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使用自有资金支付募 投项目部分款项并以募集资金等额置换的核查意见 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，对大族数控使用自有资金支 付募投项目部分款项并以募集资金等额置换的事项进行了审慎核查，核查意见如 下： 单位：万元 | 序号 | 项目名称 | 项目投资 | 募集资金承诺 | 截至2025年9月30 日已投入募集资 | 募投项目 | | --- | --- | --- | --- | --- | --- | | | | 金额 | 投资总额 | | 投资进度 | | | | | | 金金额 ...

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增加2025年度日常关 联交易预计额度的核查意见 单位：万元 | 关联交易 | | 关联人 | 关联交易 | 关联交易 | 原预计交 | 2025 年需 | 增加后金 | 年 2025 1-9 月已发生 | 上年发生 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 类别 | | | 内容 | 定价原则 | 易金额 | 增加金额 | 额 | 金额 | 金额 | | 向 关 采 购 | 联 人 原 材 | 大族激 光 | 采购产品 及配件、 承租房屋 | 参考市场 价格 | 8,400.00 | 2,600.00 | 11,000.00 | 6,799.45 | 7,225.96 | | 料 、 房屋 | 承 租 | 大族天 成 | 采购产品 及配件 | 参考市场 价格 | 3,000.00 | 1,200.00 | 4,200.00 | 2,487.07 | 2,010.52 | | | | 小计 | | | 11,400.00 | 3,800.00 | 15,200.00 ...

证券代码：301200 证券简称：大族数控 公告编号：2025-072 深圳市大族数控科技股份有限公司 关于公司增加 2025 年度日常关联交易预计额度的公告 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。 （一）日常关联交易概述 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"）于 2025 年 1 月 24 日召开了第二届董事会第十次会议，审议通过了《关于公司 2025 年度日常经营关联交易预计的议案》，预计 2025 年度与关联方发生日常经营关 联交易总额度不超过 13,600 万元。具体内容详见公司于 2025 年 1 月 25 日在巨 潮资讯网（http://www.cninfo.com.cn）披露的《关于公司 2025 年度日常经营关联 交易预计的公告》（公告编号：2025-007）。 （二）本次增加 2025 年度日常关联交易预计金额的情况 根据公司业务发展及日常经营情况，公司本次拟增加 2025 年度与大族激光 科技产业集团股份有限公司（以下简称"大族激光"或"母公司"）及其控制主 体、北京大族天成半导体技术有限公司（以下简称"大 ...

证券代码：301200 证券简称：大族数控 公告编号：2025-073 深圳市大族数控科技股份有限公司 一、募集资金基本情况 经中国证券监督管理委员会《关于核准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）核准，公司于 2022 年 2 月向社会公开发行人民币普通股（A 股）4,200 万股，每股发行价为 76.56 元， 募集资金总额为人民币 321,552.00 万元，根据有关规定扣除发行费用 13,374.17 万元后，实际募集资金金额为 308,177.83 万元。该募集资金已于 2022 年 2 月 22 日到账。上述资金到账情况经容诚会计师事务所（特殊普通合伙）容诚验字 [2022]518Z0010 号《验资报告》验证。公司对募集资金采取了专户存储管理。 二、原募集资金用途的计划及使用情况 截至 2025 年 9 月 30 日，公司直接投入募集资金投资项目共计人民币 105,405.13 万元。募集资金使用情况如下： 单位：万元 | 序号 | 项目名称 | 项目投资 | 募集资金承诺 | 截至 | 年 2025 9 | 月 | 募投项目 | | - ...

证券代码：301200 证券简称：大族数控 公告编号：2025-071 深圳市大族数控科技股份有限公司 第二届董事会第十八次会议决议公告 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。 深圳市大族数控科技股份有限公司（以下简称"公司"）第二届董事会第十 八次会议于 2025 年 11 月 12 日以通讯表决方式举行，本次会议通知已于 2025 年 11 月 7 日向全体董事发出。本次会议应出席董事 8 人，实际出席董事 8 人，公司 高级管理人员列席了会议。本次会议的召开符合《公司法》及公司章程的规定。 本次会议由董事长杨朝辉先生主持，全体董事审议并表决通过了如下决议： 一、审议通过《关于公司增加 2025 年度日常关联交易预计额度的议案》。 经审议，公司董事会认为公司增加 2025 年度日常关联交易预计额度符合公 司实际经营和发展需要，相关关联交易遵循平等互利、定价公允、收付款条件合 理的市场原则，不存在损害公司和股东利益的情形，不会因此对关联人形成依赖， 也不会对公司的独立性构成不利影响。 表决结果：同意票 5 票，反对票 0 票，弃权票 0 票。董事张 ...

Core Viewpoint - The PCB industry is expected to benefit from AI demand and the continuous growth in the market for high-end PCBs, with global PCB output projected to reach $94.661 billion by 2029, reflecting a CAGR of 5.2% from 2024 to 2029 [1] Market Space - The global PCB market is projected to reach $73.6 billion in 2024, representing a year-on-year growth of 5.8%, with China holding the largest production capacity [1] - The third round of capital expenditure is expected to explode, with eight leading domestic PCB companies projected to spend a total of 16.3 billion yuan in the first three quarters of 2025, an increase of 85% year-on-year [1] Equipment Demand - The global PCB equipment market is expected to grow from $5.84 billion in 2020 to $7.085 billion in 2024, with a CAGR of 4.95%, while the Chinese PCB equipment market is projected to reach 29.442 billion yuan in 2024, with a CAGR of 5.6% from 2020 to 2024 [1] - The demand for PCB equipment is expected to rise due to AI-driven needs for high-layer boards, HDI boards, and IC packaging substrates [1] Competitive Landscape - The industry concentration is relatively low, with the top five companies in China holding a combined market share of 23.9%, and Dazhu CNC leading with approximately 10.1% market share domestically [2] - The domestic high-end PCB equipment localization rate is below 30%, indicating significant room for growth [2] Focus Areas - The global market for drilling equipment is expected to exceed 10 billion yuan in 2024, driven by the increasing demand for high-layer PCBs [3] - The global PCB drilling needle market is projected to reach $836 million in 2024, with AI driving demand towards high-end products [3] - Exposure equipment is expected to benefit from the trends of higher precision, lower costs, and faster iterations in AIPCB [3] - Plating equipment will benefit from the increase in PCB layers, which raises the complexity and quality requirements of the equipment [3]

Group 1 - A total of 87 stocks were newly covered by institutions this week, with 14 stocks receiving target prices [1] - Naxin Micro was rated "Accumulate" by Guoyuan Securities with a target price of 207 CNY, while its latest closing price was 172.06 CNY [1] - Tengjing Technology received a "Buy" rating from Guojin Securities with a target price of 146.9 CNY, compared to its latest closing price of 109.63 CNY [1] Group 2 - Other notable stocks include Kingsoft Office, Desay SV, Dazhu CNC, and Northern Rare Earth, which were also mentioned in the report [1] - The report includes a detailed table of stocks with their respective institutions, research dates, latest ratings, target prices, and latest closing prices [2] - For instance, Kexin New Source was rated "Buy" by Guotai Junan Securities with a target price of 66.86 CNY, while its latest closing price was 42.73 CNY [2]

Group 1 - The PCB market is experiencing significant demand growth driven by the AI development wave, leading to a new round of capacity expansion in the industry [1][3] - Pengding Holdings (002938) reported a revenue of 26.855 billion yuan for the first three quarters of 2025, a year-on-year increase of 14.34%, and a net profit of 2.407 billion yuan, up 21.23% [1] - The company plans to actively promote new capacity construction in Huai'an and Thailand, with capital expenditure reaching 4.972 billion yuan, an increase of nearly 3 billion yuan year-on-year [1] Group 2 - Defu Technology (301511) and Feiliwa (300395) have announced financing and expansion plans, with Defu planning to invest 1 billion yuan in special copper foil production [2] - Shenghong Technology (300476) is expanding its high-end product capacity, including HDI and multilayer boards, to maintain its leading position in the global PCB industry [2] - Dongshan Precision (002384) is enhancing high-end PCB capacity to meet long-term demand in high-speed computing servers and AI applications [2] Group 3 - The PCB industry is seeing a surge in demand for high-layer boards, HDI boards, and IC substrates, with a projected investment of 41.9 billion yuan from leading domestic PCB companies by 2025-2026 [3] - The industry is characterized by a return to an upward cycle, product high-endization, and factory establishment in Southeast Asia, which is expected to drive the demand for PCB equipment upgrades [3] Group 4 - The global PCB market size was 78.34 billion USD in 2023, a decrease of 4.2% year-on-year, but is expected to reach 96.8 billion USD by 2025 [4] - The Chinese PCB market size was 363.257 billion yuan in 2023, down 3.8% from the previous year, but is projected to recover to 433.321 billion yuan by 2025 [4] - Recent quarterly reports from over ten PCB-related listed companies, including Shengyi Electronics and Dazhu CNC, show significant performance increases due to rising market demand [4]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The company has demonstrated strong performance with a significant increase in revenue and profit. In the first three quarters of 2025, it achieved operating revenue of 3.903 billion yuan, a year-on-year increase of 66.53%. The total profit reached 559 million yuan, up 163.44%, and the net profit attributable to the parent company was 476 million yuan, an increase of 181.89% [5]. - The company is positioned to benefit from the growing demand for AI servers and advanced manufacturing, particularly in the PCB (Printed Circuit Board) sector, where it holds a 6.5% global market share, making it the largest supplier in this field [6][7]. - The report forecasts that the company will continue to benefit from the expansion of the PCB industry, with expected revenue growth rates of 65.04% in 2025, 48.50% in 2026, and 33.80% in 2027 [9][11]. Company Overview - The latest closing price of the company's stock is 125.00 yuan, with a total market capitalization of 53.2 billion yuan. The company has a debt-to-asset ratio of 28.5% and a price-to-earnings ratio of 173.61 [4]. - The company focuses on a wide range of PCB production equipment, including key devices for various production processes, which enhances its competitive edge in the market [6]. Financial Projections - The company is projected to achieve revenues of 5.5 billion yuan in 2025, 8.2 billion yuan in 2026, and 11 billion yuan in 2027, with net profits of 759 million yuan, 1.176 billion yuan, and 1.670 billion yuan respectively [9][11]. - The report indicates a significant increase in earnings per share (EPS), expected to rise from 0.71 yuan in 2024 to 3.93 yuan by 2027 [11][14].

Core Insights - The company has developed a new CCD six-axis independent drilling machine with 3D back-drilling capabilities, which has been certified by end customers and has received bulk orders from several leading high-multilayer board enterprises [1] - The high-power CO₂ laser drilling machine developed by the company supports high-quality processing of large apertures and cross-layer blind holes, addressing the processing needs for high-multilayer HDI boards [1] - The new laser processing solution overcomes traditional CO₂ laser thermal effects, meeting the processing requirements for micro-holes and high-precision shapes for AI smartphones and 800G+ optical module substrates, and has received formal orders from clients [1]