证券研究报告·公司点评报告·专用设备 ◼ 盈利能力显著提升，费用管控效果优良 2025Q1-Q3 公司销售毛利率约为 31.7%，同比提升 4.8pct；销售净利率约 为 12.6%，同比提升 3.9pct。公司盈利能力改善，我们判断主要系应用于 AI 服 务器 PCB 的高价值量 CCD 背钻机等高端产品收入占比提升，同时规模效应 提升显著。2025Q1-Q3 公司期间费用率为 16.9%，同比下降 2.9pct，其中销售 /财务/管理/研发费用率分别为 5.2%/0.5%/4.6%/6.5%，同比分别-0.5pct/-0.9pct/- 0.5pct/-1.0pct。 ◼ 存货大幅增长彰显订单饱满，现金流短期承压 截至 2025Q3 末，公司存货达 15.83 亿元，较年初大幅增长 76.22%，主要 系公司为应对旺盛的下游订单需求进行积极备货。2025Q1-Q3 公司经营活动 产生的现金流量净额为-6.96 亿元，主要系业务规模快速扩张，采购支付的现 金及职工薪酬支出相应增加所致。 大族数控（301200） 2025 三季报点评：业绩快速增长，继续看好 AI 算力需求释放 买入（维持） | [Table_ ...

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]

Group 1: Nvidia - Nvidia's revenue and profit exceeded expectations, but the guidance for the upcoming quarter was less impressive, with a focus on the "absence of China" as a key issue [10][12] - The company reported a year-on-year revenue growth rate of over two years' lowest, yet still above analyst expectations, with a significant drop in data center revenue due to a $4 billion decrease in H20 sales [12] - Nvidia announced a new $60 billion share buyback authorization and highlighted a potential $50 billion business opportunity in China for the year [10][12] Group 2: Meituan - Meituan's Q2 adjusted net profit plummeted 89% year-on-year to 1.49 billion yuan, significantly below expectations, with marketing expenses increasing by 51.8% [10][12] - The company achieved a revenue growth of 11.7% year-on-year, but its operating profit fell by 98% to 230 million yuan, with a drastic drop in operating profit margin from 13.7% to 0.2% [12] - Meituan's core local business revenue was 65.3 billion yuan, a 7.7% increase year-on-year, but the company anticipates significant losses in Q3 due to ongoing fierce competition [10][12] Group 3: Snowflake - Snowflake reported strong earnings, raising its full-year guidance, which led to a 13% increase in its stock price post-announcement [6][16] - The company’s remaining performance obligations reached $6.9 billion, a 33% year-on-year increase, indicating strong long-term customer investment [16] Group 4: Honey Snow Group - Honey Snow Group reported a 39.3% year-on-year growth in the first half of the year, with net profit increasing by 44.1% and global store expansion reaching 53,000 [15] Group 5: Global Economic Context - The U.S. stock market showed volatility ahead of Nvidia's earnings report, with the S&P 500 barely reaching a new high, while the Chinese concept stock index fell by 2.58% [2] - The U.S. Treasury yields fell across the board, with the 2-year yield dropping over 6 basis points, amid expectations of continued monetary policy easing from the Federal Reserve [2]