongjie Intelligent increasing by 18.22% and 10.25% respectively [1] - The Robotics ETF managed by Harvest (159526) saw an increase of 3.56% [1] - The average daily trading volume of the Robotics ETF over the past week was 53.45 million yuan, with a total turnover of 40.34 million yuan on the day [3] Group 2: Fund Performance - The Robotics ETF has experienced a significant growth in scale, increasing by 554 million yuan over the past year, and its shares have grown by 35.9 million [3] - The net inflow of funds into the Robotics ETF was 6.71 million yuan recently, with a total of 13.33 million yuan net inflow over the last five trading days [3] - The net value of the Robotics ETF increased by 83.05% over the past year, ranking in the top 14.54% among 2,977 index equity funds [3] Group 3: Key Stocks - The top ten weighted stocks in the CSI Robotics Index account for 48.86% of the index, with notable performers including Keda Xunfei, Huichuan Technology, and Stone Technology [3] - Specific stock performances include Huichuan Technology up by 4.40%, Keda Xunfei up by 5.28%, and Stone Technology up by 5.99% [5] Group 4: Industry Trends - The robotics sector is being catalyzed by events such as the World Artificial Intelligence Conference and the World Robot Conference, indicating a shift from virtual to real-world applications [6] - Government policies are increasingly supportive of the AI and robotics industry, with Guangdong province offering financial support for key projects, with individual project funding up to 50 million yuan [6] - Major cities like Beijing and Shanghai are hosting industry events to stimulate growth in the robotics sector [6]

Core Viewpoint - The AI wave is driving significant growth in the robotics sector, with the Robotics ETF (159213) experiencing substantial inflows and notable performance from key stocks in the industry [1][3][6]. Group 1: Market Performance - As of 10:25 on August 27, the Robotics ETF (159213) saw a net inflow of 17 million yuan, marking a total net inflow of over 140 million yuan over the past 13 days [1]. - Key stocks within the Robotics ETF include Yuntian Lifei, which rose over 13%, and Keda Xunfei, which increased by over 6% [3][4]. Group 2: Policy and Industry Outlook - The "Artificial Intelligence +" action plan was released on August 26, 2025, aiming to promote AI integration across six dimensions, with goals set for 2027, 2030, and 2035 [6][7]. - The plan emphasizes enhancing foundational model capabilities and fostering an open-source ecosystem, which is expected to benefit the development of embodied intelligence in robotics [7]. Group 3: Investment Opportunities - The robotics industry is entering a recovery phase after a three-year adjustment period, with increasing production and growth rates [9]. - The human-shaped robot market is projected to have a potential market space exceeding one trillion yuan, driven by advancements in technology and increasing applications [7][9]. - Key investment opportunities include leading companies in the robotics sector such as Estun and core component suppliers like Lide Xiebo and Boke Co., as well as components like rolling ball screws and six-dimensional torque sensors [9].

Core Viewpoint - Dazong Laser (002008) reported mixed financial results for the first half of 2025, with revenue growth but a significant decline in net profit, raising concerns about cash flow and accounts receivable management [1][3]. Financial Performance - Total revenue for the first half of 2025 reached 7.613 billion yuan, a year-on-year increase of 19.79% [1]. - Net profit attributable to shareholders was 488 million yuan, down 60.15% compared to the previous year [1]. - In Q2 2025, revenue was 4.669 billion yuan, up 26.21% year-on-year, while net profit for the quarter was 325 million yuan, an increase of 37.62% [1]. - Gross margin stood at 30.95%, a decrease of 1.83% year-on-year, and net margin was 7.07%, down 64.22% [1]. - Total operating expenses (selling, administrative, and financial) amounted to 1.146 billion yuan, accounting for 15.05% of revenue, a decrease of 4.58% year-on-year [1]. Cash Flow and Accounts Receivable - The company reported a significant accounts receivable level, with accounts receivable amounting to 8.65 billion yuan, which is 510.65% of the net profit [1][3]. - Cash flow per share was -0.69 yuan, a decrease of 264.98% year-on-year, indicating potential liquidity issues [1]. Investment Metrics - The company's return on invested capital (ROIC) for the previous year was 7.08%, with a historical median ROIC of 10.01% over the past decade [3]. - Analysts expect the company's performance for 2025 to yield a net profit of approximately 1.074 billion yuan, with an average earnings per share of 1.04 yuan [3]. Fund Holdings - The largest fund holding Dazong Laser shares is the Huaxia CSI Robot ETF, which has increased its position to 18.8439 million shares [4]. - Other funds, such as Tianhong CSI Robot ETF and China Europe CSI Robot Index Fund, have also increased their holdings, indicating positive sentiment among institutional investors [4].

Core Viewpoint - Dazong Laser (002008.SZ) reported a mixed financial performance for the first half of 2025, with revenue growth of 19.8% but a significant decline in net profit by 60.2% due to high base effects from the previous year and increased costs [1][4]. Financial Performance - The company achieved revenue of 7.613 billion yuan, up 19.8% year-on-year, while net profit attributable to shareholders was 488 million yuan, down 60.2% [1]. - The non-GAAP net profit increased by 18.44%, indicating stable performance in core business operations [2]. Business Segments - The high multi-layer PCB board segment saw revenue of 2.382 billion yuan, a substantial increase of 52.26%, driven by strong demand from AI servers and high-speed switches [2]. - Revenue from lithium battery equipment reached 923 million yuan, growing by 38.79%, supported by clients like CATL and EVE Energy expanding overseas [2]. - General laser equipment also showed steady growth, with small power laser equipment revenue up 19.7% and high-power cutting equipment up 2.46% [2]. - The semiconductor equipment segment experienced a decline in revenue of 20.76%, totaling 596 million yuan, but this segment represents a smaller portion of total revenue [2]. Cost and Profitability Issues - Despite the growth in core business, overseas costs rose significantly by 58.12%, leading to an overall increase in operating costs by 20.8% [3]. - The net profit decline was primarily attributed to a high base effect from last year's non-recurring gains and a dramatic increase in income tax expenses by 9020% [4]. - The net cash flow from operating activities was negative at -722 million yuan, a decline of 264.98% year-on-year, mainly due to increased procurement payments [4]. Strategic Outlook - The company is positioned to benefit from the AI terminal innovation cycle and the overseas expansion of its new energy equipment [5]. - However, challenges remain in balancing core business investments with financial asset returns, which currently account for 42% of profits, leading to volatility [5]. - Management needs to address the rapid decline in cash flow relative to revenue growth in the upcoming period [5].

报告期内，半导体设备（含泛半导体）业务实现营业收入5.96亿元，同比下降20.76%。2025年上半年，公司推出全新一 代全自动晶圆激光开槽设备——GV-N3242系列，在开槽质量、开槽精度、洁净度管控以及材料兼容性方面大幅提升， 已通过客户严苛的技术验证，具备量产能力。公司持续推进激光切割、钻孔，激光修复，激光剥离等设备的技术升级和 性能改善，成功研发、生产多款显示行业国内首台设备，打破面板前段及中段工艺进口设备的垄断，取得国内首台前段 核心制程设备订单，激光修复机、激光剥离机、平板显示器基板切割机等设备2025年上半年再度多次中标京东方 AMOLED生产线项目，获得行业龙头客户的广泛认可。子公司大族富创得业务受益于部分下游客户扩产需求及新产品 突破，EFEM（设备前端模块）、SMIF（标准机械接口晶圆盒）、SORTER（分选机）等产品取得高速增长。 报告期内，公司信息产业设备业务实现收入31.96亿元，同比增长35.95%。其中，消费电子设备业务实现营业收入8.15 亿元，同比有所增长。公司深度参与头部客户前沿研发，为其定制激光钎焊机、密封检测系统等设备，满足AI硬件散热 结构与微型化需求。目前，公司已组 ...