Core Viewpoint - Citigroup expresses optimism about Dazhu CNC as a leading PCB drilling equipment manufacturer in China, benefiting from strong demand from domestic AI PCB manufacturers like Shenghong Technology [1] Group 1: Financial Forecasts - Citigroup raises Dazhu CNC's earnings forecasts for 2025 and 2026 by 18% and 21% respectively, reflecting better-than-expected preliminary performance [1] - The target price for Dazhu CNC's A-shares is increased by approximately 14% to 160 CNY [1] Group 2: Ratings and Market Position - The rating for Dazhu CNC is downgraded from "Buy/High Risk" to "Neutral" due to the growth potential of the mechanical drilling business being largely reflected in the stock price [1] - Citigroup initiates coverage on Dazhu CNC's Hong Kong shares with a "Buy" rating and a target price of 142 HKD, citing a 36% discount compared to the average price of A-shares over the past month, making the risk-reward profile more attractive [1] Group 3: Business Segments - There remains uncertainty regarding the upside potential of the laser drilling business, which could impact future growth [1]
大行评级丨花旗：首予大族数控港股“买入”评级，受惠于本土AI PCB制造商需求强劲增长