Investment Rating - The report assigns a "Buy" rating to the company [10] Core Views - The company is expected to benefit from the recovery of the PCB industry, along with the expansion of AI PCB production and new technology iterations, leading to simultaneous increases in volume, price, and profit [2][8] - As a leading PCB equipment manufacturer, the company has significant platform advantages, and its performance is anticipated to continue growing at a high rate [2][8] - The company aims to establish a comprehensive platform layout covering the entire production process of PCB equipment, from traditional rigid boards to high-end products like IC substrates and HDI [2][5] Summary by Sections Company Overview - The company has been a global leader in PCB equipment for over 20 years, focusing on the development, production, and sales of PCB specialized equipment [5][20] - Its product range includes drilling, exposure, forming, and testing equipment, covering all core production processes in PCB manufacturing [5][31] Market Dynamics - The global PCB market is entering a new recovery cycle, driven by structural growth momentum from AI technology innovations and the rapid growth of the electric vehicle market [49] - The demand for PCB specialized processing equipment is rebounding quickly due to the explosive demand for infrastructure in the AI industry and the recovery of the consumer electronics market [5][27] Financial Projections - The company is projected to achieve net profits of 580 million, 860 million, and 1.18 billion yuan from 2025 to 2027, corresponding to PE ratios of 69, 46, and 34 times [2][8] - In 2024, the company expects significant revenue growth, with a projected revenue of 3.343 billion yuan, a year-on-year increase of 104.56% [27] Product Matrix and Competitive Advantage - The company is building a collaborative product matrix across all production processes, enhancing its platform advantages [7][31] - Its core advantages include the synergy of technology platforms, comprehensive service capabilities, and breakthroughs in high-end markets [7][31] Customer Base and Sales Strategy - The company serves 80% of the top 100 global PCB companies and has a stable customer base, including well-known domestic and international manufacturers [36][37] - The sales model primarily involves direct sales, with some products sold through agents and distributors to enhance cooperation with foreign PCB manufacturers [38]

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].

Summary of Conference Call on PCB Industry and Company Developments Industry Overview - The PCB industry is experiencing significant technological upgrades, transitioning from standard multilayer boards to HDI boards, advanced HDI, inner-layer boards, and narrow boards. The demand for high-density and high-precision PCBs is increasing due to applications like data centers, with current HDI board hole diameters around 50 microns, and inner-layer and narrow boards reaching 20 microns or even smaller [2][5][9]. Key Companies and Developments - Domestic companies such as Dazhu CNC are making progress in the drilling machine sector, gradually catching up with Japanese monopolies. Dazhu CNC has captured a significant market share in ordinary mechanical drilling machines and is expanding into high-precision fields [1][4]. - Other domestic manufacturers like Shenghong, Shennan, and Huidian are also increasing their market shares, with high-end mechanical drilling and laser drilling machines accounting for 25%-35% of the market [1][4]. Market Trends and Demand - The AI boom is driving rapid growth in PCB industry demand, prompting manufacturers like Shenghong, Shennan, Huidian, and Jingwang to expand production. This expansion is boosting demand for upstream supply chains, including raw materials and production equipment [5][6]. - The demand for high-value-added PCB products, such as advanced HDI and multilayer boards, is leading to a general price increase of 10%-30% for equipment, with some customized equipment prices rising by over 50% [6][9]. Equipment and Technology - Key processes in PCB production, including drilling, electroplating, and exposure, are critical and have high value. Technologies such as laser drilling and vertical electroplating are essential, with companies like Dongwei Technology excelling in vertical electroplating equipment [7][8]. - Dongwei Technology has improved production efficiency and profit margins from 30% to over 40% through innovations like VCP and three-in-one equipment [8]. Future Outlook - The PCB industry is expected to have a development cycle extending at least two years, potentially up to three years or longer. The domestic replacement process is accelerating, with companies like Dazhu CNC making breakthroughs in key technologies, likely replacing imported equipment from Japan, Europe, and Taiwan [9][10]. - The typical order-to-delivery time for PCB equipment is six months to three quarters, which is faster than semiconductor equipment, allowing for quicker market response and production expansion [10]. Investment Opportunities - Investors should focus on the growing demand for equipment and materials in the PCB industry, as these areas are expected to see significant growth and are worth exploring for investment opportunities [14]. Additional Insights - Other important processes in PCB manufacturing include testing, soldering, and lamination, which, while not as high in value as drilling, electroplating, and exposure, are still critical for overall production quality [11][12]. - Companies are also exploring advancements in soldering processes, with efforts to optimize material selection and process parameters to address thermal stress deformation issues [12][13]. This summary encapsulates the key points from the conference call regarding the PCB industry and its key players, highlighting technological advancements, market trends, and investment opportunities.

每经记者｜胥帅 每经编辑｜董兴生 "长江后浪推前浪，世上新人赶旧人"，这句古诗也可以用到资本市场，比如大族激光和它的子公司大族 数控。 8月8日，大族数控（301200.SZ，股价93.38元，市值397.34亿元）股价又创新高，已经将大族激光 （002008.SZ，股价30.8元，市值317.12亿元）的市值甩到了身后。并且，大族激光所持有大族数控股份 的市值也高于其自身市值。 子公司市值胜过母公司，究其原因可以从股本结构和主营业务来看。相比而言，子公司的股本筹码更 轻，业务更聚焦。 子公司市值超过母公司 8月8日，大族数控股价又创新高，市值更是逼近400亿元。根据开盘啦统计数据，7月21日到8月8日，大 族数控股价区间涨幅98.85%，排名两市第九。大族数控的控股股东正是大族激光，持股比例达到 83.63%。 相比而言，大族激光就是老股票了，总股本达到10.3亿股，截至一季度末的普通股股东总数也达到15.76 万，股本结构明显要分散许多。 再看主营业务，大族数控的主营业务是现在火热的PCB（印制电路板），公司去年年报就提到"成为世 界范围内最受尊敬和信赖的PCB装备服务商"。今年一季度，公司实现营业收入9 ...

Group 1 - The core viewpoint of the news is that Dazhu CNC (301200) has shown a significant increase in revenue and net profit in its latest quarterly report, indicating strong financial performance [1] - As of August 7, 2025, Dazhu CNC's stock closed at 87.83 yuan, with a slight decrease of 0.19% and a trading volume of 90,800 lots, amounting to 783 million yuan [1] - The company reported total operating revenue of 960 million yuan for the first quarter of 2025, representing a year-on-year growth of 27.89%, and a net profit attributable to shareholders of 117 million yuan, up 83.60% year-on-year [1] Group 2 - Dazhu CNC's financial ratios include a current ratio of 2.194, a quick ratio of 1.780, and a debt-to-asset ratio of 38.77% [1] - The company has made investments in 8 enterprises and participated in 121 bidding projects, showcasing its active engagement in the market [2] - Dazhu CNC holds 50 trademark registrations and 1,334 patents, indicating a strong focus on intellectual property [2]

Group 1 - The stock price of Dazhu CNC increased by 13.51%, reaching 83.0 yuan per share, marking a new high [1] - The total market capitalization of the company surpassed 35.317 billion yuan [1] - The trading volume amounted to 1.07 billion yuan [1]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603488 | 展鹏科技 | 9.09 | -5.80% | 39.24万 | 3.57亿 | | 002837 | 英维克 | 41.00 | -3.55% | 92.55万 | 38.17亿 | | 688700 | 东威科技 | 44.61 | -2.90% | 14.77万 | 6.54亿 | | 301056 | 秣赫股份 | 12.08 | -2.50% | 10.44万 | 1.27亿 | | 688648 | 中郎科技 | 43.44 | -2.49% | 3.56万 | 1.55亿 | | 300836 | 佰奥智能 | 41.66 | -2.00% | 1.92万 | 8064.68万 | | 300865 | 大宏立 | 34.28 | -1.83% | 4.29万 | 1.48亿 | | 300950 | 德固特 | 31.15 | -1.49% | 16.61万 | 5.20亿 | | 833284 | 灵鸽科技 | 2 ...

金融界消息 截至2025年8月5日收盘，大族数控（301200）报收于83.5元，上涨14.2%，换手率24.27%， 成交量15.12万手，成交金额11.94亿元。 资金流向方面，今日主力资金净流入1.46亿元，占比成交额12.2%。其中，超大单净流入1.46亿元、占 成交额12.24%，大单净流出48.45万元、占成交额0.04%，中单净流出流出8281.10万元、占成交额 6.94%，小单净流出6290.41万元、占成交额5.27%。 大族数控最新一期业绩显示，截至2025一季报，公司营业总收入9.60亿元、同比增长27.89%，归属净利 润1.17亿元，同比增长83.60%，扣非净利润1.08亿元，同比增长90.14%，流动比率2.194、速动比率 1.780、资产负债率38.77%。 通过天眼查大数据分析，深圳市大族数控科技股份有限公司共对外投资了8家企业，参与招投标项目121 次，知识产权方面有商标信息50条，专利信息1333条，此外企业还拥有行政许可26个。 来源：金融界 天眼查商业履历信息显示，深圳市大族数控科技股份有限公司，成立于2002年，位于深圳市，是一家以 从事专用设备制造业为主的企业 ...

大族数控盘中股价创历史新高，现涨15.56%，报84.72元，总市值为355.98亿元。 ...

Market Overview - The Shanghai Composite Index closed at 3608.33 points, above the five-day moving average, with a gain of 0.70% [1] - The total trading volume of A-shares reached 1,290.701 billion yuan [1] Stocks Performance - A total of 1,063 A-shares have surpassed the five-day moving average, with notable stocks showing significant deviation rates [1] - Stocks with the highest deviation rates include: - Nanjing Julong (10.11%) - Changxin Bochuang (8.01%) - Dazhu CNC (7.93%) [1] - Stocks with smaller deviation rates that just crossed the five-day moving average include: - Allwinner Technology - Jinshiyuan - Yinlun Shares [1] Top Performing Stocks - The top stocks that broke through the five-day moving average and their respective performance metrics are: - Nanjing Julong: 11.60% increase, 23.45% turnover rate, latest price 36.76 yuan [1] - Changxin Bochuang: 13.44% increase, 14.23% turnover rate, latest price 95.40 yuan [1] - Dazhu CNC: 11.05% increase, 20.73% turnover rate, latest price 81.20 yuan [1]