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。 ...

证券代码：301338 证券简称：凯格精机 公告编号：2026-001 东莞市凯格精机股份有限公司 2025 年度业绩预告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、本期业绩预计情况 2、业绩预告情况：预计净利润为正值且属于同向上升 50%以上情形 | 项目 | 本报告期 | | 上年同期 | | --- | --- | --- | --- | | 归属于上市公司股 东的净利润 | 盈利：16,500 | 万元––20,700 万元 | 盈利：7,051.62 万元 | | | | 比上年同期增长：133.99% ––193.55% | | | 扣除非经常性损益 后的净利润 | 盈利：16,000 | 万元––20,200 万元 | 盈利：6,358.16 万元 | | | | 比上年同期增长：151.65% ––217.70% | | 二、与会计师事务所沟通情况 本公司已就业绩预告有关事项与年报审计的会计师事务所进行了预沟通，公 司与会计师事务所在本次业绩预告方面不存在重大分歧。 本期业绩预告的相关财务数据未经会计师事务所审计。 三、业绩变动原因说 ...

Summary of Kegong Precision Machinery Conference Call Company Overview - Kegong Precision Machinery benefits from the growing demand for AI computing servers and the development of the PCB industry, which drives growth in the PCBA sector. The company is a key supplier in the high-end PCB segment, with a performance inflection point expected from 2024 onwards. The improvement in revenue structure is a significant reason for profit growth exceeding revenue growth [2][7]. Key Points Industry and Market Position - Kegong Precision specializes in solder paste printing equipment, serving major server OEMs like Foxconn, Quanta, and Wistron. The company has a strong market position, with solder paste printing equipment sales accounting for 64% of its revenue in the first half of 2025, expected to increase further throughout the year [3][10]. Financial Performance - The company is projected to achieve significant profit growth, reaching 190 million yuan in 2025, with total revenue expected to reach around 2 billion yuan in 2026 and total profit around 600 million yuan. This growth is driven by an improved product mix and the release of high-margin products [4][20]. Product Structure and Profitability - Kegong's product structure is evolving, with high-end products (category three) used in data centers and 5G base stations seeing increased sales. These products have a unit price of 700,000 to 800,000 yuan and a gross margin exceeding 65%, significantly enhancing profitability [8][9]. - The overall gross margin improved from 40% in 2024 to 47% in the first half of 2025 due to the increased sales of high-margin solder paste printing equipment [7]. Employee Incentives and Shareholding Structure - The shareholding structure is stable, with the founders holding approximately 61% of the shares. A stock incentive plan was implemented in October 2025 to motivate core technical personnel, ensuring continued investment in R&D [2][4][5]. Automation and Expansion Opportunities - The demand for automation solutions in the optical module market is increasing due to labor shortages in Southeast Asia. Kegong has introduced automated assembly lines for 400G, 800G, and 1.67T optical modules, with significant orders expected from companies like Cambridge Technology and Tianfu Communication [15][19]. - The company anticipates a compound annual growth rate of 30% to 40% for its dispensing equipment, which has achieved self-sufficiency in core components [6][12]. Future Market Valuation - Kegong's current market capitalization is approximately 13 billion yuan, with a target market value exceeding 20 billion yuan, indicating over 50% growth potential based on product structure improvements and high-margin product releases [21][22]. Additional Insights - Kegong's ability to maintain high gross margins in solder paste printing equipment is attributed to its strong negotiating power with end customers and the direct collaboration with CSP clients, which mitigates pricing pressure [11]. - The company has successfully standardized non-standard products through technology decomposition and division into industrial units, ensuring sustained performance and adaptability to market demands [12].

Core Viewpoint - The report from Dongwu Securities highlights that Kaige Precision Machinery has established a strong industry moat in the electronic assembly equipment sector over nearly two decades, benefiting from the explosive demand for AI computing power, leading to a significant turning point in revenue and profit growth [1] Group 1: Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 775 million yuan, representing a year-on-year growth of 34% [1] - The net profit attributable to the parent company reached 121 million yuan, showing a remarkable year-on-year increase of 175% [1] - The increase in profit margin is attributed to the company's profit growth outpacing revenue growth, driven by strong downstream demand for AI [1] Group 2: Product and Market Dynamics - High-precision Class III equipment has become the mainstream sales model, with its proportion in the company's product structure rapidly increasing, contributing to the rise in profit margins [1] - The demand for AI computing infrastructure is driving product high-endization, with industry leaders benefiting significantly [1] - The acceleration of overseas expansion in optical modules and the development of automation equipment are creating new growth drivers for the company [1] Group 3: Market Outlook - The current explosion in AI computing demand has led to a substantial increase in the demand for solder paste printing equipment, resulting in a full order book for the company [1] - The company's performance is entering a phase of accelerated realization, indicating strong future growth potential [1] - The report initiates coverage with a "buy" rating for the company, reflecting confidence in its growth trajectory [1]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [9]. Core Insights - The company has a strong foothold in the solder paste printing equipment market, holding a 21.2% global market share in 2024, significantly ahead of competitors like ASMPT and ITW [2][62]. - The demand for AI computing power is driving a turning point in the company's performance, with a notable increase in revenue and profit margins expected in the coming years [2][24]. - The company is benefiting from the expansion of automation in the optical module sector, which is transitioning from labor-intensive processes to automated solutions [4]. Summary by Sections 1. Deepening in Solder Paste Printing - The company has been focused on solder paste printing equipment for 20 years, establishing a deep industry moat [2][14]. - The company has a stable shareholding structure, with key stakeholders holding approximately 61% of the shares, ensuring stable control [15][19]. - Solder paste printing equipment is the core product, contributing 64% of total revenue in the first half of 2025, with a significant increase in the share of high-margin III-class equipment [22][28]. 2. AI Computing Power Drives Product Upgrading - The company is positioned to benefit from the growing demand for AI computing, with significant expansions in the PCB and PCBA sectors [3][42]. - Major clients, including Foxconn and Huawei, are increasing their capital expenditures, which will drive demand for solder paste printing equipment [3][57]. - The company has established a direct sales model, deeply binding with major clients, which enhances its market position [66]. 3. Optical Module Overseas Expansion and Automation - The optical module industry is experiencing a shift towards automation, driven by the need for high precision in assembly processes [4][70]. - The company has successfully delivered fully automated assembly lines for 800G and 1.6T optical modules to overseas clients [4]. 4. Earnings Forecast and Investment Rating - The company is expected to see significant growth in net profit, with projections of 1.9 billion, 4.0 billion, and 6.0 billion yuan for 2025, 2026, and 2027 respectively [9]. - The current stock price corresponds to dynamic P/E ratios of 74, 35, and 24 for the years 2025 to 2027 [9].

（文章来源：证券时报网） 数据宝统计，截至14:56，凯格精机成交额10.12亿元，创2023年7月21日以来新高。最新股价上涨 7.80%，换手率13.24%。上一交易日该股全天成交额为10.03亿元。（数据宝） ...

Group 1 - The core viewpoint of the news highlights the performance and financial metrics of Keg Precision Machinery, indicating a significant increase in revenue and net profit for the company [2][3] - On January 26, Keg Precision Machinery's stock rose by 4.82%, with a trading volume of 1 billion CNY, and a net financing buy of -9.85 million CNY, indicating high trading activity [1] - As of January 26, the total margin balance for Keg Precision Machinery was 344 million CNY, which is 2.62% of its market capitalization, and is at a high level compared to the past year [1] Group 2 - For the period from January to September 2025, Keg Precision Machinery achieved an operating income of 775 million CNY, representing a year-on-year growth of 34.21%, and a net profit attributable to shareholders of 121 million CNY, reflecting a substantial increase of 175.35% [2] - The company has distributed a total of 76.30 million CNY in dividends since its A-share listing [3] - As of September 30, 2025, Keg Precision Machinery had 11,700 shareholders, with an average of 5,054 circulating shares per person, indicating a slight decrease in the number of shareholders [2]

Group 1 - The core viewpoint of the news is that Keg Precision Machinery Co., Ltd. experienced a stock price increase of 5.7%, reaching 109.00 CNY per share, with a trading volume of 493 million CNY and a turnover rate of 8.06%, resulting in a total market capitalization of 11.598 billion CNY [1] - Keg Precision Machinery, established on May 8, 2005, and listed on August 16, 2022, specializes in the research, production, sales, and technical support services of automated precision equipment [1] - The company's main business revenue composition includes: 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 - Among the top ten circulating shareholders of Keg Precision Machinery, a fund under China Europe Fund ranks first, specifically the China Europe Prosperity Selected Mixed A Fund (020876), which newly entered the top ten with 1.2493 million shares, accounting for 2.11% of circulating shares [2] - The China Europe Prosperity Selected Mixed A Fund (020876) was established on April 23, 2024, with a latest scale of 1.052 billion CNY, achieving a year-to-date return of 10.31% and ranking 850 out of 8844 in its category; over the past year, it has returned 60.12%, ranking 1122 out of 8091 [2] - The fund manager of China Europe Prosperity Selected Mixed A Fund is Zhang Xueming, who has been in the position for 1 year and 274 days, managing a total fund asset size of 6.741 billion CNY, with the best fund return during his tenure being 86.22% and the worst being 1.03% [3]