Summary of Company and Industry Insights Company: 凯格精机 (Kag Machine) Key Financial Projections - The company forecasts a net profit attributable to shareholders for 2025 between 165 million to 207 million CNY, representing a year-on-year increase of 134% to 194%, with a median estimate of 186 million CNY, reflecting a 164% increase [1] - The expected net profit after deducting non-recurring items is projected to be between 160 million to 202 million CNY, indicating a year-on-year growth of 152% to 218%, with a median of 181 million CNY, showing an increase of 185% [1] Growth Drivers - The rapid growth in annual performance is primarily attributed to the explosive demand for AI computing power, leading to significant increases in capital expenditures (CAPEX) from server OEMs, which in turn boosts demand for the company's solder paste printing equipment [1] Product and Margin Insights - The company anticipates an increase in sales of higher-margin products in 2025, indicating an optimization in product structure [2] - For Q4 2025, the net profit attributable to shareholders is expected to be between 44 million to 86 million CNY, with a median of 65 million CNY, reflecting a year-on-year increase of 145.5% [2] - The net profit after deducting non-recurring items for Q4 2025 is also projected to be between 44 million to 86 million CNY, with a median of 65 million CNY, indicating a year-on-year growth of 161.0% [2] Industry Dynamics - The PCB and PCBA sectors are closely linked, with the expansion of PCB capacity often driving the growth of PCBA processing capacity [2] - Companies like Industrial Fulian and Huaqin Technology are accelerating their expansion in server OEM and PCBA processing, with CAPEX growth expected to remain around 30% year-on-year for 2025 [2] - The demand for solder paste printing equipment is expected to rise alongside the expansion of SMT production lines, driven by the increased production capacity of these manufacturers [2] Equipment and Profitability - The market for solder paste printing equipment used in AI computing servers is primarily dominated by Class III equipment, which has a significantly higher price point and a gross margin of 65%, compared to 32% for Class I equipment [2] Industry: 光模块 (Optical Module) Market Trends - The optical module industry is undergoing a technological transition from 800G to 1.6T, with production capacity rapidly shifting to Southeast Asia [3] - The automation of assembly lines has become essential due to challenges such as a lack of skilled labor and high employee turnover in Southeast Asia, alongside the stringent requirements for coupling precision and production yield for 1.6T products [3] Automation and Growth Potential - The automated assembly market is in its early stages of explosive growth, transitioning from non-existence to a significant market presence [3] - The company has developed the first fully automated assembly solution for 400G/800G/1.6T optical modules in the industry and has successfully delivered automated assembly lines to overseas clients [3] Profit Forecast and Investment Rating - The current surge in AI computing demand is expected to drive high growth in sales of the company's high-end solder paste printing equipment, marking a phase of accelerated profit realization [3] - The company maintains profit forecasts for 2025-2027 at 190 million, 400 million, and 600 million CNY respectively, with corresponding dynamic price-to-earnings ratios of 69x, 33x, and 22x, sustaining a "Buy" rating [3]

[Table_Tag] [投资要点 Table_Summary] ◼ 事件：公司发布 2025 年度业绩预告 2026 年 1 月 30 日公司发布 2025 年业绩预告。公司预计 2025 年实现归母净 利润 1.65-2.07 亿元，同比+134%~+194%，中值 1.86 亿元，同比+164%；预计 实现扣非归母净利润 1.60-2.02 亿元，同比+152%~+218%，中值 1.81 亿元，同 比+185%。公司全年业绩实现较快增长，主要受益于 AI 算力建设需求爆发， 服务器代工厂 CAPEX 有较大幅度增长，对公司锡膏印刷设备需求快速提升。 2025 年度公司毛利率相对较高的部分产品销售额增加，产品结构有所优化。 证券研究报告·公司点评报告·专用设备 凯格精机（301338） 2025 年业绩预告点评：25 年利润同比高 增，看好产品结构改善带来盈利能力提升 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万 ...

证券研究报告·公司点评报告·专用设备 凯格精机（301338） 2025 年业绩预告点评：25 年利润同比高 增，看好产品结构改善带来盈利能力提升 买入（维持） ◼ 事件：公司发布 2025 年度业绩预告 2026 年 1 月 30 日公司发布 2025 年业绩预告。公司预计 2025 年实现归母净 利润 1.65-2.07 亿元，同比+134%~+194%，中值 1.86 亿元，同比+164%；预计 实现扣非归母净利润 1.60-2.02 亿元，同比+152%~+218%，中值 1.81 亿元，同 比+185%。公司全年业绩实现较快增长，主要受益于 AI 算力建设需求爆发， 服务器代工厂 CAPEX 有较大幅度增长，对公司锡膏印刷设备需求快速提升。 2025 年度公司毛利率相对较高的部分产品销售额增加，产品结构有所优化。 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 740.02 | 856.60 | 1,190.15 | ...

Group 1 - Guangdong Mingzhu expects a net profit increase of 2908.49%-3577.04% year-on-year for 2025 [1] - Sainuo Medical anticipates a net profit growth of 2767%-3233% year-on-year for 2025 [1] - Lingdian Electric Control forecasts a net profit rise of 640.16%-804.64% year-on-year for 2025 [1] - Bojie Co. predicts a net profit increase of 484.16%-618.97% year-on-year for 2025 [1] - Kexing Pharmaceutical expects a net profit growth of 328.83%-455.89% year-on-year for 2025 [1] - Xiangcai Co. anticipates a net profit increase of 266.41%-403.81% year-on-year for 2025 [1] - Xinyi Sheng forecasts a net profit rise of 231.24%-248.86% year-on-year for 2025 [1] - Tongzhou Electronics predicts a net profit increase of 151.40%-230.42% year-on-year for 2025 [1] - Zhaofeng Co. expects a net profit growth of 136.26%-164.89% year-on-year for 2025 [1] - Kaige Precision Machinery anticipates a net profit increase of 133.99%-193.55% year-on-year for 2025 [1] - Sankeshu forecasts a net profit rise of 128.96%-189.21% year-on-year for 2025 [1] - Huazi Industrial expects a net profit growth of 128.00%-167.00% year-on-year for 2025 [1] - Zhite New Materials anticipates a net profit increase of 117.11%-171.39% year-on-year for 2025 [1] - Ecovacs expects a net profit growth of 110.90%-123.30% year-on-year for 2025 [1] - Jingquan Hua forecasts a net profit increase of 109.32%-140.72% year-on-year for 2025 [1] - Guoxuan High-Tech anticipates a net profit rise of 107.16%-148.59% year-on-year for 2025 [1] - Changjiang Securities expects a net profit growth of 101.37% year-on-year for 2025 [1] - Shanwaishan forecasts a net profit increase of 98%-125% year-on-year for 2025 [1] - Zhongji Xuchuang anticipates a net profit rise of 89.50%-128.17% year-on-year for 2025 [1] - Huachuang Yuxin expects a net profit growth of 86%-175% year-on-year for 2025 [1] - Kori Technology forecasts a net profit increase of 68.61%-115.25% year-on-year for 2025 [1] - Western Gold anticipates a net profit rise of 67.58%-93.21% year-on-year for 2025 [1] - Shandong Gold expects a net profit growth of 56%-66% year-on-year for 2025 [1] - Huaxi Biological anticipates a net profit increase of 54.93%-83.63% year-on-year for 2025 [1] - Nairui Radar expects a net profit growth of approximately 54.16% year-on-year for 2025 [1] - Lingyun Optical anticipates a net profit rise of approximately 50.75% year-on-year for 2025 [1] - Zhongjin Company expects a net profit increase of 50%-85% year-on-year for 2025 [1] - Dongwu Securities forecasts a net profit growth of 45%-55% year-on-year for 2025 [1] - Longping High-Tech anticipates a net profit increase of 14.17%-66.86% year-on-year for 2025 [1] Group 2 - Jiangfeng Electronics expects a net profit increase of 7.5%-27.5% year-on-year for 2025 [2]

Core Viewpoint - Keg Precision Machinery Co., Ltd. forecasts a net profit attributable to shareholders of 165 million to 207 million yuan for 2025, representing a year-on-year growth of 133.99% to 193.55% [1] Group 1: Company Performance - The company aims to enhance its core competitiveness by transitioning from a single "champion" product to multiple "champion" products in 2025 [1] - The expected growth in 2025 is attributed to the macro recovery of the global electronic information manufacturing industry, expansion of artificial intelligence investments, and the recovery of the consumer electronics market [1] - Keg Precision emphasizes technology innovation as its core growth engine, focusing on high-value projects and quality customers, leading to an increase in sales of higher-margin products and optimization of product structure [1] Group 2: Product Overview - Keg Precision's main products include solder paste printing equipment, dispensing equipment, packaging equipment, and flexible automation equipment [2] - Solder paste printing, dispensing, and flexible automation equipment are primarily used in the electronic manufacturing sector, with applications in consumer electronics, automotive electronics, network communications, medical devices, aerospace, and smart home industries [2] - Packaging equipment is utilized in the packaging segment of electronic manufacturing and semiconductor packaging, applicable to LED lighting, display devices, and semiconductor chip packaging [2]

Core Viewpoint - The company, Kaige Precision Machinery (301338.SZ), forecasts a significant increase in net profit for the fiscal year 2025, driven by macroeconomic recovery in the global electronic information manufacturing industry and expansion in artificial intelligence investments [1] Financial Performance - The net profit attributable to shareholders is expected to be between 165 million to 207 million yuan, representing a year-on-year growth of 133.99% to 193.55% [1] - The net profit after deducting non-recurring gains and losses is projected to be between 160 million to 202 million yuan, with a year-on-year increase of 151.65% to 217.70% [1] Industry Trends - The company's growth in 2025 is attributed to the recovery of the consumer electronics market and the overall macroeconomic improvement in the electronic information manufacturing sector [1] - The company is actively leveraging industry trends to drive steady revenue growth [1] Strategic Focus - The company emphasizes technological innovation as its core growth engine, establishing a technological moat [1] - There is a focus on high-value projects and quality clients, leading to an increase in sales of products with relatively high gross margins and optimization of product structure in 2025 [1]

凯格精机（301338）(301338.SZ)披露2025年度业绩预告，公司预计归属于上市公司股东的净利润1.65亿 元至2.07亿元，同比增长133.99%至193.55%;扣除非经常性损益后的净利润1.6亿元至2.02亿元，同比增 长151.65%至217.70%。 ...

Group 1 - The company Keg Precision Machinery (301338.SZ) has disclosed its performance forecast for the fiscal year 2025, expecting a net profit attributable to shareholders of between 165 million yuan and 207 million yuan, representing a year-on-year growth of 133.99% to 193.55% [1] - The net profit after deducting non-recurring gains and losses is projected to be between 160 million yuan and 202 million yuan, indicating a year-on-year increase of 151.65% to 217.70% [1]

南财智讯1月30日电，凯格精机发布2025年度业绩预告，预计2025年全年归属于上市公司股东的净利润 为16500万元—20700万元，同比预增133.99%—193.55%；预计2025年全年归属于上市公司股东的扣除 非经常性损益的净利润为16000万元—20200万元，同比预增151.65%—217.70%。2025年度，公司聚焦 主业、坚定实现产品从单个"单项冠军"迈向多个"单项冠军"的战略，增强公司核心竞争力，积极开展各 项工作，持续提高各业务板块经营管理水平。公司2025年业绩同比增长，主要受益于全球电子信息制造 业的宏观回暖，以及人工智能投资扩张、消费电子市场复苏等因素，公司积极把握行业趋势，驱动公司 营业收入保持稳健增长。同时公司以技术创新为核心增长引擎，构筑技术护城河，聚焦高价值项目与优 质客户的经营，2025年度公司毛利率相对较高的部分产品销售额增加，产品结构有所优化。2025年度， 公司根据业务发展情况，按照企业会计准则及公司会计政策等相关规定，基于谨慎性原则对各类资产进 行了检查和减值测试，计提资产减值准备。 ...

格隆汇1月30日｜凯格精机公告，预计2025年度净利润为1.65亿元–2.07亿元，同比增长133.99%– 193.55%。公司2025年业绩同比增长，主要受益于全球电子信息制造业的宏观回暖，以及人工智能投资 扩张、消费电子市场复苏等因素，公司积极把握行业趋势，驱动公司营业收入保持稳健增长。同时公司 以技术创新为核心增长引擎，构筑技术护城河，聚焦高价值项目与优质客户的经营，2025年度公司毛利 率相对较高的部分产品销售额增加，产品结构有所优化。 ...