Core Viewpoint - The PCB industry is in a golden era, with the drilling equipment market being a standout segment driven by strong demand from AI computing and steady growth in the server market [4][13]. PCB Industry - The PCB industry is experiencing a significant boom, with 42 listed PCB companies in mainland China achieving a total revenue exceeding 120 billion yuan in the first half of the year, reflecting a year-on-year growth of at least 25-30% [4]. - The industry is at the beginning of a prosperous cycle, with strong demand expected to continue for at least the next three years [4]. Products and Orders - The company manufactures three main products: ordinary mechanical drilling machines (approximately 500,000 yuan), high-end CCD back drilling machines (1.6-1.8 million yuan), and forming machines (450,000-500,000 yuan) [5]. - The company has shipped over 1,800 units from January to August 2025, a year-on-year increase of about three times, with current orders reaching approximately 800 units, extending delivery times to March 2026 [5][6]. Profit and Pricing - The gross margin for ordinary mechanical drilling machines is around 30-40%, while for CCD back drilling machines, it can reach 70-80% or higher [7]. - The pricing strategy is strong, requiring a 30% deposit, 30% upon shipment, and 40% after installation [7]. Supply Chain Challenges - Capacity constraints are a primary bottleneck, with the factory operating at full capacity and plans for a second phase of construction to meet demand [8]. - Key components, particularly spindles, are in short supply, with the company relying on two main suppliers [8]. Technology Aspects - The demand for high-density interconnect (HDI) boards driven by AI requires high precision in drilling equipment [9]. - CCD back drilling machines offer superior accuracy compared to ordinary drilling machines, making them essential for complex drilling processes [9]. Competitive Landscape - The PCB drilling equipment market is dominated by companies like Germany's Schmoll, Japan's Hitachi, and China's Dazhu CNC [10]. - Domestic and Taiwanese manufacturers are positioned to capitalize on the current demand surge due to their quick response capabilities [10]. Downstream and Global Trends - Downstream demand is primarily driven by AI computing and server needs, with major clients including Nvidia, Microsoft, Amazon, and Huawei [11]. - The shift of PCB manufacturers to Southeast Asia due to tariffs presents opportunities for domestic and Taiwanese equipment suppliers [11]. Equipment Lifespan and Production Line Configuration - The lifespan of the company's products is estimated at 10-15 years, while competitors like Dazhu CNC have a shorter lifespan of 5-8 years [12]. - A high-end HDI production line typically requires five mechanical drills for every back drill [12]. Future Outlook - The PCB drilling equipment industry is expected to enter a golden three-year period, with increasing demand driven by AI computing [13]. - The rapid expansion of leading manufacturers is anticipated to extend to smaller firms, further amplifying market demand [13].

Investment Rating - The report assigns a "Buy" rating to the company for the first time [5] Core Views - The company is a global leader in PCB equipment, benefiting significantly from the current demand for high-performance computing [5] - The company has a comprehensive product matrix covering all major processes in PCB manufacturing, including drilling, exposure, lamination, forming, inspection, and attachment [21][15] - The company has shown strong revenue growth, with a projected increase in net profit from 696.84 million yuan in 2025 to 1.73 billion yuan in 2027 [5] Summary by Sections Company Overview - Established in 2002, the company specializes in PCB equipment and has been listed on the Shenzhen Stock Exchange since February 2022 [14] - The company has a wide range of products covering various PCB manufacturing processes and serves top global PCB manufacturers [15][21] Industry Analysis - The PCB industry is experiencing a recovery driven by new demands from AI servers and high-performance infrastructure, with a projected growth in the global PCB market from $73.57 billion in 2024 to $94.66 billion in 2029 [41] - The demand for high-end PCB products, such as HDI boards and multilayer boards, is expected to grow significantly, becoming a core driver of industry growth [41][45] Financial Performance - The company reported a revenue of 2.38 billion yuan in the first half of 2025, a year-on-year increase of 52.26%, and a net profit of 263 million yuan, up 83.82% [2][25] - The company's revenue is projected to reach 5.83 billion yuan in 2025, with a net profit of 696.84 million yuan, reflecting a strong recovery trend [5][24] Market Position - The company holds a leading market share of 10.1% in China and 6.5% globally in the PCB equipment sector [4] - The company has a strong presence in drilling and exposure equipment, with its products ranking second globally in mechanical drilling and laser drilling [4][15]

证券日报网讯 9月4日晚间，大族数控发布公告称，公司2025年第二次临时股东会于9月4日召开，审议 通过了《关于公司变更注册资本及修订<公司章程> 并办理工商变更登记的议案》等多项议案。 （文章来源：证券日报） ...

证券代码：301200 证券简称：大族数控 公告编号：2025-062 深圳市大族数控科技股份有限公司 2025 年第二次临时股东会决议公告 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： 1、本次股东会未出现否决议案的情形。 2、本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 深圳市大族数控科技股份有限公司（以下简称"公司"）于 2025 年 9 月 4 日以现场投票与网络投票相结合的方式召开公司 2025 年第二次临时股东会。其 中，现场会议于下午 14 时开始在深圳市宝安区福海街道重庆路大族激光智造中 心 3 栋 7 楼一区 A01 会议室召开；通过深交所交易系统进行网络投票的具体时 间为 2025 年 9 月 4 日的交易时间，即上午 9:15-9:25，9:30-11:30 和下午 13:00- 15:00；通过互联网投票系统投票的具体时间为：2025 年 9 月 4 日 9:15-15:00 期 间的任意时间。 本次会议由公司董事会召集，公司董事长杨朝辉先生主持。本次会议的召 开符合有关法律、行政法规、部门规章和 ...

北京市建国门北大街 8 号华润大厦 20 层 邮编：100005 电话：(86-10) 85191300 传真：(86-10) 85191350 junhebj@junhe.com 北京市君合律师事务所 关于深圳市大族数控科技股份有限公司 2025 年第二次临时股东会的法律意见书 致：深圳市大族数控科技股份有限公司 北京市君合律师事务所（以下简称"本所"）受深圳市大族数控科技股份有 限公司（以下简称"贵公司"）的委托，根据《中华人民共和国公司法》（以下简 称"《公司法》"）、《上市公司股东会规则》（以下简称"《股东会规则》"）等法 律、法规、规章及《深圳市大族数控科技股份有限公司章程》（以下简称"《公 司章程》"）的有关规定，就贵公司 2025 年第二次临时股东会（以下简称"本次 股东会"）有关事宜出具本法律意见书。 本法律意见书仅供见证本次股东会相关事项合法性之目的而使用，未经本所 书面同意，任何人不得将其用作其他任何目的。 为出具本法律意见书之目的，本所委派律师列席了贵公司本次股东会现场会 议，并根据有关法律法规的规定和要求，按照律师行业公认的业务标准、道德规 范和勤勉尽责精神，对贵公司提供的与本次股东会 ...

Group 1 - The core viewpoint of the news is the performance and financial metrics of Dazhu CNC, highlighting its stock price fluctuations and trading activity [1][2]. - As of September 4, Dazhu CNC's stock price was 84.70 CNY per share, with a market capitalization of 36.041 billion CNY [1]. - Year-to-date, Dazhu CNC's stock has increased by 136.72%, but it has seen a decline of 7.53% in the last five trading days [1]. Group 2 - Dazhu CNC, established on April 22, 2002, specializes in the research, production, and sales of PCB specialized equipment, with a revenue composition primarily from drilling equipment (71.02%) [2]. - For the first half of 2025, Dazhu CNC reported a revenue of 2.382 billion CNY, representing a year-on-year growth of 52.26%, and a net profit of 263 million CNY, up 83.82% [2]. - The company has distributed a total of 1.533 billion CNY in dividends since its A-share listing, with 1.365 billion CNY distributed in the last three years [3].

Group 1 - The core viewpoint of the news highlights the performance and financial metrics of Dazhu CNC, indicating a significant increase in stock price and trading activity [1][2] - As of September 3, Dazhu CNC's stock price rose by 2.05% to 86.20 CNY per share, with a total market capitalization of 36.679 billion CNY [1] - Year-to-date, Dazhu CNC's stock has increased by 140.92%, with a recent 5-day increase of 2.40% and a 20-day decrease of 2.05% [1] Group 2 - Dazhu CNC, established on April 22, 2002, specializes in the research, production, and sales of PCB specialized equipment, with a revenue composition primarily from drilling equipment (71.02%) [2] - For the first half of 2025, Dazhu CNC reported a revenue of 2.382 billion CNY, reflecting a year-on-year growth of 52.26%, and a net profit of 263 million CNY, up 83.82% [2] - The company has distributed a total of 1.533 billion CNY in dividends since its A-share listing, with 1.365 billion CNY distributed over the past three years [3] Group 3 - As of June 30, 2025, Dazhu CNC had 22,000 shareholders, an increase of 5.96% from the previous period, with an average of 2,827 circulating shares per shareholder [2] - Notable institutional holdings include E Fund Ke Xun Mixed Fund as the third-largest shareholder with 1.2405 million shares, and several new institutional investors entering the top ten shareholders [3]

Core Viewpoint - Dazhu CNC has experienced significant stock price growth in 2023, with a year-to-date increase of 148.38% and a recent market capitalization of 37.815 billion yuan [1][2]. Company Overview - Dazhu CNC, established on April 22, 2002, and listed on February 28, 2022, is located in Shenzhen, Guangdong Province. The company specializes in the research, production, and sales of PCB (Printed Circuit Board) specialized equipment [2]. - The revenue composition of Dazhu CNC includes drilling equipment (71.02%), testing equipment (8.78%), other equipment (6.70%), forming equipment (5.93%), exposure equipment (5.22%), and attachment equipment (2.36%) [2]. Financial Performance - For the first half of 2025, Dazhu CNC reported a revenue of 2.382 billion yuan, reflecting a year-on-year growth of 52.26%. The net profit attributable to shareholders was 263 million yuan, marking an 83.82% increase [2]. - Since its A-share listing, Dazhu CNC has distributed a total of 1.533 billion yuan in dividends, with 1.365 billion yuan distributed over the past three years [3]. Shareholder Structure - As of June 30, 2025, Dazhu CNC had 22,000 shareholders, an increase of 5.96% from the previous period. The average number of circulating shares per shareholder was 2,827, up by 0.65% [2]. - Notable institutional shareholders include E Fund Kexun Mixed Fund, which is the third-largest shareholder with 1.2405 million shares, and E Fund Kelong Mixed Fund, the sixth-largest with 675,800 shares, both of which are new entrants [3].

Summary of PCB Industry and Company Insights Industry Overview - The PCB industry is experiencing a significant surge in demand driven by AI applications, with expectations for this trend to continue until at least 2026 [2][14] - High-end PCBs are benefiting from material and structural upgrades, with layer counts increasing to over 24 layers and hole density rising, leading to a growth in the value of drilling equipment [1][3] Key Points on High-End PCB Products - High-end PCB materials are evolving from M5/M6 to M7/M8, with M8 already in mass production and M9 still in testing [1][5] - The increase in PCB thickness has led to the emergence of new drilling techniques such as segmented drilling and back drilling, which consume more drill bits and may require layered processing [12] - The value of high-end AI machinery is 20%-100% higher than that of standard machinery, with potential value growth of four to five times [12] Impact of New Technologies - New technologies are catalyzing the development of high-end PCBs, particularly in drilling, exposure, detection, and plating processes, with equipment value potentially increasing by up to four times [3][13] - The penetration rate of laser drilling is expected to continue rising, with CO2 and UV laser types being utilized for different applications [7][10] - The future of laser drilling technology is moving towards ultra-fast lasers, which offer significant improvements in precision, quality, and efficiency [10] Company Performance and Recommendations - Companies such as DingTai, Dazhong CNC, and Kaige Precision are performing exceptionally well due to the increased demand for AI-related high-end equipment, with notable improvements in gross margins and performance [3][15] - Dazhong CNC reported a doubling of its performance in Q2 2025, driven by the increased share of high-end machinery [15] - Other companies like New Flag Microelectronics and Dongwei Technology are also showing promising results, although their performance release may vary due to equipment delivery timelines [16] Future Trends in the PCB Industry - The PCB industry is expected to continue evolving with a focus on the increasing share of new technologies, particularly in laser drilling [17] - Recommended companies for investment include Dazhong CNC, New Flag, DingTai, and Dongwei, along with emerging players benefiting from new technologies such as Di'er and Inno Laser [17]

Summary of Key Points from Conference Call Records Industry Overview - The mechanical industry is experiencing a comprehensive upward trend, with various segments at different stages of growth [1] - The AI-related industry chain, including AIDC, PCB, 3C equipment, and smart logistics, is a focus for the Huatai Securities mechanical team for the second half of this year and next year [2] Company-Specific Insights Ice Wheel Environment - Ice Wheel Environment is expected to achieve over 700 million yuan in profit this year, with approximately 30%-35% coming from AI-related business [3] - The overall growth rate for the company may reach 25%-30% next year, with AI business expected to account for 45% [3] - Current valuation is around 15 times next year's profit, with a potential market cap increase to 19-20 billion yuan, indicating about 40% growth potential [3] Lian De Co., Ltd. - Lian De Co., Ltd. is benefiting from AI performance, with projected revenue of 1.6-1.7 billion yuan and profit of about 320 million yuan next year [4] - The current valuation is below 20 times, with potential to rise above 30 times as AI revenue share becomes clearer [4] - Recent stock performance has been affected by a share reduction announcement and market doubts about capacity realization [5] - Despite recent stock performance, the long-term investment opportunity remains strong due to high industry barriers and demand from the U.S. and domestic construction orders [6][7] New Flag Micro-Assembly - New Flag Micro-Assembly's expansion plan is expected to bring significant performance elasticity, with high profit margins and substantial valuation flexibility [9] Dazhu CNC - Dazhu CNC is expected to benefit from the AI PCB trend, with anticipated order volume reaching 10 billion yuan and a profit margin of about 40% [10] Quick Intelligent - Quick Intelligent operates in high-value-added businesses in the semiconductor and 3C fields, with a valuation corresponding to 22-23 times by 2026, indicating significant space and valuation elasticity [10] Industry Challenges and Risks New Energy Equipment - The new energy equipment sector is in a downward cycle, with declining contract liabilities and inventory indicators signaling reduced orders [12] - The photovoltaic equipment industry is currently profitable, but cash flow may deteriorate in the second half of 2025, with no signs of order recovery [13] Lithium Battery Equipment - The lithium battery equipment sector is performing strongly, with leading companies like CATL driving industry expansion [15] - The solid-state battery sector is impacting the lithium battery equipment landscape, providing opportunities for smaller equipment companies [16] Industrial Automation - The industrial automation sector has shown mixed results, with leading companies performing well while second-tier companies face challenges [18] - A recovery is anticipated in the fourth quarter of this year and into 2026 [18] Investment Recommendations - The Huatai Securities mechanical team recommends focusing on AI-related companies, including Ice Wheel Environment, Lian De Co., Ltd., and others in the mechanical sector [2] - Attention should also be given to the engineering machinery sector, which is expected to see a recovery driven by domestic and international demand [24][26] - The textile equipment sector is facing challenges due to tariffs, but companies like Jack and Huashu Technology are showing resilience [27][28] - The X-ray equipment sector is showing signs of recovery, with companies like Meiya Optoelectronics and Yirui Technology performing well [29] Conclusion - Overall, the mechanical industry and its related sectors present various investment opportunities, particularly in AI and engineering machinery, while also facing challenges in new energy and textile equipment sectors.