Core Viewpoint - The article highlights the strong performance of Dazhu CNC in 2025, driven by the expansion of computing PCB and product structure upgrades, with expectations for continued high growth in mechanical drilling machines and excellent positioning in ultra-fast laser drilling machines [2][4]. Financial Performance - In 2025, Dazhu CNC achieved revenue of 5.77 billion, a significant increase of 72.7% year-on-year, and a net profit attributable to shareholders of 820 million, up 173.7% year-on-year. The gross margin was 35.1%, an increase of 7.0 percentage points, and the net profit margin was 14.2%, up 5.2 percentage points [2]. - In Q4 2025, the gross margin reached 42.2%, an increase of 13.8 percentage points year-on-year and 8.2 percentage points quarter-on-quarter. The net profit margin was 17.7%, up 8.0 percentage points year-on-year and 2.8 percentage points quarter-on-quarter [3]. Business Segments - The revenue breakdown for drilling, detection, exposure, forming, and attachment equipment was 72%, 9%, 6%, 5%, and 2%, respectively, with year-on-year growth rates of 98%, 94%, -5%, 6%, and 45%. The gross margins for these segments were 33.5%, 41.9%, 40.2%, 26.2%, and 38.1%, with year-on-year changes of +8.7, 0.0, +4.4, +4.5, and -3.1 percentage points [2]. - The company is positioned as a leader in mechanical drilling, with a significant increase in orders and a doubling of production capacity expected this year to meet demand from major PCB clients [4]. Technology and Product Development - Dazhu's ultra-fast laser technology is leading the market, offering advantages such as improved quality in blind hole processing and compatibility with new materials and technologies in the computing PCB sector. The company anticipates starting bulk deliveries for 1.6T optical modules this year [4]. - The company is also expected to expand its product offerings by leveraging its drilling equipment advantages to sell complementary equipment such as exposure, forming, detection, and pressing devices [4]. Investment Outlook - Dazhu CNC is viewed as a global leader in PCB equipment, with the acceleration of AI PCB expansion and high-end product upgrades signaling a new phase of high-quality growth. Revenue and net profit forecasts for 2026-2028 have been adjusted upward based on the latest performance and growth potential of new high-end products [5][6].