Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company, as a leading global PCB drill needle manufacturer, has shown steady growth in performance, with revenue for 2024 reaching 1.58 billion RMB, a year-on-year increase of 19.65%, and a net profit of 227 million RMB, up 3.45% year-on-year. The first quarter of 2025 saw revenue of 423 million RMB, a 27.21% increase year-on-year, and a net profit of 73 million RMB, up 78.51% year-on-year [3][8] - The company is expected to benefit from the increasing penetration of high-end products such as micro-drills and coated drill needles, alongside new business contributions from CNC tools, smart equipment, and functional film products [3][5] Financial Summary - For 2025-2027, the company is projected to achieve revenues of 2.03 billion RMB, 2.40 billion RMB, and 2.71 billion RMB, with net profits of 324 million RMB, 392 million RMB, and 469 million RMB respectively. The EPS is expected to be 0.79 RMB, 0.96 RMB, and 1.14 RMB, with corresponding PE ratios of 33.0, 27.3, and 22.8 [5][7] - The company’s overall gross margin for 2024 was 35.80%, with a net margin of 14.39%. In Q1 2025, the gross margin improved to 38.05%, and the net margin increased to 17.04% [8][10] Business Growth and Strategy - The PCB industry is recovering, with the global PCB market expected to grow by approximately 5.8% in 2024. The company’s related businesses have experienced rapid growth, with tool products and polishing materials achieving revenues of 1.19 billion RMB and 151 million RMB, respectively, reflecting year-on-year increases of 14.26% and 30.70% [8][9] - The company is actively exploring new business avenues, with functional film products and smart CNC equipment showing significant growth potential. The automotive light control film has passed certification from several end vehicle manufacturers, with mass production expected to begin in the second half of 2025 [8][9]

Core Insights - The company has shown significant growth in net profit and revenue, with a 79% year-on-year increase in net profit for Q1 2025 and a 19.65% increase in revenue for 2024 [1] - The demand for AI PCB is driving revenue growth in tools and polishing materials, alongside the company's efforts to expand overseas and improve internal efficiency [1][2] - The company is actively investing in R&D to enhance its product offerings, particularly in high-precision drilling tools to meet the growing demand from AI and high-speed network communications [2][3] Financial Performance - In 2024, the company achieved revenue of 1.58 billion yuan and a net profit of 227 million yuan, reflecting year-on-year growth of 19.65% and 3.45% respectively [1] - For Q1 2025, revenue reached 423 million yuan, marking a 27.21% increase, while net profit surged to 73 million yuan, up 78.51% [1] - The gross margin improved to 38.05%, an increase of 4.28 percentage points, and the net margin rose to 17.04%, up 4.78 percentage points [1] Product and Market Development - The company reported strong growth in various product segments for 2024, with tool products, functional films, polishing materials, and automation equipment generating revenues of 1.191 billion, 155 million, 151 million, and 55 million yuan respectively, with growth rates of 14.26%, 72.84%, 30.70%, and 15.55% [2] - The establishment of an AI research team aims to enhance micro-drilling products to meet high precision and density requirements [2] - The company has expanded its global production capacity with the launch of its Thailand subsidiary and the establishment of a wholly-owned subsidiary in Germany [2] Strategic Initiatives - The company is leveraging its expertise in high-precision CNC machine tools to expand into the embodied intelligent robotics industry, focusing on a dual-driven strategy of "intelligent equipment + core components" [3] - Ongoing R&D efforts are aimed at developing products related to the embodied intelligent industry, with a focus on practical applications [3] - The company anticipates benefiting from the mass production of humanoid robots in the future [3]

Core Viewpoint - The company, Ding Tai High-Tech, has experienced significant growth in revenue and profit due to the rising demand for high-value PCB products driven by AI technology and the increasing complexity of PCB designs [1][2][4]. Financial Performance - In 2024, Ding Tai High-Tech reported a revenue of 1.58 billion yuan, representing a year-on-year growth of 19.65%, with a net profit of 227 million yuan, up 3.45% [1]. - The company achieved a revenue of 423 million yuan in Q1 2023, marking a 27.21% increase compared to the previous year [2]. - For the first half of 2024, the revenue from tools reached 541 million yuan, a growth of 12.10%, while polishing materials generated 70 million yuan, up 28.58% [3]. Market Position - Ding Tai High-Tech holds approximately 26.5% of the global PCB drill market share, establishing itself as an "invisible champion" in the industry [2][3]. - The company has seen its market share in PCB drill sales increase from 19% at the time of its IPO in 2022 to the current level, reflecting its strong competitive position [3]. Product Development and R&D - The company has focused its R&D efforts on product iteration and advanced technology research, particularly in micro-drills for AI and semiconductor applications [5]. - In 2023, Ding Tai High-Tech invested around 100 million yuan in R&D, accounting for 6.94% of its revenue, and increased its R&D personnel from 348 to 373 [4]. - The company has developed key technologies for high-end chip substrates and continues to enhance its product offerings through ongoing R&D projects [4]. Global Expansion - Ding Tai High-Tech has been actively expanding its international presence, establishing production bases in Thailand and subsidiaries in Vietnam, and has set up a wholly-owned subsidiary in Germany to enhance its R&D and sales capabilities [6]. - The company's overseas revenue reached 92.66 million yuan, reflecting a 96.95% year-on-year increase, indicating strong growth in international markets [6]. Industry Trends - The rise of AI has created unprecedented opportunities for the PCB industry, with increasing demands for high-layer PCBs and advanced drilling technologies [4][5]. - The global tool market is estimated to be around 240 billion yuan, with China's market accounting for only one-fifth, suggesting significant growth potential for Ding Tai High-Tech in international markets [5].

Core Viewpoint - 鼎泰高科 reported significant revenue growth in 2024, driven by high-end product development and global market expansion, but faces challenges in net profit growth and overseas market profitability [1][4][6] Group 1: Financial Performance - The company achieved an annual revenue of 1.58 billion yuan, a year-on-year increase of 19.65% [1] - Net profit attributable to shareholders was 227 million yuan, up 3.45% year-on-year, while net profit excluding non-recurring gains was 202 million yuan, reflecting a 14.76% increase [1] - Despite revenue growth, net profit growth lagged, indicating challenges in cost control and profitability [1] Group 2: High-End Product Development - 鼎泰高科 focused on high-end products, particularly in PCB tools and film products, capitalizing on the growing demand for high-value PCB products in AI servers and high-speed network communications [4] - PCB tool revenue reached 1.191 billion yuan, a 14.26% increase, accounting for 75.40% of total revenue, with micro-drill sales making up 21.12% and coated drill sales 30.91% [4] - Film products generated approximately 155 million yuan in revenue, a 72.84% increase, with market share for consumer privacy films rising and automotive light control films expected to enter mass production in the second half of 2025 [4] Group 3: Global Market Expansion - The company actively expanded into overseas markets, achieving foreign revenue of 92.67 million yuan, a 96.95% increase [4][5] - The establishment of subsidiaries in Thailand and Germany enhances the company's influence in international markets [4] - However, the profitability of overseas operations remains a concern due to high R&D and marketing costs, which may pressure profit margins [5] Group 4: Intelligent CNC Equipment - 鼎泰高科 continued to develop intelligent CNC equipment, leveraging its expertise in five-axis tool grinding [6] - The annual shipment of CNC segment differential grinding machines exceeded 70 units, with a steady increase in market share [6] - Revenue from intelligent CNC equipment reached 54.89 million yuan, a 15.55% increase, but the company faces intense competition in this sector [6]

证券代码：301377 证券简称：鼎泰高科 公告编号：2025-004 一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 容诚会计师事务所（特殊普通合伙）对本年度公司财务报告的审计意见为：标准的无保留意见。 □适用 √不适用 公司上市时未盈利且目前未实现盈利 □适用 √不适用 本报告期会计师事务所变更情况：公司本年度会计师事务所由天职国际会计师事务所（特殊普通合伙） 变更为容诚会计师事务所（特殊普通合伙）。 非标准审计意见提示 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 √适用 □不适用 公司经本次董事会审议通过的利润分配预案为：以410000000股为基数，向全体股东每10股派发现金红 利2.8元（含税），送红股0股（含税），以资本公积金向全体股东每10股转增0股。 董事会决议通过的本报告期优先股利润分配预案 二、公司基本情况 1、公司简介 ■ 2、报告期主要业务或产品简介 根据《国民经济行业分类》国家标准（GB/T 4754-2017）， ...

广东鼎泰高科技术股份有限公司 关于董事会审计委员会对会计师事务所 2024 年度履职情况 评估及履行监督职责情况的报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理 准则》《国有企业、上市公司选聘会计师事务所管理办法》和《公司章程》、《董 事会审计委员会议事规则》等相关规定，公司董事会审计委员会本着勤勉尽责的 原则，认真履行了审计监督职责。现将会计师事务所 2024 年度履职情况和审计 委员会对会计师事务所履行监督职责情况汇报如下： 一、2024 年年审会计师事务所基本情况 （一）会计师事务所基本情况 容诚会计师事务所（特殊普通合伙）（以下简称"容诚会计师事务所"）由 原华普天健会计师事务所（特殊普通合伙）更名而来，初始成立于 1988 年 8 月， 2013 年 12 月 10 日改制为特殊普通合伙企业，是国内最早获准从事证券服务业 务的会计师事务所之一，长期从事证券服务业务。注册地址为北京市西城区阜成 门外大街 22 号 1 幢 10 层 1001-1 至 1001-26。截至 2024 年 12 月 31 日，容诚会 计师事务所共有合伙人 212 人，共有注册会计师 1552 人， ...

2024 年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：广东鼎泰高科技术股份有限公司 单位：人民币万元 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司 | 上市公司核 算的会计科 | 2024 | 年初占用资 | 2024 年度占用累 计发生金额(不含 | 2024 用资金的利 | 年度占 | 2024 | 年度偿还累 | 2024年末占用资 | 占用形成原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 的关联关系 | | | 金余额 | | | | | 计发生金额 | 金余额 | | | | | | | 目 | | | 利息) | | 息(如有) | | | | | | | 控股股东、实际控制人及其附属企业 | | | | | | | | | | | | | | | 小计 | | | | | | | | | | | | | | | 前控股股东、实际控制人及其附属企业 | | | | | | | | | | | | | | ...

证券代码：301377 证券简称：鼎泰高科 公告编号：2025-011 广东鼎泰高科技术股份有限公司 关于会计政策变更的公告 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。 本次变更前，公司执行财政部发布的《企业会计准则—基本准则》和各项具 体会计准则、《企业会计准则应用指南》、《企业会计准则解释公告》以及其他 相关规定。 3、变更后公司采用的会计政策 本次变更后，公司按照《准则解释第 17 号》《准则解释 18 号》执行，其他 未变更部分，仍按照财政部前期颁布的《企业会计准则—基本准则》和各项具体 会计准则、《企业会计准则应用指南》、《企业会计准则解释公告》以及其他相 关规定执行。 4、变更的日期 广东鼎泰高科技术股份有限公司（以下简称"公司"）根据中华人民共和国 财政部（以下简称"财政部"）印发的相关规定变更相应的会计政策。本次会计 政策变更是公司根据法律法规和国家统一的会计制度要求进行的变更，根据《深 圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号—创业板上市公司规范运作》及《公司章程》的有关规定，本次会计政策变 更事项无 ...

广东鼎泰高科技术股份有限公司 2024年度独立董事年度述职报告 作为广东鼎泰高科技术股份有限公司（以下简称"公司"）的独立董事，2024 年度本人严格按照《中华人民共和国公司法》（以下简称"《公司法》"）《中 华人民共和国证券法》（以下简称"《证券法》"）《上市公司治理准则》等法 律法规及《公司章程》《独立董事工作制度》等规定，本着客观、公正、独立的 原则勤勉尽责、独立履职，及时了解公司的生产经营及发展情况，积极出席会议 ，促进公司规范运作、健康发展，维护公司、全体股东特别是中小股东的利益。 现将2024年度工作情况报告如下： 一、独立董事的基本情况 本人宋海海，1973年出生，中国国籍，无境外永久居留权，复旦大学会计硕 士学位，国际注册会计师。1998年6月至1999年10月，任广东生益科技股份有限 公司信息技术支持助理工程师；1999年11月至2017年3月，历任芬欧汇川（中国） 有限公司SAP团队主管及SAP项目经理、全球财务支持专家、亚太区内控经理、 常熟工厂财务控制经理、二期项目控制与行政总监、亚太区财务服务总监；2017 年4月至2023年6月，任芬欧汇川（中国）有限公司董事、芬欧汇川集团特种纸事 ...

作为广东鼎泰高科技术股份有限公司（以下简称"公司"）的独立董事，2024 年度本人严格按照《中华人民共和国公司法》（以下简称"《公司法》"）《中 华人民共和国证券法》（以下简称"《证券法》"）《上市公司治理准则》等法 律法规及《公司章程》《独立董事工作制度》等规定，本着客观、公正、独立的 原则勤勉尽责、独立履职，及时了解公司的生产经营及发展情况，积极出席会议 ，促进公司规范运作、健康发展，维护公司、全体股东特别是中小股东的利益。 现将2024年度工作情况报告如下： 一、独立董事的基本情况 本人李小菲，1987年出生，中国国籍，无境外永久居留权，本科学历。2010 年9月至2014年3月，任富德生命人寿保险股份有限公司董事长助理；2015年2月 至2019年3月，任富德生命人寿保险股份有限公司银保渠道部高级项目经理；2016 年9月至2018年3月，任沙河高尔夫球会有限公司副总经理；2017年4月至今，任 熠达控股（深圳）有限公司总经理、执行董事；2020年8月至今，任公司独立董 事。 本人任职符合中国证监会《上市公司独立董事管理办法》和深圳证券交易所 业务规则规定的独立董事任职资格和条件，不存在任何影响独立性 ...