Core Viewpoint - The report from Huayuan Securities highlights that Kaige Precision Machinery is accelerating the high-end transformation of its AI-driven main business, with new product categories opening up growth potential [1] Group 1: Company Overview - Kaige Precision Machinery is the leading global manufacturer of solder paste printing equipment, projected to have the largest sales in this category in 2024 [1] - The company has successfully entered the supply chains of major global clients such as Huawei, VIVO, and Apple, becoming a key equipment supplier for these companies [1] Group 2: Business Expansion - The company is actively expanding into dispensing equipment, packaging equipment, and flexible automation equipment, which is expected to further enhance its growth potential [1] - The main business of solder paste printing equipment is benefiting from the AI industry trend, leading to a high-end upgrade of its products [1] Group 3: Investment Rating - The report initiates coverage of the company with an "Overweight" rating, reflecting confidence in its growth prospects due to the new growth drivers from the expanded product lines [1]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook based on its growth potential and market position [4][7]. Core Insights - The company is a global leader in solder paste printing equipment, benefiting from the AI-driven demand for high-end products. The expansion into dispensing and packaging equipment is expected to create new growth opportunities [6][9]. - Profit forecasts for the company indicate a significant increase in net profit from 177 million RMB in 2025 to 309 million RMB in 2027, with corresponding growth rates of 151.20%, 24.59%, and 39.83% respectively [4][63]. - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 54, 44, and 31 times, respectively, which are competitive compared to peer companies [4][65]. Summary by Sections Company Overview - The company, established in 2005, has become the largest seller of solder paste printing equipment globally by 2020, successfully entering the supply chains of major clients like Huawei, VIVO, and Apple [6][13]. - The company has diversified its product offerings to include dispensing equipment, LED packaging equipment, and flexible automation equipment, enhancing its market presence [6][13]. Financial Performance - The company’s revenue is projected to grow from 740 million RMB in 2023 to 1.747 billion RMB in 2027, with a compound annual growth rate (CAGR) of approximately 24% [5][64]. - The gross margin is expected to improve from 31% in 2023 to 43% in 2027, reflecting operational efficiencies and a shift towards higher-margin products [64]. Product Segmentation - Solder paste printing equipment is expected to see revenue growth of 46%, 30%, and 30% from 2025 to 2027, with gross margins increasing to 51% [63][64]. - The dispensing equipment segment is anticipated to grow by 25%, 20%, and 20% over the same period, with stable gross margins around 30% [63][64]. - The flexible automation equipment segment is projected to grow significantly, with expected revenue increases of 50%, 25%, and 25% from 2025 to 2027, and gross margins reaching 40% [63][64]. Market Position and Competitive Landscape - The company is positioned as a leader in the solder paste printing market, competing with brands like ASMPT and Panasonic, and is expected to benefit from the increasing demand for high-precision equipment driven by AI advancements [6][39]. - The company’s high-end solder paste printing products are gaining traction, with a notable increase in the proportion of III class products, which command higher prices and margins [39][63]. Future Growth Drivers - The expansion into new product lines, including dispensing and packaging equipment, is expected to enhance the company's growth ceiling, with significant market opportunities in the semiconductor and LED sectors [6][9][43]. - The successful development of flexible automation solutions for the optical communication industry is anticipated to further drive revenue growth, particularly as AI technologies evolve [61][62].

Group 1 - The core viewpoint of the news is that Keg Precision Machinery has experienced a significant stock price increase, rising 5.34% to 89.54 CNY per share, with a total market capitalization of 9.527 billion CNY and a cumulative increase of 38.71% over the past four days [1] - Keg Precision Machinery, established on May 8, 2005, and listed on August 16, 2022, specializes in the research, production, sales, and technical support 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, specifically the China Europe Prosperity Selected Mixed A (020876), has entered the list, holding 1.2493 million shares, which accounts for 2.11% of the circulating shares [2] - The fund has generated a floating profit of approximately 5.6718 million CNY today and a total of 29.6334 million CNY during the four-day price increase [2] - The China Europe Prosperity Selected Mixed A fund, established on April 23, 2024, has a current scale of 1.052 billion CNY and has achieved a year-to-date return of 47.01%, ranking 1269 out of 8088 in its category [2]

（编辑 丛可心） 证券日报网讯 12月22日晚间，凯格精机发布公告称，公司股票于2025年12月18日、12月19日、12月22 日连续三个交易日内收盘价格涨幅偏离值累计超过30%，属于股票交易异常波动。经核实，公司前期披 露信息无需更正补充，未发现应披露未披露重大事项，控股股东及实际控制人在异动期间未买卖公司股 票。 ...

南财智讯12月22日电，凯格精机公告，公司股票于2025年12月18日、12月19日、12月22日连续三个交易 日内收盘价格涨幅偏离值累计超过30%，根据《深圳证券交易所交易规则》，属于股票交易异常波动的 情况。经核实，公司前期披露的信息不存在需要更正、补充之处；近期公共传媒未有对本公司股票交易 价格产生较大影响的未公开重大信息；经营情况及内外部经营环境未发生重大变化；公司、控股股东和 实际控制人不存在应披露而未披露的重大事项，也未处于筹划阶段；控股股东、实际控制人在股票异动 期间无买卖公司股票的行为；公司不存在违反公平信息披露规定的情形。董事会确认，目前没有任何应 予以披露而未披露的事项，亦未获悉对本公司股票及其衍生品种交易价格产生较大影响的信息；前期披 露的信息无需更正或补充。 ...

证券代码：301338 证券简称：凯格精机 公告编号：2025-060 东莞市凯格精机股份有限公司 股票交易异常波动公告 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、股票交易异常波动情况 东莞市凯格精机股份有限公司（以下简称"公司"）股票于 2025 年 12 月 18 日、12 月 19 日、12 月 22 日连续三个交易日内收盘价格涨幅偏离值累计超过 30%， 根据《深圳证券交易所交易规则》，属于股票交易异常波动的情况。 二、公司关注并核实情况的说明 针对公司股票交易发生异常波动的情况，公司对有关事项进行了核实，现就 相关情况说明如下： 1、公司前期披露的信息不存在需要更正、补充之处； 2、公司未发现近期公共传媒报道了可能或已经对本公司股票交易价格产生 较大影响的未公开重大信息； 3、近期公司经营情况及内外部经营环境未发生重大变化； 4、公司、控股股东和实际控制人不存在关于本公司的应披露而未披露的重 大事项，也不存在处于筹划阶段的重大事项； 5、经核查，公司控股股东、实际控制人在股票异动期间不存在买卖公司股 票的行为； 6、经自查，公司不存在违反公 ...

Market Performance - A-shares showed strong performance with the Shanghai Composite Index surpassing 3900 points, closing at 3917.36, up 0.69% [1] - The Shenzhen Component Index rose by 1.47%, and the ChiNext Index increased by 2.23%, indicating a robust market sentiment [1][2] - Total trading volume in the Shanghai and Shenzhen markets reached 18.825 billion yuan, an increase of 1.336 billion yuan from the previous day [1] Semiconductor Sector - The semiconductor sector experienced significant gains, with stocks like Kema Technology and Lianang Microelectronics hitting the daily limit, while SMIC and Haiguang Information rose over 5% [4][5] - Kema Technology's stock price reached a historical high of 466.66 yuan per share, marking a tenfold increase from its low of 46.56 yuan in April [2] - Analysts predict that the global semiconductor wafer fabrication equipment market will maintain high single-digit percentage growth in 2025 and 2026, driven by rising demand and price increases in the storage sector [6] Hainan Free Trade Zone - The Hainan Free Trade Zone concept surged, with over 20 stocks hitting the daily limit, including Shennong Agriculture and Kangzhi Pharmaceutical [6][7] - The official launch of the Hainan Free Trade Port on December 18 led to a significant increase in duty-free sales, with sales reaching 118 million yuan on the first day, a year-on-year increase of 85% [8] - The policy changes are expected to reduce import tax burdens for related enterprises by approximately 20%, enhancing market activity and consumer attraction in tourism and retail sectors [8] AI Industry - The CPO concept and AI-related stocks saw active trading, with stocks like Kaige Precision and Changxin Bochuang achieving new highs [9] - The demand for high-bandwidth network hardware is increasing due to rapid upgrades in GPU and ASIC technologies, with expectations for continued growth in 800G optical module demand through 2026 [9]

从资金流向上来看，当日专用设备板块主力资金净流出1.28亿元，游资资金净流出7926.44万元，散户资 金净流入2.07亿元。专用设备板块个股资金流向见下表： 证券之星消息，12月22日专用设备板块较上一交易日上涨1.46%，凯格精机领涨。当日上证指数报收于 3917.36，上涨0.69%。深证成指报收于13332.73，上涨1.47%。专用设备板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 ...

Market Performance - The three major indices strengthened, with the Shanghai Composite Index rising by 0.69%, the Shenzhen Component Index increasing by 1.47%, and the ChiNext Index up by 2.23% [2] - Over 2,800 stocks in the two markets were in the green, with a total trading volume reaching approximately 1.86 trillion yuan [2] Precious Metals Sector - The precious metals sector rebounded, with Hunan Silver (002716.SZ) and Xiaocheng Technology (300139.SZ) rising over 7%, while Western Gold (601069.SH) and Shandong Gold (600547.SH) saw significant gains [3] - According to a report by GF Securities, the long-term bullish logic for gold remains intact despite potential short-term fluctuations, supported by factors such as the restructuring of the global monetary credit system, accelerated de-dollarization, and continuous central bank purchases of gold [3] Hainan Sector - The Hainan sector experienced a surge, with Kangzhi Pharmaceutical (300086.SZ) and Shennong Seed Industry (300189.SZ) increasing by 20%, and China Duty Free Group (601888.SH), Hainan Airport (600515.SH), and Hainan Highway (000886.SZ) rising by 10% [3] - The official launch of the Hainan Free Trade Port's full island closure on December 18 led to significant sales, with Sanya's duty-free sales reaching 118 million yuan on the first day, and a 60% year-on-year increase in customer traffic [3] Computing Hardware Sector - The computing hardware sector was active, with semiconductor and communication concepts leading the gains; Kaige Precision Machinery (301338.SZ) rose over 17%, and Changxin Bochuang (300548.SZ) increased by over 12% [4] - Domestic computing chain companies are rapidly advancing their listings, with several companies like Moer Thread and Muxi Co. progressing in their IPO processes [4] - Moer Thread announced a new GPU architecture called "Huagang," which boasts a 50% increase in computing density and a tenfold improvement in energy efficiency [4] Intelligent Driving Sector - The intelligent driving sector saw significant activity, with Zhejiang Shibao (002703.SZ), Laisai Laser (920363.BJ), and others experiencing substantial gains [5] - The release of conditional access permits for the first batch of L3-level autonomous driving vehicles marks a critical step towards commercial application in China [5] - The pharmaceutical commercial and film industry sectors faced declines, with companies like Bona Film Group (001330.SZ) and Huaren Health (301408.SZ) seeing notable drops [5]

行业方面，随着GPU和ASIC的快速升级迭代，算力性能持续提升，同时对于数据传输需求也大幅增 长。在AI数据中心中，越来越多的客户倾向于选择更大带宽的网络硬件。带宽越大，单位bit传输的成 本更低、功耗更低及尺寸更小。800G光模块的高增速已经能够反映出AI对于带宽迫切的需求。 中信建投证券认为，2026年，800G光模块需求预计将继续保持高速增长态势，而1.6T的出货规模也将 大幅增长，3.2T光模块的研发也正式开始布局。 CPO概念22日盘中强势拉升，截至发稿，凯格精机涨超15%，长芯博创涨约14%，长飞光纤涨停创出新 高，中际旭创等涨超5%。 ...