凯格精机(301338)：受益AI拉动 锡膏印刷高端化趋势明显

Core Viewpoint - The company is experiencing significant growth in Q2 2025, driven by demand from AI and the 3C industry, while maintaining a strong position in solder paste printing and expanding its product offerings [1][3]. Financial Performance - In H1 2025, the company achieved revenue of 454 million yuan, a year-on-year increase of 26.22%, and a net profit attributable to shareholders of 67 million yuan, up 144.18%. The adjusted net profit was 63 million yuan, reflecting a growth of 163.55% [3]. - For Q2 2025, the company reported revenue of 257 million yuan, a year-on-year increase of 25.46% and a quarter-on-quarter increase of 30.78%. The net profit attributable to shareholders was 34 million yuan, showing a year-on-year increase of 102.87% and a quarter-on-quarter increase of 2.18% [3]. - Revenue breakdown for H1 2025 includes: - Solder paste printing equipment: 292 million yuan, up 53.56% - Dispensing equipment: 60.5 million yuan, up 26.31% - Packaging equipment: 59.2 million yuan, down 38.85% - Flexible automation equipment: 24.5 million yuan, up 71.33% [3]. Market Position and Product Development - The company is solidifying its leading position in solder paste printing by increasing the market share of high-end products and continuously launching new products to enhance competitiveness in dispensing, packaging, advanced packaging, and flexible automation equipment [4]. - In the packaging sector, the company introduced the GD-S20 series die-bonding machine compatible with Mini LED, laying the groundwork for future volume growth [4]. - In advanced packaging, the company launched a complete line of equipment that includes printing, ball placement, inspection, and ball replenishment [4]. Incentives and Future Outlook - In August 2025, the company announced a high-growth equity incentive plan, granting 586,500 shares at a price of 33.19 yuan per share to 69 individuals, including executives and key technical personnel, representing 0.55% of the total share capital. The performance targets set for this incentive include a net profit of no less than 115 million yuan in 2025 and 132 million yuan in 2026 [4].