Company Overview - Guangdong Dingtai High-Tech Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, with CITIC Securities and HSBC as joint sponsors [1] - The company is a comprehensive solution provider in precision manufacturing, specializing in tools, materials, and equipment, and has become a global leader in specialized tools for PCB manufacturing [1][6] - Dingtai High-Tech is the largest supplier of drilling needles globally by sales volume, according to Frost & Sullivan [1] Product Portfolio - The product range includes four main categories: (i) precision tools; (ii) grinding and polishing materials; (iii) functional film materials; and (iv) intelligent CNC equipment [2] - These products serve various strategically important end markets, including AI servers, robotics, semiconductors, low-orbit satellite communications, high-end equipment manufacturing, smart vehicles, consumer electronics, telecommunications, and industrial control [2] Industry Context - PCBs are considered the "mother of the electronics industry" and play a crucial role in global industrial manufacturing [3] - The quality and lifespan of PCB specialized tools directly impact production costs and delivery timelines, influencing the technological competitiveness and market responsiveness of downstream applications [3] Financial Performance - Revenue increased from RMB 1.191 billion in 2022 to RMB 1.295 billion in 2023, representing an 8.7% growth, and is projected to reach RMB 1.553 billion in 2024, a further increase of 19.9% [9] - For the six months ending June 30, 2024, revenue is expected to grow by 27.0% to RMB 893.658 million compared to RMB 703.424 million for the same period in 2023 [9] - Net profit for the years 2022, 2023, and 2024 is reported at RMB 222.655 million, RMB 219.485 million, and RMB 227.306 million respectively, with a projected profit of RMB 158.891 million for the six months ending June 30, 2025 [10] R&D Investment - R&D expenditures for 2022, 2023, and 2024 were RMB 79.817 million, RMB 97.722 million, and RMB 109.597 million respectively, accounting for approximately 6.7%, 7.5%, and 7.1% of total revenue [11] Market Outlook - The global PCB market is expected to grow from USD 62 billion in 2020 to USD 75 billion in 2024, with a compound annual growth rate (CAGR) of 4.9% [12] - Despite a decline in 2023 due to reduced demand for consumer electronics, the market is anticipated to recover and grow steadily from 2024 to 2029, driven by advancements in AI, data centers, and new communication technologies [13] Strategic Expansion - Dingtai High-Tech has established production bases in Dongguan, Guangdong, and Nanyang, Henan, and has a subsidiary in Thailand that has achieved mass production with a planned capacity of 15 million drilling needles per month [6] - The company plans to acquire assets from MPK Kemmer in 2025 to accelerate its expansion into the European market, aiming to become a leading supplier of PCB tools in Europe [6]

Company Overview - Guangdong Dingtai High-Tech Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, with CITIC Securities and HSBC acting as joint sponsors [1] - The company is a comprehensive solution provider in precision manufacturing, specializing in tools, materials, and equipment, and has become a global leader in specialized tools for PCB manufacturing [1][3] - Dingtai High-Tech is recognized as the largest supplier of drilling needles globally by sales volume during the reporting period [1] Product Portfolio - The product range includes four main categories: (i) precision tools; (ii) grinding and polishing materials; (iii) functional film materials; and (iv) intelligent CNC equipment [3] - These products serve various strategically important end markets, including AI servers, robotics, semiconductors, low-orbit satellite communications, high-end equipment manufacturing, smart vehicles, and consumer electronics [3] Market Position and Strategy - Dingtai High-Tech has established mature production bases in Dongguan, Guangdong, and Nanyang, Henan, creating a comprehensive production system covering tools, materials, and equipment [6] - The company has achieved mass production at its overseas base in Thailand, with an initial drilling needle production capacity of 15 million units per month [6] - Plans for 2025 include acquiring assets from MPK Kemmer to accelerate expansion into the German and broader European markets, positioning the company as a leading supplier of PCB tools in Europe [6] Financial Performance - Revenue increased from RMB 1.191 billion in 2022 to RMB 1.295 billion in 2023, representing an 8.7% growth, and is projected to reach RMB 1.553 billion in 2024, a further increase of 19.9% [9] - For the six months ending June 30, 2024, revenue is expected to grow by 27.0% to RMB 893.658 million compared to the same period in 2023 [9] - Net profit for the years 2022, 2023, and 2024 is reported at RMB 222.655 million, RMB 219.485 million, and RMB 227.306 million, respectively [10] R&D Investment - R&D expenditures for 2022, 2023, and 2024 were RMB 79.817 million, RMB 97.722 million, and RMB 109.597 million, accounting for approximately 6.7%, 7.5%, and 7.1% of total revenue for those years [11] Industry Overview - The global PCB market is projected to grow from USD 62 billion in 2020 to USD 75 billion in 2024, with a compound annual growth rate (CAGR) of 4.9% [12] - The market experienced a decline in 2023 due to reduced demand for consumer electronics and inventory issues, but is expected to recover with advancements in AI, data centers, and new communication technologies, with a projected CAGR of approximately 4.5% from 2024 to 2029 [13] End Market Applications - The demand for PCB tools is driven by various sectors, including AI and data centers, automotive electronics, consumer electronics, and semiconductors, with significant growth expected in high-performance server shipments and AI server demand [15][20] - The automotive sector's shift towards electrification and smart technology is anticipated to increase PCB demand, particularly for high-performance applications [20] - The semiconductor industry continues to require high-reliability PCBs for critical processes, further driving the demand for specialized PCB tools [21]

Core Viewpoint - Guangdong Dingtai High-Tech Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, aiming to expand its operations as a leading provider of precision manufacturing solutions in the PCB industry [1] Group 1: Company Overview - Dingtai High-Tech integrates tools, materials, and equipment, positioning itself as a comprehensive solution provider in precision manufacturing [1] - The company has become the global leader in specialized tools for PCB manufacturing, specifically recognized as the largest supplier of drilling needles by sales volume during the historical performance period [1] Group 2: Market Position - According to Frost & Sullivan, Dingtai High-Tech is the largest drilling needle supplier globally, highlighting its significant market share and competitive advantage in the industry [1] - The company is committed to creating maximum value for customers through high-end precision manufacturing, contributing to the development of the global industry [1]

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。 证券代码：301377 证券简称：鼎泰高科 公告编号：2025-066 广东鼎泰高科技术股份有限公司 关于向香港联交所递交 H 股发行上市申请 并刊发申请资料的公告 1 关信息而作出。本公告以及本公司刊登于香港联交所网站的申请资料均不构成也 不得视作对任何个人或实体收购、购买或认购公司本次发行上市的 H 股的要约 或要约邀请。 公司本次发行上市尚需取得中国证券监督管理委员会、香港证监会和香港联 交所等相关政府机关、监管机构、证券交易所的备案、批准或核准，该事项仍存 在不确定性。公司将根据该事项的进展情况依法及时履行信息披露义务，敬请广 大投资者注意投资风险。 特此公告。 广东鼎泰高科技术股份有限公司（以下简称"公司"）于 2025 年 12 月 1 日向香港联合交易所有限公司（以下简称"香港联交所"）递交了发行 H 股股 票并在香港联交所主板挂牌上市（以下简称"本次发行上市"）的申请，并于同 日在香港联交所网站刊登了本次发行上市的申请材料。该申请材料为公司按照香 港证券及期货事务监察委员会（以下简称"香港证监会" ...

Core Viewpoint - Guangdong Dingtai High-Tech Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, aiming to leverage its position as a leading supplier of precision manufacturing solutions in the PCB industry [1] Company Overview - Dingtai High-Tech is a comprehensive solution provider integrating tools, materials, and equipment [1] - The company has become the global leader in specialized tools for PCB manufacturing [1] - According to Frost & Sullivan, Dingtai High-Tech is the largest supplier of drilling needles globally by sales volume during the historical record period [1] Industry Position - The company is committed to creating maximum value for customers through high-end precision manufacturing, contributing to global industrial development [1]

Core Viewpoint - Guangdong Dingtai High-Tech Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, aiming to leverage its position as a leading supplier in the PCB manufacturing sector [1] Company Overview - Dingtai High-Tech is a comprehensive solution provider in precision manufacturing, integrating tools, materials, and equipment [1] - The company has become the global leader in specialized tools for PCB manufacturing, particularly recognized as the largest supplier of drill needles by sales volume during the reporting period, according to Frost & Sullivan [1] Market Position - The company is committed to creating maximum value for customers through high-end precision manufacturing, contributing to global industrial development [1]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for investment opportunities [5]. Core Insights - The company, Ding Tai Gao Ke, is a global leader in PCB drill bits, benefiting significantly from the surge in demand for PCB processing driven by AI computing power [2][5]. - The company has shown a notable performance turnaround, with revenue and net profit growth driven by the increasing demand for high-end PCBs [2][5]. Summary by Sections Company Overview - Ding Tai Gao Ke has over 30 years of experience in the PCB drill bit industry and has expanded its product offerings to include milling tools and special PCB tools [2][14]. - The company achieved a revenue of 1.457 billion yuan in the first three quarters of 2025, representing a 29% year-on-year increase, and a net profit of 282 million yuan, up 64% year-on-year [2][22]. AI Computing Power Impact - The demand for AI computing servers is driving a significant increase in PCB demand, particularly for high-end PCBs [3][34]. - IDC forecasts a compound annual growth rate (CAGR) of 18.8% for the global server market from 2024 to 2029, with accelerated server spending growing over 20% annually [3][34]. - The report highlights that the increasing thickness of PCBs and the rising number of drill holes are leading to higher demand for drill bits [3][53]. Production Capacity and Product Development - The company has a leading position in self-manufactured equipment, with production capacity expected to reach 1.2 million drill bits per month by the end of 2025 and 1.8 million by the end of 2026 [4][5]. - The proportion of high-end products is increasing, with micro-drill sales expected to rise from 21% in 2024 to 28% in the first half of 2025 [4][5]. - The acquisition of German company MPK is expected to enhance technological innovation and international expansion [4][5]. Financial Forecast and Valuation - The company is projected to achieve net profits of 4.0 billion yuan, 6.3 billion yuan, and 9.0 billion yuan from 2025 to 2027, respectively [5]. - The current stock price corresponds to dynamic price-to-earnings ratios of 104, 66, and 46 times for the years 2025, 2026, and 2027 [5].

据港交所文件，广东鼎泰高科技术股份有限公司向港交所提交上市申请书，联席保荐人为中信证券和汇 丰银行。 ...

广东鼎泰高科向港交所提交上市申请书。 ...

Group 1: Core Insights - The report emphasizes that the AI wave is initiating a new cycle in intelligent manufacturing, shifting the investment focus from cyclical fluctuations to "new hard-core" assets that can define the future and support the AI trend [8][9]. - Human-shaped robots are highlighted as the ultimate embodiment of AI intelligence, expected to revolutionize labor liberation and serve as a universal platform for AI interaction with the physical world [9][10]. - The report identifies solid-state batteries as a key technology that will unlock performance ceilings for human-shaped robots and electric vehicles due to their high energy density and safety [9][10]. Group 2: Human-Shaped Robots - The human-shaped robot industry is transitioning from concept validation to commercialization, with companies that have developed product capabilities in key components likely to experience significant valuation increases [13][17]. - The investment strategy focuses on essential hardware components rather than single manufacturers due to the uncertainty in design solutions, creating unique investment opportunities [25][28]. - Key companies to watch in this sector include Xinjie Electric, Huichuan Technology, and Weichuang Electric, which are positioned to benefit from the growth in human-shaped robots [17][30]. Group 3: AI Equipment and Materials - The demand for AI-related infrastructure is surging, leading to significant growth in high-performance servers, GPUs, and advanced PCB requirements [32][36]. - The PCB specialized equipment market is expected to grow from $3.306 billion in 2020 to $4.111 billion in 2024, with a CAGR of 5.60% in China [32][34]. - Key players in the equipment sector include Dazhu CNC and Chip Quik, which are well-positioned to capitalize on the increasing demand for advanced PCB manufacturing [36][40]. Group 4: Solid-State Batteries - The solid-state battery industry is accelerating towards commercialization, with major manufacturers like CATL and Zhongxin Innovation targeting 2027 for small-scale production [9][10]. - The global solid-state battery equipment market is projected to reach ¥107.94 billion by 2030, indicating a significant capital expenditure cycle ahead [9][10]. - Companies such as Lead Intelligent and Hai Moxing are recommended for their potential to benefit from this new capital expenditure cycle [9][10]. Group 5: Controlled Nuclear Fusion - Controlled nuclear fusion is transitioning from experimental phases to industrialization, with significant advancements in research and increased capital investment driving the industry forward [9][10]. - The report suggests focusing on companies involved in nuclear fusion projects, such as Hangyang Co. and Shanghai Electric, which are positioned to gain from this emerging sector [9][10]. - The demand for energy solutions is expected to grow, making nuclear fusion a critical area for investment as it promises to provide sustainable energy sources [9][10]. Group 6: Engineering Machinery - The domestic engineering machinery market is recovering, with excavator sales showing a positive trend, while overseas demand is also increasing due to factors like housing construction and manufacturing sector recovery [6][9]. - Major projects in China, such as the Yaxi Water Conservancy Project and the Xinjiang-Tibet Railway, are expected to boost domestic machinery demand [6][9]. - Key companies in this sector include Sany Heavy Industry, XCMG, and Zoomlion, which are anticipated to benefit from both domestic recovery and international expansion [6][9].