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]

PCB 设备标的近况更新及推荐 20250902 摘要 全球 PCB 产业产值预计到 2029 年将接近 1,000 亿美元，中国大陆和台 湾地区占比维持在 50%左右，东南亚地区占比提升至 11%。服务器存 储是 PCB 第二大下游应用领域，增速显著，预计到 2029 年占比将达到 20%。 AI 数据中心相关的高层多层板（18 层以上）增速达 25%，HDI 板增速 为 18.8%，与 AI 服务器、高速网络及卫星通信相关。海外云厂商资本 开支大幅增长，将推动国内外 PCB 厂商扩产。 PCB 制作流程复杂，涉及图纸设计、布局转移、碱液清洗、打孔和层压 等多个步骤。AI 服务器 GPU 加速卡层数可达 26 层，采用 7+12+7 叠 层设计，技术参数要求高，制作难度大。 高精度 PCB 制作采用减成法和加成法，各有特点。钻孔工艺是关键环节， 机械钻和激光钻各有适用范围。新型材质如 ASIC 及 q 布对钻针消耗量 显著增加，推动行业需求。 鼎泰高科受益于自产钻针设备能力，扩产速度快于竞争对手，回本周期 短。公司主要客户包括盛宏和胜蓝电路，AI PCB 钻针毛利率超过 50%。 去年全球 PCB 总产值约 ...

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].

截至7月31日，凯格精机股东户数1.10万，较上期减少20.64%；人均流通股3123股，较上期增加 26.00%。2025年1月-6月，凯格精机实现营业收入4.54亿元，同比增长26.22%；归母净利润6714.20万 元，同比增长144.18%。 分红方面，凯格精机A股上市后累计派现7630.40万元。 责任编辑：小浪快报 9月1日，凯格精机涨4.76%，成交额3.81亿元。两融数据显示，当日凯格精机获融资买入额3062.80万 元，融资偿还5979.64万元，融资净买入-2916.84万元。截至9月1日，凯格精机融资融券余额合计1.35亿 元。 融资方面，凯格精机当日融资买入3062.80万元。当前融资余额1.35亿元，占流通市值的1.83%，融资余 额超过近一年80%分位水平，处于高位。 融券方面，凯格精机9月1日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元，超过近一年70%分位水平，处于较高位。 资料显示，东莞市凯格精机股份有限公司位于广东省东莞市东城街道沙朗路2号，成立日期2005年5月8 日，上市日期2022年8月16日， ...

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]