大增83%！AI浪潮带动百亿龙头业绩

Core Viewpoint - Dazhu CNC reported significant revenue and profit growth in the first half of 2025, but faces challenges with cash flow and rising accounts receivable [2][3]. Financial Performance - In the first half of 2025, Dazhu CNC achieved revenue of 2.382 billion yuan, a year-on-year increase of 52.26%; net profit attributable to shareholders was 263 million yuan, up 83.82% [3][5]. - The drilling equipment segment was the main driver of revenue growth, generating 1.692 billion yuan, a substantial increase of 72.07%, with a gross margin of 26.1% [5][6]. Industry Context - The drilling process is critical in PCB manufacturing, with increasing demands for high-layer boards and HDI boards driven by AI servers and high-speed switches [7]. - Industry research firm Prismark forecasts a 7.6% growth in PCB industry revenue and a 7.8% increase in production for 2025, with high-layer and HDI boards expected to see the strongest growth [7]. Cash Flow and Accounts Receivable - Despite strong performance, Dazhu CNC's operating cash flow significantly declined, with a net cash flow from operating activities of -551 million yuan, a drop of 344.85% compared to the previous year [9][10]. - As of the end of the reporting period, accounts receivable reached 3.231 billion yuan, accounting for 37.45% of total assets, while inventory increased by over 50% to 1.376 billion yuan [11].