Group 1: Financial Performance - The net profit attributable to shareholders for 2024 was 227 million, an increase of 3.45% year-on-year [2] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 202 million, up 14.76% year-on-year [2] - In Q1 2025, the net profit attributable to shareholders reached 73 million, a significant increase of 78.51% year-on-year [2] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 66 million, reflecting an increase of 87.74% year-on-year [2] Group 2: Key Growth Drivers - Continuous technological iteration and innovation in product upgrades, particularly in nano-coatings, smart equipment, functional film materials, and polishing materials [3] - Expansion of downstream industry demand driven by high-value PCB products related to artificial intelligence and high-speed network communication [3] - Global strategic layout with accelerated capacity deployment in Southeast Asia and enhancement of global market share through localized service networks [3] - Upgrading smart manufacturing to improve automation and efficiency, optimizing processes to reduce production costs, and establishing a digital quality control system [3] Group 3: Company Strategy and Outlook - The company focuses on core business areas, leveraging technological breakthroughs and operational optimization to create sustainable value for shareholders [3] - The activity did not involve any major information that needs to be disclosed [3] - Investors are advised to be aware of investment risks regarding the company's performance outlook and development plans [3]

Core Viewpoint - The company reported steady revenue growth in 2024 and Q1 2025, driven by increased demand for AI PCB and optimized product structure [1][2] Financial Performance - In 2024, the company achieved revenue of 1.58 billion yuan, a year-on-year increase of 19.65%; net profit attributable to shareholders was 227 million yuan, up 3.45%; and basic earnings per share (EPS) was 0.55 yuan, an increase of 3.77% [1] - For Q1 2025, the company reported revenue of 423 million yuan, a year-on-year growth of 27.21%; net profit attributable to shareholders was 72.58 million yuan, up 78.51%; and EPS was 0.18 yuan, an increase of 80.00% [1] Business Growth Drivers - The growth in revenue is primarily attributed to the demand increase for high-value-added PCB products, particularly in AI servers and high-speed network communications [2] - The sales volume of micro-drills (0.2mm and below) accounted for 21.12% of total sales, while coated drills represented 30.91% [2] - The company's grinding and polishing materials achieved revenue of 151 million yuan in 2024, reflecting a year-on-year growth of 30.70% [2] Profitability Improvement - In 2024, the company's gross margin was 35.80% and net margin was 14.39%, showing a decline compared to the previous year; however, the main tool business maintained a gross margin of 35.00%, an increase of 0.52 percentage points [3] - For Q1 2025, the gross margin and net margin improved to 38.05% and 17.04%, respectively, reflecting increases of 4.28 and 4.78 percentage points year-on-year [3] Strategic Development - The company is focusing on multi-business line development and deepening its layout in the embodied intelligence industry chain [4] - In the film product sector, the company is enhancing technology and production processes, leading to increased market share in consumer privacy films and growth in MiniLED display films [4] - In the CNC equipment sector, the company is concentrating on tool grinding machines and achieving breakthroughs in new product development [4] Future Projections - The company is expected to achieve revenues of 1.96 billion, 2.34 billion, and 2.78 billion yuan from 2025 to 2027, with year-on-year growth rates of 23.9%, 19.6%, and 18.7% respectively [5] - Net profits are projected to be 308 million, 408 million, and 520 million yuan for the same period, with growth rates of 35.9%, 32.4%, and 27.4% respectively [5]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][16]. Core Views - The company reported a revenue of 1.58 billion yuan for 2024, representing a year-on-year increase of 19.65%, and a net profit of 227 million yuan, up 3.45% year-on-year. The first quarter of 2025 showed even stronger growth, with a revenue of 423 million yuan, up 27.21%, and a net profit of 73 million yuan, up 78.51% year-on-year [1][3]. - The target price for the company's stock is set at 33.60 yuan, based on a projected 40 times price-to-earnings ratio for 2025 [1][7]. Financial Performance Summary - **2024 Financials**: Total revenue is projected at 1.58 billion yuan with a net profit of 227 million yuan. The gross margin is 35.80%, and the net margin is 14.39% [3][7]. - **2025 Projections**: Expected revenue growth to 2.10 billion yuan, with net profit increasing to 343 million yuan, reflecting a significant growth rate of 51.5% [3][7]. - **Earnings Per Share (EPS)**: Projected EPS for 2025 is 0.84 yuan, increasing to 1.20 yuan by 2027 [3][7]. Business Segment Insights - **Tool Products**: Revenue from tool products is expected to reach 1.19 billion yuan in 2024, driven by demand in AI servers and high-value PCB products [7]. - **Smart CNC Equipment**: Revenue from smart CNC equipment is projected to be 55 million yuan in 2024, with a year-on-year growth of 15.55% [7]. - **Functional Film Materials**: Revenue from functional film materials is expected to reach 155 million yuan in 2024, showing a remarkable growth of 72.84% [7]. Market Position - The company holds approximately 26.5% market share in the global PCB drill needle market, benefiting from the increasing demand for high-performance PCB products [7].

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [7][16]. Core Views - The company reported a revenue of 1.58 billion yuan for 2024, representing a year-on-year increase of 19.65%. The net profit attributable to the parent company was 227 million yuan, up 3.45% year-on-year, while the net profit excluding non-recurring items was 202 million yuan, reflecting a 14.76% increase [1][3]. - For Q1 2025, the company achieved a revenue of 423 million yuan, marking a 27.21% year-on-year growth, with a net profit of 73 million yuan, up 78.51% year-on-year, and a net profit excluding non-recurring items of 66 million yuan, which is an 87.74% increase [1][3]. Financial Summary - The total revenue is projected to grow from 1.58 billion yuan in 2024 to 2.10 billion yuan in 2025, with a compound annual growth rate (CAGR) of 33% [3]. - The net profit is expected to rise from 227 million yuan in 2024 to 343 million yuan in 2025, reflecting a significant growth rate of 51.5% [3]. - Earnings per share (EPS) are forecasted to increase from 0.55 yuan in 2024 to 0.84 yuan in 2025 [3]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 47 times in 2024 to 31 times in 2025, indicating an improving valuation [3]. Business Segments - The company's tool products generated revenue of 1.19 billion yuan in 2024, a year-on-year increase of 14.26%. The company holds a 26.5% market share in the global PCB drill needle market, benefiting from the rising demand for high-value PCB products driven by AI servers and high-speed communication [7]. - The smart CNC equipment segment is expected to generate 55 million yuan in revenue in 2024, up 15.55% year-on-year [7]. - The grinding and polishing materials segment is projected to achieve 151 million yuan in revenue, reflecting a 30.70% increase, while functional film materials are expected to generate 155 million yuan, a 72.84% increase year-on-year [7]. Investment Recommendations - The report adjusts the company's revenue expectations for 2025-2027 to 2.10 billion yuan, 2.54 billion yuan, and 3.02 billion yuan respectively, with net profits of 343 million yuan, 416 million yuan, and 492 million yuan [7]. - The target price is set at 33.60 yuan, based on a 40 times P/E ratio for 2025, reflecting the company's position as a leading global PCB tool manufacturer and its expansion into CNC tools and automation equipment [7].

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]

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 ...