Summary of Han's CNC Technology (301200.SZ) Conference Call Company Overview - Han's CNC Technology (HC) is a leading PCB equipment supplier in China, specializing in PCB drilling, exposure, testing, formation, and attachment equipment [18][11] - HC holds a 6.6% global market share and an 11.3% market share in China for PCB equipment in 2024 [18][14][17] Core Industry Insights - The global PCB equipment market is expected to resume growth in 2024, driven primarily by AI server and data center demands [2] - The total addressable market (TAM) for AI PCBs is projected to increase by 148% YoY from Rmb14.0 billion in 2024 to Rmb34.7 billion in 2025E, and further to Rmb53.0 billion in 2026E [2][24] - AI-related PCB equipment TAM is expected to reach Rmb23.8 billion in 2026E, which is 3.8 times the market size in 2024 [2] Financial Performance and Projections - HC's earnings are forecasted to grow by 89% and 59% YoY in 2025E and 2026E, respectively, driven by a revenue growth of 50% and 39% YoY [1][24] - The company’s gross profit margin (GPM) is expected to expand as AI PCB products, which require high-end equipment, increase from less than 10% in 2024 to 30%-50% in 2025E and 2026E [1][3][29] - HC's net profit is projected to reach Rmb1,259 million by 2027E, with a diluted EPS of Rmb2.997 [6][10] Key Customer and Market Dynamics - Victory Giant Technology (VGT) is HC's largest customer in the AI sector, contributing approximately 15% of HC's revenue in 1H25 [1][24] - The demand for PCB equipment is expected to surge as more Chinese PCB makers seek certifications from AI server/data center vendors [32] Competitive Landscape - HC has replaced German competitor Schmoll as the main supplier of mechanical drilling equipment to VGT [3] - Other competitors in the PCB equipment market include Mitsubishi Electric, Amada, and various unlisted companies [5][20] Valuation and Investment Outlook - The target price for HC is set at Rmb108, based on a P/E ratio of 50x for 2026E, reflecting a strong earnings CAGR of 73% for 2025-26E [5][37] - The expected total return is 27.1%, with a market cap of Rmb36.4 billion [7][10] Risks and Considerations - Potential risks include weaker-than-expected demand for AI PCB equipment, rising component costs affecting GPM, and increased price competition due to industry supply growth [37] - HC is not significantly exposed to US tariff risks, as its sales are primarily within China and to neighboring countries [37] Additional Insights - Han's Laser, which owns 83.6% of HC, produces non-PCB laser equipment to avoid conflicts of interest, with related party transactions accounting for less than 0.2% of HC's COGS and revenue [4][32] - The early stage of the AI PCB boom may lead to an "equipment demand overshoot" as PCB makers expand capacities before securing firm orders [1][24]

Market Performance - The specialized equipment sector increased by 2.88% on September 11, with Nanfeng Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Top Gainers - Nanfeng Co., Ltd. (300004) closed at 12.72, up 20.00% with a trading volume of 797,200 shares and a transaction value of 924 million [1] - Dazhu CNC (301200) closed at 114.70, up 18.38% with a trading volume of 179,300 shares and a transaction value of 1.925 billion [1] - Chipbond Technology (688630) closed at 152.00, up 10.87% with a trading volume of 137,800 shares and a transaction value of 2.022 billion [1] Market Capital Flow - The specialized equipment sector saw a net inflow of 1.045 billion from institutional investors, while retail investors experienced a net outflow of 682 million [2][3] - Dazhu CNC had a net inflow of 288 million from institutional investors, while retail investors had a net outflow of 168 million [3] - Nanfeng Co., Ltd. experienced a net inflow of 186 million from institutional investors, with retail investors seeing a net outflow of 110 million [3]

大族数控9月11日发布公告，公司股票交易价格连续三个交易日收盘价格涨幅偏离值累计达到34.60% （超过30%）,根据深圳证券交易所相关规定，属于股票交易异常波动的情形。 经核实，公司目前经营 情况正常，近期公司经营情况及内外部经营环境未发生重大变化。公司、控股股东和实际控制人不存在 关于公司应披露而未披露的重大事项或处于筹划阶段的重大事项。公司不存在违反信息公平披露的情 形。 ...

格隆汇9月11日｜大族数控发布异动公告，公司股票交易价格连续三个交易日收盘价格涨幅偏离值累计 达到34.60%，属于股票交易异常波动的情形。公司未发现近期公共传媒报道可能或已经对本公司股票 交易价格产生较大影响的未公开重大信息；公司目前经营情况正常，近期公司经营情况及内外部经营环 境未发生重大变化；公司、控股股东和实际控制人不存在关于公司应披露而未披露的重大事项或处于筹 划阶段的重大事项；股票异常波动期间，公司控股股东、实际控制人不存在买卖公司股票的行为。 ...

每经AI快讯，9月11日，大族数控(301200.SZ)公告称，公司股票交易价格连续三个交易日收盘价格涨幅 偏离值累计达到34.60%，属于股票交易异常波动的情形。经核实，公司前期披露的信息不存在需要更 正、补充之处，未发现近期公共传媒报道可能或已经对本公司股票交易价格产生较大影响的未公开重大 信息，公司目前经营情况正常，近期公司经营情况及内外部经营环境未发生重大变化。公司、控股股东 和实际控制人不存在关于公司应披露而未披露的重大事项或处于筹划阶段的重大事项。股票异常波动期 间，公司控股股东、实际控制人不存在买卖公司股票的行为。 ...

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。 一、股票交易异常波动的具体情况 深圳市大族数控科技股份有限公司（以下简称"公司"）股票交易价格连续三 个交易日（2025 年 9 月 9 日、2025 年 9 月 10 日、2025 年 9 月 11 日）收盘价格 涨幅偏离值累计达到 34.60%（超过 30%），根据深圳证券交易所相关规定，属 于股票交易异常波动的情形。 二、公司关注及核实情况的说明 证券代码：301200 证券简称：大族数控 公告编号：2025-063 深圳市大族数控科技股份有限公司 关于公司股价异动的公告 3、公司前期披露的信息不存在需要更正、补充之处。 1、公司前期披露的信息不存在需要更正、补充之处； 2、公司未发现近期公共传媒报道可能或已经对本公司股票交易价格产生较 大影响的未公开重大信息； 3、公司目前经营情况正常，近期公司经营情况及内外部经营环境未发生重 大变化； 4、公司、控股股东和实际控制人不存在关于公司应披露而未披露的重大事 项或处于筹划阶段的重大事项； 5、股票异常波动期间，公司控股股东、实际控制人不存在买卖公司股票的 行为 ...

9月10日，大族数控盘中上涨2.03%，截至11:06，报93.20元/股，成交4.19亿元，换手率1.09%，总市值 396.57亿元。 资金流向方面，主力资金净流出433.21万元，特大单买入1675.81万元，占比4.00%，卖出1911.08万元， 占比4.56%；大单买入9862.58万元，占比23.53%，卖出1.01亿元，占比24.01%。 大族数控今年以来股价涨160.48%，近5个交易日涨7.81%，近20日跌9.51%，近60日涨126.71%。 今年以来大族数控已经1次登上龙虎榜，最近一次登上龙虎榜为7月28日，当日龙虎榜净买入1497.65万 元；买入总计2.62亿元 ，占总成交额比25.52%；卖出总计2.47亿元 ，占总成交额比24.06%。 机构持仓方面，截止2025年6月30日，大族数控十大流通股东中，易方达科讯混合（110029）位居第三 大流通股东，持股124.05万股，为新进股东。易方达科融混合（006533）位居第六大流通股东，持股 67.58万股，为新进股东。香港中央结算有限公司位居第八大流通股东，持股57.34万股，相比上期增加 6.04万股。易方达成长动力混合A（ ...

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 2025年半年度跟踪报告 | 保荐人名称：中信证券股份有限公司 | 被保荐公司简称： 大族数控 | | --- | --- | | 保荐代表人姓名：吴斌 | 联系电话：0755-23835238 | | 保荐代表人姓名：熊科伊 | 联系电话：0755-23835238 | 一、保荐工作概述 | 项目 | | 工作内容 | | --- | --- | --- | | 1.公司信息披露审阅情况 | | | | （1）是否及时审阅公司信息披露文件 | 是 | | | （2）未及时审阅公司信息披露文件的次数 | 无 | | | 2．督导公司建立健全并有效执行规章制度的情况 | | | | （1）是否督导公司建立健全规章制度（包括但不 限于防止关联方占用公司资源的制度、募集资金 | 是 | | | 管理制度、内控制度、内部审计制度、关联交易 | | | | 制度） | | | | （2）公司是否有效执行相关规章制度 | 是 | | | 3.募集资金监督情况 | | | | （1）查询公司募集资金专户次数 | 6次 | | | （2）公司募集资金项目进展是否与信息 ...

Summary of Conference Call on PCB Industry and NVIDIA's Impact Industry Overview - The conference call focuses on the PCB (Printed Circuit Board) industry, particularly in relation to AI computing servers driven by companies like NVIDIA [1][2][6]. Key Points and Arguments - **NVIDIA's High-Density Interconnect (HDI) Demand**: NVIDIA's GB200 server utilizes advanced HDI boards with structures of 5+12+5 for compute trays and 6+12+6 for switch trays, indicating a shift towards higher density circuit integration [1][2][4]. - **Future Developments**: The upcoming GB300 server is expected to continue using high-level HDI and may incorporate new materials like Ma 9, potentially replacing copper connections with orthogonal backplanes, which will further increase PCB usage [1][4][6]. - **High-End PCB Trends**: The demand for high-end PCBs is driven by the need for higher performance in AI computing, with traditional PCBs being inadequate for these requirements [2][6]. - **Investment in Production Lines**: Investment in high-level HDI and multilayer PCB production lines is significantly increasing, with a 5-stage 22-layer HDI production line requiring approximately 130 million yuan, much higher than traditional through-hole boards [2][10]. - **Drilling Equipment's Role**: Drilling equipment is crucial for achieving electrical connectivity in PCBs, with increased demand for various types of drilling machines due to the complexity of high-level HDI and multilayer boards [2][9][11]. Additional Important Insights - **Market Dynamics**: The drilling equipment market is currently facing supply shortages, particularly for key components, with major suppliers struggling to meet demand [11][12]. - **Technological Advancements**: Companies like Dazhu CNC are focusing on ultra-fast laser drilling technology to capture market share in new materials, which is expected to be a significant growth area [15][17]. - **Investment Recommendations**: The PCB industry is projected to grow due to the demand from AI computing servers, with specific recommendations for companies like Dazhu CNC, Ding Tai High-Tech, and Zhong Tung High-Tech, which have competitive advantages in production capacity and cost control [18][19][20]. Conclusion - The PCB industry is evolving towards higher-end products driven by AI computing needs, with significant investments in production capabilities and technological advancements. Companies that adapt to these changes are likely to benefit from the growing market demand.

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment industry, specifically recommending investments in PCB equipment for import substitution, technological iteration, and industry expansion logic, as well as solid-state battery equipment for accelerated industrialization [1]. Core Insights - The report highlights the significant increase in demand for high-end HDI (High-Density Interconnect) PCB equipment driven by the surge in AI computing server requirements, projecting a 33% year-on-year growth in the PCB market for servers and storage in 2024, reaching a value of 10.916 billion yuan [2][3]. - The solid-state battery equipment sector is identified as a key area for investment, with isostatic pressing technology being crucial for mass production, offering potential for industrialization due to its efficiency in achieving densification [4][21]. - The report emphasizes the growth potential in the silicon carbide (SiC) market, particularly with NVIDIA's new generation of GPUs expected to adopt SiC substrates, which could significantly enhance thermal management and reduce packaging size [5][28]. Summary by Sections PCB Equipment - The demand for drilling equipment is expected to rise significantly due to the increasing complexity of HDI boards, with domestic PCB manufacturers like Shenghong Technology and Huitian Electronics planning capacity expansions [2][3]. - The global PCB equipment market is projected to reach 51 billion yuan in 2024, with a year-on-year growth of 9%, driven by the AI computing infrastructure [29]. - Key players in the PCB equipment sector include Dazhu CNC, Chip Quik, and Dongwei Technology, with recommendations to focus on drilling, exposure, and plating segments [31]. Solid-State Battery Equipment - Isostatic pressing technology is highlighted as a critical bottleneck for solid-state battery mass production, with domestic and international players accelerating the industrialization of this technology [4][21]. - The report suggests that the value of isostatic pressing equipment in solid-state battery production lines could reach 2.9 billion yuan by 2029, indicating substantial growth potential [21]. Silicon Carbide (SiC) - NVIDIA's plans to integrate SiC substrates into its next-generation GPU chips are expected to create new growth opportunities in the SiC market, with significant substrate demand anticipated [5][28]. Engineering Machinery - The report notes a strong recovery in excavator sales, with a 17.2% year-on-year increase in sales from January to August 2025, indicating robust domestic and export demand [6][10]. - Major infrastructure projects, such as the Yarlung Tsangpo River project, are expected to drive further demand for engineering machinery, with a projected market impact of approximately 108 billion yuan [36][37].