Core Viewpoint - Shenzhen Dazhu CNC Technology Co., Ltd. (Dazhu CNC) is undergoing a listing hearing on the Hong Kong Stock Exchange, with CICC as its sole sponsor [1]. Company Overview - Dazhu CNC specializes in providing solutions for PCB (Printed Circuit Board) production equipment, focusing on R&D, manufacturing, and sales [3]. - The company operates across various sectors within the PCB industry, including drilling, exposure, lamination, molding, and testing [3]. - Dazhu CNC is the largest manufacturer of PCB production equipment in China, holding a market share of 10.1% as of 2024 [3]. Market Position - The PCB equipment industry is highly competitive and fragmented, with the top five manufacturers accounting for approximately 23.9% of the total market share in China as of 2024 [3]. - Dazhu CNC has a diverse product portfolio and advanced technology, enabling it to adapt quickly to changing industry trends and meet diverse customer needs [3]. Sales Performance - The company has sold drilling equipment in significant quantities over the years, with sales figures of 2,514 units in 2022, 1,129 units in 2023, and projected sales of 3,119 units in 2024 [4]. - The sales-to-production ratios for drilling equipment were 121.1% in 2022, 81.6% in 2023, and are projected to be 108.9% in 2024 [4]. Financial Performance - Dazhu CNC reported revenues of RMB 2.786 billion in 2022, RMB 1.634 billion in 2023, RMB 3.343 billion in 2024, and projected revenues of RMB 4.314 billion for the ten months ending October 31, 2025 [6]. - The company recorded profits of RMB 432 million in 2022, RMB 136 million in 2023, RMB 300 million in 2024, and projected profits of RMB 519 million for the ten months ending October 31, 2025 [7].
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