Core Viewpoint - Dazhu CNC has achieved significant growth in 2024 after two consecutive years of declining revenue and profit, with a revenue increase of 104.56% and a net profit increase of 122.20% compared to the previous year [2][3] Financial Performance - In 2024, Dazhu CNC reported a revenue of 3.343 billion yuan and a net profit of 301 million yuan [2] - For Q1 2025, the company continued its growth trend with revenues of 960 million yuan and a net profit of 117 million yuan, representing year-on-year increases of 27.89% and 83.60% respectively [2] - Despite the growth, the company's performance has not yet returned to pre-spin-off levels, as the net profit for Q1 2025 is still 66 million yuan lower than the same period in 2022 [5] Market Dynamics - The growth in Dazhu CNC's performance is primarily driven by a recovery in downstream demand, particularly in the electronics sector, which is closely linked to the PCB manufacturing industry [3][4] - The global electronic terminal market is expected to grow at a rate of 4.9% in 2024, with AI infrastructure demands significantly contributing to this growth [3] - The PCB industry is projected to maintain a compound annual growth rate of 5.2% from 2024 to 2029, with expectations for better performance in 2025 compared to 2024 [3] Margin and Cash Flow Concerns - The company's gross profit margin has dropped below 30% for the first time since 2020, falling to 28.11% in 2024, with significant declines in Q1 and Q3 [8][9] - The decline in gross margin is attributed to increased competition in mature product categories, particularly drilling equipment [9] - Despite revenue growth, the net cash flow from operating activities decreased by 262 million yuan year-on-year to 155 million yuan in 2024, and further declined to -335 million yuan in Q1 2025 [9] Strategic Initiatives - Dazhu CNC is planning to list on the Hong Kong Stock Exchange to raise funds for overseas expansion, with a focus on enhancing its international presence [2][11] - The company has reported an increase in overseas revenue from 5.35% in 2023 to 10.83% in 2024, indicating a strategic shift towards international markets [11] - Ongoing projects related to PCB specialized equipment production and technology development are progressing, with significant investments already made [12]
百亿PCB龙头大族数控筹划H股上市，去年净利大涨122%，A股股价上市即巅峰