证券代码：301338 证券简称：凯格精机 公告编号：2025-054 东莞市凯格精机股份有限公司 东莞市凯格精机股份有限公司 董事会 2025 年 11 月 12 日 本公司及董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 11 月 12 日收 到总经理邓迪先生的通知，因涉嫌危险驾驶，邓迪先生可能判处管制、拘役或者 独立适用附加刑，根据《中华人民共和国刑事诉讼法》，东莞市公安局决定对其 取保候审，邓迪先生目前可正常履职。 公司及邓迪先生就此事带来的不良影响，向广大投资者致以诚挚的歉意，公 司今后将进一步强化董事、高级管理人员及全体员工的法律意识，督促公司全体 人员在工作和生活中加强自我约束，严格遵守国家法律法规和公司各项规章制度， 切实履行遵纪守法的公民义务。 目前，公司生产经营情况正常，各项工作有序开展。公司将持续关注上述事 项进展情况，及时履行信息披露义务。敬请广大投资者理性投资，注意投资风险。 特此公告。 关于收到高级管理人员被采取强制措施的公告 ...

Group 1 - The core point of the news is that Keg Precision Machinery has experienced a continuous decline in stock price, dropping 0.15% to 67.89 CNY per share, with a total market capitalization of 7.223 billion CNY and a cumulative decline of 9.9% over the last five days [1] - Keg Precision Machinery, established on May 8, 2005, specializes in the research, production, sales, and technical support of automated 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] - The company has a trading volume of 208 million CNY and a turnover rate of 5.20% as of the report date [1] Group 2 - Longxin Fund's Longxin Jinli Trend Mixed A (519994) has entered the top ten circulating shareholders of Keg Precision Machinery, holding 300,000 shares, which is 0.51% of the circulating shares, with an estimated floating loss of about 30,000 CNY today and a total floating loss of 2.238 million CNY during the five-day decline [2] - Longxin Jinli Trend Mixed A has a total scale of 4.03 billion CNY and has achieved a return of 33.74% this year, ranking 2290 out of 8150 in its category [2] - The fund manager, Gao Yuan, has been in position for 8 years and 309 days, with the best fund return during his tenure being 216.38% and the worst being 16.68% [2]

Core Viewpoint - The company, Keg Precision Machinery (301338), reported strong financial performance in Q3 2025, with significant year-on-year growth in revenue and net profit, driven by increased demand for its solder paste printing equipment due to advancements in the electronics manufacturing industry [2][12]. Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 774.92 million yuan, representing a year-on-year increase of 34.21% [2][12]. - The net profit attributable to shareholders reached 121.26 million yuan, up 175.35% year-on-year, while the net profit excluding non-recurring items was 115.85 million yuan, reflecting a 199.57% increase [2][12]. - In Q3 2025 alone, the company recorded a revenue of 321.31 million yuan, a 47.40% increase year-on-year, and a net profit of 54.12 million yuan, which is a substantial growth of 227.15% [2][12]. Industry Demand Drivers - The demand for electronic assembly equipment is influenced by several factors, including: 1. Expansion of artificial intelligence investments, leading to increased demand for servers and related electronic assembly equipment [3]. 2. Recovery in consumer electronics, with global smartphone shipments increasing by 2.6% and PC shipments by 9.4% in Q3 2025 [3]. 3. Rising penetration of electric vehicles, driving the demand for automotive electronics and related SMT equipment [3]. High-End Equipment Demand - The demand for solder paste printing equipment is trending towards high-end solutions due to: 1. Technological advancements requiring higher precision and stability in equipment to accommodate smaller components and complex PCB designs [4]. 2. High-value products necessitating stringent quality control, leading customers to invest in high-precision and intelligent equipment [5]. 3. Rapid growth in high-end application scenarios, such as data centers and advanced packaging, which demand reliable and consistent electronic devices [6][7]. R&D and Innovation - The company has consistently invested in R&D, with expenditures of 74.46 million yuan in 2023, 78.13 million yuan in 2024, and 41.50 million yuan in the first half of 2025, representing 10.06%, 9.12%, and 9.15% of revenue, respectively [9]. - As of June 30, 2025, the company holds 285 patents, including 104 invention patents, indicating a strong commitment to technological innovation [9]. Stock Performance and Market Sentiment - The company has seen a historical high in contract liabilities, suggesting resilience in future performance [8]. - Recent institutional ratings indicate a positive outlook, with one buy rating and four hold ratings over the past 90 days, and an average target price of 82.5 yuan [12][14].

Group 1 - The core point of the news is that Kaige Precision Machinery (SZ 301338) will hold an investor meeting on October 30 and 31, 2025, where key executives will address investor inquiries [1] - Kaige Precision Machinery's revenue composition for the year 2024 is entirely from the specialized equipment manufacturing industry, accounting for 100% [2] - As of the report, Kaige Precision Machinery has a market capitalization of 7.6 billion yuan [2]

Financial Performance - In the first three quarters of 2025, the company achieved a total revenue of 774.92 million CNY, a year-on-year increase of 34.21% [3] - The net profit attributable to shareholders reached 121.26 million CNY, up 175.35% year-on-year [3] - The net profit excluding non-recurring gains and losses was 115.85 million CNY, reflecting a 199.57% increase [3] - In Q3 2025 alone, revenue was 321.31 million CNY, a 47.40% increase year-on-year, with net profit at 54.12 million CNY, a significant rise of 227.15% [3] Market Drivers - The growth in revenue is primarily driven by an increase in acceptance amounts for solder paste printing equipment [3] - Key factors influencing demand in the electronic manufacturing sector include: - Expansion of AI infrastructure investments, leading to strong growth in the AI server market [3] - Recovery in consumer electronics demand, with global smartphone shipments up 2.6% and PC shipments up 9.4% in Q3 2025 [3] - Increased penetration of electric vehicles, driving demand for SMT equipment [3] Equipment Demand Trends - There is a high-end trend in solder paste printing equipment demand due to: - Technological advancements requiring higher precision and stability in equipment [4] - Cost considerations, as high-value products necessitate high yield rates to avoid significant losses [4] - Market growth in high-end applications such as AI data centers and automotive electronics, which demand reliable and consistent electronic devices [4] R&D Investment - R&D expenditures for 2023, 2024, and the first half of 2025 were 74.46 million CNY, 78.13 million CNY, and 41.50 million CNY, respectively, accounting for 10.06%, 9.12%, and 9.15% of revenue [5] - The company holds 285 patents, including 104 invention patents, 176 utility model patents, and 5 design patents, along with 30 software copyrights [5] Employee Incentives - On October 16, 2025, the company granted 583,900 restricted shares to 69 core technical personnel, aligning with the strong performance in Q3 [5] Industry Application Breakdown - In PCB downstream applications, consumer electronics account for 33%, network communication for approximately 20%, automotive electronics for about 20%, and medical devices and home appliances for around 27% [5]

Group 1 - The core point of the news is that Keg Precision Machinery experienced a decline of 5.02% in its stock price, reaching 71.56 CNY per share, with a trading volume of 254 million CNY and a turnover rate of 5.80%, resulting in a total market capitalization of 7.614 billion CNY [1] - Keg Precision Machinery, established on May 8, 2005, and listed on August 16, 2022, is located in Dongguan, Guangdong Province. The company specializes in the research, production, sales, and technical support services of automated precision equipment [1] - The main revenue composition of Keg Precision Machinery 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. The China Europe Prosperity Selected Mixed A Fund (020876) entered the top ten in the third quarter, holding 1.2493 million shares, accounting for 2.11% of the 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. It has achieved a return of 52.9% this year, ranking 1012 out of 8154 in its category; over the past year, it has returned 58.85%, ranking 657 out of 8046; and since its inception, it has returned 70.66% [2]

Core Viewpoint - 凯格精机 is a leading manufacturer of solder paste printing equipment with a strong technological foundation and advantages across the entire industry chain, focusing on automation precision equipment development, production, sales, and technical support services [1] Financial Performance - In Q3 2025, 凯格精机 reported revenue of 775 million yuan, ranking 37th among 89 companies in the industry, with the industry leader, 科达制造, generating 12.605 billion yuan [2] - The company's net profit for the same period was 123 million yuan, ranking 20th in the industry, while the top two competitors reported net profits of 1.832 billion yuan and 1.789 billion yuan respectively [2] - The main business revenue breakdown includes solder paste printing equipment at 292 million yuan (64.37%), dispensing equipment at 60.5 million yuan (13.34%), packaging equipment at 59.2 million yuan (13.05%), and flexible automation equipment at 24.5 million yuan (5.40%) [2] Financial Ratios - As of Q3 2025, 凯格精机's debt-to-asset ratio was 41.22%, an increase from 35.83% year-on-year, but still below the industry average of 42.80% [3] - The gross profit margin for the same period was 42.04%, up from 32.38% year-on-year, exceeding the industry average of 28.52% [3] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 4.28% to 10,900, with an average holding of 5,414.68 shares, a decrease of 4.10% [5] - New significant shareholders include 中欧景气精选混合A and 长信金利趋势混合A, holding 1.2493 million shares and 300,000 shares respectively [5] Management Compensation - The chairman, 邱国良, received a salary of 1.1658 million yuan in 2024, an increase of 159,000 yuan from 2023 [4] - The general manager, 邓迪, received a salary of 1.0503 million yuan in 2024, an increase of 51,400 yuan from 2023 [4] Future Outlook - 国泰海通证券 maintains an "add" rating for 凯格精机, raising the EPS forecast for 2025-2026 to 1.50/1.88 yuan and setting a target price of 82.5 yuan [5] - 甬兴证券 also initiates coverage with an "add" rating, projecting net profits of 138 million yuan, 185 million yuan, and 224 million yuan for 2025-2027 [6] - The company is expected to benefit from the rapid development of AI and the recovery of the 3C industry, with a focus on expanding its product lineup in advanced packaging [5][6]

Core Insights - The company reported a revenue of 775 million yuan for the first three quarters of 2025, representing a year-on-year growth of 34.21% [1] - The net profit attributable to shareholders reached 121 million yuan, showing a significant year-on-year increase of 175.35% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 116 million yuan, reflecting a year-on-year growth of 199.57% [1] - The basic earnings per share stood at 1.14 yuan [1]

Core Viewpoint - 凯格精机 reported significant growth in revenue and net profit for the first three quarters of 2025, indicating strong operational performance and financial health [1] Financial Performance - The company achieved a revenue of 775 million yuan, representing a year-on-year increase of 34.21% [1] - The net profit attributable to shareholders reached 121 million yuan, marking a substantial year-on-year increase of 175.35% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 116 million yuan, reflecting a remarkable year-on-year increase of 199.57% [1] - Basic earnings per share stood at 1.14 yuan [1]

Core Viewpoint - The article raises concerns about potential fundraising misconduct by Kaige Precision Machinery during its IPO, highlighting the slow progress of core projects and the complete utilization of raised funds, which may indicate a "money-grabbing" suspicion [1][2]. Group 1: Fundraising and Project Progress - Kaige Precision Machinery's IPO raised a total of 880.27 million yuan, with a net amount of 819.97 million yuan after deducting issuance costs, exceeding the original plan by 307.09 million yuan [1]. - The main fundraising project, the Precision Intelligent Manufacturing Equipment Production Base Construction Project, has only progressed to 5.92% as of the end of the first half of 2025 [1][2]. - The company has completely utilized its supplementary funds, raising questions about the efficiency and allocation of the raised capital [1]. Group 2: Violations of Fund Usage - The company has been found to have violated fundraising regulations by exceeding planned salary payments for personnel in the R&D and Testing Center Project, totaling 17.88 million yuan [3]. - Additionally, the company improperly allocated 204,000 yuan from the raised funds to pay temporary and intern staff unrelated to the Precision Intelligent Manufacturing Equipment Production Base Construction Project [3]. - The violations included failure to follow pre-approval procedures and disclosure obligations, indicating a lack of adherence to proper fundraising protocols [3]. Group 3: Role of Underwriters - Guosen Securities, the underwriting firm, did not report the violations until September 2025, despite the company experiencing a significant decline in net profit attributable to shareholders, down 67.53% year-on-year due to intensified industry competition [3]. - The regulatory framework for fundraising has been strengthened, emphasizing the responsibility of intermediary institutions to ensure compliance with fundraising regulations [4].