Group 1 - The company is expected to achieve revenue of 5.342 billion, 8.036 billion, and 10.662 billion yuan for 2025E, 2026E, and 2027E respectively, with year-on-year growth rates of 59.8%, 50.4%, and 32.7% [1] - The net profit attributable to the parent company is projected to be 774 million, 1.144 billion, and 1.584 billion yuan for 2025E, 2026E, and 2027E respectively, with year-on-year growth rates of 156.9%, 47.8%, and 38.5% [1] - The company is the largest PCB specialized equipment manufacturer globally, holding approximately 6.5% market share worldwide and 10.1% in the domestic market, with a product range covering almost all major processes in PCB production [2] Group 2 - The demand for PCB equipment is expected to maintain a medium to high growth rate driven by AI, with overall revenue growth rates of 59.8%, 50.4%, and 32.7% [3] - The overall gross margin is anticipated to increase from 28.4% in 2024 to 33.8% in 2027, with drilling equipment revenue expected to grow by 69.2%, 62.3%, and 37.4% from 2025 to 2027 [3] - The penetration rate of high-speed and low-loss materials in PCBs is expected to increase, along with the progress of high-end equipment volume exceeding expectations [3]
大族数控(301200)首次覆盖：AI驱动PCB升级 平台型设备龙头放量可期