Summary of Conference Call for New Jie Wei Zhuang Company Overview - **Company**: New Jie Wei Zhuang - **Industry**: PCB (Printed Circuit Board) Equipment Manufacturing Key Points and Arguments Financial Performance - In the first half of 2025, New Jie Wei Zhuang achieved total revenue of 654 million yuan, a year-on-year increase of 46% [3] - Operating profit reached 132 million yuan, nearing 90% of last year's total of 160 million yuan [3] - Comprehensive gross margin exceeded 40%, and net profit margin surpassed 21%, significantly up from over 30% last year [4] Product Line Performance - TCB (Thermal Compression Bonding) product line accounted for approximately 70% of revenue [4] - Semiconductor business revenue was about 130 million yuan, showing substantial growth compared to the previous year [4] - Maintenance service revenue was around 30-40 million yuan [4] Market Position - New Jie Wei Zhuang became the global leader in the PCB exposure machine market in 2024, holding a market share of about 15-16% [5][6] - Cumulative shipments exceeded 2,500 units, with over 280 units delivered to Southeast Asia [6] Capacity Expansion - Phase II capacity deployment has commenced, with expectations to fully ramp up by Q4 2025, achieving a monthly delivery of around 100 units [7] - Initial design capacity for Phase I was 500 units per year, with Phase II planned for 1,000 units, totaling 1,500 units [10] Customer Demand and Orders - Major customers like Dongshan and Pengding are expected to gradually realize their expansion plans in 2026, which will accelerate New Jie Wei Zhuang's order and delivery pace [13] - Anticipated orders in the PCB substrate field for the second half of 2025 are expected to exceed 20-30 units, with high-end product prices reaching 5-6 million yuan [14] Future Outlook - The company submitted its Hong Kong stock application on March 1, 2025, aiming to raise funds for R&D, capacity expansion, global sales, and customer service network development, with funds expected to be in place by Q1 2026 [29] - The company is also developing CO2 laser drilling equipment, with 10 units ordered this year, targeting to fill the market gap left by Mitsubishi's insufficient capacity [20] Challenges and Considerations - The company faces challenges in meeting large volume orders due to a lack of experience in bulk delivery, which may affect production schedules [21] - The expected increase in demand for laser drilling equipment in 2026 may not be fully met by domestic manufacturers due to capacity constraints [22] Pricing and Market Trends - The price of inner substrate equipment ranges from 3 million to 5 million yuan, while high-precision narrow board equipment can reach 20 million to 30 million yuan [30] - The average price of single equipment is expected to increase by about 10% in 2026 due to rising demand for high-end processes [33] Strategic Planning - The company plans to enhance production capacity through overtime and has a clear financing strategy to support its growth initiatives [29] - Future production and sales planning will be finalized around October 2025, based on market research and customer investment plans [28] Additional Important Information - The company has established formal partnerships with over 70 of the top 100 PCB companies globally, laying a solid foundation for future bulk orders [13] - The company is optimistic about long-term business planning despite limited revenue contributions in 2025 [31] - In the mask plate field, the company is currently producing equipment for 90-130 nm processes and aims to enhance its technology to 45-60 nm for mass production [32]

Core Insights - The company, Brainhole Technology (02203), reported a significant decline in revenue and a net loss for the six months ending June 30, 2025 [1] Financial Performance - The company achieved a revenue of HKD 52.173 million, representing a year-on-year decrease of 37.2% [1] - The net loss amounted to HKD 17.244 million, contrasting with a profit of HKD 0.652 million in the same period last year [1] - The basic loss per share was HKD 0.0216 [1] Business Segment Analysis - The decline in revenue was primarily attributed to a decrease in the semiconductor business revenue [1]

Core Insights - The company achieved a revenue of 857 million yuan in 2024, representing a year-on-year increase of 15.75%, and a net profit attributable to shareholders of 71 million yuan, up 34.12% year-on-year [1] - In Q4 2024, the company reported a revenue of 279 million yuan, a decrease of 7.29% year-on-year but an increase of 28.09% quarter-on-quarter, with a net profit attributable to shareholders of 26 million yuan, up 145.32% year-on-year [1] - The company’s main product, solder paste printing machines, has reached or surpassed international standards, with a revenue of 444 million yuan in 2024, driven by demand from consumer electronics and AI servers [2] Financial Performance - For the full year 2024, the gross profit margin was 32.21%, an increase of 1.26 percentage points year-on-year, and the net profit margin was 8.23%, up 1.13 percentage points year-on-year [1] - In Q1 2025, the company reported a revenue of 197 million yuan, a year-on-year increase of 27.23%, with a net profit of 33 million yuan, up 208.34% year-on-year [2] - The gross profit margin for Q1 2025 was 43.93%, an increase of 10.14 percentage points year-on-year [2] Product Development and Market Position - The company is committed to a "shared technology platform + multiple products + multiple fields" strategy, aiming to transition from a single "champion" to multiple "champions" [3] - In 2024, the packaging equipment segment generated a revenue of 229 million yuan, a year-on-year increase of 5.72%, while the dispensing machine segment saw a revenue increase of 55.87% to 89 million yuan [3] - The flexible automation equipment segment achieved a revenue of 71 million yuan in 2024, up 49.56%, successfully entering the optical communication industry [3] Profit Forecast - The company maintains a "buy" rating, with adjusted profit forecasts for 2025-2027, expecting net profits of 118 million, 162 million, and 195 million yuan respectively [4]