本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、股票交易异常波动的具体情况 深圳市大族数控科技股份有限公司（以下简称"公司"）股票交易价格连续三 个交易日（2025 年 9 月 9 日、2025 年 9 月 10 日、2025 年 9 月 11 日）收盘价格 涨幅偏离值累计达到 34.60%（超过 30%），根据深圳证券交易所相关规定，属 于股票交易异常波动的情形。 二、公司关注及核实情况的说明 证券代码：301200 证券简称：大族数控 公告编号：2025-063 深圳市大族数控科技股份有限公司 关于公司股价异动的公告 3、公司前期披露的信息不存在需要更正、补充之处。 1、公司前期披露的信息不存在需要更正、补充之处； 2、公司未发现近期公共传媒报道可能或已经对本公司股票交易价格产生较 大影响的未公开重大信息； 3、公司目前经营情况正常，近期公司经营情况及内外部经营环境未发生重 大变化； 4、公司、控股股东和实际控制人不存在关于公司应披露而未披露的重大事 项或处于筹划阶段的重大事项； 5、股票异常波动期间，公司控股股东、实际控制人不存在买卖公司股票的 行为 ...

9月10日，大族数控盘中上涨2.03%，截至11:06，报93.20元/股，成交4.19亿元，换手率1.09%，总市值 396.57亿元。 资金流向方面，主力资金净流出433.21万元，特大单买入1675.81万元，占比4.00%，卖出1911.08万元， 占比4.56%；大单买入9862.58万元，占比23.53%，卖出1.01亿元，占比24.01%。 大族数控今年以来股价涨160.48%，近5个交易日涨7.81%，近20日跌9.51%，近60日涨126.71%。 今年以来大族数控已经1次登上龙虎榜，最近一次登上龙虎榜为7月28日，当日龙虎榜净买入1497.65万 元；买入总计2.62亿元 ，占总成交额比25.52%；卖出总计2.47亿元 ，占总成交额比24.06%。 机构持仓方面，截止2025年6月30日，大族数控十大流通股东中，易方达科讯混合（110029）位居第三 大流通股东，持股124.05万股，为新进股东。易方达科融混合（006533）位居第六大流通股东，持股 67.58万股，为新进股东。香港中央结算有限公司位居第八大流通股东，持股57.34万股，相比上期增加 6.04万股。易方达成长动力混合A（ ...

中信证券股份有限公司 关于深圳市大族数控科技股份有限公司 2025年半年度跟踪报告 | 保荐人名称：中信证券股份有限公司 | 被保荐公司简称： 大族数控 | | --- | --- | | 保荐代表人姓名：吴斌 | 联系电话：0755-23835238 | | 保荐代表人姓名：熊科伊 | 联系电话：0755-23835238 | 一、保荐工作概述 | 项目 | | 工作内容 | | --- | --- | --- | | 1.公司信息披露审阅情况 | | | | （1）是否及时审阅公司信息披露文件 | 是 | | | （2）未及时审阅公司信息披露文件的次数 | 无 | | | 2．督导公司建立健全并有效执行规章制度的情况 | | | | （1）是否督导公司建立健全规章制度（包括但不 限于防止关联方占用公司资源的制度、募集资金 | 是 | | | 管理制度、内控制度、内部审计制度、关联交易 | | | | 制度） | | | | （2）公司是否有效执行相关规章制度 | 是 | | | 3.募集资金监督情况 | | | | （1）查询公司募集资金专户次数 | 6次 | | | （2）公司募集资金项目进展是否与信息 ...

Macro Strategy - The report highlights the need to monitor domestic economic policy changes due to the upcoming Fourth Plenary Session and the focus on countering "involution" [1] Fixed Income - The report discusses why domestic commercial banks are unlikely to reduce their balance sheets, citing factors such as the need to support the economy during a slowdown, the current accommodative monetary policy, and the role of state-owned capital in maintaining financial services to the real economy [2][22] - It emphasizes that the probability of a sector-wide balance sheet reduction is low, despite some smaller banks potentially facing this situation [22] Industry Analysis - The environmental industry report indicates that the waste incineration sector saw a revenue increase of 1% year-on-year in H1 2025, with net profit rising by 8% and an improvement in cash flow [4][6] - The report notes that operational efficiency improvements and reduced financial costs are driving performance growth, with a significant increase in return on equity (ROE) for pure waste operation companies [4][6] - It highlights the importance of enhancing operational efficiency and expanding both B-end and C-end markets to boost profitability and cash flow [6] Food and Beverage Industry - The beer industry report suggests that the sector is expected to benefit from a recovery in consumption, particularly in dining and retail scenarios, with a focus on high-growth companies like Yanjing Beer and Qingdao Beer [7] - The health supplement sector is noted for its potential valuation reconstruction, with a focus on quality stocks [8] Company-Specific Insights - The report on Yingke Recycling indicates strong growth in the decorative building materials business, with a focus on expanding its recycling capabilities and global presence [9] - The analysis of Magmi Te highlights a revenue increase of 16.5% year-on-year in H1 2025, despite a significant drop in net profit due to increased strategic investments [10][11] - The report on Weirgao emphasizes its leadership in the power PCB sector, projecting significant revenue growth driven by AI server demand and production capacity expansion [12] - The analysis of Dacilin shows a revenue increase of 1.33% year-on-year in H1 2025, with a notable profit growth of 21.38% [13] - The report on Dazhu CNC highlights its position as a leader in PCB equipment, benefiting from the demand for high-layer PCB devices driven by AI server needs [14]

Summary of Conference Call on PCB Industry and NVIDIA's Impact Industry Overview - The conference call focuses on the PCB (Printed Circuit Board) industry, particularly in relation to AI computing servers driven by companies like NVIDIA [1][2][6]. Key Points and Arguments - **NVIDIA's High-Density Interconnect (HDI) Demand**: NVIDIA's GB200 server utilizes advanced HDI boards with structures of 5+12+5 for compute trays and 6+12+6 for switch trays, indicating a shift towards higher density circuit integration [1][2][4]. - **Future Developments**: The upcoming GB300 server is expected to continue using high-level HDI and may incorporate new materials like Ma 9, potentially replacing copper connections with orthogonal backplanes, which will further increase PCB usage [1][4][6]. - **High-End PCB Trends**: The demand for high-end PCBs is driven by the need for higher performance in AI computing, with traditional PCBs being inadequate for these requirements [2][6]. - **Investment in Production Lines**: Investment in high-level HDI and multilayer PCB production lines is significantly increasing, with a 5-stage 22-layer HDI production line requiring approximately 130 million yuan, much higher than traditional through-hole boards [2][10]. - **Drilling Equipment's Role**: Drilling equipment is crucial for achieving electrical connectivity in PCBs, with increased demand for various types of drilling machines due to the complexity of high-level HDI and multilayer boards [2][9][11]. Additional Important Insights - **Market Dynamics**: The drilling equipment market is currently facing supply shortages, particularly for key components, with major suppliers struggling to meet demand [11][12]. - **Technological Advancements**: Companies like Dazhu CNC are focusing on ultra-fast laser drilling technology to capture market share in new materials, which is expected to be a significant growth area [15][17]. - **Investment Recommendations**: The PCB industry is projected to grow due to the demand from AI computing servers, with specific recommendations for companies like Dazhu CNC, Ding Tai High-Tech, and Zhong Tung High-Tech, which have competitive advantages in production capacity and cost control [18][19][20]. Conclusion - The PCB industry is evolving towards higher-end products driven by AI computing needs, with significant investments in production capabilities and technological advancements. Companies that adapt to these changes are likely to benefit from the growing market demand.

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment industry, specifically recommending investments in PCB equipment for import substitution, technological iteration, and industry expansion logic, as well as solid-state battery equipment for accelerated industrialization [1]. Core Insights - The report highlights the significant increase in demand for high-end HDI (High-Density Interconnect) PCB equipment driven by the surge in AI computing server requirements, projecting a 33% year-on-year growth in the PCB market for servers and storage in 2024, reaching a value of 10.916 billion yuan [2][3]. - The solid-state battery equipment sector is identified as a key area for investment, with isostatic pressing technology being crucial for mass production, offering potential for industrialization due to its efficiency in achieving densification [4][21]. - The report emphasizes the growth potential in the silicon carbide (SiC) market, particularly with NVIDIA's new generation of GPUs expected to adopt SiC substrates, which could significantly enhance thermal management and reduce packaging size [5][28]. Summary by Sections PCB Equipment - The demand for drilling equipment is expected to rise significantly due to the increasing complexity of HDI boards, with domestic PCB manufacturers like Shenghong Technology and Huitian Electronics planning capacity expansions [2][3]. - The global PCB equipment market is projected to reach 51 billion yuan in 2024, with a year-on-year growth of 9%, driven by the AI computing infrastructure [29]. - Key players in the PCB equipment sector include Dazhu CNC, Chip Quik, and Dongwei Technology, with recommendations to focus on drilling, exposure, and plating segments [31]. Solid-State Battery Equipment - Isostatic pressing technology is highlighted as a critical bottleneck for solid-state battery mass production, with domestic and international players accelerating the industrialization of this technology [4][21]. - The report suggests that the value of isostatic pressing equipment in solid-state battery production lines could reach 2.9 billion yuan by 2029, indicating substantial growth potential [21]. Silicon Carbide (SiC) - NVIDIA's plans to integrate SiC substrates into its next-generation GPU chips are expected to create new growth opportunities in the SiC market, with significant substrate demand anticipated [5][28]. Engineering Machinery - The report notes a strong recovery in excavator sales, with a 17.2% year-on-year increase in sales from January to August 2025, indicating robust domestic and export demand [6][10]. - Major infrastructure projects, such as the Yarlung Tsangpo River project, are expected to drive further demand for engineering machinery, with a projected market impact of approximately 108 billion yuan [36][37].

Core Viewpoint - The PCB industry is in a golden era, with the drilling equipment market being a standout segment driven by strong demand from AI computing and steady growth in the server market [4][13]. PCB Industry - The PCB industry is experiencing a significant boom, with 42 listed PCB companies in mainland China achieving a total revenue exceeding 120 billion yuan in the first half of the year, reflecting a year-on-year growth of at least 25-30% [4]. - The industry is at the beginning of a prosperous cycle, with strong demand expected to continue for at least the next three years [4]. Products and Orders - The company manufactures three main products: ordinary mechanical drilling machines (approximately 500,000 yuan), high-end CCD back drilling machines (1.6-1.8 million yuan), and forming machines (450,000-500,000 yuan) [5]. - The company has shipped over 1,800 units from January to August 2025, a year-on-year increase of about three times, with current orders reaching approximately 800 units, extending delivery times to March 2026 [5][6]. Profit and Pricing - The gross margin for ordinary mechanical drilling machines is around 30-40%, while for CCD back drilling machines, it can reach 70-80% or higher [7]. - The pricing strategy is strong, requiring a 30% deposit, 30% upon shipment, and 40% after installation [7]. Supply Chain Challenges - Capacity constraints are a primary bottleneck, with the factory operating at full capacity and plans for a second phase of construction to meet demand [8]. - Key components, particularly spindles, are in short supply, with the company relying on two main suppliers [8]. Technology Aspects - The demand for high-density interconnect (HDI) boards driven by AI requires high precision in drilling equipment [9]. - CCD back drilling machines offer superior accuracy compared to ordinary drilling machines, making them essential for complex drilling processes [9]. Competitive Landscape - The PCB drilling equipment market is dominated by companies like Germany's Schmoll, Japan's Hitachi, and China's Dazhu CNC [10]. - Domestic and Taiwanese manufacturers are positioned to capitalize on the current demand surge due to their quick response capabilities [10]. Downstream and Global Trends - Downstream demand is primarily driven by AI computing and server needs, with major clients including Nvidia, Microsoft, Amazon, and Huawei [11]. - The shift of PCB manufacturers to Southeast Asia due to tariffs presents opportunities for domestic and Taiwanese equipment suppliers [11]. Equipment Lifespan and Production Line Configuration - The lifespan of the company's products is estimated at 10-15 years, while competitors like Dazhu CNC have a shorter lifespan of 5-8 years [12]. - A high-end HDI production line typically requires five mechanical drills for every back drill [12]. Future Outlook - The PCB drilling equipment industry is expected to enter a golden three-year period, with increasing demand driven by AI computing [13]. - The rapid expansion of leading manufacturers is anticipated to extend to smaller firms, further amplifying market demand [13].

Investment Rating - The report assigns a "Buy" rating to the company for the first time [5] Core Views - The company is a global leader in PCB equipment, benefiting significantly from the current demand for high-performance computing [5] - The company has a comprehensive product matrix covering all major processes in PCB manufacturing, including drilling, exposure, lamination, forming, inspection, and attachment [21][15] - The company has shown strong revenue growth, with a projected increase in net profit from 696.84 million yuan in 2025 to 1.73 billion yuan in 2027 [5] Summary by Sections Company Overview - Established in 2002, the company specializes in PCB equipment and has been listed on the Shenzhen Stock Exchange since February 2022 [14] - The company has a wide range of products covering various PCB manufacturing processes and serves top global PCB manufacturers [15][21] Industry Analysis - The PCB industry is experiencing a recovery driven by new demands from AI servers and high-performance infrastructure, with a projected growth in the global PCB market from $73.57 billion in 2024 to $94.66 billion in 2029 [41] - The demand for high-end PCB products, such as HDI boards and multilayer boards, is expected to grow significantly, becoming a core driver of industry growth [41][45] Financial Performance - The company reported a revenue of 2.38 billion yuan in the first half of 2025, a year-on-year increase of 52.26%, and a net profit of 263 million yuan, up 83.82% [2][25] - The company's revenue is projected to reach 5.83 billion yuan in 2025, with a net profit of 696.84 million yuan, reflecting a strong recovery trend [5][24] Market Position - The company holds a leading market share of 10.1% in China and 6.5% globally in the PCB equipment sector [4] - The company has a strong presence in drilling and exposure equipment, with its products ranking second globally in mechanical drilling and laser drilling [4][15]

证券日报网讯 9月4日晚间，大族数控发布公告称，公司2025年第二次临时股东会于9月4日召开，审议 通过了《关于公司变更注册资本及修订<公司章程> 并办理工商变更登记的议案》等多项议案。 （文章来源：证券日报） ...

Summary of PCB Drilling Equipment Industry Conference Call Industry Overview - The conference focuses on the PCB drilling equipment industry, highlighting the significant growth and demand for drilling machines and related equipment in recent years [2][5][38]. Company Profile - The company specializes in manufacturing and selling CCD back drilling machines, conventional mechanical drilling machines, and forming machines, with a notable increase in drilling machine business [3][5]. - The production bases are located in Jiangsu Huai'an and Nanjing, with the headquarters in Taiwan. The current monthly production capacity is approximately 400 units, totaling an annual capacity of around 4,000 units [6][9]. Key Products and Sales - The product mix includes forming machines (40% of new orders), CCD back drilling machines (30%), and conventional mechanical drilling machines (30%) [8]. - The pricing for the products is as follows: conventional mechanical drill at approximately 500,000 RMB, CCD back drill priced between 1.6 to 1.8 million RMB, and forming machines priced between 450,000 to 500,000 RMB [8]. Order and Delivery Status - As of August 2025, the company has shipped over 1,800 units, with a backlog of approximately 800 units, and delivery dates extended to March 2026 [7][9]. - Major clients include Taiwanese enterprises such as Hushi, Pengding, and state-owned enterprises like Shenwan and Jingwang [7]. Industry Dynamics - The PCB industry is experiencing a positive outlook, with aggressive expansion from companies like Jianding and Pengding, which have ordered 600 and approximately 3,000 drilling machines, respectively [5][19]. - The demand for high-end HDI (High-Density Interconnect) boards is increasing, driven by the need for precision in positioning and depth control, leading to significant equipment investments [29][30]. Supply Chain Challenges - The main constraint on delivery is insufficient production capacity, compounded by shortages of key components such as spindles, which are primarily supplied by Haozhi and Xifeng [9][10]. - Spindle costs account for about 1/5 to 1/8 of the drilling equipment's total cost, with each drilling machine requiring six spindles [11]. Technological Aspects - The company emphasizes the importance of the CNC system for machine precision, developed by a team led by a Tsinghua University PhD [12][17]. - Linear motors are crucial for spindle positioning and sensitivity, with suppliers including Mitsubishi and Fuji [18]. Market Trends and Future Outlook - The PCB industry is expected to maintain a favorable growth trajectory, with a projected increase in demand from major companies like Nvidia, Microsoft, and Amazon [21][38]. - The current industry cycle is anticipated to last at least three years, with many leading manufacturers already booked into 2026 [45]. Competitive Landscape - Domestic and Taiwanese equipment manufacturers are gaining a competitive edge due to shorter delivery times compared to foreign suppliers, who may have lead times of one to two years [46]. - The market is characterized by a mix of aggressive expansion from local firms and a more conservative approach from foreign companies, which focus on quality and stability rather than rapid scaling [44]. Conclusion - The PCB drilling equipment industry is poised for significant growth, driven by technological advancements and increasing demand for high-precision products. The company is well-positioned to capitalize on these trends, despite facing supply chain challenges.