格隆汇10月22日｜A股半导体股短线拉升，其中，灿芯股份涨超5%，寒武纪、金海通涨超4%，大族数 控、帝科股份、海光信息涨超3%。 | 代码 | 名称 | . | 涨幅%↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 688691 | 灿芯股份 | + | 5.45 | 178亿 | 93.66 | | 688256 | 寒武纪-U | 1 | 4.60 | 6039亿 | 117.63 | | 603061 | 金海通 | | 4.07 | 84.32亿 | 95.41 | | 301200 | 大族数控 | + | 3.65 | 442亿 | 190.21 | | 300842 | 帝科股份 | 1 | 3.41 | 92.95亿 | 61.18 | | 600360 | *ST华微 | | 3.35 | 82.87亿 | 89.27 | | 688041 | 海光信息 | 1 | 3.00 | 5671亿 | 63.09 | ...

证券时报·数据宝统计，截至10月22日，有220家公司公布2025年三季报，其中147家净利润同比增长， 73家同比下降，155家营业收入同比增长，65家同比下降，净利润和营业收入同时增长的公司有新强联 等125家，利润收入均下降的有西部建设等43家，业绩增幅翻倍的公司有32家，其中新强联增幅最大， 达1939.50%。（数据宝） 已公布三季报公司净利润增幅排名 | 代码 | 简称 | 每股收益 | 净利润（万 | 净利润同比 | 营业收入（万 | 营业收入同比 | | --- | --- | --- | --- | --- | --- | --- | | | | （元） | 元） | （%） | 元） | （%） | | 300850 | 新强联 | 1.7800 | 66384.29 | 1939.50 | 361792.49 | 84.10 | | 002741 | 光华科 技 | 0.1944 | 9039.34 | 1233.70 | 204433.57 | 11.50 | | 300972 | 万辰集 团 | 4.6840 | 85497.84 | 917.04 | 3656231.05 | 77 ...

Ac t i o n | 20 Oct 2025 12:42:56 ET │ 15 pages Han's CNC Technology (301200.SZ) 3Q25 Earnings Beat CitiE by 36% on Higher AI Product Contribution; Lift TP to Rmb140 CITI'S TAKE Although we have been expecting strong 3Q25 results, Han's CNC (HC) still surprised us today (3Q25 results announcement) with 3Q25 earnings (Rmb228mn, +282% YoY / +56% QoQ) strongly beating CitiE by 36% on better-than-expected revenue (Rmb1.52bn, +95% YoY / +7% QoQ and 5% ahead of CitiE) and GPM (34.0%, +8.6pp YoY / +3.3pp QoQ and 2 ...

预计未来两三年市场将持续成长。尤其是 2026 年，由于头部板厂集中投资， 公司对未来两三年的市场前景持乐观态度。技术进步也非常迅速，公司从二季 公司在超快设备市场瞄准技术升级带来的新市场需求，而非直接与三菱 竞争。公司关注未来精细线路市场，预计该市场将逐步增长，并逐步应 用于苹果等高端产品主板。 公司抓住 AI 领域和马来西亚高价值场景的历史性机遇，旨在提升为高端 设备供应商，与全球电子产业龙头企业建立供应链关系，成为行业主流 价值贡献者。 大族数控 20251021 摘要 AI 相关业务占比提升，高价值 CCD 钻机在三季度占比显著提升，推动 净利润增长。受益于 AI 趋势加强，北美云服务厂商加大投资，头部板厂 纷纷宣布投资规划，预示 AI 产业加速发展。 公司预计未来两三年市场持续成长，尤其看好 2026 年，因头部板厂集 中投资。公司加大 AI 场景投入，保持技术领先，并主动放弃低价值市场， 关注高端载板和类载板市场。 针对 M9 材料的技术挑战，公司采用超快激光设备进行冷加工，并通过 提高转速解决机械钻孔排泄问题，确保 M9 材料顺利加工，该方案被认 为是目前最合适的解决方案。 公司与合作伙伴在精细 ...

Core Insights - The company reported a significant increase in revenue and profit for the first three quarters of 2025, driven by AI demand in the PCB market, with revenue reaching 3.903 billion yuan, up 66.53% year-on-year, and net profit of 492 million yuan, up 142.19% [1] Financial Performance - For Q3 2025, the company achieved revenue of 1.521 billion yuan, a year-on-year increase of 95.19%, and net profit of 228 million yuan, up 281.94% [1] - The gross profit margin for the first three quarters of 2025 was approximately 31.7%, an increase of 4.8 percentage points year-on-year, while the net profit margin was about 12.6%, up 3.9 percentage points [2] - The company’s inventory increased significantly to 1.583 billion yuan, a rise of 76.22% from the beginning of the year, indicating strong order demand [2] Market Dynamics - The demand for PCB equipment is surging due to AI infrastructure development, particularly in high-layer and high-end HDI PCBs, which are experiencing a production expansion wave [3] - The company has achieved international standards in mechanical drilling and is increasing its market share with high-end products like CCD back-drilling machines, which are gradually replacing overseas competitors [3] - The company is also investing in new ultra-fast laser drilling technology to meet the precise processing needs of advanced HDI and similar substrates, which has already secured formal orders from downstream customers [3] Investment Outlook - The company is positioned as a leader in the global PCB equipment market, particularly in high-layer PCB equipment driven by AI server demand, with rapid order growth expected [4] - Profit forecasts for the company are set at 697 million yuan, 1.143 billion yuan, and 1.730 billion yuan for 2025-2027, with corresponding PE ratios of 59, 36, and 24 times [4]

Investment Rating - The report upgrades the investment rating of the company to "Strong Buy" based on the strong performance in Q3 and the anticipated growth in high-end equipment upgrades in the PCB industry [1][5]. Core Insights - The company reported Q3 earnings that exceeded expectations, driven by the expansion of AI PCB production and significant improvements in gross margins [1][5]. - The company is well-positioned in the PCB equipment industry, benefiting from technological leadership and a focus on high-end product upgrades, which are expected to drive long-term growth [1][5]. Financial Performance Summary - For the first three quarters, the company achieved a revenue of 3.9 billion, a year-on-year increase of 66.5%, and a net profit of 490 million, up 142.2% year-on-year. The gross margin improved to 31.7%, an increase of 3.7 percentage points [5][6]. - In Q3 alone, revenue reached 1.52 billion, representing a year-on-year increase of 95.2% and a quarter-on-quarter increase of 7.0%. The net profit for Q3 was 230 million, up 281.9% year-on-year and 55.9% quarter-on-quarter, with a gross margin of 34% [5][6]. Market Position and Growth Potential - The company is recognized as a leading player in the global PCB equipment market, having ranked first among domestic PCB equipment manufacturers for 16 consecutive years [5][6]. - The report anticipates that the company will continue to benefit from the growing demand for AI PCB equipment and the ongoing high-end upgrade cycle in the PCB industry, projecting revenues of 5.72 billion, 8.77 billion, and 12.54 billion for 2025, 2026, and 2027 respectively [5][6]. Valuation Metrics - The projected PE ratios for the company are 54.8, 32.7, and 21.1 for the years 2025, 2026, and 2027 respectively, indicating a favorable valuation as the company grows [6][26].

Core Viewpoint - Dazhu CNC's Q3 performance exceeded expectations, driven by the expansion of computing PCB and technological upgrades, indicating strong positioning in the PCB equipment industry and potential for long-term growth [1][4]. Financial Performance - For the first three quarters, the company achieved revenue of 3.9 billion, a year-on-year increase of 66.5%, and a net profit of 490 million, up 142.2% year-on-year, with a gross margin of 31.7%, an increase of 3.7 percentage points [1]. - In Q3 alone, revenue reached 1.52 billion, a year-on-year increase of 95.2% and a quarter-on-quarter increase of 7.0%, with a net profit of 230 million, up 281.9% year-on-year and 55.9% quarter-on-quarter, and a gross margin of 34.0%, up 8.6 percentage points year-on-year [2]. Market Trends and Product Development - The increase in AI PCB product proportion has led to a significant optimization of the product structure, contributing to the notable rise in gross margin [2]. - The company is expected to see further growth in Q4 due to tight production capacity and the introduction of new equipment, with a focus on high-end PCB equipment upgrades [3]. Long-term Outlook - The company is well-positioned in the AI PCB sector, with expectations for sustained demand for mechanical drilling equipment and an increase in the proportion of high-margin AI PCB equipment [3]. - The company’s advanced laser drilling products are expected to meet the needs of new technologies and materials in the computing PCB field, enhancing growth potential for high-end products [3]. Investment Recommendations - Dazhu CNC is recognized as a leading global PCB equipment manufacturer, with a strong outlook for high-quality growth driven by the acceleration of AI PCB expansion and product upgrades [4].

证券研究报告·公司点评报告·专用设备 ◼ 盈利能力显著提升，费用管控效果优良 2025Q1-Q3 公司销售毛利率约为 31.7%，同比提升 4.8pct；销售净利率约 为 12.6%，同比提升 3.9pct。公司盈利能力改善，我们判断主要系应用于 AI 服 务器 PCB 的高价值量 CCD 背钻机等高端产品收入占比提升，同时规模效应 提升显著。2025Q1-Q3 公司期间费用率为 16.9%，同比下降 2.9pct，其中销售 /财务/管理/研发费用率分别为 5.2%/0.5%/4.6%/6.5%，同比分别-0.5pct/-0.9pct/- 0.5pct/-1.0pct。 ◼ 存货大幅增长彰显订单饱满，现金流短期承压 截至 2025Q3 末，公司存货达 15.83 亿元，较年初大幅增长 76.22%，主要 系公司为应对旺盛的下游订单需求进行积极备货。2025Q1-Q3 公司经营活动 产生的现金流量净额为-6.96 亿元，主要系业务规模快速扩张，采购支付的现 金及职工薪酬支出相应增加所致。 大族数控（301200） 2025 三季报点评：业绩快速增长，继续看好 AI 算力需求释放 买入（维持） | [Table_ ...

| 公司名称 | 营收 | 同比增减 | 浄利润 | 同比增减 | | --- | --- | --- | --- | --- | | 华映科技 | 3.18 | -29.54% | -2.45 | | | 华显光电 | 54.073 | 83.8% | 未单独披露 | 未单独披露 | | 视源股份 | 75.22 | 6.96% | 4.69 | 7.79% | | 合力泰 | 4.26 | 18.35% | 0.065 | 101.61% | | 大族数控 | 15.21 | 集95.19% V | 2.28 | 281.94% | | 日久光电 | 1.99 | 21.15% | 0.3 | 34.65% | 近日，华映科技、华显光电、合力泰、视源股份、大族数控陆续公布第三季度业绩报告，奥来德则披露了前三季度业绩预告。 华映科技 华映科技第三季度实现营业收入3.18亿元，同比下降29.54%；归属于上市公司股东的净利润亏损2.45亿元。前三季度实现营业收入10.39亿元， 同比下降21.03%；归属于上市公司股东的净利润亏损7.22亿元。 | | 本报告期 | 本报告期比上年同 | 年初至报告期末 | ...

Core Viewpoint - The A-share market has seen significant gains in semiconductor stocks, with several companies reaching their daily price limits, indicating strong investor interest and market momentum [1] Group 1: Stock Performance - Yuanjie Technology hit the 20% daily limit increase [1] - Taiji Industry and Wentai Technology both reached a 10% daily limit increase [1] - Zhongwei Semiconductor rose over 9% [1] - Canxin Technology increased over 8% [1] - Companies such as Diaomicro, Jucheng Technology, and others saw gains exceeding 7% [1] - A number of other semiconductor stocks, including Hanwha Technology and Chipone Technology, experienced increases of over 5% [1]