鼎泰高科在广东东莞、河南南阳建立了成熟生产基地，构建了覆盖工具、材料、装备全链条生产体系， 持续巩固全球第一的产能领导者地位。同时，鼎泰高科的海外生产基地泰国子公司已实现量产，首期钻 针产能规划1,500万支╱月并正逐步实现。 智通财经APP获悉，2月6日，中国证监会发布《境外发行上市备案补充材料要求(2026年2月2日—2026 年2月6日)》。中国证监会国际司共对4家企业出具补充材料要求，其中，要求鼎泰高科补充说明设立境 外子公司涉及的境外投资、外汇登记等监管程序具体履行情况，并就合规性出具结论性意见。据悉，鼎 泰高科(301377.SZ)已于2025年12月1日递表港交所主板，中信证券、汇丰为其联席保荐人。 据招股书，鼎泰高科是集工具、材料、装备于一体的精密制造综合解决方案供应商，已成长为PCB制造 领域专用刀具全球龙头。根据弗若斯特沙利文的资料，于往绩记录期间，以销量计，鼎泰高科为全球最 大的钻针供应商。该公司致力于以高端精密智造为客户创造最大价值。 此外，鼎泰高科于2025年收购MPK Kemmer的资产，以加速拓展德国及更广泛的欧洲市场，此举使公司 成为欧洲市场中PCB刀具销量领先的企业之一。鼎泰 ...

2月2日，鼎泰高科跌5.15%，截至发稿，报171.20元/股，成交5.93亿元，换手率4.72%，总市值701.92亿 元。 资料显示，广东鼎泰高科技术股份有限公司位于广东省东莞市厚街镇寮厦竹园路39号1号楼201室,香港 铜锣湾勿地臣街1号时代广场2座31楼，成立日期2013年8月8日，上市日期2022年11月22日，公司主营业 务涉及专业为PCB、数控精密机件等领域的企业提供工具、材料、装备的一体化解决方案,具有自主研 发和创新能力的高新技术企业。主营业务收入构成为：刀具产品82.55%，研磨抛光材料9.49%，功能性 膜材料3.95%，智能数控装备2.80%，其他(补充)1.17%，主营业务其他0.04%。 从鼎泰高科十大流通股东角度 数据显示，汇安基金旗下1只基金位居鼎泰高科十大流通股东。汇安成长优选混合A（005550）三季度 新进十大流通股东，持有股数67.33万股，占流通股的比例为0.95%。根据测算，今日浮亏损失约625.5 万元。 汇安成长优选混合A（005550）成立日期2018年2月13日，最新规模3.15亿。今年以来收益10.85%，同 类排名1319/9000；近一年收益134.2 ...

证券代码：301377 证券简称：鼎泰高科 公告编号：2026-002 广东鼎泰高科技术股份有限公司 关于设立控股子公司并完成工商登记的公告 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。 一、对外投资概述 根据发展战略和经营规划需要，广东鼎泰高科技术股份有限公司（以下简称 "公司"）下属全资子公司广东鼎泰智能技术有限公司（以下简称"鼎泰技术"） 与自然人范忠良共同出资设立广东鼎泰驱动技术有限公司（以下简称"鼎泰驱 动"）。鼎泰驱动注册资本为人民币 3,000 万元，其中鼎泰技术以自有资金认缴 出资额 2,700 万元，持股比例为 90%。本次投资后，鼎泰驱动成为公司控股子公 司，纳入公司合并财务报表范围。 1、姓名：范忠良 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》以及《公司章程》等相关规定， 本次设立控股子公司事项在公司总经理审批权限范围内，无需提交公司董事会和 股东会审议。 本次对外投资事项不涉及关联交易，也不构成《上市公司重大资产重组管理 办法》规定的重大资产重组。 二、交易合作方 ...

Core Viewpoint - The PCB industry is experiencing significant growth driven by the demand for high-end products, particularly due to advancements in AI data centers and related technologies, leading to a positive outlook for 2025 earnings across various companies in the sector [1][2]. Group 1: Company Performance - Approximately 80% of the 20 PCB companies that have released earnings forecasts for 2025 expect profit growth, with companies like Jin'an Guoji and Shenghong Technology projecting net profit increases exceeding 250% [1]. - Shenghong Technology anticipates a net profit of 4.16 billion to 4.56 billion yuan for 2025, representing a year-on-year growth of 260.35% to 295.00% [3]. - Founder Technology expects a net profit of 430 million to 510 million yuan for 2025, an increase of 67.06% to 98.14% compared to the previous year [3]. - Benchuan Intelligent forecasts a net profit of 30.4 million to 45.6 million yuan for 2025, reflecting a growth of 28.06% to 92.08% year-on-year [4]. Group 2: Market Trends - The demand for high-end PCB products, such as multilayer boards and HDI boards, is increasing due to the rising requirements for signal transmission rates and data loss in AI and high-performance computing [2]. - China is expected to maintain its position as the largest PCB production region, accounting for over 50% of global output in the coming years [2]. Group 3: Material and Equipment Upgrades - The continuous production of high-end products is driving the upstream materials and equipment sectors towards high-end upgrades, creating a robust market demand for high-end supporting products [5]. - Jin'an Guoji projects a net profit of 280 million to 360 million yuan for 2025, with a growth of 655.53% to 871.40% year-on-year, driven by improved market conditions for copper-clad laminates [6]. - Dafu Technology expects a net profit of 97 million to 125 million yuan for 2025, recovering from a loss of 245 million yuan in the previous year [6]. - The demand for high-end manufacturing equipment is surging, with companies like Dazhu CNC projecting a net profit of 785 million to 885 million yuan for 2025, an increase of 160.64% to 193.84% year-on-year [7]. Group 4: Emerging Technologies - Companies are expanding their focus on emerging markets such as AI power servers and robotics, with Benchuan Intelligent actively pursuing these opportunities [4]. - The demand for precision tools and polishing materials is also rising, with Ding Tai Gao Ke expecting a net profit of 410 million to 460 million yuan for 2025, reflecting a year-on-year growth of 80.72% to 102.76% [8].

Group 1 - The core point of the news is that Ding Tai High-Tech experienced a decline of 5.14% in its stock price, reaching 163.58 yuan per share, with a trading volume of 322 million yuan and a turnover rate of 2.73%, resulting in a total market capitalization of 67.068 billion yuan [1] - Ding Tai High-Tech, established on August 8, 2013, and listed on November 22, 2022, is located in Dongguan, Guangdong Province. The company provides integrated solutions for tools, materials, and equipment in the PCB and CNC precision machining sectors, showcasing strong independent research and innovation capabilities [1] - The main business revenue composition of Ding Tai High-Tech includes: tool products (82.55%), grinding and polishing materials (9.49%), functional film materials (3.95%), intelligent CNC equipment (2.80%), and other supplementary products (1.17%) [1] Group 2 - From the perspective of the top ten circulating shareholders, Hui'an Fund has a fund that ranks among the top shareholders of Ding Tai High-Tech. The Hui'an Growth Preferred Mixed A Fund (005550) entered the top ten shareholders in the third quarter, holding 673,300 shares, which accounts for 0.95% of the circulating shares. The estimated floating loss today is approximately 5.9722 million yuan [2] - The Hui'an Growth Preferred Mixed A Fund (005550) was established on February 13, 2018, with a latest scale of 315 million yuan. Year-to-date returns are 11.98%, ranking 928 out of 8,847 in its category; the one-year return is 147.72%, ranking 4 out of 8,099; and the return since inception is 177.27% [2]

Market Overview - US stock market continues to rise, with Dow Jones up 0.63%, Nasdaq up 0.91%, and S&P 500 up 0.55% [1] - Meta shares increased by 5.66%, marking the largest single-day gain since July 31 [1] - Tesla shares rose by 4.15%, while Microsoft and Amazon saw increases of at least 1.31% [1] Company Developments - Intel's Q1 guidance is disappointing, leading to a post-market drop of over 10% [2] - Nvidia completed a $5 billion investment in Intel in Q4 [2] - Tesla plans to sell humanoid robots to the public by the end of this year or next year [3] - OpenAI is quietly developing humanoid robots with a team of 100 in San Francisco [4] - Meta's Threads platform has surpassed 400 million monthly active users and is launching ads globally [5] Commodity Insights - Goldman Sachs raised its gold price target to $5,400, indicating that wealthy individuals are competing with central banks for limited physical reserves [6] - COMEX gold futures rose by 1.97%, while silver futures increased by 4.05%, both reaching historical highs [7] - US natural gas futures prices surged by 81% within three days, reaching the highest level since December 2022 [7] Regulatory and Policy Updates - The People's Bank of China (PBOC) Governor Pan Gongsheng stated there is still room for further interest rate cuts and reserve requirement ratio reductions this year [8] - The Ministry of Commerce and other departments encourage horizontal mergers and acquisitions in the pharmaceutical retail sector [12] - The State Council's Food Safety Office is drafting national standards for prepared dishes and will seek public opinions soon [12] Industry Trends - The semiconductor industry is seeing significant developments, with Alibaba's T-HEAD planning for an independent IPO [10] - The prepared food sector is undergoing a transformation, with a focus on quality and safety in the supply chain [11] - The retail pharmacy industry is expected to accelerate consolidation, with a projected decrease in the number of pharmacies by nearly 20,000 since Q4 2024 [13] Financial Projections - Zhaoyi Innovation expects a net profit of approximately 1.61 billion yuan for 2025, a 46% increase year-on-year [17] - Shengmei Shanghai anticipates revenues between 6.68 billion and 6.88 billion yuan for 2025, reflecting a growth of 18.91% to 22.47% [18] - Runtu Co. forecasts a net profit of 600 million to 700 million yuan for 2025, representing a growth of 181.05% to 227.89% [18]

Group 1 - The core viewpoint of the news is that Ding Tai High-Tech has seen a significant increase in its stock price, rising by 5.02% to 162.49 yuan per share, with a trading volume of 857 million yuan and a turnover rate of 7.67%, resulting in a total market capitalization of 66.621 billion yuan [1] - Ding Tai High-Tech, established on August 8, 2013, and listed on November 22, 2022, is located in Dongguan, Guangdong Province. The company specializes in providing integrated solutions for tools, materials, and equipment in the PCB and CNC precision machining sectors, showcasing strong independent research and innovation capabilities [1] - The main business revenue composition of Ding Tai High-Tech includes: tool products (82.55%), grinding and polishing materials (9.49%), functional film materials (3.95%), intelligent CNC equipment (2.80%), and other supplementary products (1.17%) [1] Group 2 - From the perspective of the top ten circulating shareholders, Southern Fund's Southern CSI 1000 ETF (512100) reduced its holdings by 7,700 shares in the third quarter, now holding 561,800 shares, which accounts for 0.79% of the circulating shares. The estimated floating profit today is approximately 4.3652 million yuan [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a latest scale of 76.63 billion yuan. Year-to-date returns are 7.73%, ranking 1571 out of 5542 in its category; the one-year return is 41.07%, ranking 1735 out of 4243; and since inception, the return is 23.21% [2]

Investment Rating - The report maintains a "Recommended" rating for the mechanical industry, with a focus on mining equipment, AI devices, and consumables [1]. Core Insights - The mechanical industry is expected to enter a new recovery cycle driven by monetary and fiscal policies, with significant capital expenditure anticipated in mining due to rising prices of non-ferrous metals [6][8]. - The AI sector is experiencing rapid growth, leading to increased demand for high-performance servers, GPUs, and advanced PCBs, which are critical for AI applications [6][20]. - The report highlights key companies in various segments, including industrial control, robotics, machine tools, and testing industries, suggesting a broad range of investment opportunities [6][8]. Summary by Sections Industry Overview - The mechanical industry comprises 636 listed companies with a total market capitalization of approximately 70,956.73 billion yuan and a circulating market value of about 58,998.75 billion yuan [3]. Company Profit Forecasts and Valuations - Several companies are highlighted with strong profit forecasts and investment ratings, including: - Huichuan Technology (300124.SZ): EPS forecasted at 2.11 yuan for 2025, with a strong buy rating [2]. - Falan Technology (603966.SH): EPS forecasted at 0.60 yuan for 2025, with a strong buy rating [2]. - Xinjie Electric (603416.SH): EPS forecasted at 1.83 yuan for 2025, with a strong buy rating [2]. - Other notable mentions include companies like Anhui Heli (600761.SH) and Sany Heavy Industry (600031.SH), both receiving strong buy ratings [2]. Market Performance - The mechanical sector has shown a positive performance with a 1.4% increase in the index, while the overall market performance varied across different indices [10][13]. - The 3C equipment segment experienced the highest growth at 14.4%, indicating strong demand in this area [11]. Investment Recommendations - The report suggests focusing on companies that are well-positioned to benefit from the AI wave, such as: - Dingtai High-Tech and Zhongtung High-Tech in the consumables sector [20][21]. - Dazhu CNC and Xinqi Micro-Assembly in the equipment sector [20]. - The report emphasizes the importance of high-end equipment and consumables in the PCB market, projecting significant growth in this area [20][21]. Key Data Tracking - The report includes macroeconomic indicators and industry-specific data, such as the manufacturing PMI and fixed asset investment growth rates, which are crucial for understanding the industry's health [32][36].

Summary of PCB Equipment and Materials Industry Conference Call Industry Overview - The PCB equipment and materials industry is experiencing sustained growth, with companies like Dingtai High-Tech, Zhongtung High-Tech, and Dazhu CNC showing significant performance improvements. It is expected that by 2026, Dazhu CNC's revenue will reach 1.7 to 2 billion RMB, while Dingtai High-Tech is projected to exceed 1 billion RMB [1][2] - The industry is in an accelerated growth phase, particularly benefiting from the rising demand for AI-related equipment and materials since 2025 [2] Key Company Performances - **Dazhu CNC**: Achieved a year-on-year growth rate of 2.5 times in Q4 2025, with a quarter-on-quarter growth of 50%. The company is expected to continue this trend into 2026 [3] - **Dingtai High-Tech**: Reported a year-on-year growth of 1.8 times and a quarter-on-quarter growth of 25%. The company is also expected to benefit from price increases and product structure optimization [3][11] - **Zhongtung High-Tech**: Plans to expand production capacity by adding 60 million AI transfer needles, with total capacity reaching 200 million units. The demand for materials has exceeded expectations, prompting a significant acceleration in production [13][14] Technological Advancements - The PCB industry is set to expand with the application of new technologies, such as RUBIN ULTRA materials, which are changing mechanical and laser processing methods. The demand for diamond drill bits and ultrafast laser technology is increasing [5] - **Ultrafast Laser Technology**: This technology is gaining traction due to its advantages in new material systems. Dazhu CNC has begun applying this technology and has seen positive results, while Inno Laser has received its first orders [6][9] Investment Opportunities - The current phase is considered the best time to invest in PCB equipment and materials companies, as the industry cycle is on an upward trajectory. Investors are encouraged to focus on emerging companies with technological advantages, such as Dazhu CNC and Inno Laser [7][8] - The ultrafast laser market is expected to grow significantly, with market space estimated at 7 to 8 billion RMB. Although this is smaller than the mechanical drilling market, it represents a substantial growth opportunity [9] Future Trends - The PCB industry is expected to continue expanding, with new technologies and processes accelerating their application. The shift towards ultrafast laser technology is becoming mainstream, with domestic manufacturers positioned to benefit [5][6] - Companies like Dazhu CNC and Keg have shown new growth opportunities, while Dingtai and Zhongtung are responding quickly to market demands through expansion and pricing strategies [15]

Core Viewpoint - The report from Huayuan Securities indicates that Ding Tai Gao Ke's AI computing power PCB drill bits are expected to drive significant performance growth, with projected net profit for 2025 reaching between 410 million to 460 million yuan, representing a year-on-year increase of 80.72% to 102.76% [1] Group 1: Financial Projections - The estimated net profit for the fourth quarter of 2025 is projected to be between 128 million to 178 million yuan, reflecting a year-on-year growth of 132.73% to 223.64% and a quarter-on-quarter increase of 4.92% to 45.90% [1] Group 2: Market Trends - The global increase in capital expenditure on computing power is expected to maintain rapid growth in the AI server market through 2025, leading to a significant rise in demand for high-layer and HDI process PCBs [1] - The AI servers will impose higher requirements on the layers, materials, and processes of related PCBs, which is likely to enhance the sales proportion of high-value coatings and high aspect ratio needles, thereby improving the company's overall gross and net profit margins [1] Group 3: Industry Dynamics - The hardware iteration in computing power, including upgrades in M9, quartz cloth, and high-end copper foil, is anticipated to increase the consumption of drill bits [1] - The PCB industry is entering a phase of expansion, which may further boost the consumption of drill bits [1] Group 4: Company Strengths - The company is viewed positively for its high-end drill bit production capabilities and strong flexibility in expansion, leading to a maintained "buy" rating [1]