证券代码：301377 证券简称：鼎泰高科 公告编号：2025-042 广东鼎泰高科技术股份有限公司 关于使用闲置自有资金进行现金管理的公告 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"）于 2025 年 8 月 19 日召开第二届董事会审计委员会 2025 年第三次会议、第二届董事会第十三次会 议，审议通过《关于使用闲置自有资金进行现金管理的议案》，同意公司（含子 公司）在不影响正常经营、保证资金流动性及安全性前提下，使用额度不超过人 民币 3 亿元（含本数）的闲置自有资金进行现金管理。该额度自董事会审议通过 之日起 12 个月内均可使用，在上述额度及其有效期范围内，资金可循环滚动使 用。现将有关事项公告如下： 一、使用闲置自有资金进行现金管理的基本情况 1、投资目的：为提高自有资金使用效率，在不影响公司正常经营发展资金 需求的情况下，合理利用闲置自有资金进行现金管理，可以增加资金收益，为公 司及股东获取更多的回报。 2、投资金额及期限：拟使用额度不超过人民币 3 亿元（含本数）的闲置自 有资金进行现金管理， ...

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 2025 年半年度非经营性资金占用及其他关联资金往来情况汇总表 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司的 | 上市公司核算 | 2025 年期初占 | 2025 年半年度占 用累计发生金额 | 2025 年半年度 占用资金的利 | 2025 年半年度 偿还累计发生 | 2025 年半年度占 | 占用形成原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 关联关系 | 的会计科目 | 用资金余额 | （不含利息） | 息（如有） | 金额 | 用资金余额 | | | | 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 | | | | - | - | | - | - | | | | 小计 | | | | - | - | | - | - | | | | 其他关联方 ...

证券代码：301377 证券简称：鼎泰高科 公告编号：2025-040 广东鼎泰高科技术股份有限公司 第二届董事会第十三次会议决议公告 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"）第二届董事会第十三 次会议于 2025 年 8 月 19 日在公司 8 楼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 2025 年 8 月 8 日以电子邮件或书面方式发出，会议应出席 董事 8 人，实际出席董事 8 人。会议由董事长王馨女士召集并主持，公司高级管 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《关于公司<2025 年半年度报告>全文及其摘要的议案》 董事会认为公司编制的《2025 年半年度报告》和《2025 年半年度报告摘要》 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 2025 年半年度经营情况，不存在虚假记载、误导性陈述或重 ...

Group 1 - The core viewpoint of the announcement is that 鼎泰高科 reported significant growth in both revenue and net profit for the first half of 2025, indicating strong financial performance [1] - The company's revenue for the first half of 2025 reached 904 million yuan, representing a year-on-year increase of 26.90% [1] - The net profit for the same period was 160 million yuan, showing a substantial year-on-year growth of 79.78% [1] Group 2 - The company has decided not to distribute cash dividends, issue bonus shares, or increase capital through reserves [1]

广东鼎泰高科技术股份有限公司 2025 年半年度报告全文 2025-039 广东鼎泰高科技术股份有限公司 2025 年半年度报告 2025 年 8 月 1 广东鼎泰高科技术股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人王馨、主管会计工作负责人徐辉及会计机构负责人(会计主管 人员)陈玲声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中涉及的未来发展规划等前瞻性陈述不构成公司对投资者的实质承 诺，敬请广大投资者理性投资，注意风险。 本公司在本报告"第三节 管理层讨论与分析"之"十、公司面临的风险 和应对措施"部分详细描述了公司未来经营中可能存在的风险，敬请投资者 关注相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 2 | | | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 6 | | | ...

Market Overview - A-shares opened high and closed at a ten-year high, with the Shanghai Composite Index rising by 0.85% and trading volume reaching 2.81 trillion yuan, the highest since October 2024[3][16] - The Hang Seng Index fell by 0.37%, while the Hang Seng Technology Index increased by 0.65%[12] - U.S. stocks showed mixed performance, with the Dow Jones down 0.1% and the S&P 500 virtually unchanged, as investors awaited key earnings reports and the Jackson Hole meeting[10] Monetary Policy Insights - The People's Bank of China emphasized a moderately loose monetary policy, with potential for further reserve requirement ratio (RRR) and interest rate cuts if domestic demand does not recover sufficiently[5] - The report highlighted a focus on improving the efficiency of capital allocation and supporting high-quality consumption finance to sustain domestic demand expansion[5] Commodity and Forex Movements - International oil prices rose by approximately 1%, with WTI crude oil closing at $63.42 per barrel, driven by geopolitical developments[27] - The U.S. dollar index increased by 0.3%, while the euro appreciated by 12.6% year-to-date against the dollar[26] Stock Performance Highlights - Notable stock movements included NetEase, which is expected to see stable growth in its gaming segment, with a target price of $143, up from $130.30[8] - Mobileye's stock is projected to rise as it expands its advanced driver-assistance systems (ADAS) business, with a target price of $17.6[8] Sector Performance - In the A-share market, sectors such as information technology and healthcare saw gains of 2.2% and 1.0%, respectively, while real estate and energy sectors faced declines[17] - In Hong Kong, the healthcare and consumer goods sectors both rose by 1.9%, while the energy sector fell by 1.7%[12] Global Economic Indicators - The U.S. 10-year Treasury yield rose to 4.33%, reflecting market expectations ahead of the Federal Reserve's upcoming announcements[30] - The report noted that inflationary pressures and fiscal risks are key concerns for the UK, with the 30-year government bond yield reaching its highest level since 1998[30]

Core Insights - The price increase of copper-clad laminates reflects the rising demand in the PCB industry, driven by the growth in AI computing servers [2][3] - Major copper-clad laminate manufacturers, including Weilibang, Jiantao Laminates, and Hongruixing, have announced price hikes due to high raw material costs and increased bargaining power from strong demand [2][3] Industry Overview - The global server sales reached $95.2 billion in Q1 2025, a year-on-year increase of 134.1%, with expectations for the global server market to reach $366 billion in 2025, a 44.6% increase [3] - The PCB market is projected to grow from $73.57 billion in 2024 to $78.56 billion in 2025, with a year-on-year growth of 6.8% [3] - The demand for high-layer multi-layer boards and HDI boards is significantly outpacing the overall PCB industry growth, with multi-layer boards expected to grow by 40.2% and HDI boards by 18.8% in 2024 [3] Production Insights - Key production processes in PCB manufacturing include drilling, exposure, and testing, with drilling equipment accounting for approximately 20% of the total industry value [4] - The increasing complexity of HDI boards necessitates advancements in drilling, exposure, and plating processes, leading to higher demand for precision equipment [4] - Domestic production rates are high for mechanical drilling, while opportunities for domestic substitution exist in laser drilling and imaging processes [4] Investment Recommendations - Focus on core production processes: for drilling, consider Dazhu CNC (301200.SZ) and consumables from Dingtai High-Tech (301377.SZ) and Zhongtung High-Tech (000657.SZ); for exposure, look at Chipbond Technology (688630.SH) and Tianzhun Technology (688003.SH); for plating, Eastway Technology (688700.SH) is recommended; for solder paste printing, Keg Precision (301338.SZ) is suggested [5]

Core Viewpoint - On August 14, 2023, brokerage firms provided target prices for listed companies, with notable increases in target prices for companies such as Haishike, Wancheng Group, and Weixing New Materials, indicating strong potential in the chemical pharmaceuticals, leisure food, and decoration materials industries [1][2]. Target Price Increases - The companies with the highest target price increases were: - Haishike with a target price increase of 48.00% [2] - Wancheng Group with a target price increase of 41.16% [2] - Weixing New Materials with a target price increase of 38.89% [2] - Other notable companies included: - China Unicom with a target price increase of 31.97% [2] - Kweichow Moutai with a target price increase of 31.81% [2] Brokerage Recommendations - A total of 52 listed companies received brokerage recommendations on August 14, with Weixing New Materials receiving the highest number of recommendations at 5 [3]. - Satellite Chemical received 3 recommendations, while Wanhua Chemical also received 3 [3]. Rating Adjustments - Two companies had their ratings raised: - Shuanghui Development's rating was upgraded from "Hold" to "Buy" by Kaiyuan Securities [4] - United Imaging Healthcare's rating was upgraded from "Hold" to "Buy" by Cinda Securities [4] Rating Downgrades - Two companies had their ratings lowered: - Jian Sheng Group's rating was downgraded from "Buy" to "Hold" by Dongwu Securities [5] - Aisheng Co.'s rating was downgraded from "Buy" to "Hold" by Zhongtai Securities [5] First-Time Coverage - On August 14, 10 companies received first-time coverage from brokerages, including: - Baoneng New Energy with a "Buy" rating from Huatai Securities [6] - Beiqi Blue Valley with an "Increase" rating from Western Securities [6] - Jian Sheng Group with an "Increase" rating from Dongwu Securities [6] - Emei Mountain A with a "Buy" rating from Huaxin Securities [6] - Jingxin Pharmaceutical with a "Recommended" rating from Huachuang Securities [6]

Group 1 - The core viewpoint of the article highlights that Ding Tai Gao Ke is a leading global manufacturer of PCB tools, with strong growth in its drilling needle business [1] - The demand for PCB drilling needles is expected to rise due to the expanding market for AI servers and high-speed switches, with IDC forecasting the global AI server market to reach $125.1 billion in 2024, $158.7 billion in 2025, and potentially $222.7 billion by 2028 [1] - In the first quarter of 2025, the global Ethernet switch market revenue is projected to reach $11.7 billion, reflecting a year-on-year growth of 32.3% [1] Group 2 - The PCB manufacturing industry is anticipated to see sustained growth in demand for tools and drilling needles as the market for AI servers and switches expands [1] - Comparable companies selected for analysis include Dazhu CNC, Tiancheng Technology, and Zhongtung High-tech, which possess high-end drilling needle production capabilities and flexible expansion [1] - The report initiates coverage with a "Buy" rating for Ding Tai Gao Ke, emphasizing its strong position in the market [1]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage in the market [3][52]. Core Viewpoints - The company is recognized as a global leader in PCB tooling, with strong growth in its drilling needle business driven by the expanding AI server and high-speed switch markets [3][5]. - The demand for PCB drilling needles is expected to rise significantly due to the increasing complexity of PCB designs and the need for high precision in manufacturing [9][51]. - The company is enhancing its production capabilities through self-research and development of key equipment, which allows for cost reduction and improved production efficiency [5][36]. - The company is actively expanding its global footprint, particularly in Southeast Asia and Europe, to capture growing market opportunities [43][51]. Summary by Sections Market Performance - As of August 13, 2025, the company's closing price is 59.66 CNY, with a total market capitalization of 24,460.60 million CNY and a circulating market value of 4,237.29 million CNY [1]. Financial Forecast - The company is projected to achieve net profits of 4.28 billion CNY, 7.63 billion CNY, and 11.19 billion CNY for the years 2025 to 2027, with year-on-year growth rates of 88.59%, 78.27%, and 46.65% respectively [5][51]. - The expected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 57.17, 32.07, and 21.87 respectively [5][51]. Industry Trends - The global AI server market is anticipated to grow from 125.1 billion USD in 2024 to 158.7 billion USD in 2025, driving demand for PCB tools and drilling needles [4][13]. - The transition to advanced materials in PCB manufacturing is leading to increased demand for drilling needles, as manufacturers aim to maintain low breakage rates [15][22]. Company Strategy - The company is focusing on self-research and development to enhance its production capabilities and reduce reliance on imported equipment, achieving significant cost savings [36][42]. - The establishment of overseas production bases, such as in Thailand, is part of the company's strategy to lower labor costs and improve raw material sourcing [43][51]. Product Development - The company is expanding its product offerings in functional films, with significant growth in demand for automotive light control films and explosion-proof films [44][51].