Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [2][9]. Core Insights - The company is positioned to benefit from the AI-driven demand surge in the PCB industry, with significant growth expected in high-layer and HDI boards due to infrastructure needs [5]. - The dual strategy of domestic substitution and overseas expansion is enhancing the company's global supply chain capabilities, with a notable increase in overseas sales [6]. - The company has established a comprehensive product matrix that integrates various key processes, enhancing its competitive edge and customer value [8]. Summary by Sections Industry Overview - The global PCB industry is projected to grow by 5.8% in 2024, with high-layer boards and HDI boards expected to see revenue increases of 40.2% and 18.8% respectively, driven by AI server and automotive electronics demand [5]. - The compound annual growth rate (CAGR) for the PCB industry is forecasted at 5.2% over the next five years, with high-layer and HDI boards experiencing even higher growth rates [5]. Company Performance - The company anticipates a revenue increase of 104.56% and a net profit increase of 120.82% in 2024, with continued strong growth into Q1 2025 [5]. - Revenue and net profit for Q1 2025 are expected to rise by 27.89% and 83.25% year-on-year, respectively [5]. Strategic Initiatives - The company is focusing on domestic substitution and international market expansion, with 80% of its clients being top global PCB firms [6]. - The company has received certification from leading global packaging substrate manufacturers, demonstrating its ability to surpass imported brands in efficiency while maintaining quality [6]. - The establishment of an overseas subsidiary aims to meet the growing demand for localized equipment delivery and technical support in Southeast Asia [6]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 45.13 billion, 56.87 billion, and 67.31 billion respectively, with corresponding EPS of 1.30, 1.89, and 2.54 [9][11]. - The company is expected to maintain a strong PE ratio, reflecting its solid position in the PCB equipment sector and the ongoing demand driven by AI and domestic substitution [9].
大族数控（301200）：公司动态研究报告：高端PCB设备卡位AI浪潮，技术生态壁垒赋能国产替代与出海双线提速