Core Viewpoint - Dazhu CNC Technology Co., Ltd. (Dazhu CNC) is a leading global provider of PCB specialized production equipment solutions, with a focus on R&D, production, and sales of PCB specialized production equipment [1] Company Overview - Dazhu CNC has been operating in the PCB specialized equipment industry for over 20 years, continuously expanding into technically challenging processes within PCB production [1] - The company offers a comprehensive end-to-end process solution for PCB manufacturers, covering various stages of PCB production [1] Industry Position - According to Zhi Shi Consulting, Dazhu CNC possesses the most extensive product portfolio in the global PCB specialized equipment industry, encompassing nearly all major processes in PCB production, including drilling, exposure, lamination, molding, and testing [1]

Summary of the Conference Call Company and Industry Overview - The company is focused on the rapid development of AI technology and has adjusted its business strategy to concentrate resources on core enterprises like Shenghong, particularly in the HDI and mechanical drilling sectors [2][3] - The company’s existing products, GB200 and GB300, have established a dominant market position, with nearly all large-scale production being supplied by the company [2] Key Points and Arguments - The company is leveraging ultra-fast laser technology to address challenges posed by M9 material processing, which has been widely applied in Apple products [2][5] - The company plans to expand its product lines to include exposure, forming, laminating, and testing, aiming to maximize value in AI scenarios [2][6] - By 2030, the PCB market value is expected to rise to $100-200 billion, driven by the AI industry, potentially doubling the size of the original market [2][8] - The company anticipates mass production of ultra-fast laser technology by mid-2026, with significant demand expected from the AI market [2][9] Financial Performance and Market Position - The company has shown steady performance improvements year-on-year and quarter-on-quarter, establishing a solid foundation for long-term growth [3] - Currently, 80% of the company's revenue comes from drilling equipment, with plans to transition into a high-end equipment supplier [4][14] - The company maintains a gross margin of approximately 50% and aims to enhance precision and efficiency in its products [21] Technological Developments - The transition from CO2 lasers to ultra-fast lasers is aligned with industry trends, with expectations for mass production to begin in 2026 [7] - The complexity of PCB drilling processes has increased significantly in AI applications, necessitating more advanced equipment to handle higher density and thickness [11] - CCD backup drilling equipment has shown strong market performance, with sales expected to account for 40%-50% of the required drilling machines in AI scenarios [12] Competitive Landscape - New entrants in the PCB field have not significantly impacted the existing market structure due to their lack of understanding of PCB-specific requirements [15] - Major technology companies continue to invest heavily in the industry, indicating a positive long-term outlook despite short-term market fluctuations [16][17] Future Outlook - The company is optimistic about the AI market's growth, with expectations of significant increases in equipment demand and value as technology evolves [22] - Collaboration with key clients like Pengding is crucial, with ongoing advancements in ultra-fast laser drilling machines expected to deepen these partnerships [19] - The company is transforming into a high-end equipment supplier, focusing on producing more technically demanding products and expanding its presence in the core supply chains of leading enterprises [20]

Core Viewpoint - Dazhu CNC (301200) is experiencing positive trends in all business areas and is focused on enhancing production capacity in response to downstream customer technology development and capacity expansion [1] Group 1 - The company is actively improving its production capacity [1] - The business development trends are reported to be good [1] - The company is aligning its strategies with the technological advancements and capacity expansion of downstream customers [1]

每经AI快讯，大族数控（SZ 301200，收盘价：110.82元）发布公告称，2025年11月5日至11月25日期 间，大族数控接受国泰海通等投资者调研，公司副总经理、财务总监兼董事会秘书周小东，证券事务代 表周鸳鸳参与接待，并回答了投资者提出的问题。 2024年1至12月份，大族数控的营业收入构成为：专用设备制造业占比100.0%。 截至发稿，大族数控市值为472亿元。 每经头条（nbdtoutiao）——国开行辟谣的"人民资产"是什么？记者实探：号称投资600元80天赚8万 元！一位投资人的女儿：劝不住她，警察都拦不住 （记者 曾健辉） ...

证券代码：301200 证券简称：大族数控 深圳市大族数控科技股份有限公司 投资者关系活动记录表 编号：2025-007 | | 特定对象调研 | 分析师会议 | | --- | --- | --- | | 投资者关系活动 | 媒体采访 | 业绩说明会 | | 类别 | 新闻发布会 | 路演活动 | | | 现场参观 | | | | 其他 券商策略会、电话会议 国泰海通策略会（11月5日） | | | | 华创证券策略会（11月5日） | | | | 招商证券策略会（11月5日） | | | | 西部证券（11月6日） | | | | 福州汉石基金（11月6日） | | | | 东方财富证券（11月6日） | | | | 广发基金（11月6日） | | | | 华泰资产管理（11月6日） | | | 参与单位名称 | 中银基金（11月6日） | | | | 建信基金（11月6日） | | | | 国寿养老（11月7日） | | | | 国寿资管（11月7日） | | | | 兴业基金（11月10日） | | | | 创金合信（11月10日） | | | | 民生证券（11月10日） | | | ...

深圳市大族数控科技股份有限公司 关于提前归还部分用于暂时补充流动资金的闲置募集资金 的公告 证券代码：301200 证券简称：大族数控 公告编号：2025-074 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。 深圳市大族数控科技股份有限公司（以下简称"公司"）于 2025 年 4 月 17 日召开了第二届董事会第十二次会议和第二届监事会第九次会议，审议通过 了《关于公司使用部分闲置募集资金暂时补充流动资金的议案》，同意公司在 保证募投项目建设资金需求的前提下，使用不超过 8 亿元的闲置募集资金用于 暂时补充流动资金，使用期限自董事会审议通过之日起不超过 12 个月，到期前 将 归 还 至 募 集 资 金 专 户 。 具 体 情 况 详 见 公 司 披 露 在 巨 潮 资 讯 网 （http://www.cninfo.com.cn）上的《关于公司使用部分闲置募集资金暂时补充流 动资金的公告》（公告编号：2025-021 ）。 在使用闲置募集资金暂时补充流动资金期间，公司严格遵守《上市公司募 集资金监管规则》《深圳证券交易所上市公司自律监管指引第 2 号——创 ...

Group 1 - The mechanical industry showed a strong performance in 2025, with a cumulative increase of 35.07%, outperforming the Shanghai and Shenzhen 300 index (17.94%) and the Shanghai Composite Index (17.99%) [1][17][21] - Emerging sectors such as AI equipment (140%), lithium battery equipment (96%), humanoid robots (67%), and engineering machinery (55%) led the gains in the mechanical industry, indicating significant investment opportunities [1][27][25] - The outlook for 2026 suggests continued growth in AI and technology sectors, with engineering machinery expected to maintain an upward trend and domestic demand gradually recovering from the bottom [1][30][39] Group 2 - Domestic economic conditions are currently experiencing a "weak recovery" phase, with fixed asset investment showing a differentiated pattern: manufacturing > infrastructure > real estate [2][30] - The general manufacturing sector is expected to enter a new investment cycle, driven by improved PPI and inventory levels, with a focus on high-end upgrades and stock replacement [39][46] - The export sector is benefiting from the competitive strength of leading Chinese companies, with a notable increase in orders for high-end machinery from Japan, reflecting the active investment in domestic high-end manufacturing [55][56] Group 3 - The AI-driven technology sector is expected to continue its upward trend, with hardware demand and new process iterations accelerating, particularly in AI PCB technology and humanoid robots [3][30][61] - Solid-state battery technology is at a critical juncture, with leading battery companies expanding production capacity, indicating a significant opportunity for battery equipment manufacturers [3][30][61] - Investment recommendations include focusing on technology growth assets such as AI PCB equipment, humanoid robots, and solid-state battery equipment, as well as engineering machinery and general automation sectors [4][61]

Flash | Advantages of ultrafast laser drilling equipment – With minimum line width of 10µm (micrometers), ultrafast laser drilling equipment is ideal to process PCBs on 1.6T optical transceivers (60/40µm vs. 75µm for 800G optical transceiver) and even CoWoP (Chip on Wafer on PCB) based on mSAP technology. Meanwhile, ultrafast laser can remove materials with no-heat transfer so that it won't affect surrounding materials. ASP and GPM – General mechanical drilling equipment: Rmb500k and ~20%; CCD (Camera Contr ...

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment industry [1] Core Views - The report is optimistic about the acceleration of downstream capacity expansion and the solid-state catalytic lithium battery equipment, continuing to recommend AI equipment such as gas turbines and liquid cooling devices [1] - Solid-state battery technology is advancing towards commercialization, benefiting equipment manufacturers as major manufacturers are expected to open equipment tenders for pilot lines [1] - The demand for gas turbines is expected to rise due to the expansion of AI data centers, with domestic manufacturers likely to benefit from this trend [2] - Liquid cooling technology is becoming essential for data centers, with significant growth expected in the market for liquid cooling solutions [3] Summary by Sections Recommended Companies - The report suggests a focus on companies such as Northern Huachuang, SANY Heavy Industry, and others in various sectors including semiconductor equipment, engineering machinery, and lithium battery equipment [1][13] Investment Highlights - **Lithium Battery Equipment**: The solid-state battery is moving towards mass production, creating new demand for equipment across all stages of production [1] - **Gas Turbines**: The demand for gas turbines is driven by the need for reliable power sources for AI data centers, with significant opportunities for domestic brands like Jereh and Haomai Technology [2] - **Liquid Cooling Equipment**: The report highlights the rapid growth in AI computing capital expenditures, with liquid cooling technology being crucial for managing heat in data centers [3] Industry Trends - The report notes a significant increase in the shipment of AI server racks, with expectations of continued high growth in the coming years [3] - The liquid cooling market is projected to expand significantly, driven by the need for energy-efficient cooling solutions in data centers [3] Financial Projections - The report provides financial forecasts for companies in the sector, indicating expected growth in net profits for various firms over the next few years [19][43]

每经头条（nbdtoutiao）——谁在替王家卫写《繁花》？揭秘影视剧本层层转包"枪手链" （记者 王瀚黎） 2024年1至12月份，大族数控的营业收入构成为：专用设备制造业占比100.0%。 截至发稿，大族数控市值为509亿元。 每经AI快讯，大族数控（SZ 301200，收盘价：119.52元）11月12日晚间发布公告称，公司第二届第十 八次董事会会议于2025年11月12日以通讯表决方式召开。会议审议了《关于公司增加2025年度日常关联 交易预计额度的议案》等文件。 ...