Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved significant revenue growth in the first three quarters of 2025, with a revenue of 3.903 billion yuan, up 66.53% year-on-year, and a net profit of 492 million yuan, up 142.19% year-on-year, driven by AI computing demand [2] - The company's gross profit margin improved to approximately 31.7%, an increase of 4.8 percentage points year-on-year, indicating enhanced profitability [3] - Inventory increased significantly to 1.583 billion yuan, a rise of 76.22% from the beginning of the year, reflecting strong order demand [4] - The company is positioned to benefit from the booming demand for AI PCB equipment, with a focus on high-end products and strategic partnerships with leading PCB manufacturers [5] Financial Projections - The company is projected to achieve net profits of 697 million yuan, 1.143 billion yuan, and 1.730 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 58.66, 35.77, and 23.62 [5][11]
大族数控（301200）：业绩快速增长，继续看好AI算力需求释放