Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5]. Core Insights - The company is expected to benefit significantly from the AI-driven demand for high-layer and high-density interconnect (HDI) printed circuit boards (PCBs), with projected revenue growth rates of 59.8%, 50.4%, and 32.7% for 2025, 2026, and 2027 respectively [5]. - The company is the largest manufacturer of PCB-specific equipment globally, holding approximately 6.5% of the global market share and 10.1% of the domestic market share [5]. - The global PCB equipment market is projected to grow from approximately $7.1 billion in 2024 to $10.8 billion by 2029, with a compound annual growth rate (CAGR) of 8.7% [5]. Financial Data and Profit Forecast - Total revenue is forecasted to reach 53.42 billion yuan in 2025, with a year-on-year growth of 59.8% [4]. - The net profit attributable to the parent company is expected to be 7.74 billion yuan in 2025, reflecting a year-on-year increase of 156.9% [4]. - The gross profit margin is projected to improve from 28.4% in 2024 to 33.8% in 2027 [5]. - The earnings per share (EPS) is anticipated to rise from 0.71 yuan in 2024 to 1.82 yuan in 2025 [4]. Industry and Company Situation - The report highlights that the demand for high-end drilling and laser equipment is expected to increase due to the expansion of AI-driven high-layer and HDI production capacities [5]. - The company’s core business in drilling equipment is projected to see revenue growth of 69.2%, 62.3%, and 37.4% from 2025 to 2027 [5]. - The report emphasizes that the growth of platform-type equipment manufacturers is driven by the increasing penetration of high-speed materials and the rising requirements for high aspect ratio and back-drilling precision [5].
大族数控（301200）：首次覆盖报告：AI驱动PCB升级，平台型设备龙头放量可期