Group 1 - The core viewpoint of the article is that Citigroup has initiated coverage of Dazhu CNC (03200) in Hong Kong, expressing optimism about the company as a leading PCB drilling equipment manufacturer in China, benefiting from strong demand from domestic AI PCB manufacturers like Shenghong Technology [1] - Citigroup has assigned a "Buy" rating to Dazhu CNC with a target price of 142 HKD, reflecting a positive outlook on the company's growth potential [1] - The bank has raised its earnings forecasts for Dazhu CNC for 2025 and 2026 by 18% and 21% respectively, and increased the target price for its A-shares to approximately 160 RMB, indicating better-than-expected preliminary performance for 2025 [1] Group 2 - Citigroup has downgraded the rating for Dazhu CNC's A-shares from "Buy/High Risk" to "Neutral," citing that the growth potential of the mechanical drilling business is already reflected in the stock price, while the upside for the laser drilling business remains uncertain [1] - The Hong Kong stock price of Dazhu CNC is trading at a discount of about 36% compared to the average price of its A-shares over the past month, making the risk-reward profile more attractive [1] - In the A-share market, Citigroup prefers Dazhu Laser (002008.SZ) over Dazhu CNC [1]
花旗：首予大族数控(03200)“买入”评级 目标价142港元