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]

Group 1 - The core viewpoint of the news is the performance and market position of Keg Precision Machinery, which saw a stock price increase of 5.07% to 69.69 CNY per share, with a total market capitalization of 7.415 billion CNY [1] - Keg Precision Machinery specializes in the research, production, sales, and technical support of automation precision equipment, with its main revenue sources being solder paste printing equipment (64.37%), dispensing equipment (13.34%), packaging equipment (13.05%), flexible automation equipment (5.40%), and others (3.85%) [1] Group 2 - The fund "Guotou Ruijin Specialized and New Quantitative Stock Mixed A" (015842) holds Keg Precision Machinery as its second-largest position, with 23,100 shares, accounting for 1.45% of the fund's net value, and has realized a floating profit of approximately 77,600 CNY [2] - The fund has shown strong performance with a year-to-date return of 49.14%, ranking 712 out of 8,254 in its category, and a one-year return of 101.83%, ranking 353 out of 8,037 [2] Group 3 - The fund manager, Zhao Jian, has been in position for nearly 12 years, managing assets totaling 3.848 billion CNY, with the best fund return during his tenure being 172.91% and the worst being -88.7% [3]

Stock Recommendations - Keg Precision Machinery (301338.SZ) shows a historical high performance with EPS expected to rise from 0.66 in 2024 to 1.44 in 2025, indicating a strong growth trajectory[4] - Kingsoft Office (688111.SH) is expected to improve its EPS from 3.56 in 2024 to 4.10 in 2025, with a focus on enhancing B-end business strategies[4] - Shuanghuan Transmission (002472.SZ) anticipates a core business growth of 11.55% year-on-year, despite a 2% decline in overall revenue due to the cessation of steel trading operations[5] Market Performance - The August 2025 stock portfolio achieved a weighted return of 24.73%, outperforming the Shanghai Composite Index which rose by 7.97%[14] - The top-performing stocks included Jibite (35.13%) and Yuanjie Technology (24.69%), indicating strong market interest in these sectors[15] - The market volatility for the recommended stocks was significant, with the highest being Xindong Company at 93.73%[21] Industry Insights - The blood dialysis industry, led by Shanwaishan (688410.SH), is expected to see substantial growth due to a recovering market post-2024 anti-corruption impacts[6] - AVIC Shenyang Aircraft (600760.SH) is positioned to benefit from the anticipated demand for advanced military aircraft, with a projected market for 9,284 new civil aircraft in China from 2022 to 2041[10] - Xindong Company (2400.HK) reported a remarkable 268% increase in net profit, driven by strong revenue growth of 38.8% in the first half of the year[29]

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]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [3][6]. Core Insights - The company has demonstrated significant revenue growth, achieving a revenue of 454 million yuan in H1 2025, a year-on-year increase of 26.22%. The net profit attributable to shareholders reached 67 million yuan, up 144.18% year-on-year, with a non-recurring net profit of 63 million yuan, reflecting a 163.55% increase [1][2]. - The company is advancing its R&D strategy focused on a "shared technology platform + multiple products + multiple fields," transitioning from a single advantage to a collaborative development of "champions" in various segments [2]. - The revenue from solder paste printing equipment reached 292 million yuan in H1 2025, marking a 53.56% increase, while the revenue from dispensing equipment was 60 million yuan, up 26.31% [2]. Financial Performance Summary - The company forecasts revenues and net profits for 2025-2027 to be 1.105 billion yuan, 1.343 billion yuan, and 1.571 billion yuan, respectively, with corresponding net profits of 154 million yuan, 193 million yuan, and 234 million yuan [3][5]. - The earnings per share (EPS) are projected to be 1.44 yuan, 1.81 yuan, and 2.20 yuan for the years 2025, 2026, and 2027, respectively, with price-to-earnings (P/E) ratios of 48, 39, and 32 times [3][5].