Group 1 - The stock of Ding Tai Gao Ke increased by 15.19% on March 18, with a turnover rate of 36.70% and a total transaction amount of 875 million yuan, showing a fluctuation of 17.22% [2] - Institutional investors net bought 27.37 million yuan, while the Shenzhen Stock Connect recorded a net sell of 408,800 yuan [2] - The top five trading departments accounted for a total transaction amount of 176 million yuan, with a net buy of 29.22 million yuan [2] Group 2 - Among the trading departments, four institutional specialized seats were involved, with a total buy amount of 49.20 million yuan and a sell amount of 21.83 million yuan, resulting in a net buy of 27.37 million yuan [2] - The main capital inflow for the stock was 57.83 million yuan, with a large single net inflow of 74.32 million yuan and a net outflow of 16.49 million yuan from large orders [2] - Over the past five days, the net inflow of main capital reached 81.45 million yuan [2]

广东鼎泰高科技术股份有限公司投资者关系活动记录表 | --- | |------------------------------------------------------------------------------------------------------------------| | 2 、三季度公司利润提升的主要因素是什么？ | | 公司第三季度利润提升的主要原因系部分产品结构得以优 | | 化、产能利用率较高叠加内部降本增效致毛利率有所提升。 | | 3 、泰国工厂目前的建设进度如何，预计什么时候开始投产？ | | 泰国工厂近期已逐步完成竣工验收，生产设备陆续在安装 | | 调试中，预计今年四季度末或明年初正式开工后逐步进入量产 阶段。 | | 4 、数控刀具目前的产能情况和订单情况？未来有哪些产品方 向？ | | | | 数控刀具通过募投项目的陆续投入，目前设备产能已增加 到 60 万支/月。公司通过市场前期的不断努力，使客户结构和产 | | 品结构均得到较好的优化，近期数控刀具接单情况良好，设备有 | | 效稼动率得以大幅提升，近期有望可实现单月盈亏平衡。 | | 目前公司的数控刀具 ...

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 24.96 CNY per share, based on a PEG ratio of 1.1 for 2024, corresponding to a PE of 35.56 times and a target market value of 10.24 billion CNY [5][7]. Core Insights - The company, Guangdong Dingtai High-Tech Co., Ltd., is a global leader in PCB drill needles, with a market share of 19% in 2020, and has diversified its business across multiple sectors, enhancing its growth potential [1][5]. - The company focuses on digitalization and information technology to drive growth in the PCB industry, which is supported by favorable government policies and increasing market demand [2][50]. - The CNC tool and milling tool markets are expected to grow rapidly, with the CNC machine tool market projected to reach 572.8 billion CNY by 2024, creating significant demand for consumables like CNC tools [3][5]. - The functional film materials segment is being developed as a second growth curve, with applications in various industries, leading to rapid revenue growth [4][5]. Summary by Sections Company Overview - Dingtai High-Tech was established in 2013 and has become a recognized brand in the PCB industry, focusing on high-quality products and strong R&D capabilities [1][25]. - The company has a stable shareholding structure, with major shareholders holding 76.23% of the shares [41]. PCB Drill Needle Business - The company leverages digitalization to expand its market presence and enhance product offerings, focusing on high-end drill needles and CNC tools [2][50]. - The demand for high-end drill needles is expected to rise due to the ongoing upgrades in the PCB industry [56][58]. CNC Tools and Milling Tools - The CNC machine tool market is anticipated to grow, driving demand for CNC tools, with the company actively expanding its product range in this area [3][5]. - The company aims to become a leading provider of key tools, materials, and solutions in industrial manufacturing [3][5]. Functional Film Materials - The company is increasing its investment in functional film materials, which are essential in various sectors, contributing to significant revenue growth [4][5]. Financial Forecast and Valuation - The company is projected to achieve net profits of 288 million CNY, 399 million CNY, and 508 million CNY for the years 2024, 2025, and 2026, respectively [5][6]. - The financial data indicates a steady increase in revenue, with a projected revenue of 1.73 billion CNY in 2024, reflecting a growth rate of 30.9% [6][5].

Investment Rating - The investment rating for the company is "Buy," indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [6]. Core Views - The report highlights significant improvement in profitability in Q3, driven by AI applications optimizing product structure [1]. - The company achieved a revenue of 1.129 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 21.72%, with a net profit of 172 million yuan, up 1.75% year-on-year [1]. - Q3 alone saw a revenue of 416 million yuan, a year-on-year increase of 20.74%, and a net profit of 83 million yuan, reflecting a year-on-year growth of 31.49% [1]. - The report anticipates revenue growth to reach 1.586 billion yuan in 2024, 1.952 billion yuan in 2025, and 2.381 billion yuan in 2026, with net profits projected at 255 million yuan, 330 million yuan, and 424 million yuan respectively [1][5]. Summary by Sections Company Overview - The company, Ding Tai Gao Ke (301377), is involved in the PCB industry and has shown resilience with a strong demand recovery and rapid growth in functional film materials [1]. - The total share capital is 410 million shares, with a market capitalization of 8.118 billion yuan [1]. Financial Performance - The gross margin for the first three quarters of 2024 was 35.58%, a decrease of 2.13 percentage points year-on-year, while the net margin was 15.29%, down 2.97 percentage points year-on-year [1]. - In Q3, the gross margin improved to 37.17%, with a net margin of 20.08%, reflecting a year-on-year increase of 1.65 percentage points [1]. Product Development - The company is focusing on vertical integration in PCB processing and horizontal expansion into functional films and CNC grinding machines [1]. - There is a structural growth in demand for high-end drilling products, particularly in the AI sector, which is expected to continue driving sales [1]. Market Outlook - The report projects a continued positive trend in the company's financials, with a price-to-earnings ratio of 31.8X for 2024, 24.6X for 2025, and 19.1X for 2026 [1][5].

证券研究报告 公司近一年市场表现 其他专用机械 鼎泰高科（301377.SZ） 增持-A(下调) AI 应用深化带来产品结构改善，Q3 净利率环比改善明显 2024 年 10 月 31 日 公司研究/公司快报 事件描述 公司发布 2024 年三季报，2024 前三季度公司实现营业收入 11.29 亿元， 同比增长 21.72%；实现归母净利润 1.72 亿元，同比增长 1.75%；实现扣非 归母净利润 1.46 亿元，同比增长 10.27%；基本每股收益为 0.42 元，同比增 长 2.44%。 事件点评 2024 前三季度公司营收及净利润较去年同期均实现增长，主要系 AI 深 化应用使公司产品结构进一步优化。由于应用于 AI 领域的 PCB 板对钻针的 市场数据：2024 年 10 月 31 日 技术、品质要求更高，带来了微小钻、高长径比钻针、涂层钻针等产品需求 收盘价（元）： 21.00 的结构性变化。上半年公司聚焦 AI、半导体等高端产品领域的微小钻研发， 年内最高/最低（元）： 24.38/11.81 结合自研涂层的技术优势，不断优化产品结构，公司微小钻和涂层钻针产品 流通 A 股/总股本（亿股）： ...

[Table_Rank] 评级： 增持 [Table_Authors] 曲小溪 首席分析师 SAC 执证编号：S0110521080001 quxiaoxi@sczq.com.cn 电话：010-8115 2676 [市场指数走势（最近 Table_Chart] 1 年） -0.5 0 0.5 30-Oct 10-Jan 22-Mar 2-Jun13-Aug 24-Oct 鼎泰高科 沪深300 资料来源：聚源数据 | --- | --- | |---------------------------------|-------------| | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 20.90 | | 一年内最高 / 最低价（元） | 24.18/11.61 | | 市盈率（当前） | 38.55 | | 市净率（当前） | 3.54 | | 总股本（亿股） | 4.10 | | 总市值（亿元） | 85.69 | | 资料来源：聚源数据 | | 相关研究 [Table_OtherReport] 鼎泰高科 2024 年半年报点评：受益于 新兴业务增长，2024H1 收 ...

证 券 研 究 报 告 鼎泰高科（301377）2024 年三季报点评 强推（维持） 业绩增长较快，受益 AI 多点开花 目标价：22.75 元 当前价：20.90 元 事项： 公司发布 2024 年三季报：公司 2024Q1-Q3 实现营收 11.29 亿元，同比+21.72%， 归母净利润 1.72 亿元，同比+1.75%，扣非归母净利润 1.46 亿元，同比+10.27%。 Q3 实现营收 4.16 亿元，同比+20.74%，归母净利润 0.83 亿元，同比+31.49%； 扣非归母净利润 0.71 亿元，同比+22.19%。 评论： 毛利率/净利率 Q1-Q3 同比下滑，Q3 环比改善明显。公司 Q1-Q3 毛利率/净利 率分别为 35.58%/15.29%，同比-2.13pct/-2.97pct，销售/管理/研发/财务费用率 分别为 4.28%/6.55%/7.09%/0.54%，同比-0.82pct/-0.57pct/-0.24pct/+0.93pct。Q3 毛利率/净利率分别为 37.17%/20.08%，环比分别+1.74pct/+7.38pct，盈利能力 提升显著，预计或与公司降本增效及产品 ...

[Table_Stock] 鼎泰高科（301377） 证 券 研 究 报 告 [行业Table_Industry] : 机械设备 日期: shzqdatemark 2024年10月25日 [Table_Author] 分析师: 刘阳东 Tel: 021-53686144 E-mail: liuyangdong@shzq.com SAC 编号: S0870523070002 分析师: 王亚琪 Tel: 021- 53686472 E-mail: wangyaqi@shzq.com SAC 编号: S0870523060007 [Table_BaseInfo] 基本数据 最新收盘价（元） 20.26 12mth A 股价格区间（元） 12.78-23.69 总股本（百万股） 410.00 无限售 A 股/总股本 17.32% 流通市值（亿元） 14.39 公 司 点 评 [Table_QuotePic] 最近一年股票与沪深 300 比较 -30% -23% -15% -8% 0% 7% 15% 22% 30% 10/23 01/24 03/24 05/24 08/24 10/24 鼎泰高科 沪深300 [Tabl ...

机械设备/通用设备 Q3 业绩高增，持续受益 AI 服务器需求增长 鼎泰高科（301377.SZ） 2024 年 10 月 26 日 投资评级：买入（维持） 孟鹏飞（分析师） 熊亚威（分析师） mengpengfei@kysec.cn 证书编号：S0790522060001 xiongyawei@kysec.cn 证书编号：S0790522080004 | --- | --- | |-------------------------|-------------| | 日期 | 2024/10/25 | | 当前股价 ( 元 ) | 20.27 | | 一年最高最低 ( 元 ) | 24.38/11.81 | | 总市值 ( 亿元 ) | 83.11 | | 流通市值 ( 亿元 ) | 14.40 | | 总股本 ( 亿股 ) | 4.10 | | 流通股本 ( 亿股 ) | 0.71 | | 近 3 个月换手率 (%) | 269.75 | 股价走势图 -48% -32% -16% 0% 16% 32% 2023-10 2024-02 2024-06 鼎泰高科 沪深300 数据来源：聚源 相关研究报告 《二季 ...