Group 1 - Dazhu CNC (301200.SZ) will launch a Hong Kong listing management NDR (Non-Deal Roadshow) on September 1, with an expected transaction scale of approximately $400 million to $600 million, depending on market feedback and conditions [1] - NDR is a preliminary roadshow format that allows investment banks and companies to gauge potential investor interest without a transaction, and investors may need to sign confidentiality agreements to access non-public information [1] - Dazhu CNC is a leading global provider of PCB specialized production equipment solutions, focusing on R&D, production, and sales of PCB production equipment, and has ranked first in the CPCA specialized equipment and instruments list by revenue for 16 consecutive years since 2009 [1] Group 2 - In the first half of 2025, Dazhu CNC achieved operating revenue of 2.382 billion yuan, a year-on-year increase of 52.26%, and a net profit attributable to shareholders of 263 million yuan, up 83.82%, with basic earnings per share of 0.63 yuan [2] - The company capitalized on the dual demand growth for AI server high multilayer boards and increased technical difficulty, enhancing its competitiveness in automotive electronics, consumer electronics multilayer boards, and HDI board processing equipment, leading to significant order growth [2] - Dazhu CNC's new laser processing solutions for advanced packaging have gained favor among downstream customers, contributing to the increase in orders [2]

智通财经APP获悉，8月27日共有2家上市公司的限售股解禁，解禁总市值约118.88亿元。 今日具体限售解禁股情况如下： | 股票简称 | 股票代码 | 限售股类型 | 解禁股数 | | --- | --- | --- | --- | | 大族数控 | 301200 | 延长限售锁定期流通 | 3.59亿 | | 长鸿高科 | 605008 | 增发A股原股东配售上市 | 358.2万 | ...

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [2][9]. Core Insights - The company is positioned to benefit from the AI-driven demand surge in the PCB industry, with significant growth expected in high-layer and HDI boards due to infrastructure needs [5]. - The dual strategy of domestic substitution and overseas expansion is enhancing the company's global supply chain capabilities, with a notable increase in overseas sales [6]. - The company has established a comprehensive product matrix that integrates various key processes, enhancing its competitive edge and customer value [8]. Summary by Sections Industry Overview - The global PCB industry is projected to grow by 5.8% in 2024, with high-layer boards and HDI boards expected to see revenue increases of 40.2% and 18.8% respectively, driven by AI server and automotive electronics demand [5]. - The compound annual growth rate (CAGR) for the PCB industry is forecasted at 5.2% over the next five years, with high-layer and HDI boards experiencing even higher growth rates [5]. Company Performance - The company anticipates a revenue increase of 104.56% and a net profit increase of 120.82% in 2024, with continued strong growth into Q1 2025 [5]. - Revenue and net profit for Q1 2025 are expected to rise by 27.89% and 83.25% year-on-year, respectively [5]. Strategic Initiatives - The company is focusing on domestic substitution and international market expansion, with 80% of its clients being top global PCB firms [6]. - The company has received certification from leading global packaging substrate manufacturers, demonstrating its ability to surpass imported brands in efficiency while maintaining quality [6]. - The establishment of an overseas subsidiary aims to meet the growing demand for localized equipment delivery and technical support in Southeast Asia [6]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 45.13 billion, 56.87 billion, and 67.31 billion respectively, with corresponding EPS of 1.30, 1.89, and 2.54 [9][11]. - The company is expected to maintain a strong PE ratio, reflecting its solid position in the PCB equipment sector and the ongoing demand driven by AI and domestic substitution [9].

大族数控突破PCB设备行业普遍聚焦单一工序或类型产品的局限，依托高速高精运动控制、激光应用等核 心技术群的综合运用，成功构建覆盖压合、钻孔、曝光、成型、检测等关键工序的立体化产品矩阵，并通 过独特的"应用场景-技术-供应链-设备与材料-产品-工序-客户"多维协同生态提供一站式解决方案，有效解 决下游客户多设备协同、工艺匹配及数据贯通等系统性难题。在服务模式上，公司率先推出预防性维护及 设备全生命周期增值服务，助力客户降本增效，形成差异化竞争壁垒。同时，公司与国内多家龙头企业达 成战略合作伙伴关系，深入参与客户端新产品研发、工艺革新、技术升级，构建起产业链上中下游一体化 的研发联动机制，实现从单一设备供应商向综合解决方案伙伴的跃迁，推动2024年前五大客户收入占比升 至22.6%，将深度合作转化为长期价值绑定，强化盈利可持续性。 华鑫证券有限责任公司尤少炜近期对大族数控（301200）进行研究并发布了研究报告《公司动态研究报 告：高端PCB设备卡位AI浪潮，技术生态壁垒赋能国产替代与出海双线提速》，首次覆盖大族数控给予买 入评级。 大族数控 投资要点 AI驱动PCB行业高景气，公司技术卡位核心设备赛道 全球AI ...

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant year-on-year growth in revenue and net profit, driven by demand in the AI server market and advancements in drilling equipment technology [1][4]. Financial Performance - For the first half of 2025, the company achieved operating revenue of 2.382 billion yuan, a year-on-year increase of 52% [1] - The net profit attributable to shareholders reached 263 million yuan, up 84% year-on-year [1] - The non-recurring net profit was 250 million yuan, reflecting a 101% increase year-on-year [1] - The gross margin was 30.28%, an increase of 1 percentage point year-on-year, while the net margin was 10.97%, up 2 percentage points year-on-year [1] - In Q2 2025, the company reported operating revenue of 1.422 billion yuan, a 75% increase year-on-year and a 48% increase quarter-on-quarter [1] Product Development and Market Position - The company capitalized on the AI server opportunity, with drilling equipment revenue reaching 1.692 billion yuan in the first half of 2025, a 72% increase year-on-year [2] - The gross margin for drilling equipment was 26.10%, up 0.4 percentage points year-on-year [2] - The company has developed new drilling machines with advanced features, such as a 3D back drilling function, which have been certified by industry clients and are in high demand [2] - The laser drilling product matrix includes various types of laser drilling equipment tailored for different PCB segments, with ongoing upgrades to meet the evolving technical requirements of HDI products [3] - The company’s new laser processing solutions have achieved high precision requirements for small holes and complex shapes, gaining recognition and orders from downstream customers [3] Comprehensive Service Offering - The company is one of the largest providers of PCB specialized equipment, with detection equipment revenue of 209 million yuan, an 82% increase year-on-year, and a gross margin of 41% [4] - Exposure equipment revenue was 124 million yuan, down 23% year-on-year, while forming equipment revenue was 141 million yuan, up 4% year-on-year [4] - The company’s one-stop service significantly reduces customer procurement and maintenance costs, facilitating ongoing technical collaboration and communication with clients [4] Investment Outlook - The company is expected to achieve revenues of 4.973 billion yuan, 6.703 billion yuan, and 8.373 billion yuan for the years 2025 to 2027, with net profits of 596 million yuan, 822 million yuan, and 1.033 billion yuan respectively [4] - Corresponding price-to-earnings ratios are projected to be 63.22, 45.79, and 36.46 times for the same years [4] - The company is well-positioned to benefit from the growing demand in the AI server market and maintains a leading position in drilling equipment [4]

证券代码：301200 证券简称：大族数控 公告编号：2025-061 深圳市大族数控科技股份有限公司 关于首次公开发行前已发行股份部分解除限售 并上市流通的提示性公告 次会议，审议通过了《关于 2023 年限制性股票激励计划第一个归属期归属条件 成就的议案》，认为 2023 年限制性股票激励计划第一个归属期归属条件已经成 就，并已于 2025 年 5 月办理完成了 2023 年限制性股票激励计划第一个归属期股 份归属的登记工作，本次归属的 5,509,152 股股份已于 2025 年 5 月 22 日上市流 通，公司总股本由 420,000,000 股增加至 425,509,152 股。 股，占公司总股本的 84.39%。 一、 首次公开发行前已发行股份概况 经中国证券监督管理委员会《关于同意深圳市大族数控科技股份有限公司首 次公开发行股票注册的批复》（证监许可[2021]4134 号）同意注册，公司首次公 开发行人民币普通股（A 股）4,200 万股，并于 2022 年 2 月 28 日在深圳证券交易 所创业板上市交易。 公司首次公开发行前总股本 378,000,000 股，首次公开发行股票完成后，公 司 ...

金融界消息 截至2025年8月25日收盘，大族数控（301200）报收于89.17元，上涨1.18%，换手率 20.53%，成交量12.79万手，成交金额11.27亿元。 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。企业注册资本42000万人民币，实缴资本10000万人民币。公司法定代 表人为杨朝辉。 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123 次，知识产权方面有商标信息50条，专利信息1347条，此外企业还拥有行政许可26个。 来源：金融界 资金流向方面，今日主力资金净流出3026.94万元，占比成交额2.69%。其中，超大单净流出3611.09万 元、占成交额3.2%，大单净流入584.15万元、占成交额0.52%，中单净流出流入4450.32万元、占成交额 3.95%，小单净流出1423.38万元、占成交额1.26%。 大族数控最新一期业绩显示，截至2025中报，公司营业总收入23.82亿元、同比增长52.26%，归属净利 润2.63亿元，同比增长83.82%，扣非净利润 ...

中信证券股份有限公司 关于深圳市大族数控科技股份有限公司首次公开发行前 已发行股份部分解除限售并上市流通的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为深圳市大 族数控科技股份有限公司（以下简称"大族数控"或"公司"）首次公开发行股票并 在创业板上市的保荐机构，根据《证券发行上市保荐业务管理办法（2025 年修 正）》、《深圳证券交易所创业板股票上市规则（2025 年修订）》、《深圳证券 交易所上市公司自律监管指引第 13 号——保荐业务（2025 年修订）》以及《深 圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作（2025 年修订）》等相关法律、法规和规范性文件的规定，对大族数控首次公开发行前 已发行股份部分解除限售并上市流通的事项进行了审慎核查，核查意见如下： 一、 首次公开发行前已发行股份概况 经中国证券监督管理委员会《关于同意深圳市大族数控科技股份有限公司首 次公开发行股票注册的批复》（证监许可[2021]4134 号）同意注册，公司首次公 开发行人民币普通股（A 股）4,200 万股，并于 2022 年 2 月 28 日在深圳证券交易 所创业板上市交易 ...

深圳市大族数控科技股份有限公司 关于首次公开发行前已发行股份部分解除限售 并上市流通的提示性公告 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。 特别提示： 证券代码：301200 证券简称：大族数控 公告编号：2025-061 1、本次解除限售的股份为深圳市大族数控科技股份有限公司（以下简称"公 司"或"大族数控"）首次公开发行前已发行的部分股份。 2、本次解除限售的股东人数共 2 名，解除限售的股份数量为 359,100,000 股，占公司总股本的 84.39%。 3、本次解除限售股份上市流通日期为 2025 年 8 月 28 日（星期四）。 一、 首次公开发行前已发行股份概况 经中国证券监督管理委员会《关于同意深圳市大族数控科技股份有限公司首 次公开发行股票注册的批复》（证监许可[2021]4134 号）同意注册，公司首次公 开发行人民币普通股（A 股）4,200 万股，并于 2022 年 2 月 28 日在深圳证券交易 所创业板上市交易。 公司首次公开发行前总股本 378,000,000 股，首次公开发行股票完成后，公 司总股本为 420,000,0 ...

智通财经APP获悉，民生证券发布研报称，"速率"及"功率"为当前AI发展的两大核心矛盾，"速率"环节 中，PCB作为直接搭载芯片的载体，承担了信号传输与交换的重要功能，成为AI产业链中最收益的环节 之一。伴随着CoWoP、正交背板等PCB新方案的推进，PCB工艺迭代加速，产业链进入明确的上行周 期，看好PCB迎来"黄金时代"。PCB核心工艺包括钻孔、电镀和蚀刻成像等，直接决定了电路板的互连 密度、信号完整性和生产良率，上游材料及设备公司显著受益于PCB产能的扩张。 PCB核心工艺包括钻孔、电镀和蚀刻成像等，直接决定了电路板的互连密度、信号完整性和生产良率。 在AI驱动行业向更高层数、更精细布线和更高可靠性方向发展，对机械钻孔与激光钻孔精度、电镀孔 壁均匀性及高长径比能力、光刻成像精度等提出了更高要求。国内大族数控、鼎泰高科、东威科技等设 备厂商正加快在高多层板、HDI、MSAP等先进工艺设备的布局，并在钻孔、钻针、电镀、蚀刻等环节 有所体现。 标的方面 建议关注，PCB头部厂商胜宏科技(300476.SZ)、鹏鼎控股(002938.SZ)、沪电股份(002463.SZ)、深南电 路(002916.SZ)、广合 ...