Core Viewpoint - Ding Tai High-Tech has submitted an application for listing on the Hong Kong Stock Exchange, aiming to expand its market presence after its previous listing on the Shenzhen Stock Exchange in November 2022 [1] Group 1: Company Overview - Ding Tai High-Tech was established in 2013 and is a comprehensive solution provider in precision manufacturing, integrating tools, materials, and equipment [1] - The company is the largest supplier of drill needles globally, ranking first among PCB drill needle manufacturers with market shares of 26.8% for 2024 and 28.9% for the first half of 2025 [1] Group 2: Financial Performance - As of December 2, Ding Tai High-Tech's stock closed at 99.49 yuan per share, down 1.50%, with a cumulative increase of 386.03% year-to-date, resulting in a total market capitalization of approximately 40.8 billion yuan [1] Group 3: Product and Market Applications - The product portfolio includes precision tools, grinding and polishing materials, functional film materials, and intelligent CNC equipment, serving critical end markets such as AI servers, robotics, semiconductors, low-orbit satellite communications, high-end equipment manufacturing, smart vehicles, consumer electronics, telecommunications, and industrial control [1] Group 4: Production Capabilities - Ding Tai High-Tech has established mature production bases in Dongguan, Guangdong, and Nanyang, Henan, creating a comprehensive production system covering the entire supply chain of tools, materials, and equipment, with an overseas production base in Thailand already achieving mass production [1]

Core Viewpoint - Dongtai High-Tech has established itself as a leading player in the global PCB drilling needle market over the past 30 years, with a strong performance driven by the increasing demand for PCB processing due to the growth of AI computing power [1] Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 1.457 billion yuan, representing a year-on-year growth of 29% [1] - The net profit attributable to the parent company reached 282 million yuan, marking a year-on-year increase of 64% [1] Market Demand - The surge in AI computing demand has significantly boosted the usage of high-end PCB drilling and consumables, leading to a full order book for the company [1] - The company is entering a phase of accelerated performance realization due to the robust demand in the market [1] Future Projections - The projected net profits for the company from 2025 to 2027 are estimated to be 400 million yuan, 630 million yuan, and 900 million yuan respectively [1] - The current stock price corresponds to dynamic price-to-earnings ratios of 104x, 66x, and 46x for the years 2025, 2026, and 2027 respectively [1] Investment Rating - The company has been given a "Buy" rating in the initial coverage [1]

Core Viewpoint - Guangdong Dingtai High-Tech Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, aiming for a main board listing [1] Group 1: Company Overview - The company is a comprehensive solution provider in precision manufacturing, integrating tools, materials, and equipment [1] - It has grown to become the global leader in specialized tools for PCB manufacturing [1] - According to Frost & Sullivan, the company is the largest supplier of drilling needles globally by sales volume during the track record period [1] Group 2: 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 [1] - According to Frost & Sullivan, Dingtai High-Tech is the largest supplier of drilling needles globally by sales volume during the reporting period [1] Strategic Focus - The company is committed to creating maximum value for customers through high-end precision manufacturing [1] - Dingtai High-Tech aims to promote global industrial development [1]

Core Viewpoint - Ding Tai High-Tech (301377) has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities and HSBC acting as joint sponsors [1] Company Overview - Ding Tai High-Tech is a global leader in the PCB manufacturing sector, specializing in precision tools and providing comprehensive manufacturing solutions [1] - The company's product range includes precision tools, grinding and polishing materials, functional film materials, and intelligent CNC equipment [1] - According to Frost & Sullivan, Ding Tai High-Tech holds the largest market share in the global drill needle market by sales [1] Market Applications - The products of Ding Tai High-Tech serve various strategic end markets, including AI servers, embodied robots, semiconductors and integrated circuits, low-orbit satellite communications, high-end equipment manufacturing, smart vehicles, as well as consumer electronics, communications, and industrial control [1] Industry Significance - PCBs are referred to as the "mother of the electronics industry," and the technical level of PCB-specific tools directly impacts PCB technology iteration, end product performance, production costs, and delivery cycles [1] Production and Expansion Strategy - The company has established a mature production base in China and has set up a subsidiary in Thailand for mass production [1] - In 2025, Ding Tai High-Tech plans to acquire MPK Kemmer assets to accelerate its expansion into the German and European markets, with future plans to increase investments in Asia and Europe to build a global operational network [1]

Core Viewpoint - Guangdong Dingtai High-Tech (301377) has submitted an application to list on the Hong Kong Stock Exchange, positioning itself as a leading global supplier of precision manufacturing solutions in the PCB industry, particularly as the largest supplier of drilling needles by sales volume [1][3]. Company Overview - Dingtai High-Tech integrates tools, materials, and equipment, focusing on high-end precision manufacturing to create maximum value for customers [1]. - The company has established production bases in Dongguan, Guangdong, and Nanyang, Henan, and has a production capacity of 15 million drilling needles per month at its overseas base in Thailand [5]. Product Portfolio - The product range includes precision tools, grinding and polishing materials, functional film materials, and intelligent CNC equipment, serving critical markets such as AI servers, robotics, semiconductors, low-orbit satellite communications, high-end equipment manufacturing, and smart vehicles [3]. Financial Performance - Revenue increased from RMB 1.191 billion in 2022 to RMB 1.295 billion in 2023, with a further projected increase to RMB 1.553 billion in 2024. For the first half of 2025, revenue is expected to reach RMB 893.658 million, reflecting a 27.0% growth from the same period in 2024 [8]. - 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 [9]. 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, representing approximately 6.7%, 7.5%, and 7.1% of total revenue for those years [10]. 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%. The market is expected to stabilize and grow at a CAGR of approximately 4.5% from 2024 to 2029, driven by advancements in AI, data centers, and new communication technologies [11][12]. Market Demand - The demand for PCBs is increasing in various sectors, including automotive electronics, consumer electronics, and semiconductors, with a notable growth in high-performance PCBs driven by the rise of AI and electric vehicles [19][20].

格隆汇12月1日丨鼎泰高科(301377.SZ)公布，公司于2025年12月1日向香港联合交易所有限公司（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（简称"香 港证监会"）及香港联交所的要求编制和刊发，为草拟版本，其所载资料可能会适时作出更新及修订， 投资者不应根据其中的资料作出任何投资决定。 ...

Core Viewpoint - Guangdong Dingtai High-Tech Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, positioning itself as a leading global supplier of precision manufacturing solutions in the PCB manufacturing sector [1] Company Overview - Dingtai High-Tech integrates tools, materials, and equipment, and is recognized as the largest supplier of drilling needles globally by sales volume [1] - The company’s product portfolio includes precision tools, grinding and polishing materials, functional film materials, and intelligent CNC equipment, serving critical end markets such as AI servers, robotics, semiconductors, low-orbit satellite communications, high-end equipment manufacturing, and smart vehicles [1] Financial Performance - Revenue increased from RMB 1.192 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% [3] - For the six months ending June 30, 2025, revenue is expected to grow by 27.0% to RMB 894 million compared to RMB 703 million for the same period in 2024 [3] - Net profit for the years 2022, 2023, and 2024 was RMB 223 million, RMB 219 million, and RMB 227 million respectively, with a projected profit of RMB 159 million for the six months ending June 30, 2025 [4] R&D Investment - R&D expenditures were RMB 79.82 million, RMB 97.72 million, RMB 110 million, and RMB 57.83 million for the years 2022, 2023, 2024, and the six months ending June 30, 2025, respectively, accounting for approximately 6.7%, 7.5%, 7.1%, and 6.5% of total revenue [5] Industry Overview - The global PCB market is projected to grow from USD 62 billion in 2020 to USD 75 billion by 2024, with a compound annual growth rate (CAGR) of 4.9% [6] - The decline in the PCB market in 2023 is attributed to reduced demand for consumer electronics and inventory buildup, particularly affecting traditional products like PCs and smartphones [6] - Future growth from 2024 to 2029 is expected to be driven by advancements in AI, data centers, new communication technologies, and autonomous driving, with a projected CAGR of approximately 4.5% [6] Market Demand and Applications - The demand for PCB tools is expected to rise in AI and data center sectors, with global high-performance server shipments projected to grow from 13.6 million units in 2020 to 16 million units in 2024, and further to 18.8 million units by 2029 [8] - The automotive sector's shift towards electrification and intelligence is anticipated to increase PCB demand, particularly for high-performance PCBs [8] - The consumer electronics sector is also expected to see strong growth due to the proliferation of AI, 5G, and smart devices, driving demand for high-density interconnect (HDI) and flexible printed circuit (FPC) materials [9]

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]