Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company benefits from the recovery in downstream demand for PCB tools, with new businesses in materials and equipment rapidly expanding [1] - In the first half of 2024, the company achieved revenue of 713 million yuan, a year-on-year increase of 22.30%, while net profit attributable to shareholders decreased by 16.05% to 89 million yuan [1] - The company is focusing on high-end fields such as AI and semiconductors, optimizing its product structure, and expanding into emerging markets [1] Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 380 million yuan, a year-on-year increase of 23.96%, with net profit attributable to shareholders increasing by 28.20% to 48 million yuan [1] - The gross margin for H1 2024 was 34.66%, down 1.58 percentage points year-on-year, while the net margin was 12.49%, down 5.68 percentage points [1] - The company expects revenues of 1.69 billion yuan, 2.06 billion yuan, and 2.50 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 265 million yuan, 355 million yuan, and 448 million yuan [1] Business Segments - The PCB-related main business achieved stable growth, with tool revenue reaching 541 million yuan, a year-on-year increase of 12.10%, and grinding and polishing materials revenue of 70 million yuan, up 28.58% [1] - New businesses such as intelligent CNC equipment and functional film materials saw significant growth, with revenues of 24 million yuan and 68 million yuan respectively, representing year-on-year increases of 265.50% and 146.34% [1] Market Expansion - The company is increasing its efforts in overseas market expansion, with overseas revenue in H1 2024 reaching 35.14 million yuan, a year-on-year increase of 195.91% [1] - The company has made significant breakthroughs in vehicle-mounted light control film technology, with small batch deliveries to several Tier-1 and Tier-2 manufacturers [1]

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [1][3]. Core Views - The company achieved a revenue of 713 million yuan in H1 2024, representing a year-on-year growth of 22.30%. However, the net profit attributable to shareholders decreased by 16.05% to 88.86 million yuan [1]. - The growth in revenue is primarily driven by the recovery in the PCB industry and the deepening application of AI technologies [1]. - The company is focusing on high-end product areas such as AI and semiconductors, which has led to a steady increase in revenue [1]. - The company is expanding its overseas market presence, with a production base in Thailand expected to support further revenue growth [1]. Financial Performance Summary - For H1 2024, the company reported a gross margin of 34.66%, down 1.58 percentage points from the previous year. The net profit for H1 2024 was 88.86 million yuan, while the non-recurring net profit was 75.24 million yuan, reflecting a 1% increase year-on-year [1]. - The company expects to achieve revenues of 1.683 billion yuan, 2.065 billion yuan, and 2.423 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 27.4%, 22.7%, and 17.3% [3]. - The projected net profits for the same years are 270 million yuan, 355 million yuan, and 457 million yuan, with corresponding year-on-year growth rates of 23.1%, 31.4%, and 28.9% [3]. - The earnings per share (EPS) are expected to be 0.66 yuan, 0.87 yuan, and 1.12 yuan for 2024, 2025, and 2026, respectively [3]. Business Development - The company is actively developing its second growth curve, with significant revenue growth in new business areas such as grinding and polishing materials, functional film materials, and intelligent CNC equipment [1]. - In H1 2024, the revenue from grinding and polishing materials reached 69.66 million yuan, a year-on-year increase of 28.58% [1]. - The functional film materials segment achieved revenue of 68.37 million yuan, growing by 146.34% year-on-year, indicating successful advancements in technology [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 2024年半年度跟踪报告 | 保荐人名称：中信证券股份有限公司 | 被保荐公司简称：鼎泰高科（301377） | | --- | --- | | 保荐代表人姓名：万俊 | 联系电话：0755-23835238 | | 保荐代表人姓名：曾劲松 | 联系电话：0755-23835238 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不限于 防止关联方占用公司资源的制度、募集资金管理制度、 | 是 | | 内控制度、内部审计制度、关联交易制度） （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 6次 | | （2）公司募集资金项目进展是否与信息披露文件一致 | 是 | | 4.公司治理督导情况 | | | （1） ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][2]. Core Insights - The company reported a revenue of 713 million yuan for H1 2024, representing a year-on-year increase of 22%. However, the net profit attributable to the parent company was 89 million yuan, a decrease of 16% year-on-year. The non-recurring net profit was 75 million yuan, showing a slight increase of 1% year-on-year. The company is expected to achieve revenues of approximately 1.675 billion, 1.950 billion, and 2.234 billion yuan for 2024-2026, with year-on-year growth rates of about 27%, 16%, and 15% respectively. The net profit attributable to the parent company is projected to be around 253 million, 277 million, and 318 million yuan for the same period, with growth rates of approximately 15%, 10%, and 15% respectively [2][6][7]. Financial Performance Summary - In H1 2024, the company's revenue was 713 million yuan, with Q2 revenue reaching 380 million yuan, reflecting a year-on-year increase of 24% and a quarter-on-quarter increase of 14%. The gross margin for H1 was 34.7%, down 1.6 percentage points year-on-year, while the net margin was 12.5%, down 5.7 percentage points year-on-year. The company’s main business, tool products, generated 541 million yuan in revenue, a year-on-year increase of 12.1% [6][7]. Business Segment Performance - The company’s new business segments showed significant growth, with functional film materials generating 68.37 million yuan in revenue, a year-on-year increase of 146.34%. The intelligent CNC equipment business achieved 24.18 million yuan in revenue, a year-on-year increase of 265.50%. The company has made substantial progress in car-mounted light control film technology, entering small batch delivery stages with several Tier-1 and Tier-2 manufacturers [7][6]. Future Outlook - The company is expected to maintain steady growth, with a focus on high-end product areas such as AI and semiconductors. The anticipated revenue and profit growth for 2024-2026 indicates a strong outlook for the company’s core business and new ventures [2][7].

| --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------|------------------|--------------------|--------------------------|--------------------| | 2024 年 08 月 27 日 \n鼎泰高科（ 301377.SZ ） | | | 公司研究●证券研究报告 | 公司快报 | | | | | 机械 \| | 其他专用机械Ⅲ | | AI 驱动刀具销售实现增长，功能性膜产品发展加速 | 投资评级 | | 买入-A(维持 | ) | | 投资要点 | 股价 交易数据 | (2024-08-27) | | 15.45 元 | | 事件内容： 8 月 22 日盘后，公司披露 2024 年度中期报告， 2024H1 公司实现营业 | 总市值（百万元） | | | 6,334.50 | | 收入 7.13 亿元，同比增长 22.30% ；实现归母净利 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][2]. Core Views - The company benefits from the recovery in the PCB industry, with stable performance in tool products and rapid growth in new businesses [2][4]. - In the first half of 2024, the company achieved revenue of 713 million RMB, a year-on-year increase of 22.30%, while net profit attributable to the parent company was 89 million RMB, a decrease of 16.05% [2][4]. - The company is positioned as a global leader in PCB drilling needles, expected to benefit from the increasing penetration of high-end products such as micro-drills and coated drilling needles [2][5]. Summary by Sections Financial Performance - In Q2 2024, the company reported revenue of 380 million RMB, up 23.96% year-on-year, and a net profit of 48 million RMB, up 28.20% year-on-year [5]. - The overall gross margin for the first half of 2024 was 34.66%, down 1.59 percentage points year-on-year, while the net margin was 12.49%, down 5.67 percentage points year-on-year [4][5]. Business Segments - Traditional business in PCB tools benefited from industry recovery, with tool products and polishing materials achieving revenues of 541 million RMB and 70 million RMB, respectively, representing year-on-year growth of 12.10% and 28.58% [2][4]. - New business segments, including functional film products and intelligent CNC equipment, saw significant growth, with revenues of 68 million RMB and 24 million RMB, respectively, marking year-on-year increases of 146.34% and 265.50% [2][4]. Future Outlook - The company has slightly adjusted its profit forecast, expecting revenues of 1.694 billion RMB, 2.087 billion RMB, and 2.501 billion RMB for 2024, 2025, and 2026, respectively [3][6]. - The expected net profit for the same years is projected to be 263 million RMB, 334 million RMB, and 412 million RMB, with corresponding EPS of 0.64 RMB, 0.81 RMB, and 1.01 RMB [3][6].

开源证券 机械设备/通用设备 二季度业绩增速拐点初现，静待后续业绩释放 鼎泰高科（301377.SZ） 2024 年 08 月 26 日 投资评级：买入（维持） 孟鹏飞（分析师） 熊亚威（分析师） mengpengfei@kysec.cn 证书编号：S0790522060001 xiongyawei@kysec.cn 证书编号：S0790522080004 | --- | --- | |-------------------------|-------------| | 日期 | 2024/8/26 | | 当前股价 ( 元 ) | 15.84 | | 一年最高最低 ( 元 ) | 24.38/11.81 | | 总市值 ( 亿元 ) | 64.94 | | 流通市值 ( 亿元 ) | 11.25 | | 总股本 ( 亿股 ) | 4.10 | | 流通股本 ( 亿股 ) | 0.71 | | 近 3 个月换手率 (%) | 340.42 | 股价走势图 -48% -32% -16% 0% 16% 32% 2023-08 2023-12 2024-04 鼎泰高科 沪深300 数据来源：聚源 相关研究报告 《2 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3]. Core Insights - The company reported a revenue of 713 million yuan for H1 2024, representing a year-on-year increase of 22.30%. However, the net profit attributable to the parent company was 89 million yuan, down 16.06% year-on-year [3]. - The company has shown strong growth in emerging business lines, with significant revenue increases in various product categories, including a 265.50% increase in smart CNC equipment and a 146.34% increase in functional film materials [3]. - The company is focusing on product innovation and R&D, with R&D expenses increasing by 20.95% year-on-year, accounting for 7.8% of revenue [3]. - The company is expanding its overseas market presence, achieving a 195.91% increase in overseas revenue, and is in the process of establishing a factory in Thailand [3]. Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 713 million yuan, with a year-on-year growth of 22.30%. The net profit attributable to the parent company was 89 million yuan, down 16.06% year-on-year. In Q2 2024, revenue reached 380 million yuan, up 23.96% year-on-year and 14.14% quarter-on-quarter [3]. - The company expects revenues of 1.703 billion yuan in 2024, 2.107 billion yuan in 2025, and 2.592 billion yuan in 2026, with respective year-on-year growth rates of 29.0%, 23.8%, and 23.0% [4]. Product Lines - The company’s product lines showed robust growth, with the tool segment generating 541 million yuan in revenue, a 12.10% increase year-on-year. The grinding and polishing materials segment saw a revenue of 70 million yuan, up 28.58% year-on-year [3]. - The smart CNC equipment segment achieved a remarkable revenue increase of 265.50%, while functional film materials revenue grew by 146.34% [3]. R&D and Innovation - The company emphasizes R&D, with a 20.95% increase in R&D spending, which is 7.8% of total revenue. Significant advancements were made in vehicle-mounted optical control film technology and smart CNC equipment [3]. Market Expansion - The company is actively expanding into international markets, with overseas revenue reaching 35 million yuan, a 195.91% increase year-on-year. The establishment of a factory in Thailand is underway, with expectations for mass production in Q4 2024 [3].

[Table_Title] 受益于新兴业务增长，2024H1 收入表现亮眼 [Table_ReportDate] 鼎泰高科(301377)公司简评报告 | 2024.08.26 [Table_Rank] 评级： 增持 核心观点 [Table_Authors] 曲小溪 首席分析师 SAC 执证编号：S0110521080001 quxiaoxi@sczq.com.cn 电话：010-8115 2676 [Table_Summary] ⚫ 事件：公司发布 2024 年半年报，2024H1 公司实现营收 7.13 亿元，同比 增加 22.30%，归母净利润 0.89 亿元，同比下降 16.06%；扣非归母净利 润 0.75 亿元，同比增加 1.00%。2024Q2 单季度，公司实现营收 3.80 亿 元，同比增加 23.96%，归母净利润 0.48 亿元，同比增加 28.20%，扣非 归母净利润 0.40 亿元，同比增加 20.93%。 ⚫ 刀具产品稳健增长，新兴业务亮点纷呈。 （1）刀具产品：随着下游 PCB 行业需求回暖以及 AI 需求拉动，2024H1 公司刀具产品实现营收 5.41 亿元，同比增长 12.1 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 18.90 CNY, compared to the current price of 15.63 CNY [1]. Core Views - The company's performance in the first half of 2024 met expectations, benefiting from multiple growth areas driven by AI [1]. - Revenue for the first half of 2024 reached 713 million CNY, a year-on-year increase of 22.30%, while net profit attributable to the parent company was 89 million CNY, a decrease of 16.06% [1]. - The company is a leading player in the global PCB drill market, with a market share of approximately 26.5% [1]. Financial Performance Summary - **Revenue and Profit Forecasts**: Expected revenues for 2024, 2025, and 2026 are 1.70 billion CNY, 2.07 billion CNY, and 2.56 billion CNY respectively, with net profits of 261 million CNY, 371 million CNY, and 462 million CNY [2][5]. - **Earnings Per Share (EPS)**: Projected EPS for 2024, 2025, and 2026 are 0.63 CNY, 0.90 CNY, and 1.13 CNY respectively [2][5]. - **Valuation Metrics**: The company is assigned a 30x PE ratio for 2024, reflecting its growth potential in various sectors [1]. Business Segment Performance - **Cutting Tools**: Revenue from cutting tools in the first half of 2024 was 541 million CNY, up 12.10% year-on-year, driven by demand recovery in the PCB industry and AI applications [1]. - **Smart CNC Equipment**: Revenue for smart CNC equipment reached 24.18 million CNY, a significant increase of 265.50% year-on-year, with plans for increased international sales [1]. - **Grinding and Polishing Materials**: Revenue in this segment was 69.66 million CNY, growing by 28.58% year-on-year, with new product development targeting various industries [1]. - **Functional Film Materials**: This segment saw revenue of 68.37 million CNY, a remarkable growth of 146.34% year-on-year, with advancements in automotive light control film technology [1]. - **Export Growth**: The company reported overseas revenue of 35.14 million CNY, a year-on-year increase of 195.91%, with plans to expand into various international markets [1].