证券代码：301200 证券简称：大族数控 公告编号：2026-004 深圳市大族数控科技股份有限公司（以下简称"公司"）第二届董事会第二 十次会议于 2026 年 1 月 19 日以通讯表决方式举行，本次会议通知已于 2026 年 1 月 14 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： 一、审议通过《关于确定公司 H 股全球发售及在香港联合交易所有限公司主 板上市相关事宜的议案》。 经审议，公司董事会同意关于公司首次公开发行境外上市外资股（H 股）并 在香港联合交易所有限公司主板上市（以下简称"本次发行上市"）事宜的相关 安排，包括但不限于：（1）批准公司 H 股全球发售的相关安排；（2）批准刊发、 签署符合相关法律法规要求的招股说明书及其他相关文件；（3）批准处理 H 股 发行程序及相关事项；（4）授权相关人士按相关决议处理与本次发行上市有关 的具体事务。 本议案已经公司第二届董事会战略委员会第四次会议审议通过。 深圳市大族数控科技股份 ...

Core Viewpoint - The report from Guotou Securities indicates that Dazhu CNC is expected to achieve a significant growth in net profit attributable to shareholders, with an estimated year-on-year increase of 160.64%-193.84% by 2025, and a non-recurring net profit growth of 271.26%-318.85%, driven by its comprehensive AI high-end drilling research and global channel expansion [1] Company Summary - Dazhu CNC's rapid performance growth is attributed to its full-chain layout, which includes high-end drilling R&D and a one-stop solution across all processes [1] - The company is positioned as a core player in the global PCB specialized equipment industry, with a target price of 184.9 yuan based on a 52x PE ratio for 2026, and an initial investment rating of "Buy-A" [1] Industry Summary - The global PCB industry is experiencing accelerated investment in emerging Southeast Asian markets such as Thailand, Vietnam, and Malaysia, influenced by the "China+N" strategy [1] - Prismark forecasts a compound annual growth rate of 7.1% for the Southeast Asian region from 2024 to 2029, significantly higher than the average growth rates for the global market and mainland China, providing substantial growth opportunities for upstream specialized equipment [1]

Key Insights - The report highlights that the global AI industry is making significant progress in enhancing AI computing power, diversifying application scenarios, and realizing monetization, indicating a shift from technological breakthroughs to scalable commercial value [2][3] - Major companies like OpenAI and TSMC are strengthening their full-stack capabilities through capital integration, with OpenAI signing a procurement agreement worth over $10 billion to build the world's largest high-speed AI inference cluster [3] - The report notes that AI applications are increasingly being integrated into retail and consumer services, with Google planning to develop Gemini as a virtual shopping assistant, allowing users to browse and purchase products within the chat interface [5][6] Industry Developments - The AI industry is witnessing multi-point breakthroughs in innovation, particularly in consumer-facing applications, as companies focus on practical implementations [2] - OpenAI's collaboration with Cerebras to deploy a 750 MW system aims to create a significant AI inference platform, emphasizing the importance of inference speed in the competitive landscape [3] - The report mentions advancements in AI models, particularly in healthcare and multi-modal generation, with companies like Google and Zhizhu making strides in open-source model iterations [4] Market Trends - The report indicates a surge in short-term capital inflow driven by profit-making effects, leading to a recent boom in AI application markets, aligning with previous bullish predictions [6] - Regulatory support is highlighted as a stabilizing factor for the market, with the China Securities Regulatory Commission emphasizing a steady approach to market operations [6] - The report suggests that the favorable conditions driving market strength remain unchanged, with expectations for a stable transition into the next phase of market activity [6] Recommended Stocks - The report recommends several stocks, including 文远知行-W (00800.HK) for its leadership in commercializing RoboX and 东土科技 (300353) for its potential benefits from the integration of industrial internet and AI [7][14]

东吴证券研报指出，大族数控业绩超预期，AI PCB扩产加速带动业绩持续高增。公司全年业绩高增， 维持前三季度的高增速，25全年业绩超我们预期，主要系①AI算力需求爆发，以胜宏科技、沪电股份 为代表的头部PCB厂商积极扩充高阶HDI、高多层PCB产能，拉动机械钻、CCD背钻机、激光钻等PCB 设备需求，公司作为钻孔设备龙头充分受益；②2025年12月1日公司发布公告变更会计估计，根据客户 结构调整了预期信用损失率，公司预计增加25Q4约5318万元净利润。顺应AIPCB扩产设备需求高端 化，传统优势钻孔设备进展顺利；紧跟技术迭代，超快激光有望随M9Q布/1.6T光模块兑现产业化。考 虑到AIPCB扩产加速，设备采购需求提升，上调公司2025-2027年归母净利润为8.4（原值7.0）/15.4（原 值11.4）/25.0（原值17.3）亿元，当前股价对应动态PE分别为61/33/21倍，维持"买入"评级。 ...

Summary of PCB Equipment and Materials Industry Conference Call Industry Overview - The PCB equipment and materials industry is experiencing sustained growth, with companies like Dingtai High-Tech, Zhongtung High-Tech, and Dazhu CNC showing significant performance improvements. It is expected that by 2026, Dazhu CNC's revenue will reach 1.7 to 2 billion RMB, while Dingtai High-Tech is projected to exceed 1 billion RMB [1][2] - The industry is in an accelerated growth phase, particularly benefiting from the rising demand for AI-related equipment and materials since 2025 [2] Key Company Performances - **Dazhu CNC**: Achieved a year-on-year growth rate of 2.5 times in Q4 2025, with a quarter-on-quarter growth of 50%. The company is expected to continue this trend into 2026 [3] - **Dingtai High-Tech**: Reported a year-on-year growth of 1.8 times and a quarter-on-quarter growth of 25%. The company is also expected to benefit from price increases and product structure optimization [3][11] - **Zhongtung High-Tech**: Plans to expand production capacity by adding 60 million AI transfer needles, with total capacity reaching 200 million units. The demand for materials has exceeded expectations, prompting a significant acceleration in production [13][14] Technological Advancements - The PCB industry is set to expand with the application of new technologies, such as RUBIN ULTRA materials, which are changing mechanical and laser processing methods. The demand for diamond drill bits and ultrafast laser technology is increasing [5] - **Ultrafast Laser Technology**: This technology is gaining traction due to its advantages in new material systems. Dazhu CNC has begun applying this technology and has seen positive results, while Inno Laser has received its first orders [6][9] Investment Opportunities - The current phase is considered the best time to invest in PCB equipment and materials companies, as the industry cycle is on an upward trajectory. Investors are encouraged to focus on emerging companies with technological advantages, such as Dazhu CNC and Inno Laser [7][8] - The ultrafast laser market is expected to grow significantly, with market space estimated at 7 to 8 billion RMB. Although this is smaller than the mechanical drilling market, it represents a substantial growth opportunity [9] Future Trends - The PCB industry is expected to continue expanding, with new technologies and processes accelerating their application. The shift towards ultrafast laser technology is becoming mainstream, with domestic manufacturers positioned to benefit [5][6] - Companies like Dazhu CNC and Keg have shown new growth opportunities, while Dingtai and Zhongtung are responding quickly to market demands through expansion and pricing strategies [15]

Macro Strategy - The report discusses the impact of RMB appreciation on exports, suggesting that RMB exchange rate is more a result of export recovery rather than a cause [8] - Historical data shows that during previous RMB appreciation periods, export growth remained stable, indicating that exchange rate fluctuations do not significantly hinder export performance [8] - The report highlights that the competitive advantage of Chinese exports is increasingly driven by technological barriers rather than price advantages, as the structure of exports continues to optimize [8] Fixed Income - The report analyzes the bond market dynamics from 2016 to 2018, noting that the primary driver of the bear market was policy tightening, which led to a significant rise in short-term interest rates [12] - Current conditions differ as long-term rates are rising due to economic recovery expectations, while short-term rates remain low, suggesting that a repeat of the 2017 bear market is unlikely [12] - Historical examples indicate that a bear market typically requires both rising short-term rates and liquidity tightening, which is not present in the current environment [12] Company Analysis Dazhu CNC (301200) - The company is expected to achieve a net profit of 7.85-8.85 billion RMB in 2025, representing a year-on-year increase of 160.64% to 193.84% [13] - The growth is driven by accelerated expansion in AI PCB production and increased demand for high-end PCB equipment [13] - The profit forecast for 2025-2027 has been revised upwards due to strong market demand, with a projected net profit of 8.4 billion RMB in 2025 [13] Changjiang Power (600900) - The company reported a net profit of 341.67 billion RMB for 2025, a 5.14% increase year-on-year, driven by stable power generation growth [15] - The report indicates that the company’s revenue is supported by increased electricity sales from its hydropower stations [15] - The profit forecast for 2025-2027 has been adjusted to 341.67 billion RMB for 2025, reflecting a slight downward revision due to expected declines in electricity prices [15] CITIC Securities (600030) - The company achieved a net profit of 300.5 billion RMB in 2025, marking a 38% increase year-on-year, supported by a vibrant market trading environment [16] - The report highlights the company's strong position in the equity underwriting market, with significant growth in IPO and refinancing activities [16] - Profit forecasts for 2025-2027 have been revised upwards, with expected net profits of 301 billion RMB in 2025 [16]

Core Viewpoint - Dazhu CNC (301200.SZ) is expected to achieve a significant increase in net profit for 2025, projecting a range of 785 million to 885 million yuan, marking a year-on-year growth of 160.64% to 193.84% [1][3]. Financial Performance - The company anticipates a cumulative net profit exceeding 1.6 billion yuan from 2022 to 2025, with a notable recovery in performance starting from 2024 [1]. - For the first three quarters of 2025, Dazhu CNC projects revenues of 9.6 billion, 14.22 billion, and 15.21 billion yuan, reflecting year-on-year growth rates of 27.89%, 74.72%, and 95.19% respectively [4]. - The fourth quarter of 2025 is expected to yield a net profit between 293 million and 393 million yuan, with a year-on-year increase of 198.82% to 300.7% [4]. Market Dynamics - The growth in demand for high-layer boards and HDI boards, driven by investments in global AI computing infrastructure, is significantly boosting the PCB manufacturing sector [1][5]. - Dazhu CNC maintains a strong market position, ranking first in the CPCA top 100 for 16 consecutive years, with a global market share of 6.5% in the PCB equipment sector [6]. International Expansion - The company is actively pursuing a global strategy, having established four overseas subsidiaries and maintaining three distributors, with products sold in over ten countries [7]. - Dazhu CNC's overseas sales revenue reached 280 million yuan in the first half of 2025, a 102% increase year-on-year, although it still represents only 11.8% of total revenue [7]. Research and Development - Dazhu CNC has consistently invested in R&D, with expenses ranging from 194 million to 267 million yuan from 2021 to 2025, maintaining a focus on innovation and technology advancement [7]. - The company has been awarded 234 invention patents and 358 software copyrights, reflecting its commitment to R&D and technological leadership in the industry [6].

Group 1: Market Developments - The Shanghai and Shenzhen Stock Exchanges have raised the minimum margin ratio for financing securities purchases from 80% to 100%, aimed at reducing leverage and protecting investor rights [2] - A-shares have seen record trading volumes, with total turnover exceeding 10 trillion yuan over three days, indicating a new bull market driven by sectors like AI, aerospace, and semiconductors [2][7] - Multiple A-share companies, including Baiwei Storage, have reported significant profit increases, with Baiwei Storage expecting a net profit growth of 427.19% to 520.22% by 2025 due to rising storage prices and growth in AI sectors [2][7] Group 2: Commodity Prices - Global metal prices have surged, with silver reaching $92 per ounce and gold hitting historical highs, driven by geopolitical risks and physical shortages [3][8] - Citigroup has raised its price targets for gold and silver, while Goldman Sachs has warned of short-term volatility risks in industrial metals [3][8] Group 3: Policy and Economic Signals - Six major economic ministries in China have outlined key policies for 2026, focusing on stabilizing growth, expanding domestic demand, and supporting technological innovation [3][9] - A tax refund policy for individuals selling and repurchasing homes has been extended, aimed at reducing transaction costs and promoting housing market circulation [4][9] Group 4: Cryptocurrency Trends - Bitcoin prices have reached a two-month high, driven by lower-than-expected core inflation in the U.S. and geopolitical tensions in Venezuela and Iran [3][9] Group 5: Corporate Actions - Minmetals Development has announced a major asset restructuring plan to acquire 100% stakes in Minmetals Mining and Luzhong Mining, aiming to enhance profitability and risk resilience [5][10] - Several AI concept stocks have issued risk warnings following significant price increases, with companies like Jinqiao Information and Zhejiang Data Culture clarifying the limited impact of AI on their main business [5][10]

Core Viewpoint - Dazhu CNC's 2025 performance forecast significantly exceeds expectations, driven by the expansion of computing PCB and technological upgrades, indicating strong growth potential in the PCB equipment industry [2][4]. Group 1: Performance Forecast - The company forecasts a net profit attributable to shareholders of 7.85-8.85 billion, with a median of 8.35 billion, representing a substantial year-on-year increase of 177%. The non-recurring net profit is expected to be 7.80-8.80 billion, with a median of 8.30 billion, reflecting a year-on-year growth of 295% [2]. - For Q4 2025, the forecasted net profit attributable to shareholders is 3.43 billion, showing a year-on-year increase of 250% and a quarter-on-quarter increase of 50%. The non-recurring net profit is projected at 3.55 billion, with a year-on-year growth of 759% and a quarter-on-quarter growth of 57% [2]. Group 2: Industry Position and Product Development - Dazhu CNC is positioned as a leader in the mechanical drilling sector, with its CCD back-drilling machine showing significant advantages and doubling in value. The demand for orders is expected to increase quarterly, supported by a rising proportion of AI products, which enhances profitability [3]. - The company is preparing to double its production capacity this year, ensuring sufficient readiness for equipment delivery to PCB manufacturers in the coming years, with expectations of securing bulk orders from major PCB clients [3]. - The ultra-fast laser products from Dazhu are technologically advanced, offering advantages such as improved processing quality and efficiency, suitable for new technologies and material upgrades in the computing PCB sector [3]. Group 3: Equipment and Process Overview - Dazhu CNC's equipment includes exposure equipment, pressing equipment, drilling equipment, electroplating equipment, testing equipment, and forming equipment, each playing a critical role in the PCB production process [5][10]. - The exposure process involves high-precision imaging systems, while the drilling process utilizes advanced laser technology to address key interconnection challenges in PCB production [5][10].

Core Viewpoint - Today, 14 stocks received buy ratings from institutions, with 5 stocks being newly covered by analysts [1] Group 1: Institutional Ratings - A total of 14 buy ratings were issued today, with China National Duty Free and Oriental Yuhong receiving the highest attention, each having one buy rating record [1] - Among the rated stocks, 6 provided future target prices, with 5 stocks showing an upside potential exceeding 10%. China National Duty Free has the highest upside potential at 26.49%, with a target price of 113.90 yuan from Guojin Securities [1] - Other stocks with significant upside potential include Pudong Development Bank and Zhongding Co., with potential increases of 26.25% and 25.65%, respectively [1] - Five stocks received buy ratings for the first time, including Ningde Times and Wanyuantong [1] Group 2: Market Performance - Stocks with buy ratings averaged a 2.12% increase today, outperforming the Shanghai Composite Index. Seven stocks saw price increases, with Yonyou Network hitting the daily limit [1] - The top gainers included Dazhu CNC, Chenguang Biotech, and Wanyuantong, with increases of 12.32%, 5.67%, and 4.09%, respectively [1] - Stocks that experienced significant declines included Pudong Development Bank, China National Duty Free, and Yangtze Power, with decreases of 2.85%, 2.02%, and 2.01%, respectively [1] Group 3: Earnings Performance - Among the stocks rated as buy, two have reported annual earnings forecasts, with Pudong Development Bank and Yangtze Power showing net profit growth rates of 10.52% and 5.14%, respectively [2] - Five stocks have announced annual earnings forecasts, with Chenguang Biotech expected to see the highest net profit growth of 301.38%, followed by Dazhu CNC and Chaohongji with expected growth rates of 177.24% and 150.00%, respectively [2]