Core Viewpoint - The company reported significant growth in revenue and net profit for the first three quarters of the year, driven by strong demand for AI servers and innovative equipment sales [1] Financial Performance - For the first three quarters, the company achieved a revenue of 3.903 billion yuan, representing a year-on-year increase of 66.53% [1] - The net profit attributable to shareholders for the same period was 492 million yuan, showing a year-on-year growth of 142.19% [1] - In the third quarter alone, the company recorded a revenue of 1.521 billion yuan, which is a 95.19% increase compared to the previous year [1] - The net profit for the third quarter reached 228 million yuan, marking a substantial year-on-year increase of 281.94% [1] Growth Drivers - The revenue growth is primarily attributed to the strong demand for AI server high multi-layer boards and the increase in sales of innovative equipment [1]

证券代码：301200 证券简称：大族数控 公告编号：2025-068 深圳市大族数控科技股份有限公司 第二届董事会第十七次会议决议公告 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、误导性陈述或者重大遗漏。 深圳市大族数控科技股份有限公司（以下简称"公司"）第二届董事会第十 七次会议于 2025 年 10 月 20 日以通讯表决方式举行，本次会议通知已于 2025 年 10 月 15 日向全体董事发出。本次会议应出席董事 8 人，实际出席董事 8 人，公 司高级管理人员列席了会议。本次会议的召开符合《公司法》及公司章程的规定。 本次会议由董事长杨朝辉先生主持，全体董事审议并表决通过了如下决议： 本事项已经公司第二届董事会审计委员会第十五次会议审议通过。 备查文件： 经审议，公司董事会认为公司《2025 年第三季度报告》的编制程序及内容符 合法律、行政法规和中国证监会的规定，能够真实、准确、完整反映公司 2025 年第三季度的财务情况和经营成果。 具体内容详见公司同日刊登于巨潮资讯网的《2025 年第三季度报告》（公告 编号 2025-069）。 表决结果：同意票 8 票，反对票 ...

Core Insights - The company Dazhu CNC (301200.SZ) reported significant growth in its financial performance for the third quarter of 2025, with a notable increase in both revenue and net profit [1] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 3.903 billion yuan, representing a year-on-year growth of 66.53% [1] - The net profit attributable to shareholders for the same period was 492 million yuan, showing a year-on-year increase of 142.19% [1] - In the third quarter alone, the company recorded a revenue of 1.521 billion yuan, which is a year-on-year growth of 95.19% [1] - The net profit attributable to shareholders in the third quarter reached 228 million yuan, reflecting a remarkable year-on-year increase of 281.94% [1] Growth Drivers - The revenue growth is primarily driven by strong demand for AI server high multilayer boards and an increase in sales of innovative equipment [1]

深圳市大族数控科技股份有限公司 2025 年第三季度报告 证券代码：301200 证券简称：大族数控 公告编号：2025-069 深圳市大族数控科技股份有限公司 2025 年第三季度报告 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。 重要内容提示： 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担 个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完 整。 3.第三季度财务会计报告是否经过审计 □是 否 1 深圳市大族数控科技股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同期 | | 年初至报告期末 | 年初至报告期末比上 | | | --- | --- | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | | | 营业收入（元） | 1 ...

Summary of Han's CNC Technology (301200.SZ) 3Q25E Preview Company Overview - **Company**: Han's CNC Technology (HC) - **Ticker**: 301200.SZ - **Industry**: PCB Equipment Manufacturing - **Market Position**: Leading PCB equipment supplier in China with a global market share of 6.6% in 2024, expected to reach 10%-11% in 2025[24][25] Key Financial Projections - **3Q25 Revenue**: Estimated to reach Rmb1.45 billion, a 2% QoQ increase, contrasting with a typical 20% QoQ decline in the low season[1][2] - **YoY Revenue Growth**: Expected to grow by 86% YoY in 3Q25, up from 75% YoY in 2Q25[2] - **Net Income**: Projected to increase by approximately 180% YoY to Rmb168 million in 3Q25[1] - **Gross Profit Margin (GPM)**: Anticipated to expand by 6.3 percentage points YoY to 31.7% in 3Q25[11] Market Dynamics - **AI-Related Demand**: Strong demand for PCB mechanical drilling equipment driven by AI PCB customers, particularly Victory Giant Technology (VGT), which accounted for ~15% of HC's total revenue in 1H25[25] - **Industry Comparison**: Taiwanese competitor Ta Liang reported a 96% YoY revenue growth in 3Q25, indicating robust industry demand[3] Growth Drivers - **AI-PCB Market**: The global AI-PCB Total Addressable Market (TAM) has been revised upward by 5%/35% to Rmb36.2 billion/Rmb71.8 billion for 2025/26E, respectively[4] - **Equipment TAM**: Corresponding PCB equipment TAM is expected to increase to Rmb15.9 billion/Rmb31.6 billion for 2025/26E[4] Valuation and Investment Strategy - **Target Price**: Revised target price set at Rmb124, based on a 50x P/E ratio for 2026E, reflecting an 86% earnings CAGR for 2025-26E[5][26] - **Investment Rating**: Rated as Buy/High Risk due to strong positioning in the AI PCB super cycle[25] Risks - **Potential Risks**: 1. Weaker-than-expected demand for AI PCB equipment 2. Rising component costs affecting GPM 3. Increased price competition due to industry supply growth[27] Additional Insights - **Earnings Summary**: - 2025E Net Profit: Rmb606 million, with a 101% YoY growth - 2026E Net Profit: Rmb1,044 million, with a 72% YoY growth[6][12] - **Market Capitalization**: Approximately Rmb39.06 billion[7] This summary encapsulates the critical insights and projections regarding Han's CNC Technology, highlighting its strong growth potential driven by AI-related demand and favorable market conditions.

证券代码：301200 证券简称：大族数控 公告编号：2025-067 1、本次股东会未出现否决议案的情形。 2、本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 深圳市大族数控科技股份有限公司（以下简称"公司"）于 2025 年 10 月 17 日以现场投票与网络投票相结合的方式召开公司 2025 年第三次临时股东会。 其中，现场会议于下午 14 时开始在深圳市宝安区福海街道重庆路大族激光智造 中心 3 栋 7 楼一区 A01 会议室召开；通过深交所交易系统进行网络投票的具体 时间为 2025 年 10 月 17 日的交易时间，即上午 9:15-9:25，9:30-11:30 和下午 13:00-15:00；通过互联网投票系统投票的具体时间为：2025 年 10 月 17 日 9:15- 15:00 期间的任意时间。 本次会议由公司董事会召集，公司董事长杨朝辉先生主持。本次会议的召 开符合有关法律、行政法规、部门规章和《公司章程》的规定。 出席会议的股东和代理人人数为 81 人，出席会议的股东所持有表决权的股 份总数为 371,217,491 股，出席会议的股东所持有表决权股份数占公司有 ...

北京市建国门北大街 8 号华润大厦 20 层 邮编：100005 电话：(86-10) 85191300 传真：(86-10) 85191350 junhebj@junhe.com 北京市君合律师事务所 关于深圳市大族数控科技股份有限公司 2025 年第三次临时股东会的法律意见书 致：深圳市大族数控科技股份有限公司 北京市君合律师事务所（以下简称"本所"）受深圳市大族数控科技股份有 限公司（以下简称"贵公司"）的委托，根据《中华人民共和国公司法》（以下简 称"《公司法》"）、《上市公司股东会规则》（以下简称"《股东会规则》"）等法 律、法规、规章及《深圳市大族数控科技股份有限公司章程》（以下简称"《公 司章程》"）的有关规定，就贵公司 2025 年第三次临时股东会（以下简称"本次 股东会"）有关事宜出具本法律意见书。 本法律意见书仅供见证本次股东会相关事项合法性之目的而使用，未经本所 书面同意，任何人不得将其用作其他任何目的。 为出具本法律意见书之目的，本所委派律师列席了贵公司本次股东会现场会 议，并根据有关法律法规的规定和要求，按照律师行业公认的业务标准、道德规 范和勤勉尽责精神，对贵公司提供的与本次股东会 ...

Summary of Han's CNC Technology (301200.SZ) 3Q25E Preview Company Overview - **Company**: Han's CNC Technology (HC) - **Ticker**: 301200.SZ - **Industry**: PCB Equipment Manufacturing - **Market Position**: Leading PCB equipment supplier in China with a global market share of 6.6% in 2024, expected to reach 10%-11% in 2025[27] Key Financial Projections - **3Q25 Revenue**: Estimated to reach Rmb1.45 billion, a 2% QoQ increase, contrasting with a typical 20% QoQ decline in the low season[1][2] - **YoY Revenue Growth**: Expected to grow by 86% YoY in 3Q25, up from 75% YoY in 2Q25[2] - **Net Income**: Projected to increase by approximately 180% YoY to Rmb168 million in 3Q25[1] - **Gross Profit Margin (GPM)**: Anticipated to expand by 6.3 percentage points YoY to 31.7% in 3Q25[13] Market Dynamics - **AI-Related Demand**: Strong demand for PCB mechanical drilling equipment driven by AI PCB customers, particularly Victory Giant Technology (VGT), which accounted for ~15% of HC's total revenue in 1H25[28] - **Industry Comparison**: Taiwanese competitor Ta Liang reported a 96% YoY revenue growth in 3Q25, indicating robust industry demand[3] Earnings Forecast Revisions - **Revised Earnings Forecasts**: 2025/26E earnings forecasts increased by 7%/15% due to the upward revision of the AI-PCB Total Addressable Market (TAM) by 5%/35%[1][4] - **Future Revenue Projections**: Expected revenues for 2025E and 2026E are Rmb5.413 billion and Rmb7.783 billion, respectively, reflecting a growth of 62% and 44% YoY[28] Valuation Metrics - **Target Price**: Increased to Rmb124, based on a 50x P/E ratio for 2026E, which is considered not aggressive given the projected 86% earnings CAGR for 2025-26E[5][29] - **Market Capitalization**: Approximately Rmb39.06 billion (US$5.48 billion) as of 16 October 2025[7] Risks and Considerations - **High-Risk Rating**: The stock is rated as high risk due to potential challenges such as weaker-than-expected demand for AI PCB equipment, rising component costs affecting GPM, and increased price competition in the industry[30] Additional Insights - **AI-PCB Upgrade**: The global AI-PCB TAM is projected to increase significantly, with corresponding PCB equipment TAM expected to reach Rmb15.9 billion by 2026E[4] - **Capacity Expansion**: HC is well-positioned to benefit from aggressive capacity expansions by VGT and other PCB manufacturers seeking certifications from AI server vendors[28] This summary encapsulates the critical insights and projections regarding Han's CNC Technology, highlighting its strong market position, financial growth, and the potential risks associated with its operations in the evolving PCB equipment industry.

Group 1 - The core viewpoint of the news is that Dazhu CNC has shown significant financial performance with a notable increase in revenue and net profit, alongside active trading in its stock [2][3] - On October 9, Dazhu CNC's stock price decreased by 0.84%, with a trading volume of 500 million yuan. The financing buy-in amount was 60.74 million yuan, while the financing repayment was 53.22 million yuan, resulting in a net financing buy of 7.53 million yuan [1] - As of October 9, the total balance of margin trading for Dazhu CNC was 439 million yuan, which accounts for 1.07% of its market capitalization, indicating a high level of financing activity compared to the past year [1] Group 2 - Dazhu CNC's main business involves the research, production, and sales of PCB specialized equipment, with the revenue composition being 71.02% from drilling equipment, 8.78% from testing equipment, and smaller percentages from other categories [2] - For the first half of 2025, Dazhu CNC achieved a revenue of 2.382 billion yuan, representing a year-on-year growth of 52.26%, and a net profit attributable to shareholders of 263 million yuan, reflecting an 83.82% increase [2] - The company has distributed a total of 1.533 billion yuan in dividends since its A-share listing, with 1.365 billion yuan distributed in the last three years [3]

Investment Rating - The report maintains a "Recommended" investment rating for the mechanical equipment industry [3] Core Viewpoints - The mechanical equipment industry is entering the "AI Era," which will create significant investment opportunities centered around AI infrastructure and AI empowerment [4][15] - The report highlights the historical performance of the mechanical equipment sector during previous five-year plans, indicating that each era has distinct characteristics that influence investment opportunities [6][10] Summary by Sections 1. Review of Five-Year Plans - The mechanical equipment industry has shown varying performance across the past four five-year plans, with significant growth during the Eleventh Five-Year Plan (642% increase) and a decline during the Thirteenth Five-Year Plan (-21% decrease) [6][7] - The industry ranked second among 28 sectors during the Eleventh Five-Year Plan and seventh during the Fourteenth Five-Year Plan, reflecting its evolving significance [7][8] 2. AI Infrastructure: Driving Demand for PCB Equipment, AIDC, Liquid Cooling, and Semiconductor Equipment - The AI computing revolution is expected to drive structural growth in PCB demand, with a projected annual growth rate of 16.3% for AI server-related HDI from 2023 to 2028 [19] - The report anticipates that the global PCB market will reach $73.565 billion in 2024, with a 5.8% year-on-year increase, and $94.661 billion by 2029 [19] - AI servers significantly increase the unit value of PCBs, with a single AI server PCB valued at $500-$800, compared to $200-$300 for traditional servers [20] - The report identifies challenges in capacity expansion, including long delivery times for high-end equipment and complex process validations [21] 3. AI Empowerment: The Rise of Embodied Intelligent Robots - The report discusses the practical applications of embodied intelligent robots in industrial logistics, elderly care, and specialized environments, emphasizing their potential to improve efficiency and safety [4][15] - It highlights the importance of technical feasibility and cost-effectiveness in the deployment of these robots [4] 4. Investment Recommendations - The report suggests focusing on AI infrastructure and AI empowerment as key investment directions for the mechanical equipment industry during the Fifteenth Five-Year Plan [4][15] - Specific recommendations include AI PCB equipment, AIDC power generation equipment, liquid cooling solutions, and semiconductor equipment [4][15] 5. Related Listed Companies - The report provides insights into key companies in the PCB equipment sector, such as Dazhu CNC, Chipbond Technology, and Dongwei Technology, highlighting their market performance and technological advancements [40][41]