Group 1 - The core viewpoint of the article highlights that Dazhu CNC (03200) continues to rise on its second day of listing, reaching a peak of HKD 119.9, which is over a 25% increase from its IPO price [1] - As of the report, the stock is up 9%, trading at HKD 119.9 with a transaction volume of HKD 307 million [1] - Dazhu CNC is identified as a provider of specialized production equipment solutions for PCB, 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, covering key manufacturing processes such as drilling, exposure, lamination, molding, and inspection [1] - According to Zhi Shi 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 performance period, the majority of the company's revenue was derived from mainland China, and it is recognized as the largest manufacturer of PCB specialized production equipment in China, holding a market share of 10.1% based on 2024 revenue [1]

Group 1 - The company is expected to achieve revenue of 5.342 billion, 8.036 billion, and 10.662 billion yuan for 2025E, 2026E, and 2027E respectively, with year-on-year growth rates of 59.8%, 50.4%, and 32.7% [1] - The net profit attributable to the parent company is projected to be 774 million, 1.144 billion, and 1.584 billion yuan for 2025E, 2026E, and 2027E respectively, with year-on-year growth rates of 156.9%, 47.8%, and 38.5% [1] - The company is the largest PCB specialized equipment manufacturer globally, holding approximately 6.5% market share worldwide and 10.1% in the domestic market, with a product range covering almost all major processes in PCB production [2] Group 2 - The demand for PCB equipment is expected to maintain a medium to high growth rate driven by AI, with overall revenue growth rates of 59.8%, 50.4%, and 32.7% [3] - The overall gross margin is anticipated to increase from 28.4% in 2024 to 33.8% in 2027, with drilling equipment revenue expected to grow by 69.2%, 62.3%, and 37.4% from 2025 to 2027 [3] - The penetration rate of high-speed and low-loss materials in PCBs is expected to increase, along with the progress of high-end equipment volume exceeding expectations [3]

新春伊始 宝安资本市场喜讯连连！ 2月6日，宝安企业—— 深圳市大族数控科技股份有限公司 正式在香港联交所主板鸣锣上市 成功跻身"A+H"双资本平台行列 为宝安区高质量发展的开局画卷 再添浓墨重彩的一笔 根据招股说明书，大族数控本次上市募集资金将主要用于提升研发及营运能力，扩大海外产品销售及营销能力、完善全球分销渠道与销售网络以提高品牌 全球知名度，提升PCB专用设备产能等。 随着成功构建"A+H"双资本平台，大族数控将以更强大的资源禀赋和全球化布局，深度嵌入AI服务器、智能驾驶等高端制造价值链核心环节，为全球算力 基础设施建设提供关键装备支撑，向全球PCB装备核心服务商进一步跃升。 AI赋能高端PCB行业 聚势黄金赛道引领产业变革 AI大模型的爆发式增长 正在重构全球电子产业生态 面对行业发展的新机遇 大族数控制定了清晰的战略规划 01 AI产业领域 在AI产业领域，大族数控紧抓AI服务器高多层板HDI、800G/1.6T高速光模块及AI智能手机SLP等高价值细分PCB产品的加工设备需求，完善钻孔产品体 系，提供具有更高技术能力的新型机械钻孔设备、激光钻孔设备、数字成像设备及检测设备。这类新产品预计可满足下 ...

Core Viewpoint - Dazhu CNC Technology Co., Ltd. (Dazhu CNC) has successfully listed on the Hong Kong Stock Exchange, with its shares opening at HKD 106 and closing at HKD 110, reflecting a 14.82% increase. However, its A-shares in Shenzhen fell by 6.03% to CNY 147.16 [1][4]. Group 1: IPO Details - The total number of shares offered by Dazhu CNC was 50,451,800, with 5,045,200 shares allocated for public offering in Hong Kong and 45,406,600 shares for international offering [2]. - The final offer price was set at HKD 95.80, resulting in total proceeds of HKD 4,833.3 million. After deducting estimated listing expenses of HKD 202.6 million, the net proceeds amounted to HKD 4,630.7 million [4][5]. Group 2: Use of Proceeds - The funds raised will be utilized to enhance research and development capabilities, increase production capacity for PCB-specific equipment, and for general corporate purposes [5]. Group 3: Key Investors - Major cornerstone investors include Hongxing International, GIC Private Limited, Schroders, HHLRA, MSIP, and others, indicating strong institutional interest in the offering [5].

Core Viewpoint - Dazhu CNC (301200.SZ) has received approval from the Hong Kong Stock Exchange for its H-share stock issuance, which will be listed and traded on February 6, 2026 [1] Group 1 - The H-share stock will be listed under the Chinese name "大族數控" and the English name "HANS CNC" with the stock code "03200" [1]

Core Viewpoint - Dazhu CNC officially listed on the Hong Kong Stock Exchange on February 6, 2026, marking the establishment of an "A+H" dual capital platform for the leading PCB equipment manufacturer [3] Group 1: IPO Details - The IPO was launched on January 29, with an issue price set at HKD 95.80 per share, initially offering 50.45 million shares, which increased to 58.02 million shares after exercising the green shoe option, raising approximately HKD 48.3 billion to HKD 55.6 billion [3] - The offering was priced at a significant discount of approximately 46.5% compared to the A-share closing price of RMB 159.47 on February 3, providing a substantial valuation safety cushion for Hong Kong investors [3] - The IPO attracted 10 cornerstone investors who collectively subscribed for USD 310 million, accounting for 50% of the offering size, indicating strong interest from diverse capital types [3] Group 2: Market Performance - On the first trading day, Dazhu CNC's stock opened at HKD 106.00, rising by 10.65%, and further increased to HKD 113.00, reflecting a total gain of 17.95% by midday [4][5] Group 3: Financial Performance - Dazhu CNC's revenue for the years 2022, 2023, 2024, and the first ten months of 2025 were RMB 2.786 billion, RMB 1.634 billion, RMB 3.343 billion, and RMB 2.624 billion, respectively, with net profits of RMB 432 million, RMB 136 million, RMB 299 million, and RMB 212 million for the same periods [8][9] - The company holds a 6.5% global market share in PCB production equipment and a 10.1% market share in China as of 2024 [9] Group 4: Operational Risks - The company faces operational risks, including that raw materials and consumables account for over 85% of sales costs, making profitability sensitive to price fluctuations [10] - Accounts receivable turnover is slow, with turnover days of 254, 377, and 228 days for the years 2022 to 2024 [10]

Core Insights - The company, Han's CNC Technology Co., Ltd., has officially listed on the Hong Kong Stock Exchange, marking a significant milestone in its growth trajectory as a leading provider of PCB production solutions [3][18][20] - The surge in demand for AI computing power is creating a golden opportunity for the PCB industry, prompting the company to expand its global market presence and enhance its service offerings [20][26] - The company has secured cornerstone investments totaling approximately $310 million from prominent institutions, indicating strong investor confidence in its business model and growth potential [20][28] Company Overview - Founded in 2002, the company has established itself as a global leader in the PCB production equipment sector, focusing on innovative solutions that cater to the growing AI computing market [20][26] - The company aims to become the most respected and trusted PCB equipment service provider globally, leveraging its unique business model and technological innovations [26][30] Financial Performance - The company anticipates a significant increase in net profit for 2025, projecting between 785 million to 885 million yuan, representing a year-on-year growth of 160.64% to 193.84% [11][28] - This growth is primarily driven by heightened demand for high-layer HDI boards used in AI servers and high-speed switches, showcasing the company's robust order acquisition and profitability [11][28] Strategic Initiatives - The company is committed to enhancing its R&D and operational capabilities, expanding overseas sales and marketing efforts, and improving its global distribution channels to elevate brand recognition [3][18] - It is focusing on high-value PCB products for AI applications, including advanced HDI boards and laser processing technologies, to meet the evolving demands of the market [10][27] Market Positioning - The company has developed a comprehensive product matrix that covers various PCB manufacturing processes, positioning itself as a partner in innovation for its clients [30][31] - By establishing strategic partnerships and a global sales network, the company has gained recognition from major industry players and aims to solidify its leadership in the PCB and electronics sectors [31][32]

经香港联交所批准，公司本次发行的 50,451,800 股 H 股股票（行使超额配 售权之前）于 2026 年 2 月 6 日在香港联交所主板挂牌并上市交易。公司 H 股 股票中文简称"大族數控"，英文简称"HANS CNC"，股票代码"03200"。 股东类别 本次发行上市前 本次发行上市后 假设超额配售权未获行使 假设超额配售权悉数行使 数量（股） 占比 数量（股） 占比 数量（股） 占比 A 股股东 425,509,152 100.0% 425,509,152 89.40% 425,509,152 88.00% H 股股东 0 0.00% 50,451,800 10.60% 58,019,500 12.00% 合计 425,509,152 100.0% 475,960,952 100.00% 483,528,652 100.00% 本次发行上市完成后，公司的股份变动情况如下： 本次发行上市完成后，公司持股 5%以上的股东及其一致行动人持股变动情 况如下： 证券代码：301200 证券简称：大族数控 公告编号：2026-014 深圳市大族数控科技股份有限公司 关于境外上市股份（H 股）挂牌并上市交易的公告 ...

深圳市大族数控科技股份有限公司 关于控股股东持股比例被动稀释跨越 5%整数倍 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、误导性陈述或重大遗漏。 特别提示： 1、本次权益变动因深圳市大族数控科技股份有限公司（以下简称"公司"） 公开发行境外上市股份（H 股）（行使超额配售权之前），公司总股本增加， 导致控股股东大族激光科技产业集团股份有限公司（以下简称"大族激光"）及 大族激光之控股股东大族控股集团有限公司（以下简称"大族控股"）在持股数 量不变的情况下，合计持股比例由 84.39%被动稀释至 75.45%，被动稀释比例 跨越 5%整数倍。 证券代码：301200 证券简称：大族数控 公告编号：2026-015 | 1．基本情况 | | | | --- | --- | --- | | 信息披露义务人 | 1 | 大族激光科技产业集团股份有限公司 | | 住所 | 深圳市南山区深南大道 号 9988 | | | --- | --- | --- | | 信息披露义务人 2 | 大族控股集团有限公司 | | | 住所 | 深圳市南山区粤海街道麻岭社区深南大道 | 号大族科 ...

Core Viewpoint - Dazhu CNC Technology Co., Ltd. (stock code: 03200.HK) successfully listed on the Hong Kong Stock Exchange, with a closing price of 110 HKD, reflecting a 14.82% increase from the opening price of 106 HKD [1] Group 1: IPO Details - The total number of shares offered by Dazhu CNC was 50,451,800, with 5,045,200 shares allocated for public offering in Hong Kong and 45,406,600 shares for international offering [2] - The final offer price was set at 95.80 HKD, resulting in total proceeds of 4,833.3 million HKD, with net proceeds amounting to 4,630.7 million HKD after deducting estimated listing expenses of 202.6 million HKD [4][5] Group 2: Use of Proceeds - The funds raised will be utilized to enhance research and development capabilities, increase production capacity for PCB-specific equipment, and for general corporate purposes [5] Group 3: Key Investors - Major cornerstone investors include Hongxing International, GIC Private Limited, Schroders, HHLRA, MSIP, and others, indicating strong institutional interest in the offering [5]