研报掘金丨东吴证券:维持鼎泰高科“买入”评级,AI PCB需求爆发拉动公司业绩成长
Ge Long Hui A P P·2026-01-06 06:45

Core Viewpoint - Ding Tai High-Tech is expected to see significant growth in its 2025 performance, driven by the explosive demand for AI PCB, with a strong performance trend continuing from the first three quarters of 2025 [1] Group 1: Performance Forecast - The company maintains a high growth trajectory for the entire year of 2025, primarily due to the sustained demand for AI computing servers and data centers [1] - The high-end PCB market demand has significantly increased, leading to growth in the demand for the company's PCB drilling needles and polishing materials [1] Group 2: Production and Supply - The company's expansion speed is leading in the industry, with continuous breakthroughs in high aspect ratio drilling needles [1] - Due to the accelerated construction of AI computing infrastructure, the supply of drilling needles is currently insufficient [1] Group 3: Financial Projections - The net profit forecast for the company has been revised upwards for 2025-2027 to 440 million (originally 400 million), 810 million (originally 630 million), and 1.57 billion (originally 900 million) yuan respectively [1] - The current stock price corresponds to dynamic P/E ratios of 134, 72, and 37 times for the years 2025, 2026, and 2027 respectively, maintaining a "buy" rating [1]

SCS-研报掘金丨东吴证券:维持鼎泰高科“买入”评级,AI PCB需求爆发拉动公司业绩成长 - Reportify