PCB 设备耗材的产业变化及推荐 20260115 摘要 PCB 设备和耗材需求持续增长，鼎泰高科、中钨高新、大族数控等公司 业绩显著提升，预计 2026 年将保持强劲增长势头，大族数控 2026 年 业绩有望达到 17-20 亿人民币，鼎泰高科预计超过 10 亿人民币。 大族数控和鼎泰高科作为行业领先企业，2025 年四季度业绩表现突出， 同比增速分别达到 2.5 倍和 1.8 倍，环比增速分别为 50%和 25%，受 益于量价齐升和利润率结构优化。 PCB 行业未来将持续扩产，新技术如麻酒材料（RUBIN ULTRA）的应 用加速，推动机械加工和激光加工方式变革，金刚石钻针和超快激光技 术需求增加，国产设备厂商迎来发展机遇。 超快激光技术在新材料体系下优势明显，大族数控已开始应用并取得成 果，英诺激光也获得首批订单，市场份额有望扩大，对传统二氧化碳激 光形成替代效应，2026 年市场将加速增长。 当前是投资 PCB 设备和耗材公司的最佳时机，产业周期处于加速上升阶 段，可积极布局相关股票，关注具备技术优势的新兴公司如大族数控、 英诺激光，以及麻酒材料迭代带来的投资机会。 目前 PCB 设备和耗材行业的主要 ...

格隆汇1月15日｜华源证券研报指出，鼎泰高科AI算力PCB钻针预计带动业绩高增。2025年全年业绩预 估归母净利润实现4.1-4.6亿元，同比增长80.72%-102.76%，第四季度预计实现归母净利润1.28-1.78亿 元，同比增长132.73%-223.64%，环比三季度增长4.92%-45.90%。随着全球算力资本支出的提升，相关 AI服务器市场在2025年保持高速增长，其中相关高多层及HDI工艺的PCB需求大幅增长，带动公司相关 PCB刀具的需求提升。同时，AI服务器对相关PCB的层数、材料、工艺等都提出了更高的要求，有望带 动相关高价值量的涂层针、高长径比针的销售额占比提升，助力公司综合毛利率及净利率逐渐改善。算 力PCB硬件迭代，M9、石英布、高端铜箔的升级带动钻针消耗量提升；PCB行业迎来扩产潮，或将带 动钻针消耗量提升。看好公司具备的高端钻针生产能力，以及扩产灵活性强的特点，维持"买入"评级。 ...

43家创业板公司2025年度业绩预告亮相，业绩预增公司有22家，占比51.16%。 技 （文章来源：证券时报网） 创业板业绩预计暴增股名单 | 代码 | 简称 | 业绩预告日 | 预计净利润增幅中值 | 最新收盘价 | 今年以来涨跌 | 行业 | | --- | --- | --- | --- | --- | --- | --- | | | | 期 | （%） | （元） | （%） | | | 300871 | 回盛生 | 2026.01.09 | 1355.24 | 25.52 | 23.11 | 农林牧 | | | 物 | | | | | 渔 | | 300435 | 中泰股 | 2026.01.06 | 677.22 | 29.14 | 31.14 | 公用事 | | | 份 | | | | | 业 | | 300138 | 晨光生 | 2026.01.13 | 301.38 | 13.78 | 11.04 | 农林牧 | | | 物 | | | | | 渔 | | 300773 | 拉卡拉 | 2026.01.13 | 222.00 | 32.08 | 12.64 | 非银金 融 | | | 大族数 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is expected to achieve significant growth in net profit due to the demand for AI computing and PCB drill bits, with a projected net profit of 4.1-4.6 billion yuan for 2025, representing a year-on-year increase of 80.72%-102.76% [6] - The fourth quarter is anticipated to see a net profit of 1.28-1.78 billion yuan, reflecting a year-on-year growth of 132.73%-223.64% and a quarter-on-quarter increase of 4.92%-45.90% [6] - The demand for high-layer and HDI process PCBs is expected to rise significantly, driven by the growth in AI server markets, which will enhance the sales of high-value drill bits and improve the company's gross and net profit margins [6] Financial Performance Summary - The company forecasts net profits of 4.28 billion yuan in 2025, 11.21 billion yuan in 2026, and 25.36 billion yuan in 2027, with respective year-on-year growth rates of 88.62%, 161.98%, and 126.21% [8] - The current price-to-earnings (P/E) ratios are projected to be 154.60 for 2025, 59.01 for 2026, and 26.09 for 2027 [8] - Revenue is expected to grow from 1.32 billion yuan in 2023 to 6.88 billion yuan in 2027, with a compound annual growth rate of 66.48% [9]

从资金流向上来看，当日通用设备板块主力资金净流出43.09亿元，游资资金净流入2.14亿元，散户资金 净流入40.96亿元。通用设备板块个股资金流向见下表： 证券之星消息，1月14日通用设备板块较上一交易日上涨0.56%，七丰精工领涨。当日上证指数报收于 4126.09，下跌0.31%。深证成指报收于14248.6，上涨0.56%。通用设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 920169 | 七幸精工 | 46.15 | 30.00% | 20.88万 | | 8.84亿 | | 301043 | 绿岛风 | 76.74 | 20.00% | 5.13万 | | 3.85亿 | | 301468 | 博盈特焊 | 63.52 | 11.44% | 19.18万 | | 11.94亿 | | 301377 | 鼎泰高科 | 161.36 | 10.29% | 9.03万 | | 14.23亿 | | 002131 | 利欧股份 | 9.93 | 9 ...

（文章来源：每日经济新闻） 每经AI快讯，1月14日，PCB概念板块短线拉升，大族数控、立方控股、本川智能涨超10%，鼎泰高 科、金信诺、英诺激光、南亚新材、金安国纪等跟涨。 ...

PCB概念板块短线拉升，大族数控、立方控股、本川智能涨超10%，鼎泰高科、金信诺、英诺激光、南 亚新材、金安国纪等跟涨。 ...

Group 1: Core Insights - The global AI industry is experiencing a dual iteration of computing power models, leading to the commercialization of AI applications such as ChatGPT Health, with significant advancements in AI-assisted healthcare and humanoid robots [2][6] - AI chip companies are launching next-generation platforms to enhance computing power support, with NVIDIA introducing the Vera Rubin platform and several collaborative design chips, thereby reducing the cost threshold for enterprises to operate large models [3][5] - Overseas companies are accelerating the commercialization of large AI models through substantial financing, while domestic firms are exploring market opportunities via open-source tools and engineering innovations [4][6] Group 2: Key Events - On January 6, AMD unveiled a comprehensive AI chip covering data centers, AI PCs, and embedded edge applications, with plans for a 2nm process MI500 series to be launched in 2027 [5] - On January 7, xAI announced it had exceeded $20 billion in Series E funding, significantly surpassing market expectations, with funds allocated for GPU cluster expansion and Grok 5 model training [5] - OpenAI launched "ChatGPT Health" on January 7, which integrates user health information with electronic medical records, tapping into a projected global AI healthcare market expected to reach approximately $505.59 billion by 2033 [5][6] Group 3: Industry Trends - The AI healthcare sector is entering a commercialization acceleration phase, with companies like OpenAI and Ant Group's AI medical app making significant strides in personalized consultation services [6] - In the humanoid robotics sector, collaborations such as DeepMind with Boston Dynamics are integrating advanced models into new generation humanoid robots, showcasing capabilities for various applications [6] - The report highlights a noticeable market trend towards higher elasticity in technology growth styles, with funds being preemptively allocated to capitalize on potential spring market movements [7] Group 4: Recommended Companies - The report recommends companies such as Ding Tai Gao Ke, which is experiencing high growth driven by AI PCB demand [8] - It also highlights Zhi Pu as a new AI player in the Hong Kong market, focusing on model iteration and ecosystem development [8] - MINIMAX-WP is noted as a benchmark for AI expansion overseas, with a multi-modal layout for future growth [8]

Investment Rating - The report maintains a "Recommended" rating for the mechanical industry, with a focus on AI equipment and consumables, as well as engineering machinery [1]. Core Insights - The mechanical industry is expected to benefit from the acceleration of AI applications, particularly in high-performance servers and GPU demand, driven by the rapid iteration of AI models and smart hardware [7]. - The excavator market is projected to exceed expectations in both domestic and international sales, with a forecasted 17% year-on-year growth in 2025, supported by government policies and infrastructure projects [7]. - The report emphasizes the potential for a new recovery cycle in the equipment industry, driven by monetary and fiscal policy support, and suggests focusing on key companies across various segments [7]. Summary by Sections Key Company Earnings Forecast, Valuation, and Investment Ratings - Companies such as 汇川技术 (Inovance Technology), 法兰泰克 (Falan Tech), and 信捷电气 (Xinjie Electric) are rated as "Strong Buy" with projected EPS growth and favorable PE ratios [2][8]. - For example, 汇川技术 is expected to have an EPS of 2.11元 in 2025, with a PE ratio of 37.13, indicating strong growth potential [2]. Industry and Company Investment Views - The report highlights the AI equipment and consumables sector as a key area for investment, with significant growth expected in the PCB market driven by AI infrastructure needs [9]. - The engineering machinery sector is also highlighted, with companies like 三一重工 (Sany Heavy Industry) and 徐工机械 (XCMG) expected to benefit from increased domestic demand and international market recovery [7][9]. Key Data Tracking - The report provides macroeconomic data indicating a total market capitalization of 70,956.73 billion yuan for the mechanical industry, with 636 listed companies [4]. - The mechanical sector has shown strong performance, with a 5.7% increase in the sector index over the past week, outperforming major indices [11][14].

Summary of Conference Call on AI PCB Drill Market Industry Overview - The conference call discusses the AI PCB drill market, focusing on the increasing demand for high-performance drill bits due to advancements in server architecture and materials used in PCB manufacturing [1][3][4]. Key Points and Arguments - **Increased Thickness of PCBs**: The thickness of PCBs has increased from 3 mm in the GB200 period to 4.5-5 mm in the GB300 period, with future designs (Rubin architecture) expected to exceed 6 mm, and orthogonal backplanes potentially reaching 8 mm [1][3]. - **Drill Bit Consumption**: The increase in PCB thickness necessitates the use of multiple drill bits for single-hole processing, significantly raising the consumption and cost of drill bits. For example, a single server cabinet may consume approximately 7,000 high-performance drill bits [1][3][4]. - **Material Impact on Drill Bit Lifespan**: The transition to harder materials (e.g., from 马 6 to 马 9) drastically reduces drill bit lifespan, with a single bit capable of drilling 2,000 holes in 马 6 material but only 100-200 holes in 马 9 material [3][4]. - **Market Growth Projections**: By 2027, the AI drill bit market is projected to reach between 13 billion to 15 billion RMB, representing a more than threefold increase from the previous global market size of 5-6 billion RMB [1][9]. Additional Important Insights - **Key Suppliers**: Major suppliers in the AI drill bit market include 鼎泰高科, 金洲精工, 台湾金典, and 日本佑能, with a focus on high-quality products due to stringent requirements from companies like NVIDIA [10]. - **Profitability Expectations**: 鼎泰高科 and 金洲精工 are expected to capture over 40% of the market share by 2027, translating to revenues of approximately 6 billion RMB and a net profit of around 2 billion RMB, with potential market valuations reaching 800 billion RMB [11][12]. - **Expansion Plans**: Companies are actively expanding production capabilities, with 金洲精工 aiming for a monthly capacity of at least 1.3 million drill bits by the end of 2026 [13]. - **Technological Advancements**: The use of ultrafast laser drilling technology is highlighted as crucial for processing advanced materials and achieving high-quality results in small aperture applications [14][15]. - **Market Beneficiaries**: 鼎泰, 中钨, and 大族数控 are identified as key beneficiaries of the AI PCB market, expected to thrive as demand for AI-related PCBs grows [16]. This summary encapsulates the critical insights from the conference call, emphasizing the evolving landscape of the AI PCB drill market and the implications for key players within the industry.