Ge Long Hui A P P·2026-01-28 06:54Core Viewpoint - The report from Dongwu Securities highlights that Kaige Precision Machinery has established a strong industry moat in the electronic assembly equipment sector over nearly two decades, benefiting from the explosive demand for AI computing power, leading to a significant turning point in revenue and profit growth [1] Group 1: Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 775 million yuan, representing a year-on-year growth of 34% [1] - The net profit attributable to the parent company reached 121 million yuan, showing a remarkable year-on-year increase of 175% [1] - The increase in profit margin is attributed to the company's profit growth outpacing revenue growth, driven by strong downstream demand for AI [1] Group 2: Product and Market Dynamics - High-precision Class III equipment has become the mainstream sales model, with its proportion in the company's product structure rapidly increasing, contributing to the rise in profit margins [1] - The demand for AI computing infrastructure is driving product high-endization, with industry leaders benefiting significantly [1] - The acceleration of overseas expansion in optical modules and the development of automation equipment are creating new growth drivers for the company [1] Group 3: Market Outlook - The current explosion in AI computing demand has led to a substantial increase in the demand for solder paste printing equipment, resulting in a full order book for the company [1] - The company's performance is entering a phase of accelerated realization, indicating strong future growth potential [1] - The report initiates coverage with a "buy" rating for the company, reflecting confidence in its growth trajectory [1]