Summary of Key Points Core Viewpoint - Schroders PLC has increased its stake in Dazhong CNC (03200.HK) by acquiring 6.9192 million shares at an average price of HKD 95.80 per share, totaling approximately HKD 663 million, resulting in a new holding of 13.71% [1]. Group 1 - Schroders PLC's acquisition of shares occurred on February 6, 2026 [1]. - The total investment made by Schroders PLC in this transaction is around HKD 663 million [1]. - After the purchase, Schroders PLC holds a total of 6.9192 million shares in Dazhong CNC [1].

Group 1 - The core point of the article is that Schroders PLC has increased its stake in Dazhong CNC (03200) by acquiring 6.9192 million shares at a price of HKD 95.8 per share, totaling approximately HKD 663 million [1] - After the acquisition, Schroders PLC's total shareholding in Dazhong CNC is now 6.9192 million shares, representing a 13.71% ownership stake [1]

Group 1 - Schroders PLC increased its stake in Dazhong Numerical Control (301200) by acquiring 6.9192 million shares at a price of 95.8 HKD per share, totaling approximately 663 million HKD [1] - After the acquisition, Schroders PLC's total shareholding in Dazhong Numerical Control reached 6.9192 million shares, representing a 13.71% ownership stake [1]

Investment Rating - The report maintains an "Overweight" rating for the PCB industry chain, anticipating high growth in 2025 and sustained prosperity in 2026 [1]. Core Insights - The PCB industry is expected to experience significant growth in 2025, driven by increasing demand for AI computing power and the upgrade of PCBs towards high-performance and high-density products. This includes a rise in demand for high-layer boards and advanced HDI products, which will also boost related sectors such as high-end copper-clad laminates, drilling consumables, and equipment [4][61]. - Despite some disruptions in Q4 2025 performance, the growth logic for 2026 remains intact, with new computing platforms and technologies like orthogonal backplanes and CoWoP expected to enhance product value significantly [4][61]. Summary by Sections PCB - Q4 2025 performance may face disruptions, but the growth logic for 2026 remains unchanged. The demand for high-layer and advanced HDI PCBs is increasing, leading to high growth rates for companies like Shenghong Technology, Huadian Co., and Shennan Circuit, with projected net profits of 43.60 billion, 38.22 billion, and 32.48 billion respectively, reflecting year-on-year growth rates of 277.68%, 47.74%, and 73.00% [13][14]. Copper Clad Laminate (CCL) - The CCL sector is expected to see high growth in 2025, benefiting from increased demand for high-end products driven by AI computing power and price adjustments. Major CCL manufacturers are projected to achieve significant profit increases, with companies like Shengyi Technology expected to report a net profit of 33.50 billion, a year-on-year increase of 92.50% [36][41]. Drilling Tools and Equipment - The drilling tool sector is anticipated to exceed market expectations in 2025, with companies like DingTai High-Tech projected to achieve a net profit of 4.35 billion, reflecting a year-on-year growth of 91.74%. This growth is driven by increased demand for high-end PCBs and the optimization of product structures [48][49]. - Equipment demand is expected to rise due to the expansion of PCB production capacity, with companies like Dazhu CNC and Chip Quik projected to see significant profit increases, driven by the growing market for PCB-specific processing equipment [55][57].

因大族数控港股价格较A股过去一个月均价折让约36%，风险回报更具吸引力。在A股市场，该行更看 好大族激光（002008）(002008.SZ)而非大族数控。 花旗发布研报称，首次覆盖大族数控（301200）(03200)港股，看好公司作为中国领先的PCB钻孔设备 制造商，受惠于胜宏科技（300476）等本土AI PCB制造商需求强劲增长。花旗同时启动大族数控港股 评级，给予"买入"评级及142港元目标价。 该行将大族数控2025及2026年盈利预测分别上调18%与21%，并将大族数控(301200.SZ)A股目标价上调 约14%至160元人民币，以反映2025年初步业绩表现胜预期。然而，该行将其评级由"买入/高风险"下调 至"中性"，因机械钻孔业务的增长潜力已基本反映在股价中，而雷射钻孔业务的上行空间仍存不确定 性。 ...

Group 1 - The core viewpoint of the article is that Citigroup has initiated coverage of Dazhu CNC (03200) in Hong Kong, expressing optimism about the company as a leading PCB drilling equipment manufacturer in China, benefiting from strong demand from domestic AI PCB manufacturers like Shenghong Technology [1] - Citigroup has assigned a "Buy" rating to Dazhu CNC with a target price of 142 HKD, reflecting a positive outlook on the company's growth potential [1] - The bank has raised its earnings forecasts for Dazhu CNC for 2025 and 2026 by 18% and 21% respectively, and increased the target price for its A-shares to approximately 160 RMB, indicating better-than-expected preliminary performance for 2025 [1] Group 2 - Citigroup has downgraded the rating for Dazhu CNC's A-shares from "Buy/High Risk" to "Neutral," citing that the growth potential of the mechanical drilling business is already reflected in the stock price, while the upside for the laser drilling business remains uncertain [1] - The Hong Kong stock price of Dazhu CNC is trading at a discount of about 36% compared to the average price of its A-shares over the past month, making the risk-reward profile more attractive [1] - In the A-share market, Citigroup prefers Dazhu Laser (002008.SZ) over Dazhu CNC [1]

Summary of Han's CNC Technology Conference Call Company Overview - **Company Name**: Han's CNC Technology - **Ticker Symbols**: 3200.HK (H-share), 301200.SZ (A-share) - **Industry**: PCB (Printed Circuit Board) Equipment Manufacturing - **Market Position**: Leading PCB drilling equipment maker in China with a global market share of 6.6% in 2024, potentially reaching 10-11% [35][39] Core Insights - **Earnings Forecasts**: - 2025E earnings revised up by 18% and 2026E by 21% due to stronger-than-expected preliminary results for 2025 [1] - Target price for A-shares raised by approximately 14% to Rmb160, while H-shares initiated at Buy with a target price of HK$142 [1][41] - **Market Demand**: - Anticipated growth in AI PCB equipment revenue by 134% YoY to Rmb4.0 billion in 2026E and 72% YoY to Rmb6.9 billion in 2027E [1] - Global AI PCB Total Addressable Market (TAM) expected to increase by 101% YoY to Rmb96.3 billion in 2026E and 81% YoY to Rmb174.1 billion in 2027E [1] - **Market Share**: - Han's CNC's market share in AI PCB equipment projected to be 19% in 2026E and 20% in 2027E [1] Equipment Insights - **Ultrafast Laser Drilling Equipment**: - Currently used by Chinese PCB makers for mSAP PCBs but has not passed certification for HDI in AI servers [2] - Higher average selling price (ASP) of Rmb5 million-6 million compared to Rmb3 million for CO2 laser drilling raises concerns about client retention [2] Financial Metrics - **Revenue and Profit Projections**: - Revenue expected to grow from Rmb5.706 billion in 2025E to Rmb8.902 billion in 2026E, with net profit projected to rise from Rmb829 million to Rmb1.424 billion [18] - Gross profit margin (GPM) expected to stabilize around 34% in 2026E [18] Risks and Considerations - **Investment Risks**: - Rated as High Risk due to potential volatility in share price, but mitigated by strong earnings visibility from AI PCB demand [38] - Downside risks include weaker-than-expected demand, rising component costs affecting GPM, and increased price competition [38][43] - Upside risks include stronger demand and favorable product mix changes [38] Valuation - **Target Price Justification**: - Target price of Rmb160 for A-shares and HK$142 for H-shares based on a P/E ratio of approximately 53x for 2026E, reflecting a 55% earnings CAGR for 2026E-27E [37][42] Conclusion - Han's CNC Technology is positioned to benefit from the growing demand for AI PCB equipment, with strong earnings growth anticipated. However, investors should remain cautious of potential risks that could impact performance and valuation.

Core Viewpoint - Citigroup expresses optimism about Dazhu CNC as a leading PCB drilling equipment manufacturer in China, benefiting from strong demand from domestic AI PCB manufacturers like Shenghong Technology [1] Group 1: Financial Forecasts - Citigroup raises Dazhu CNC's earnings forecasts for 2025 and 2026 by 18% and 21% respectively, reflecting better-than-expected preliminary performance [1] - The target price for Dazhu CNC's A-shares is increased by approximately 14% to 160 CNY [1] Group 2: Ratings and Market Position - The rating for Dazhu CNC is downgraded from "Buy/High Risk" to "Neutral" due to the growth potential of the mechanical drilling business being largely reflected in the stock price [1] - Citigroup initiates coverage on Dazhu CNC's Hong Kong shares with a "Buy" rating and a target price of 142 HKD, citing a 36% discount compared to the average price of A-shares over the past month, making the risk-reward profile more attractive [1] Group 3: Business Segments - There remains uncertainty regarding the upside potential of the laser drilling business, which could impact future growth [1]

大族数控是一家中国领先的印刷线路板（PCB）专用生产设备解决方案服务商，主要从事PCB专用生产设备的研发、生产及销售。大族数控是全球PCB专 用生产设备领域工序解决方案布局最为广泛的企业之一，其广泛的生产设备组合跨越PCB产业的多个板块，并涵盖多个生产工序，例如钻孔、曝光、压 合、成型及检测。大族数控的经营涉及服务器及数据存储、汽车电子、手机、计算器及消费电子等PCB专用设备行业。大族数控凭借广泛产品组合、先进 技术和强大产能，以及快速适应不断变化的行业趋势的能力，满足了客户的多元化需求，将PCB专用生产设备销往10多个国家及地区。 Ha yuan攻席 . 3200 26 2714 110.20 9.76 HKD A 14.40 ( A 15.03%) 10.76 ( 4 1.95%) BiD 110.20, |· ASK: 110.30 .76 | ASK 39.82 2026年2月6日，深圳市大族数控科技股份有限公司（以下简称"大族数控"，股票代码：03200.HK/301200.SZ）在香港联合交易所主板挂牌上市。 安永作为H股申报会计师，始终秉承拼搏精神，以坚忍不拔的意志和精益求精的专业态度，克服了上 ...

Group 1 - The core viewpoint of the article highlights that Dazhu CNC (301200) continues to rise in stock price after its listing, reaching a peak of 119.9 HKD, which is over a 25% increase from the offering price [1] - As of the report, the stock is up 9% at 119.9 HKD with a trading volume of 307 million HKD [1] - Dazhu CNC is identified as a provider of specialized production equipment solutions for the PCB industry, focusing on the research, production, and sales of PCB-specific manufacturing equipment [1] Group 2 - The company offers a wide range of production equipment that spans multiple sectors of the PCB industry and covers key manufacturing processes such as drilling, exposure, lamination, molding, and inspection [1] - According to Zhaosheng Consulting, the PCB specialized equipment industry is highly competitive and relatively fragmented, with the top five manufacturers in China accounting for approximately 23.9% of the total market share by revenue in 2024 [1] - During the historical record period, the majority of the company's revenue was derived from mainland China, and it is noted as the largest manufacturer of PCB specialized production equipment in China, holding a market share of 10.1% based on 2024 revenue [1]