Core Viewpoint - The company is focused on enhancing its technology innovation and product development in the semiconductor equipment sector, aiming to provide high cost-performance products to its customers [2]. Group 1: Company Products - The company offers various semiconductor equipment, including semiconductor ball placement equipment, printing equipment, dispensing equipment, and die bonding equipment [2]. Group 2: Strategic Focus - The company plans to strengthen its investment in product design, new technologies, and new processes to increase product added value [2].

证券日报网讯凯格精机（301338）9月3日在互动平台回答投资者提问时表示，公司封装设备主要应用于 电子工业制造领域的封装环节及半导体封装环节，可应用于LED照明及显示器件、半导体芯片封装环 节。 ...

Core Viewpoint - The company has experienced rapid performance improvement, driven by increased demand for high-end equipment, resulting in a significant rise in overall gross margin [2] Financial Performance - In H1 2025, the company achieved operating revenue of 454 million yuan, a year-on-year increase of 26.22%, and a net profit attributable to shareholders of 67 million yuan, a year-on-year increase of 144.18% [1] - The company's gross margin and net profit margin for H1 2025 were 41.86% and 15.06%, respectively, reflecting increases of 9.6 and 7.03 percentage points [2] - The company effectively controlled overall expenses, with sales, management, financial, and R&D expense ratios at 13.6%, 5.18%, -3.68%, and 9.15%, showing changes of +0.27, -0.43, +0.71, and -0.95 percentage points, respectively [2] Product Performance - Revenue from solder paste printing equipment reached approximately 292 million yuan, a year-on-year increase of 53.56%, with a gross margin of 46.54%, up 7.57 percentage points [2] - The market share of dispensing equipment steadily increased, generating revenue of approximately 60.5 million yuan, a year-on-year increase of 26.31% [2] - Revenue from packaging equipment was approximately 59.18 million yuan, a year-on-year decrease of 38.85%, primarily due to a slowdown in industry demand [3] - Revenue from flexible automation equipment reached approximately 24.51 million yuan, a year-on-year increase of 71.33%, with the company's 800G optical module automation assembly line recognized by a globally renowned client [3] Investment Outlook - The company, as a leading provider of solder paste printing equipment, is diversifying its product offerings across multiple fields, with collaborative development across business segments [4] - Projected net profits attributable to shareholders for 2025-2027 are estimated at 138 million, 185 million, and 224 million yuan, corresponding to EPS of 1.30, 1.74, and 2.10 yuan, and PE ratios of 51.04, 38.10, and 31.53 times, respectively [4]

Summary of PCB Industry and Key Companies Industry Overview - The global PCB industry is expected to reach nearly $100 billion by 2029, with Mainland China and Taiwan maintaining a share of around 50%, while Southeast Asia's share is projected to increase to 11% [1][4] - The total value of the global PCB market was approximately $70 billion last year, with a growth rate of about 6%. By 2029, it is expected to approach $100 billion [3] - The server storage sector is the second-largest downstream application for PCBs, currently accounting for about 15% and expected to grow to 20% by 2029 [6] Key Growth Areas - AI data center-related high-layer PCBs (18 layers and above) are experiencing a growth rate of 25%, while HDI boards are growing at 18.8% [1][7] - Major cloud service providers' capital expenditures have surged, with a combined spending of $87.4 billion in Q2, a 69.4% year-over-year increase, driving PCB manufacturers' expansion [8] Manufacturing Complexity - PCB manufacturing involves complex processes including design, layout transfer, cleaning, drilling, and lamination. The production of high-layer PCBs, such as those used in AI servers, requires advanced technology and precision [9][10] - The drilling process is critical, with mechanical and laser drilling techniques being employed based on hole size [13] Cost Structure - The largest cost component in the PCB supply chain is copper-clad laminate (CCL), followed by semi-cured sheets and other materials. Multi-layer boards hold the highest market share at approximately 40% [5] Company Insights DingTai High-Tech - DingTai High-Tech benefits from its in-house production of drilling equipment, allowing for faster expansion compared to competitors. The company has a monthly production capacity that has increased from 83 million to 100 million units, with plans to reach 120 million by year-end [18][20] - Major clients include Shenghong and Shenglan Circuit, with a gross margin exceeding 50% for AI PCBs [19] - The company aims for a profit target of approximately 140 million yuan, doubling from the previous year [21] KaiGe Precision Machinery - KaiGe's product structure is shifting towards high-precision equipment for base station servers and AI-related devices, with a market share in these areas increasing from single digits to 20% [22] - The company targets a profit of 115 million yuan for 2025, with expectations of doubling profits from the previous year [22] DaZhu Laser and XinQi Micro-Assembly - DaZhu Laser holds a 6.5% share in the global CNC market, with potential for significant growth. XinQi Micro-Assembly has a 9% share in the global PCB exposure equipment market, with both companies expected to see substantial increases in market value [24] Future Outlook - The PCB industry is poised for growth driven by advancements in materials and technology, particularly in high-layer and AI-related applications. Companies like DingTai and KaiGe are well-positioned to capitalize on these trends, with significant growth potential in their respective markets [14][21][23]

证券代码：301338 证券简称：凯格精机 公告编号：2025-032 股份有限公司 2025 年限制性股票激励计划激励对象名单公示》，对公司本次激 励对象名单予以公示，公示时间为 2025 年 8 月 15 日至 2025 年 8 月 24 日。 截止公示期满，公司董事会薪酬与考核委员会与监事会未收到任何人对本次 激励计划激励对象提出的异议。 董事会薪酬与考核委员会与监事会 关于公司 2025 年限制性股票激励计划激励对象名单 公示情况说明及核查意见 本公司及董事会薪酬与考核委员会、监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。 东莞市凯格精机股份有限公司（以下简称"公司"）于 2025 年 8 月 15 日召 开第二届董事会第十六次会议、第二届监事会第十五次会议审议通过了《关于< 东莞市凯格精机股份有限公司 2025 年限制性股票激励计划（草案）>及其摘要的 议案》等相关议案。具体内容详见公司于 2025 年 8 月 15 日在巨潮资讯网 （www.cninfo.com.cn）上披露的相关公告。 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 ...

证券代码：301338 证券简称：凯格精机 公告编号：2025-032 东莞市凯格精机股份有限公司 董事会薪酬与考核委员会与监事会 关于公司 2025 年限制性股票激励计划激励对象名单 公示情况说明及核查意见 本公司及董事会薪酬与考核委员会、监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。 东莞市凯格精机股份有限公司（以下简称"公司"）于 2025 年 8 月 15 日召 开第二届董事会第十六次会议、第二届监事会第十五次会议审议通过了《关于< 东莞市凯格精机股份有限公司 2025 年限制性股票激励计划（草案）>及其摘要的 议案》等相关议案。具体内容详见公司于 2025 年 8 月 15 日在巨潮资讯网 （www.cninfo.com.cn）上披露的相关公告。 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》（以下简称"《证券法》"）、《上市公司股权激励管理办法》 （以下简称"《管理办法》"）等有关法律、法规和规范性文件以及《东莞市凯 格精机股份有限公司章程》（以下简称"《公司章程》"）的规定，公司对 2025 年限制性股票激励计划（以下 ...

招商证券股份有限公司研究员董瑞斌、郑晓刚、陈云鹏、罗宇珩昨日发布研报《凯格精机：AI相关产 品放量盈利能力大幅提升》称，维持凯格精机"增持"评级。 国泰海通证券股份有限公司研究员肖群稀、李启文今日发布研报《凯格精机：受益AI拉动锡膏印刷高 端化趋势明显》称，维持凯格精机增持评级。 中国经济网北京9月2日讯凯格精机（301338）(301338.SZ)今日收报61.46元，跌幅11.56%。 ...

Market Overview - The specialized equipment sector experienced a decline of 1.96% on September 2, with Keg Precision Machinery leading the drop [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - Notable gainers in the specialized equipment sector included: - Kexin Electric (300092) with a closing price of 16.34, up 19.97% [1] - Kaiteng Precision (871553) at 15.72, up 17.93% [1] - Julun Intelligent (002031) at 8.90, up 10.01% [1] - Conversely, significant decliners included: - Keg Precision Machinery (301338) at 61.46, down 11.56% [2] - Huicheng Vacuum (301392) at 155.97, down 10.66% [2] - Yingweike (002837) at 72.15, down 9.99% [2] Capital Flow - The specialized equipment sector saw a net outflow of 2.079 billion yuan from institutional investors, while retail investors had a net inflow of 2.201 billion yuan [2][3] - The capital flow for specific stocks showed: - Julun Intelligent (002031) had a net inflow of 1.187 billion yuan from institutional investors [3] - Kexin Electric (300092) experienced a net outflow of 151 million yuan from institutional investors [3]

Core Viewpoint - The company is experiencing significant growth in Q2 2025, driven by demand from AI and the 3C industry, while maintaining a strong position in solder paste printing and expanding its product offerings [1][3]. Financial Performance - In H1 2025, the company achieved revenue of 454 million yuan, a year-on-year increase of 26.22%, and a net profit attributable to shareholders of 67 million yuan, up 144.18%. The adjusted net profit was 63 million yuan, reflecting a growth of 163.55% [3]. - For Q2 2025, the company reported revenue of 257 million yuan, a year-on-year increase of 25.46% and a quarter-on-quarter increase of 30.78%. The net profit attributable to shareholders was 34 million yuan, showing a year-on-year increase of 102.87% and a quarter-on-quarter increase of 2.18% [3]. - Revenue breakdown for H1 2025 includes: - Solder paste printing equipment: 292 million yuan, up 53.56% - Dispensing equipment: 60.5 million yuan, up 26.31% - Packaging equipment: 59.2 million yuan, down 38.85% - Flexible automation equipment: 24.5 million yuan, up 71.33% [3]. Market Position and Product Development - The company is solidifying its leading position in solder paste printing by increasing the market share of high-end products and continuously launching new products to enhance competitiveness in dispensing, packaging, advanced packaging, and flexible automation equipment [4]. - In the packaging sector, the company introduced the GD-S20 series die-bonding machine compatible with Mini LED, laying the groundwork for future volume growth [4]. - In advanced packaging, the company launched a complete line of equipment that includes printing, ball placement, inspection, and ball replenishment [4]. Incentives and Future Outlook - In August 2025, the company announced a high-growth equity incentive plan, granting 586,500 shares at a price of 33.19 yuan per share to 69 individuals, including executives and key technical personnel, representing 0.55% of the total share capital. The performance targets set for this incentive include a net profit of no less than 115 million yuan in 2025 and 132 million yuan in 2026 [4].

Group 1 - On September 1, Keg Precision Machinery's stock rose by 4.76%, with a trading volume of 381 million yuan [1] - The financing data on the same day showed a financing purchase amount of 30.628 million yuan and a financing repayment of 59.796 million yuan, resulting in a net financing outflow of 29.168 million yuan [1] - As of September 1, the total balance of margin trading for Keg Precision Machinery was 135 million yuan, which accounted for 1.83% of its market capitalization [1] Group 2 - As of July 31, the number of shareholders for Keg Precision Machinery was 11,000, a decrease of 20.64% from the previous period [2] - The average circulating shares per person increased by 26.00% to 3,123 shares [2] - For the first half of 2025, Keg Precision Machinery achieved operating revenue of 454 million yuan, a year-on-year increase of 26.22%, and a net profit attributable to shareholders of 67.142 million yuan, a year-on-year increase of 144.18% [2] Group 3 - Since its A-share listing, Keg Precision Machinery has distributed a total of 76.304 million yuan in dividends [3]