Core Viewpoint - Dazhu CNC is the largest PCB specialized equipment manufacturer globally, with a market share of approximately 6.5% in the global market and about 10.1% in the domestic market [1] Group 1: Company Performance - The product range covers almost all major processes in PCB production, including drilling, exposure, lamination, molding, and testing [1] - The overall revenue growth rates are 59.8%, 50.4%, and 32.7% for different segments [1] Group 2: Industry Trends - AI-driven high-layer/high-end HDI capacity expansion is maintaining a medium to high growth rate in PCB equipment demand [1] - The requirements for high aspect ratio through holes, back drilling precision, and processing efficiency have significantly increased due to AI PCB, driving the demand for high-end equipment [1] - The penetration rate of high-speed, low-loss materials (such as M9) in PCBs is increasing [1] - The progress of high-end equipment volume is exceeding expectations, and leading PCB manufacturers are increasing their capital expenditures [1]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5]. Core Insights - The company is expected to benefit significantly from the AI-driven demand for high-layer and high-density interconnect (HDI) printed circuit boards (PCBs), with projected revenue growth rates of 59.8%, 50.4%, and 32.7% for 2025, 2026, and 2027 respectively [5]. - The company is the largest manufacturer of PCB-specific equipment globally, holding approximately 6.5% of the global market share and 10.1% of the domestic market share [5]. - The global PCB equipment market is projected to grow from approximately $7.1 billion in 2024 to $10.8 billion by 2029, with a compound annual growth rate (CAGR) of 8.7% [5]. Financial Data and Profit Forecast - Total revenue is forecasted to reach 53.42 billion yuan in 2025, with a year-on-year growth of 59.8% [4]. - The net profit attributable to the parent company is expected to be 7.74 billion yuan in 2025, reflecting a year-on-year increase of 156.9% [4]. - The gross profit margin is projected to improve from 28.4% in 2024 to 33.8% in 2027 [5]. - The earnings per share (EPS) is anticipated to rise from 0.71 yuan in 2024 to 1.82 yuan in 2025 [4]. Industry and Company Situation - The report highlights that the demand for high-end drilling and laser equipment is expected to increase due to the expansion of AI-driven high-layer and HDI production capacities [5]. - The company’s core business in drilling equipment is projected to see revenue growth of 69.2%, 62.3%, and 37.4% from 2025 to 2027 [5]. - The report emphasizes that the growth of platform-type equipment manufacturers is driven by the increasing penetration of high-speed materials and the rising requirements for high aspect ratio and back-drilling precision [5].

Group 1 - Shenzhen Dazhu CNC Technology Co., Ltd. is involved in the manufacturing and development of CNC equipment [1] - Liuliu Fruit Garden Group Co., Ltd. focuses on the agricultural sector, particularly in fruit cultivation and distribution [2] - Ridge Outdoor International Limited specializes in outdoor equipment and apparel [3] Group 2 - Shanghai Tianshu Zhixin Semiconductor Co., Ltd. is engaged in semiconductor technology and innovation [4] - Megmeet Intelligent Technology Co., Ltd. operates in the field of intelligent technology solutions [5]

Group 1 - The core viewpoint of the article is that Dazhu CNC (301200) is focusing on enhancing collaboration with industry-leading clients to develop innovative solutions for the next generation of high-speed PCBs, addressing the trend of AI PCB material upgrades [1] - The company emphasizes the importance of meeting the higher signal integrity processing requirements for next-generation high-speed PCBs [1] - The revenue situation of various products is detailed in the company's periodic reports, encouraging stakeholders to pay attention to the latest updates [1]

Group 1 - The China Securities Regulatory Commission has issued a notice regarding Dazhu CNC Technology Co., Ltd.'s application for overseas listing, allowing the company to issue up to 88,625,200 ordinary shares for listing on the Hong Kong Stock Exchange [1] - Dazhu CNC is a provider of PCB (Printed Circuit Board) specialized production equipment solutions, serving as a core infrastructure supplier for various downstream industries, including server and data storage, automotive electronics, mobile phones, computers, and consumer electronics [3] - The majority of Dazhu CNC's revenue during the reporting period was derived from mainland China [3]

Group 1 - The China Securities Regulatory Commission has issued a notice regarding Dazhu CNC Technology Co., Ltd.'s application for overseas issuance and listing, allowing the company to issue up to 88,625,200 overseas listed ordinary shares on the Hong Kong Stock Exchange [1] - Dazhu CNC is a provider of production equipment solutions specifically for the PCB (Printed Circuit Board) industry, serving as a core infrastructure supplier for various downstream sectors including servers and data storage, automotive electronics, mobile phones, computers, and consumer electronics [3] - The majority of Dazhu CNC's revenue during the reporting period was derived from mainland China [3]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a notice regarding the overseas issuance and listing of shares by Shenzhen Dazhu CNC Technology Co., Ltd., which plans to issue no more than 88,625,200 overseas listed ordinary shares and list them on the Hong Kong Stock Exchange [1] Group 1 - The company intends to issue a maximum of 88,625,200 shares [1] - The shares will be listed on the Hong Kong Stock Exchange [1]

Core Viewpoint - The company is actively engaging with leading industry clients and participating in the development of new material processing technologies to meet production requirements [1] Group 1: Company Operations - The company maintains close communication with top clients in the industry [1] - The company is involved in the research and development of processing technologies for new materials [1] - The company has a sufficient backlog of orders, which are being produced and delivered in an orderly manner [1] Group 2: Industry Trends - The demand for AI computing power is driving continuous investment and expansion in the PCB industry [1] - The company plans to dynamically adjust production capacity based on additional customer demand [1]

Summary of Han's CNC Technology (301200.SZ) Conference Call Company Overview - **Company Name**: Han's CNC Technology (HC) - **Ticker**: 301200.SZ - **Industry**: PCB (Printed Circuit Board) Equipment Manufacturing - **Market Position**: Leading PCB equipment supplier in China with a global market share of 6.6% in 2024, potentially reaching 10-11% [23][24] Key Financial Highlights - **4Q25 Revenue Growth**: Estimated at 64% YoY, leading to a projected revenue of Rmb1,644 million [2][11] - **Net Profit**: Expected to increase by 117% YoY to Rmb213 million in 4Q25 [2] - **Gross Profit Margin (GPM)**: Anticipated expansion of 5.8 percentage points YoY, reaching 34.2% in 4Q25 [2][11] - **Earnings Forecast**: - 2025E Net Profit: Rmb705 million - 2026E Net Profit: Rmb1,179 million - 2027E Net Profit: Rmb1,666 million [4][10] Product and Market Dynamics - **Ultrafast Laser Drilling Equipment**: Recently started deliveries, with an average selling price (ASP) of US$800k and a gross profit margin (GPM) exceeding 50% [1] - **Mechanical vs. Laser Drilling**: Demand for mechanical drilling remains strong, as evidenced by capacity expansions from leading drill bit manufacturers [3] - **Competitors**: Notable competitors include Ta Liang (3167.TW) and China Tungsten and Hightech Materials (000657.SZ) [3][17] Investment Strategy - **Rating**: Buy/High Risk - **Target Price**: Rmb140, implying a potential upside of 17.4% from the current price of Rmb119.30 [5][10] - **Expected Total Return**: 18.1%, including a dividend yield of 0.8% [5] Risks and Considerations - **High Risk Rating**: Potential risks include weaker-than-expected demand for AI PCB equipment, rising component costs affecting GPM, and increased price competition due to supply increases in the industry [26] Conclusion - Han's CNC is positioned to benefit from the ongoing AI PCB super cycle, with strong revenue and profit growth expected in the coming years. The company remains a top pick in the automation and machinery sector in China, supported by robust demand for its products and strategic market positioning [1][24]

大族数控（301200.SZ）12月17日在投资者互动平台表示，公司与行业头部客户保持紧密沟通，积极参 与新材料的加工工艺研发，确保公司相关产品满足客户生产技术要求。在AI算力需求的推动下，PCB产 业投资扩产不断，公司目前在手订单充足，在手订单正有序生产和交付中，将根据客户新增需求情况动 态调整产能。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：您好近期随着M9材料应用的加快，对公司钻孔设备的 利好越来越明确，请问公司扩产情况如何？目前设备的排产状况如何？主打产品六轴联动的订单如何？ ...