Core Viewpoint - The company Dazhu CNC Technology Co., Ltd. is set to go public on the Hong Kong Stock Exchange, following a significant recovery in the PCB industry driven by advancements in AI technology and the growth of the electric vehicle sector [1][2][3]. Company Overview - Dazhu CNC, established in 2002, specializes in providing production equipment solutions for PCB manufacturing, and has been the top-ranked company in the CPCA specialized equipment and instruments list since 2009 [1][2]. - The company was listed on the Shenzhen Stock Exchange in February 2022, with a current market capitalization exceeding 15.5 billion yuan [1]. - As of 2024, Dazhu CNC is the largest manufacturer of PCB production equipment globally, holding a market share of 6.5% [1][7]. Financial Performance - In 2024, Dazhu CNC achieved a revenue of 3.343 billion yuan, representing a year-on-year growth of 104.56% [3]. - The company's net profit and gross profit also saw significant increases, with net profit rising to 300 million yuan in 2024, a 120.82% increase from 2023 [3]. - Despite the recovery, the gross margin decreased from 34.02% in 2022 to 27.15% in 2024, primarily due to a shift in product mix and price adjustments in drilling equipment [3][4]. Industry Dynamics - The global PCB market is projected to grow from $65.2 billion in 2020 to $73.6 billion in 2024, with a compound annual growth rate (CAGR) of 3.1% [5]. - The demand for PCBs is expected to continue rising, driven by the increasing need for electronic devices and advancements in AI and automotive technologies [5]. - The competitive landscape in the PCB equipment sector is fragmented, with the top five players holding approximately 20.9% of the market share [7]. Investment Outlook - Dazhu CNC is well-positioned to benefit from the ongoing upgrades in the PCB industry and the trend of domestic substitution, supported by strong technical capabilities and a solid customer base [8]. - The company is seen as having significant long-term investment potential, especially with its upcoming secondary listing in Hong Kong [8].
新股前瞻|大族数控赴港二次上市：2024年业绩倍增，行业深度变革下成长可期