Core Viewpoint - The report from Guotou Securities indicates that Dazhu CNC is expected to achieve a significant growth in net profit attributable to shareholders, with an estimated year-on-year increase of 160.64%-193.84% by 2025, and a non-recurring net profit growth of 271.26%-318.85%, driven by its comprehensive AI high-end drilling research and global channel expansion [1] Company Summary - Dazhu CNC's rapid performance growth is attributed to its full-chain layout, which includes high-end drilling R&D and a one-stop solution across all processes [1] - The company is positioned as a core player in the global PCB specialized equipment industry, with a target price of 184.9 yuan based on a 52x PE ratio for 2026, and an initial investment rating of "Buy-A" [1] Industry Summary - The global PCB industry is experiencing accelerated investment in emerging Southeast Asian markets such as Thailand, Vietnam, and Malaysia, influenced by the "China+N" strategy [1] - Prismark forecasts a compound annual growth rate of 7.1% for the Southeast Asian region from 2024 to 2029, significantly higher than the average growth rates for the global market and mainland China, providing substantial growth opportunities for upstream specialized equipment [1]
研报掘金丨国投证券：首予大族数控“买入-A”评级，目标价184.9元