Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company reported a revenue of 1.129 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 21.72%. The net profit attributable to shareholders was 172 million yuan, up 1.75% year-on-year [2] - The third quarter revenue reached 416 million yuan, showing a year-on-year growth of 20.74% and a quarter-on-quarter increase of 9.53%. The net profit for Q3 was 83 million yuan, reflecting a year-on-year increase of 31.49% and a quarter-on-quarter increase of 72.93% [2][3] - The company is a leading player in the PCB needle industry, focusing on product high-endization and capacity expansion, with a positive outlook for its functional film products, CNC tools, and automation equipment [5] Summary by Sections Financial Performance - For Q3, the gross margin was 37.17%, a decrease of 3.02 percentage points year-on-year but an increase of 1.73 percentage points quarter-on-quarter. The company achieved a net profit margin of 20.08%, the highest for the same period since its listing [4] - The company’s total revenue for 2024 is projected to be 1.583 billion yuan, with expected year-on-year growth rates of 19.89%, 32.74%, and 17.76% for 2024, 2025, and 2026 respectively [5][7] Business Development - The company is expanding its overseas market presence, having established production bases in Thailand and subsidiaries in Vietnam, while actively exploring markets in Japan, South Korea, Southeast Asia, and Europe and the United States [4] - Emerging business segments, such as film products and smart CNC equipment, are expected to continue their growth trajectory, with significant increases in production and new customer acquisition [3][5] Future Outlook - The company anticipates continued positive factors driving growth, including a gradual recovery in industry demand and structural optimization within the industry, particularly due to the deepening application of AI [3] - The projected earnings per share for 2024, 2025, and 2026 are 0.61 yuan, 0.84 yuan, and 1.06 yuan respectively, with corresponding price-to-earnings ratios of 33.15, 24.05, and 19.08 [5][7]

Investment Rating - The investment rating for Ding Tai Gao Ke is "Buy" (maintained) [1] Core Views - The company has shown significant growth in Q3 2024, benefiting from the increasing demand for AI servers. The revenue for H1 2024 reached 1.129 billion yuan, a year-on-year increase of 21.72%, while the net profit attributable to shareholders was 172 million yuan, up 1.75% year-on-year [2][3] - The company is expected to continue to recover its profitability due to the high demand in the AI server sector, product structure optimization, and internal cost reduction measures. However, the profit forecast for 2024-2025 has been adjusted downwards due to lower-than-expected capacity expansion and slower recovery in downstream demand [2][3] Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 416 million yuan, representing a year-on-year growth of 20.74% and a quarter-on-quarter increase of 9.53%. The net profit attributable to shareholders was 83.34 million yuan, up 31.49% year-on-year and 72.93% quarter-on-quarter [3] - The gross profit margin for Q3 2024 was 37.17%, an increase of 1.73 percentage points quarter-on-quarter, while the net profit margin was 20.08%, up 7.38 percentage points quarter-on-quarter [3] Market Demand and Product Development - The global demand for AI servers has surged, with the server market revenue reaching 45.422 billion USD in Q2 2024, a year-on-year increase of 35%. The company focuses on high-end fields such as AI and semiconductors, which is expected to drive sales growth of its high-end coated drill bits [4] - The company's Thai factory is expected to gradually ramp up production in Q4 2024, which will enhance the sales proportion of high-end products and improve overall performance and profitability [4] Financial Projections - The company's revenue projections for 2024-2026 are 1.637 billion yuan, 2.078 billion yuan, and 2.820 billion yuan, respectively, with year-on-year growth rates of 24.0%, 26.9%, and 35.7% [5] - The net profit attributable to shareholders is projected to be 271 million yuan, 372 million yuan, and 545 million yuan for 2024-2026, with corresponding year-on-year growth rates of 23.8%, 37.1%, and 46.5% [5]

Summary of Ding Tai Gao Ke's Conference Call Company Overview - **Company**: Ding Tai Gao Ke - **Period**: First three quarters of 2024 - **Revenue**: 1.128 billion (11.28 billion) CNY, up 21% YoY - **Net Profit**: 172 million (1.72 billion) CNY, up 1.75% YoY - **Net Profit (Excluding Non-recurring Items)**: 146 million (1.46 billion) CNY, up approximately 10% YoY - **Q3 Revenue**: 416 million (4.16 billion) CNY, up 20.74% YoY - **Q3 Net Profit**: Approximately 80 million (800 million) CNY - **Q3 Net Profit (Excluding Non-recurring Items)**: Approximately 70 million (700 million) CNY - **Government Subsidy in Q3**: 18 million (180 million) CNY [2][4] Key Product Performance - **War Products**: - Revenue growth of 11% YoY - Sales volume growth of 15% - Gross margin increased to over 40% [1][3] - **Membrane Products**: - Revenue reached 115 million (1.15 billion) CNY, up 110% YoY - Accounts for 10% of total revenue [1][3] - **CNC Equipment Exports**: - Revenue approximately 35 million (350 million) CNY, up 40% YoY [1][3] - **Grinding and Polishing Materials**: - Revenue exceeded 110 million (1.1 billion) CNY, up 30-31% YoY [1][3] Gross Margin and Cost Control - **Q3 Gross Margin**: - Increased to 37% due to higher proportion of high-value products and effective internal cost control measures [4][5] - **Future Gross Margin Expectations**: - Expected to remain stable or improve in Q4 and next year [4] - **Cost Control Measures**: - Implemented process improvements and internal management optimizations - Adjusted product mix to increase high-margin products [5][9] Order and Revenue Confirmation - **Order Situation**: - Approximately 90 million (900 million) CNY in orders received - 41 million (410 million) CNY in delivered but unaccepted equipment - 17 million (170 million) CNY in undelivered orders [8][32] - **Revenue Confirmation**: - Overall revenue confirmation slightly below expectations, with efforts to improve in the next two months [8] Challenges and Future Outlook - **CNC Tooling and Milling Tools**: - Experienced losses in the first half but achieved breakeven in Q3 due to internal improvements [7][12] - **Membrane Production Delays**: - Production not meeting expectations due to internal issues; considering outsourcing to meet order fulfillment [18] - **AI Drill Bit Business**: - Rapid revenue growth driven by increased demand for AI server board drill bits [10] Market and Competitive Landscape - **Market Demand**: - Stable demand for CNC tools, but significant order pressure [30] - **Raw Material Price Impact**: - Increased costs due to raw material price hikes; however, effective cost management has led to improved margins [24] Government Subsidies - **Nature of Subsidies**: - Classified as non-recurring gains; future amounts uncertain and dependent on policy changes [36] Conclusion Ding Tai Gao Ke has shown strong revenue growth in the first three quarters of 2024, with notable performance in war products and membrane products. The company is actively managing costs and optimizing product lines to enhance profitability. However, challenges remain in production capacity and market pressures, particularly in the CNC tooling segment. Future strategies will focus on improving revenue confirmation and addressing production delays.

感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后大家好欢迎参加华创机械鼎泰高科2024年三级报解读电话会 本次电话会仅服务于华创证券研究所客户不构成投资建议相关人员应自主做出投资决策并自行承担投资风险华创证券不应使用本次内容所导致的任何损失承担任何责任专家发言内容仅代表专家个人观点不代表本公司观点 本次会议内容不得涉及国家保密信息内幕信息未公开重大信息商业秘密个人隐私不得涉及可能引发不当炒作或股价异常波动的敏感信息不得涉及影响社会或资本市场稳定的言论未经华创证券事先书面许可 任何机构或个人不得以任何形式复制、刊载、转载、转发、引用本次会议内容否则由此造成的一切后果及法律责任由该机构或个人承担本公司保留追究其法律责任的权利市场有风险投资需谨慎好的各位尊敬的投资者大家上午好我是华尚机械范芸芸 欢迎参加鼎泰高科三级报业交流会鼎泰昨天晚上也是发了三级报应该来说是非常亮眼的单季度的营收和净利润均是唱了历史的这样一个新高单季度的利润同比是增速是超过了30%业绩是表现的非常的强劲我们今天也是邀请了鼎泰高科的副总兼董秘周总以及郑代副总来跟我们 做一个三级报 ...

证券代码：301377 证券简称：鼎泰高科 公告编号：2024-051 广东鼎泰高科技术股份有限公司 第二届董事会第九次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 广东鼎泰高科技术股份有限公司（以下简称"公司"）第二届董事会第九次 会议于 2024 年 10 月 22 日在公司会议室以现场及通讯表决相结合的方式召开。 本次会议通知于 2024 年 10 月 12 日以电子邮件或书面方式发出，会议应出席董 事 7 人，实际出席董事 7 人。会议由董事长王馨女士召集并主持，公司监事及高 级管理人员列席本次会议。本次会议的召集、召开符合《公司法》和《公司章程》 的有关规定，会议合法有效。 一、董事会会议审议情况 经过各位董事认真审议，本次会议形成如下决议： 1、审议通过《关于<2024 年第三季度报告>的议案》 董事会认为公司《2024 年第三季度报告》的编制程序符合法律、法规和中国 证监会的有关规定，报告内容真实、准确、完整地反映了公司 2024 年第三季度 经营情况，不存在虚假记载、误导性陈述或重大遗漏。 本事项已经公司审计委员会审议并取得了明 ...

证券代码：301377 证券简称：鼎泰高科 公告编号：2024-054 广东鼎泰高科技术股份有限公司 关于部分募集资金投资项目延期的公告 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。 广东鼎泰高科技术股份有限公司（以下简称"公司"）于 2024 年 10 月 22 日召开第二届董事会第九次会议及第二届监事会第九次会议，审议通过了《关于 部分募集资金投资项目延期的议案》，同意公司将募集资金投资项目（以下简称 "募投项目"）"PCB 微型钻针生产基地建设项目"和"精密刀具类产品扩产项 目"达到预定可使用状态日期由 2024 年 11 月 15 日延期至 2026 年 11 月 15 日。 根据中国证监会《上市公司监管指引第 2 号——上市公司募集资金管理和使用的 监管要求》《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《募集资金管理制度》等相关规定，本次事项不涉及募集资金 用途变更，在董事会审批范围内，无需提交公司股东大会审议。具体情况公告如 下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意广东鼎泰高科技术股份有 ...

单位：人民币万元 | 项目名称 | 拟使用募集 | 募集资金累计投入额 | 尚未使用的募集资金（含存 | | --- | --- | --- | --- | | | 资金投资额 | | 款利息和现金管理收益） | | PCB 微型钻针生产基 | 43,052.22 | 9,707.14 | 34,813.36 | | 地建设项目 | | | | 1 中信证券股份有限公司 关于广东鼎泰高科技术股份有限公司 部分募集资金投资项目延期的核查意见 根据《证券发行上市保荐业务管理办法》《上市公司监管指引第 2 号——上 市公司募集资金管理和使用的监管要求》《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》等有关法律法规的要求，中信证券股份 有限公司（以下简称"中信证券"、"保荐人"）作为广东鼎泰高科技术股份有 限公司（以下简称"鼎泰高科"、"公司"）首次公开发行股票并在创业板上市 的保荐人，对鼎泰高科部分募集资金投资项目延期情况进行了核查，具体情况如 下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意广东鼎泰高科技术股份有限公司首次 公开发行股票注册的批复》（证监许可[2022]1 ...

二、募集资金投资项目情况及暂时闲置原因 （一）募集资金投资项目 公司《首次公开发行股票并在创业板上市招股说明书》披露的首次公开发行 股票募集资金投资项目及募集资金使用计划如下： 中信证券股份有限公司 关于广东鼎泰高科技术股份有限公司 使用部分暂时闲置募集资金进行现金管理的核查意见 中信证券股份有限公司（以下简称"中信证券"、"保荐人"）作为广东鼎 泰高科技术股份有限公司（以下简称"鼎泰高科"、"公司"）首次公开发行股 票并在创业板上市的保荐人，根据《证券发行上市保荐业务管理办法》《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》等相关规定，就公司使用部分暂时闲置募集资 金进行现金管理事项进行了核查。具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意广东鼎泰高科技术股份有限公司首次 公开发行股票注册的批复》（证监许可[2022]1972 号）同意注册，公司首次公开 发行 5,000 万股人民币普通股股票，每股面值人民币 1.00 元，每股发行价格为 22.88 元。公司募集资金总额为人民币 1,144,000,000.00 元， ...

证券代码：301377 证券简称：鼎泰高科 公告编号：2024-052 广东鼎泰高科技术股份有限公司 第二届监事会第九次会议决议公告 本公司及监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。 广东鼎泰高科技术股份有限公司（以下简称"公司"）第二届监事会第九次 会议于 2024 年 10 月 22 日在公司会议室以现场及通讯表决相结合的方式召开。 会议通知于 2024 年 10 月 12 日以电子邮件、电话或书面方式送达。本次监事会 应参加监事 3 人，实际参加监事 3 人，会议由公司监事会主席张勇先生召集并主 持。会议的召开符合《公司法》《公司章程》和《监事会议事规则》的有关规定。 一、监事会会议审议情况 经过各位监事认真审议，本次会议形成如下决议： 1、审议通过《关于<2024 年第三季度报告>的议案》 监事会认为：董事会编制和审议公司《2024 年第三季度报告》的程序符合法 律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了公司 2024 年第三季度经营情况，不存在任何虚假记载、误导性陈述或重大遗漏。 具体内容详见公司于巨潮资讯网（http://www ...

证券代码：301377 证券简称：鼎泰高科 公告编号：2024-055 （二）募集资金闲置原因 根据募集资金投资项目目前的实际建设进度，现阶段部分募集资金在短期内 出现暂时闲置的情况。在确保不影响募集资金投资项目建设、不影响公司正常生 产经营及确保募集资金安全的情况下，公司将合理利用闲置募集资金进行现金管 理，提高募集资金使用效率。 经中国证券监督管理委员会《关于同意广东鼎泰高科技术股份有限公司首次 公开发行股票注册的批复》（证监许可[2022]1972 号）同意注册，公司首次公开 发行 5,000 万股人民币普通股股票，每股面值人民币 1.00 元，每股发行价格为 22.88 元。公司募集资金总额为人民币 1,144,000,000.00 元，扣除发行费用（不含 税）人民币 97,525,972.55 元后，实际募集资金净额为人民币 1,046,474,027.45 元 （其中，承诺投资项目 896,753,600.00 元，超募资金 149,720,427.45 元）。上述 募集资金已于 2022 年 11 月 15 日到账。天职国际会计师事务所(特殊普通合伙) 已于 2022 年 11 月 15 日对本 ...