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证券代码：301377 证券简称：鼎泰高科 公告编号：2025-036 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机器人科技有限公司（以下简称"鼎泰机器 人"）与中科硅纪（南京）机器人有限公司（以下简称"中科硅纪"）共同出资 设立广东鼎泰中科机器人有限公司（以下简称"鼎泰中科"）。鼎泰中科注册资 本为人民币 500 万元，其中鼎泰机器人以自有资金认缴出资额 350 万元，持股比 例为 70%。本次投资后，鼎泰中科成为公司控股子公司，纳入公司合并财务报表 范围。 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 股东大会审议。 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 ...

Summary of Key Points Core Viewpoint - In the recent 10-day period from July 14 to July 25, overseas institutions conducted research on 47 listed companies, with Ding Tai Gao Ke being the most scrutinized, receiving attention from 23 overseas institutions [1]. Group 1: Overseas Institutional Research - A total of 329 companies were researched by institutions in the last 10 days, with securities companies conducting research on 289 companies, accounting for the majority [1]. - Ding Tai Gao Ke was the most researched company by overseas institutions, followed by Mai Ge Mi Te, which had 12 overseas institutions participating in its research [1]. Group 2: Stock Performance - The average stock price of companies researched by overseas institutions increased by 11.62% over the 10-day period [1]. - Ding Tai Gao Ke had the highest performance, with a cumulative increase of 41.69%, while the largest decline was seen in Wo Long Xin Neng, which dropped by 5.10% [1][2]. Group 3: Earnings Performance - Among the companies that received attention from overseas institutions, two reported mid-term earnings, with Hangzhou Bank and Ningbo Bank showing significant net profit growth [1]. - A total of 14 companies issued mid-term earnings forecasts, with 12 expecting profit increases, 1 expecting profit, and 1 expecting losses. The highest net profit growth forecast was for Xin Yi Sheng, with a projected increase of 356.58% year-on-year [1].

Core Viewpoint - The company, Ding Tai Gao Ke, is experiencing a strong order influx, particularly for its drilling needle products, leading to tight delivery schedules [1] Group 1: Company Overview - Ding Tai Gao Ke's products in the PCB sector include PCB tools (drilling needles, milling cutters), grinding and polishing materials, and smart devices [1] - In the fiscal year 2024, revenue from PCB-related products is expected to account for approximately 85% of the company's total revenue [1] Group 2: Current Operations - The company is currently facing delivery pressures for its drilling needle products and is addressing this by reducing backup inventory [1] - To meet changing demand, the company plans to accelerate the construction of its PCB micro-drilling needle investment project to expand production capacity [1] Group 3: Clientele and Sales Model - Major clients of the company include Shenghong Technology, TTM Group, Shennan Circuit, Semyung Electronics, Founder Technology, Jingwang Electronics, Guanghe Technology, Chongda Technology, and Jianding Technology [1] - The company primarily employs a direct sales model, with a small portion of sales conducted through distributors [1]

Financial Performance - In Q1 2025, the company achieved a revenue of 423 million CNY, representing a year-on-year growth of 27.21% [1] - The net profit attributable to shareholders was 72.58 million CNY, with a year-on-year increase of 78.51% [1] - The net profit excluding non-recurring items was 66.39 million CNY, reflecting a growth of 87.74% year-on-year [1] PCB Product Overview - The main products in the PCB sector include PCB tools (drills, milling cutters), grinding and polishing materials, and smart devices [2] - Products related to PCB accounted for approximately 85% of the company's total revenue in 2024 [2] Production Capacity and Expansion - The annual production capacity for the PCB micro drill investment project is 480 million units, with a monthly average capacity of 40 million units [3] - The company plans to achieve a monthly production capacity of 20 million units for drills by the end of this year, leading to a total monthly capacity of over 100 million units [3] - The Thai factory's planned overall capacity for drills is 10 million units, with potential adjustments to reach 15 million units [4] Customer Base and Sales Model - Major PCB customers include Shenghong Technology, TTM Group, and others, primarily utilizing a direct sales model [5] - The demand for drills in AI-related PCBs has increased due to higher technical and quality requirements [6] Pricing and Market Strategy - The average price of drill products has been stable with a slight increase, driven by a focus on high-end products in AI and semiconductor sectors [7] - The establishment of a subsidiary in Germany aims to enhance technical collaboration and local service networks in Europe and North America [8] Future Goals and Risk Management - The company has implemented an equity incentive plan with challenging performance targets for the year, aiming to enhance operational performance [10] - Investors are advised to be cautious regarding investment risks related to performance outlooks and development plans [11]

Investment Rating - The report initiates coverage with an "Accumulate" rating for Ding Tai High-Tech (301377.SZ) [3][8]. Core Views - Ding Tai High-Tech is a leading global PCB drill needle manufacturer, achieving a market share of 26.5% in 2023, with a solid competitive position [1][14]. - The company's performance is expected to benefit from the synergy between AI computing power and technological innovation, leading to a continuous improvement in profitability [1][21]. - The entry into the robotics sector, leveraging its self-research capabilities, is anticipated to open new growth avenues for the company [2][8]. Company Overview - Ding Tai High-Tech focuses on providing integrated solutions in tools, materials, and equipment for PCB and precision machinery industries, with a significant revenue contribution from its drill needle and milling cutter products [14][15]. - The company has a comprehensive product portfolio, including tools, grinding materials, functional films, and intelligent CNC equipment, with the tool segment accounting for approximately 75.40% of revenue in 2024 [15][25]. Traditional Business - The PCB industry is experiencing a recovery driven by structural demand, particularly from AI and automotive electronics, which is expected to enhance the company's profitability [21][22]. - The company has established deep partnerships with leading PCB manufacturers, which is likely to further increase its market share [7][21]. Potential Growth Options - The company is positioned to benefit from the domestic replacement of high-precision grinding machines, which are currently reliant on imports, indicating significant market potential [7][22]. - Ding Tai High-Tech has been actively investing in R&D, with an average R&D expense ratio of 14% over the past three years, indicating a strong commitment to innovation [2][8]. Financial Forecast and Investment Recommendations - Revenue projections for Ding Tai High-Tech are estimated at 20.52 billion, 25.08 billion, and 30.14 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 3.39 billion, 4.54 billion, and 5.54 billion yuan [8][9]. - The expected growth rates for revenue and net profit are 29.92% and 49.45% for 2025, respectively, reflecting the company's strong growth trajectory [8][9].

证券代码：301377 证券简称：鼎泰高科 公告编号：2025-035 广东鼎泰高科技术股份有限公司 关于为子公司向银行申请授信提供担保的进展公告 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、担保情况概述 广东鼎泰高科技术股份有限公司（以下简称"公司"或"鼎泰高科"）于 2025 年 4 月 21 日、2025 年 5 月 15 日分别召开了第二届董事会第十一次会议及 2024 年年度股东大会，审议通过了《关于向银行申请综合授信额度并提供担保 的议案》，同意公司及子公司广东鼎泰机器人科技有限公司、南阳鼎泰高科有限 公司、东莞市鼎泰鑫电子有限公司、东莞市鼎泰华南采购服务有限公司（以下简 称"鼎泰华南采购"）、东莞市超智新材料有限公司向银行及其他金融机构申请 额度不超过人民币 16 亿元的综合授信额度，在上述综合授信额度内，公司及子 公司为银行授信金额提供担保，合计担保额度不超过人民币 16 亿元，担保额度 可循环滚动使用。具体内容详见公司于 2025 年 4 月 23 日在巨潮资讯网 （www.cninfo.com.cn）披露的《关于向银行申请综合授信额 ...

Summary of Key Points from Conference Call Records Industry Overview - The conference call primarily discusses developments in the **AI**, **光通信 (Optical Communication)**, and **算力基建 (Computing Infrastructure)** industries, highlighting both domestic and international trends and opportunities [1][2][3][4][5][6][7][8][9][10]. Core Insights and Arguments 1. **AI Infrastructure Expansion**: Meta plans to launch a **1GW AI cluster** by 2026, indicating a strong commitment from major players in building large-scale AI infrastructure [1][4]. 2. **Chip Supply Dynamics**: NVIDIA is set to resume the supply of its **H20 chip** in China, which is expected to significantly impact domestic demand and potentially generate an additional **$15 billion** in revenue for NVIDIA [25][26]. 3. **Model Training Demand**: The demand for computing power remains robust due to frequent iterations of models like **Grok Four** and **GPT Five**, with innovations in **MOE** and **PD separation architectures** driving further advancements [5][6]. 4. **光通信 Industry Trends**: The optical communication sector is experiencing a shift from **800G to 1.6T** technology, with companies like **中际旭创** and **新易盛** poised to benefit from increased downstream demand [7]. 5. **Domestic Computing Infrastructure**: The domestic market shows promising investment opportunities in the **IDC sector**, with Huawei's introduction of the **384 super node** alleviating concerns over chip supply [8][9]. 6. **Market Sentiment Recovery**: Recent market concerns have largely dissipated, with a focus on the impact of overseas market growth on domestic specialized machinery [9][10]. 7. **Investment Opportunities**: Key companies in the IDC supply chain include **润泽科技**, **奥飞数据**, and **科华英维克**, with potential investments in both A-share and Hong Kong stocks like **万国数据** and **世纪互联** [11]. Additional Important Insights 1. **AI Demand in PCB Industry**: The PCB drilling needle industry is thriving due to AI demand, with **鼎泰高科** reporting a significant increase in orders and market share [20][21]. 2. **Emerging Technologies**: Innovations such as **Deepseek models**, **MOE architecture**, and **silicon photonics** are expected to drive future growth in computing capabilities [33]. 3. **Investment Strategy**: Investors are advised to focus on companies with strong growth potential in emerging technologies, as well as established firms like **阿里巴巴** and **腾讯** that are showing improvements in their business dynamics [36]. This summary encapsulates the key developments and insights from the conference call, providing a comprehensive overview of the current landscape in the AI, optical communication, and computing infrastructure sectors.

Investment Rating - The report maintains an "Overweight" rating for the machinery industry, indicating a positive outlook compared to the overall market performance [4]. Core Insights - The machinery industry is expected to see a moderate recovery in demand in the second half of 2025, driven by equipment upgrades and technological empowerment [4]. - Key companies in the machinery sector are projected to experience varied growth rates in Q2 2025, with notable performances from companies like SANY Heavy Industry (25% growth) and PCB manufacturer Ding Tai Gao Ke (66% growth) [4][5]. - The report highlights three main trends in the robotics sector: the advancement of humanoid robots, the entry of global giants into the robotics field, and the practical application of various robot forms in specific scenarios [4]. - In the rail transit equipment sector, significant investment is expected to continue, with a projected fixed asset investment nearing 900 billion yuan for the year, supported by strong passenger demand [4]. - The engineering machinery sector is approaching a cyclical turning point, with signs of recovery in demand and a favorable environment for new machine sales [4]. - The laser segment is experiencing rapid growth, particularly in general laser applications, driven by technological advancements and increased overseas exports [4]. Summary by Sections Robotics and Components - The humanoid robot industry is progressing towards commercialization, with significant contributions expected from companies like Greentech Harmonic and Wolong Electric Drive [4]. Rail Transit Equipment - In the first half of 2025, China's railway fixed asset investment reached 355.9 billion yuan, a year-on-year increase of 5.5%, with expectations for continued high growth [4]. Engineering Machinery - The engineering machinery sector has seen improved profitability and is positioned for a new sales cycle as construction activity resumes [4]. Laser Technology - General laser demand is rapidly increasing due to high-power technology iterations and new applications in consumer electronics and photovoltaics [4].

Core Viewpoint - The company is experiencing growth opportunities in the PCB drill bit market due to the rising demand for high-value PCB products such as AI servers and high-speed network communications [3][22]. Company Overview - The company, Ding Tai High-Tech (301377.SZ), was established in 2013 and went public in 2022. It is a leading player in the global PCB drill bit market, with major clients including Pengding Holdings, Shenghong Technology, and Chongda Technology [5][4]. - The actual controllers of the company hold a combined 85.4% of the shares, indicating a high concentration of ownership [6]. Product Segmentation - The company primarily focuses on drill bits, milling cutters, and other specialized tools for PCB manufacturing, which historically contribute over 70% of its revenue [10][9]. - Functional film products, which include various protective films, are being developed as a second growth curve, with revenue from this segment reaching approximately 160 million yuan in 2024, a year-on-year increase of 72.8% [12][13]. Financial Performance - The company has maintained a growth trajectory, with revenue increasing from 700 million yuan in 2019 to 1.58 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 17.7%. In Q1 2025, revenue grew by 27.2% year-on-year [22]. - The net profit attributable to the parent company increased from 70 million yuan in 2019 to 200 million yuan in 2024, with a CAGR of 22.7%. In Q1 2025, net profit grew by 87.7% year-on-year [24]. Market Position - The company holds a leading global market share in PCB drill bits, which increased from 19% in 2020 to 26.5% in 2023, benefiting from the global PCB industry's shift to China [26][27]. - The company has established a strong market position due to its self-researched equipment, which reduces costs and improves production efficiency [29]. Research and Development - The company maintains a high R&D intensity, with R&D expenses accounting for 6.9% of revenue in 2024 [34]. - The self-developed equipment has allowed the company to lower production costs to one-third of imported products and improve production efficiency by 15-20% [29]. Capital Expenditure and Cash Flow - The company has a history of high capital expenditures, resulting in a cumulative negative free cash flow of 700 million yuan since 2018 [38]. - Despite negative free cash flow, the company has engaged in significant equity financing and dividends, distributing 200 million yuan in 2024, with a dividend payout ratio of 86.8% [42]. Asset Structure - As of Q1 2025, the company had total assets of 3.615 billion yuan, with fixed assets representing the largest portion at 26.2% [46][48].