风险提示:下游需求不及预期、行业竞争加剧、市场推广效果不及预期。 客户资源庞大，点胶及柔性自动化设备协同发展。依托于领先的锡膏印刷设备，公司积累庞大且优质的 客户资源，点胶及柔性自动化设备协同快速发展，25H1 分别实现营收26%、71%的高增速。目前公司 点胶机市占率不断增长，新推出的涂覆机持续推广中；继800G 光模块自动化组装线被全球知名客户认 可，公司进一步推出1.6T 光模块自动化组装产品线，继续领跑行业。 封装设备厚积薄发，产品矩阵逐渐丰富。公司封装设备25H1 实现营收0.59 亿元，同比-39%，毛利率 14.47%，同比+1pct。行业需求增长缓慢，公司不断推出新产品破局，包括：1）GD-S20 系列固晶设 备，适用于MiniLED 商用显示领域，满足COB/MIP/COG 三种主流技术路线，固晶UPH 达240K/H- 270K/H，设备集成多层轨道、自动对位、低功耗焊头等技术，帮助客户降本增效；2）先进封装领域， 公司推出"印刷+植球+检测+补球"的整线设备并实现销售。 投资建议:我们预计公司 25-27 年分别实现营收11.75/15.50/17.43 亿元归母净利润1.38/2.03 ...

| 地点 | 公司会议室 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 上 | 市 | 公 | 司 | 接 | 待 | 1、董事会秘书邱靖琳 | | | | 人员姓名 | 2、投关经理江正才 | | | | | | | | | 公司基本情况介绍： | | | | | | | | | | 投关经理江正才先生详细介绍了公司发展的主营业务、技术 | | | | | | | | | | 优势和研发创新情况。 | | | | | | | | | | 公司与参会人员就以下问题进行了探讨： | | | | | | | | | | 1、2025 | 年半年度整体经营情况。 | | | | | | | | | 答：报告期内，公司实现营业收入 | 万元，同比增 | 45,361.81 | | | | | | | | 长 | 26.22%；归属于母公司股东的净利润为 | 万元，同 | 6,714.20 | | | | | | | 比增长 | 144.18%；公司产品综合毛利率为 | 41.86%，同比增加 | | | | | | ...

凯格精机 20250824 摘要 凯格精机 2025 年上半年综合毛利率达 41.86%，同比提升 9.58 个百分 点，主要受益于高端设备需求的增长，尤其是锡膏印刷设备中用于服务 器、5G 基站等领域的三类设备占比显著提升，从 4%升至 15%，该类 设备毛利率高达 65%。 公司锡膏印刷设备收入占比 64%，同比增长 53%，毛利率增加 7.58 个 百分点，主要得益于 AI 服务器、手机等高端市场结构性机会，以及客户 对 PCB 板材良品率要求的提高，推动了对更高精度印刷设备的需求。 凯格精机通过提供重复印刷精度 12.5 微米、重复定位精度 8 微米的高 端 AC500 等三类产品，满足华为、华勤、鹏鼎等大客户对设备精度和 验收的高要求，有效应对了下游客户集中度提升带来的挑战。 公司激光印刷设备业务连续五年全球出货量第一，在消费电子和网络服 务器领域市占超过 50%，未来将拓展汽车电子、半导体银浆印刷及医疗 器械等新兴应用场景，以巩固市场份额并提高盈利能力。 预计 2025 年全年公司整体增长 30%左右，上半年增长超 50%，下半 年可能达六七成，主要基于订单金额口径，上半年订单增长接近 70%， ...

| 2025 年半年度报告全文 | | 东莞市凯格精机股份有限公司 | | | --- | --- | --- | --- | | 东莞市凯格精机股份有限公司 | | | | | 2025 年半年度报告全文 东莞市凯格精机股份有限公司 | | | | | 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 | | | | | 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 | | | | | 个别和连带的法律责任。 | | | | | 公司负责人邱国良、主管会计工作负责人宋开屏及会计机构负责人(会计 | | | | | 主管人员)吴红梅声明：保证本半年度报告中财务报告的真实、准确、完整。 | | | | | 所有董事均已出席了审议本次半年报的董事会会议。 | | | | | 公司在本报告第三节"管理层讨论与分析"之"十、公司面临的风险和 | | | | | 应对措施"章节，详细披露了公司经营中可能存在的风险及应对措施，敬请 | | | | | 投资者关注相关风险。 | | | | | 公司计划不派发现金红利，不送红股，不以公积金转增股本。 | | | | | | | | 东莞市 ...

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. ...

Summary of Solid-State Battery Industry Conference Call Industry Overview - The solid-state battery industry is expected to receive official subsidy review results by the end of 2024 or early 2025, which will guide the industry's direction. During the review period, no significant market changes are anticipated [3][1]. - Key companies in the industry include B Company, which is advancing full solid-state battery vehicle testing, and C Company, focusing on expanding material suppliers and evaluating near-production equipment [4][1]. Core Insights and Arguments - The main changes in the solid-state battery supply chain are centered around influential leading companies and their supply chain progress, including material and equipment suppliers [2][1]. - B Company is making rapid progress in vehicle testing, while C Company is more focused on supplier expansion and equipment evaluation, with vehicle testing expected in Q4 [5][1]. - C Company is concentrating on sulfide, halide, and polymer electrolytes, exploring metal anode collector solutions, with several companies beginning technical discussions and sample validations [6][1]. Equipment and Technology Developments - The industry is focusing on three main areas: the development of shaping equipment, evaluation of near-production process equipment, and optimization of existing production processes to accelerate technology maturity for commercial applications [7][1]. - In Q3 and Q4 of 2025, attention will be on the development of dry electrode, stacking, and packaging processes, with specific focus on the progress of equipment shaping and the impact of electrolyte membranes and metal anodes on the stacking process [8][1]. Key Companies to Watch - Notable equipment companies include Nakanor, Keheng Co., and Hangke, while material suppliers of interest are Daozhi Technology and Guanghua Technology. In the metal anode sector, recommended companies include Yinglian Co., Tiantie Technology, Shengli Precision, and Jiayuan Technology [9][1]. - Companies with capabilities in lithium sulfide technology, such as Guanghua Technology and Shanghai Xiba, are expanding their production capabilities and collaborating with downstream battery manufacturers [11][1]. Market Dynamics and Future Outlook - The demand for lithium sulfide is high, and its price is expected to remain elevated through 2026. Companies like Guanghua Technology and Shanghai Xiba are preparing for large-scale production with their pilot lines expected to be operational by August or September [11][1]. - The packaging segment involves companies like Delong Laser, Jiaocheng Ultrasonic, and Lianying Laser, which provide packaging equipment to leading electronic manufacturers [13][1]. - The solid-state battery industry is undergoing positive changes, but specific catalysts remain uncertain. The release of significant policies or activities could positively impact the market [14][1]. Investment Considerations - Future opportunities in the solid-state battery sector depend on the release of major policies or activities by key participants. Investors should focus on the positive marginal changes within the industry and the reasonable valuation of individual companies [15][1].

Core Viewpoint - The company, Kaige Precision Machinery (301338.SZ), is a leading manufacturer of solder paste printing equipment with a global market share of 40%, recognized for its competitive pricing and performance that matches or exceeds foreign brands [12][11]. Company Overview - Established in 2005 and listed in 2022, the company is controlled by Qiu Guoliang and Peng Xiaoyun, holding 67.76% of the shares [4][3]. - The main products include solder paste printing equipment, dispensing equipment, flexible automation equipment, and packaging equipment, primarily used in the electronics assembly sector [5][11]. Financial Performance - In 2024, the company reported total revenue of 856.6 million yuan, a 15.75% increase from 2023, with solder paste printing equipment contributing 51.9% of the revenue [13][14]. - The revenue from solder paste printing equipment was 444.3 million yuan, showing a 10.62% increase year-on-year [14]. - The company experienced a revenue decline in 2022 and 2023 due to weak demand in the consumer electronics sector, but a recovery began in 2024 with a 27.2% year-on-year growth in Q1 2025 [19][16]. Market Position and Trends - The company has been recognized as a national manufacturing champion and a "specialized, refined, and innovative" enterprise [12]. - The demand for solder paste printing equipment is expected to grow due to increasing integration of electronic components in PCB assembly, driven by the recovery in consumer electronics and growth in AI server and new energy vehicle markets [9][16]. Product Development and R&D - The company has maintained a research and development expense ratio of around 10%, indicating a strong commitment to innovation [29]. - The LED packaging equipment segment has shown significant growth, with a 264% increase in revenue in 2023, driven by advancements in Mini LED technology [17]. Inventory and Order Trends - The value of goods sent out for sale increased significantly, reaching 334 million yuan by the end of 2024, indicating a positive trend in orders [23]. - The company’s inventory value has also risen, reflecting a strategic buildup in anticipation of future demand [24]. Profitability and Margin Recovery - The company faced a decline in gross margin due to a higher proportion of lower-margin LED packaging equipment sales in 2023, but margins improved in Q1 2025, with gross margin at 43.9% and net margin at 16.9% [25][27]. Future Considerations - A significant number of shares will be unlocked on August 18, 2025, which may impact the stock's liquidity and market dynamics [32].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated steady revenue growth, with a 25.20% year-on-year increase in revenue for 2024, reaching 2.014 billion yuan, and a 14.40% increase in net profit, amounting to 528 million yuan [2][4] - The gross margin remains stable at 46.93%, although it has decreased by 1.45 percentage points year-on-year, while the net margin has decreased by 2.47 percentage points to 26.19% due to increased asset impairment losses [2] - The company is a leader in the photovoltaic laser equipment sector, with significant breakthroughs in packaging equipment and ongoing research in semiconductor and other new fields [4][5] Financial Performance Summary - For 2024, the company achieved a revenue of 2.014 billion yuan, with a gross margin of 46.93% and a net profit margin of 26.19% [2][8] - The fourth quarter of 2024 saw a revenue of 574 million yuan, a 25.59% increase year-on-year, and a net profit of 144 million yuan, an 18.46% increase year-on-year [2] - In the first quarter of 2025, the company reported a revenue of 561 million yuan, a 24.55% increase year-on-year, and a net profit of 163 million yuan, a 20.76% increase year-on-year [2] Product and Market Position - The company has a competitive advantage in various photovoltaic product lines, with 99.96% of its revenue coming from the photovoltaic industry in 2024 [4] - The company is actively developing laser processing equipment for consumer electronics, new displays, and integrated circuits, indicating a diversification strategy [4] - The company has secured significant orders, including a 1.229 billion yuan order from a leading photovoltaic enterprise for its back-contact battery laser micro-etching equipment [5][6] Earnings Forecast - The company’s projected revenues for 2025, 2026, and 2027 are 2.415 billion yuan, 2.840 billion yuan, and 3.546 billion yuan, respectively, with corresponding net profits of 635 million yuan, 838 million yuan, and 1.110 billion yuan [6][8] - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are 2.32 yuan, 3.06 yuan, and 4.06 yuan, respectively [6][8] - The price-to-earnings (P/E) ratios for the same years are projected to be 25, 19, and 14, reflecting the company's strong market position and innovation capabilities [6][8]

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]

Core Viewpoint - The company has demonstrated significant growth in revenue and profit for 2024, driven by new product launches and cost reduction efforts [1] Financial Performance - In 2024, the company achieved revenue of 857 million, a year-on-year increase of 15.75%, and a net profit attributable to shareholders of 71 million, up 34.12% [1] - The company's gross margin was 32.21%, an increase of 1.26 percentage points year-on-year, while the net profit margin was 8.23%, up 1.13 percentage points [1] - The net profit excluding non-recurring items was 64 million, reflecting a 60.25% year-on-year growth, with a margin of 7.42%, an increase of 2.06 percentage points [1] Product Performance - Revenue from solder paste printing equipment reached 444 million, a 10.62% increase, driven by recovery in consumer electronics demand and growth in AI server and new energy vehicle markets, with a gross margin of 40.33% [2] - Packaging equipment generated revenue of 229 million, up 5.72%, with improved recognition from multiple large customers, resulting in a gross margin of 13.75%, an increase of 9.18 percentage points [2] - Revenue from dispensing equipment surged by 55.87% to 88 million, attributed to enhanced core competitiveness and brand influence, maintaining a gross margin of 33.72% [2] - Flexible automation equipment saw revenue growth of 49.56% to 71 million, with recognition from globally renowned clients [2] Q1 2025 Performance - In Q1 2025, the company reported revenue of 197 million, a year-on-year increase of 27.23%, with a gross margin of 43.93%, up 10.14 percentage points [3] - The increase in revenue and gross margin was primarily due to a higher proportion of high-margin solder paste printing machines, leading to a net profit margin of 16.90%, an increase of 9.92 percentage points [3] - Inventory and contract liabilities grew rapidly, with inventory at 551 million, up 17.77% quarter-on-quarter, and contract liabilities at 124 million, up 23.86%, indicating a solid foundation for annual performance growth [3] Future Outlook - Revenue projections for 2025-2027 are 1.029 billion, 1.171 billion, and 1.293 billion, reflecting year-on-year growth rates of 20.17%, 13.77%, and 10.38% respectively [3] - Net profit attributable to shareholders is expected to reach 131 million, 157 million, and 182 million, with growth rates of 85.80%, 19.72%, and 16.27% respectively, corresponding to a PE ratio of 28X for 2025 [3]