本报记者 丁蓉 8月22日晚间，自动化精密装备企业东莞市凯格精机股份有限公司（以下简称"凯格精机"）发布2025年 半年度报告。上半年，公司实现营业收入4.54亿元，同比增长26.22%；归属于上市公司股东的净利润 6714.20万元，同比增长144.18%。 凯格精机相关负责人表示，公司上半年净利润同比增长较快，主要是因为营业收入的增长及综合毛利率 的提升。公司高毛利率业务收入结构占比的提升对综合毛利率的提升有积极影响，基板复杂度提高和高 价值印制电路板组装需求的增长对锡膏印刷设备的稳定性、精度、智能化有更高的要求，从而增加了高 端设备的需求。公司产品综合毛利率为41.86%，同比增加9.58个百分点。 今年上半年，凯格精机的业务多点开花。具体来看，公司的锡膏印刷设备实现营业收入2.92亿元，同比 增长53.56%，主要因为人工智能投资规模增加、AI服务器需求的增长、消费电子需求回暖、新能源车 渗透率的提升等，带来印制电路板组装中表面贴装技术设备需求的增长；公司的点胶设备实现营业收入 6049.74万元，同比增长26.31%，市场占有率稳步提升；公司的封装设备实现营业收入5917.62万元，同 比下降38. ...

Group 1: AI and Consumer Electronics - The widespread application of AI is driving the demand for hardware facilities, leading to a recovery in consumer electronics demand [1][2] - IDC forecasts global AI smartphone sales to reach 170 million units in 2024, accounting for 15% of total smartphone shipments, with a year-on-year growth rate of 233% [2] - Canalys predicts that AI PC shipments will represent 18% of total PC shipments in 2024, reaching 48 million units, with a compound annual growth rate of 44% from 2024 to 2028 [2] Group 2: LED Industry Insights - The global LED lighting market is projected to reach a value of $56.058 billion in 2024, with significant growth opportunities in smart and plant lighting [3] - Mini LED backlight TV shipments are expected to double in 2024, reaching 9.3 million units by 2025 [3] - The global mini LED direct display market is anticipated to grow at a compound annual growth rate of approximately 40% from 2024 to 2028 [3] Group 3: Semiconductor Business Development - The company plans to establish a SIP packaging division to introduce new products in the semiconductor process, targeting new markets [5] - The company has developed equipment for the third-generation semiconductor field, focusing on applications in new energy vehicles and aerospace [5] Group 4: Market Expansion and Product Development - The company is increasing investment in R&D to enhance product competitiveness, recently launching the MLED specialized ultra-high-speed solid crystal machine S20 [4] - The company’s market share in high-end solder paste printing equipment is expected to continue rising due to the growing demand in emerging industries [6] - The overseas revenue accounted for 14.58% of total revenue in 2024, indicating further potential for market share growth in international markets [6]

Business Performance - The company's revenue for 2024 increased by 15.75% year-on-year, while Q1 2025 revenue grew by 27.23% year-on-year [1][2] - Q1 2025 revenue reached 196.56 million, with a net profit attributable to shareholders of 33.21 million, reflecting a 208.34% year-on-year increase [4][5] Market Expansion Plans - The company aims to maintain its market leadership in solder paste printing equipment and expand its Mini/Micro LED equipment business [2][3] - Plans to enhance resource investment in semiconductor products and improve new product development capabilities [2] Risk Management - Non-operating income is low, indicating no significant volatility risk [2] - Inventory impairment risks are manageable [2] Profitability and Cash Flow - The company is focused on deepening its core business in automated precision equipment while improving cash flow through better receivables management and inventory turnover [3][4] - In 2024, the net cash flow from operating activities was negative due to increased material payments [3] Cost Control Measures - Implementation of cost reduction and efficiency enhancement initiatives, including digital management and lean management practices [3] - Use of AI technology to improve production efficiency [3] Research and Development - R&D investment as a percentage of revenue was 9.12% for 2024 and 9.88% for Q1 2025 [3] - Recent innovations include AI applications in defect detection and the development of a low-code visual platform [3] Organizational Culture and Talent Management - The company emphasizes talent development and plans to enhance its management team and optimize performance evaluation systems [4] - Strategies include introducing high-level talent and establishing long-term incentive plans [4] International Expansion Strategy - The company adopts a multi-faceted approach to international market expansion, including following existing clients and localizing operations in key markets [5][6] - Plans to actively participate in international exchanges and adapt to market changes [6] Supply Chain and Geopolitical Risks - The company has no current dependency on foreign products that could be affected by geopolitical tensions [7] - It remains focused on self-research and intellectual property compliance [7]