报告发布方：中金企信国际咨询 项目可行性报告&商业计划书专业权威编制服务机构（符合发改委印发项目可行性研究报告编制要求）-中金企信国际咨询：集13年项目编制服务经验为各 类项目立项、投融资、商业合作、贷款、批地、并购&合作、投资决策、产业规划、境外投资、战略规划、风险评估等提供项目可行性报告&商业计划书编 制、设计、规划、咨询等一站式解决方案。助力项目实施落地、提升项目单位申报项目的通过效率。 （1）全直驱数控机床行业竞争格局分析：国外厂商在全直驱数控机床领域起步时间较早，20世纪90年代，日本、德国、瑞士等国家的部分机床企业已陆续 开始将直驱技术应用于数控机床。随着直驱技术的不断成熟以及制造业加工需求的提升，国外各类机床厂商，从"小而精"的高端品牌到"大而广"的知名品 牌，纷纷推出全直驱系列数控机床，作为核心产品参与市场竞争。在中国市场，日本沙迪克、日本牧野、日本安田、日本碌碌、瑞士GF、瑞士斯图特、德 国罗德斯、中国台湾大前等厂商全直驱数控机床销售额较大，占据了主要市场份额。 国产全直驱数控机床产业化进程落后于国外，在国外厂商普遍开始面向市场推广全直驱数控机床时，我国尚处于高校或科研院所与企业合力研发阶段 ...

Core Viewpoint - The event highlighted the ongoing progress of Jiaxing Hongpu Fund's registration and filing, emphasizing the company's commitment to innovation and strategic project selection in the intelligent manufacturing sector [1] Company Overview - Weihong Co., Ltd. specializes in providing motion control system solutions, primarily focusing on CNC (Computer Numerical Control) systems and servo systems, which are essential components in intelligent manufacturing [1] - The company aims to strategically position itself within the intelligent manufacturing industry by proactively identifying high-quality projects to enhance technological innovation and business expansion [1] Strategic Approach - When selecting professional institutions for collaboration, the company considers not only their expertise and industry resources but also their understanding of the company's operational style and corporate culture [1] - The goal is to find suitable targets and compatible management teams to foster effective partnerships [1]

Group 1: Company Strategy and Growth - The company is pursuing a dual-driven strategy of internal growth and external mergers and acquisitions to enhance its development [1][2] - The establishment of the Jiaxing Hongpu Fund is progressing steadily, with plans for future disclosures based on regulatory requirements [1][5] - The company aims to identify suitable acquisition targets and management teams to inject new momentum into its technological innovation and business expansion [5][6] Group 2: Market Performance and Stock Liquidity - Concerns regarding stock liquidity were acknowledged, with the company emphasizing its normal operations and commitment to creating shareholder value [2][7] - The company is focused on enhancing its market presence and product innovation to improve stock performance [7][8] Group 3: Product Development and Technological Advancements - There has been a significant increase in demand for digital, informational, and intelligent solutions in manufacturing, particularly in the IoT cloud platform and CNC control areas [3][4] - New lightweight features have been added to the CNC system to improve ease of use and adaptability for small and medium-sized manufacturing enterprises [4][6] Group 4: Financial Health and Investment Plans - As of mid-2025, the company's operating cash flow remains stable, supporting daily operations and strategic planning [5][6] - The company plans to accelerate the leasing of idle properties and strengthen external investments and acquisitions [6][7]

Core Insights - The event titled "Communicating Value, Building Confidence for the Future" was held on September 19, 2025, focusing on the collective reception day for listed companies in the Shanghai area and the mid-year performance briefing [1] Company Overview - Weihong Co., Ltd. (维宏股份) is a high-tech enterprise specializing in motion control system solutions, primarily providing various CNC (Computer Numerical Control) machine tool control systems [1] - The company aims to strategically position itself within the intelligent manufacturing industry by proactively investing in high-quality projects to drive technological innovation and business expansion [1] Strategic Initiatives - The chairman of Weihong, Tang Tongkui, mentioned that the registration and filing work for Jiaxing Hongpu Fund is progressing smoothly, with plans to disclose relevant updates according to regulatory requirements [1] - When selecting professional institutions for collaboration, the company considers not only their expertise and industry resources but also their understanding of the company's operational style and corporate culture [1]

Group 1 - The advanced manufacturing clusters in Ningbo, Zhejiang East Industrial Mother Machine, Hangzhou Bay Modern Textile and Apparel, and Jintai Hilly Area Agricultural Machinery Equipment are showing strong development momentum with significant core data and industrial upgrade results [1][2][3] - In Ningbo's green petrochemical cluster, the industrial added value above designated size increased by 5.3% year-on-year from January to July, with the petroleum processing industry growing at 15.6%, significantly outperforming the industrial average [1] - The Zhejiang East Industrial Mother Machine cluster has gathered over 2,000 enterprises, achieving an output value of nearly 280 billion yuan in 2023, with a notable acceleration towards high-end manufacturing driven by innovation and industrial chain collaboration [1] Group 2 - The Hangzhou Bay Modern Textile and Apparel cluster, recognized as a global textile production and trading center, reported a 9.6% year-on-year growth in the dyeing industry, with a production value of 19.25 billion yuan from January to April [2] - Zhejiang Yingfeng Technology Co., Ltd. invested over 1 billion yuan to build a new "future factory," which is expected to enhance production efficiency and market competitiveness through smart dyeing equipment and information management systems [2] - The Jintai Hilly Area Agricultural Machinery Equipment cluster has a total output value exceeding 90 billion yuan, with over 3,000 agricultural machinery-related enterprises in Taizhou, accounting for over 40% of the province [3] Group 3 - The development path for advanced manufacturing clusters in China should focus on four key directions: promoting leading industries, cross-regional industrial collaboration, cross-industry cluster synergy, and upstream and downstream collaboration within the cluster [3] - A systematic approach is suggested for building world-class advanced manufacturing clusters, aiming to cultivate 10 such clusters by 2030 and 20 by 2035, based on industry maturity [4]

Summary of PCB Drilling Equipment Industry Conference Call Industry Overview - The conference focuses on the PCB drilling equipment industry, highlighting the significant growth and demand for drilling machines and related equipment in recent years [2][5][38]. Company Profile - The company specializes in manufacturing and selling CCD back drilling machines, conventional mechanical drilling machines, and forming machines, with a notable increase in drilling machine business [3][5]. - The production bases are located in Jiangsu Huai'an and Nanjing, with the headquarters in Taiwan. The current monthly production capacity is approximately 400 units, totaling an annual capacity of around 4,000 units [6][9]. Key Products and Sales - The product mix includes forming machines (40% of new orders), CCD back drilling machines (30%), and conventional mechanical drilling machines (30%) [8]. - The pricing for the products is as follows: conventional mechanical drill at approximately 500,000 RMB, CCD back drill priced between 1.6 to 1.8 million RMB, and forming machines priced between 450,000 to 500,000 RMB [8]. Order and Delivery Status - As of August 2025, the company has shipped over 1,800 units, with a backlog of approximately 800 units, and delivery dates extended to March 2026 [7][9]. - Major clients include Taiwanese enterprises such as Hushi, Pengding, and state-owned enterprises like Shenwan and Jingwang [7]. Industry Dynamics - The PCB industry is experiencing a positive outlook, with aggressive expansion from companies like Jianding and Pengding, which have ordered 600 and approximately 3,000 drilling machines, respectively [5][19]. - The demand for high-end HDI (High-Density Interconnect) boards is increasing, driven by the need for precision in positioning and depth control, leading to significant equipment investments [29][30]. Supply Chain Challenges - The main constraint on delivery is insufficient production capacity, compounded by shortages of key components such as spindles, which are primarily supplied by Haozhi and Xifeng [9][10]. - Spindle costs account for about 1/5 to 1/8 of the drilling equipment's total cost, with each drilling machine requiring six spindles [11]. Technological Aspects - The company emphasizes the importance of the CNC system for machine precision, developed by a team led by a Tsinghua University PhD [12][17]. - Linear motors are crucial for spindle positioning and sensitivity, with suppliers including Mitsubishi and Fuji [18]. Market Trends and Future Outlook - The PCB industry is expected to maintain a favorable growth trajectory, with a projected increase in demand from major companies like Nvidia, Microsoft, and Amazon [21][38]. - The current industry cycle is anticipated to last at least three years, with many leading manufacturers already booked into 2026 [45]. Competitive Landscape - Domestic and Taiwanese equipment manufacturers are gaining a competitive edge due to shorter delivery times compared to foreign suppliers, who may have lead times of one to two years [46]. - The market is characterized by a mix of aggressive expansion from local firms and a more conservative approach from foreign companies, which focus on quality and stability rather than rapid scaling [44]. Conclusion - The PCB drilling equipment industry is poised for significant growth, driven by technological advancements and increasing demand for high-precision products. The company is well-positioned to capitalize on these trends, despite facing supply chain challenges.

Core Viewpoint - The National Standardization Administration and the Ministry of Industry and Information Technology have issued a plan to establish a high-quality standard system for industrial mother machines by 2026, aiming to enhance product quality and equipment upgrades through high-level standards [1] Summary by Relevant Sections Standard System Development - By 2026, a basic high-quality standard system for industrial mother machines will be established, with at least 300 standards to be formulated or revised, including at least 5 international standards [1] - The international standard conversion rate is targeted to reach 90%, optimizing the structure of standard supply [1] Industry Upgrades and Emerging Demands - The plan emphasizes accelerating the development of standards for high-end industrial mother machines, advanced CNC systems, high-performance functional components, advanced manufacturing processes, and key core components [1] - Some critical standards will be set to be moderately ahead of the average industry development level, enhancing the role of standards in leading high-quality industrial development [1] Investment Opportunities - Guojin Securities notes that the "Industrial Mother Machine+" initiative has been advancing over the past two years, promoting both domestic production and industrial upgrades to better meet the demands of emerging industries such as new energy vehicles, humanoid robots, and low-altitude economy [1] - Investment opportunities are suggested in sectors benefiting from domestic production, such as five-axis machine tools, CNC systems, and screw guide rails, as well as in processing centers and grinding machines driven by the demand from humanoid robots and other emerging industries [1]

Group 1 - The latest stock price of Huazhong CNC is 29.90 yuan, an increase of 0.24 yuan from the previous trading day, with a trading volume of 90,060 hands and a transaction amount of 268 million yuan [1] - The company operates in the general equipment manufacturing industry, focusing on the research, production, and sales of CNC systems, industrial robots, and intelligent manufacturing equipment [1] - As a core supplier of domestic high-end CNC systems, the company's products are widely used in various fields including 3C, new energy vehicles, and general manufacturing [1] Group 2 - The company is currently focused on the research and industrialization of mid-to-high-end CNC systems, which are essential for the upgrade and replacement of various CNC machine tools in the metal cutting sector [1] - The company aims to continuously expand the application of core technologies and promote the self-controllable process of domestic high-end equipment [1] - Data on capital flow indicates a net outflow of 37.62 million yuan from main funds on that day, with a cumulative net outflow of 109 million yuan over the past five trading days [1]

Core Viewpoint - The company, Guangdong Keri Sui CNC Technology Co., Ltd., is seeking to go public on the Sci-Tech Innovation Board, highlighting its potential in the domestic market for direct-drive CNC machine tools, which is in urgent need of domestic alternatives. However, it currently faces significant accounts receivable and cash flow pressures [2][26]. Company Overview - Keri Sui CNC was established in March 2016 and completed its share reform in November 2022. The company is headquartered in Longhua District, Shenzhen, with its main production facility located in Dongguan [3]. - The actual controllers of the company are Meng Changmin and Wang Yun, who collectively hold 46.75% of the voting rights [3][4]. - The company has received investments from several institutions, including Dinghui and Longhua Industrial Fund [5][6]. Financial Performance - The company's revenue has shown growth, with reported figures of 222 million yuan, 254 million yuan, and 316 million yuan for the years 2022, 2023, and 2024, respectively. Net profits for the same years were 24.94 million yuan, 35.91 million yuan, and 64.06 million yuan [10][12]. - The total assets of the company reached approximately 1.01 billion yuan by the end of 2024, with a debt-to-asset ratio of 10.03% [11]. - The company’s gross profit margin has improved over the years, reaching 49.05% in 2024, attributed to increased self-manufacturing of key components [14][15]. Product and Market Position - Keri Sui CNC specializes in direct-drive CNC machine tools, with nearly 90% of its products used in precision molds, aerospace, and consumer electronics [8][12]. - The company’s product revenue structure shows that CNC machine tools account for approximately 72.74% of total revenue in 2024, while CNC systems contribute around 23.64% [12][13]. - The company ranks first among domestic manufacturers in the sales of direct-drive CNC machine tools in 2024 [26]. Industry Context - The direct-drive CNC machine tool market in China is expected to grow from approximately 4 billion yuan in 2023 to 13 billion yuan by 2029, indicating a strong demand for domestic alternatives [24][26]. - Currently, about 90% of high-end industrial mother machines in China are imported, highlighting a significant opportunity for domestic manufacturers like Keri Sui CNC [25][26]. - The global machine tool market has shown recovery, with a record high output value of 81.9 billion euros in 2023, reflecting a positive trend for the industry [22].

Investment Rating - The report maintains a positive outlook on the mechanical equipment sector, with specific recommendations for companies such as Yingliu Co., Sany Heavy Industry, XCMG, Zoomlion, LiuGong, and Hengli Hydraulic [11]. Core Insights - GEV's new gas turbine orders increased by 35.56% year-on-year in the first half of 2025, indicating a strong demand in the gas turbine industry [25]. - Tesla's humanoid robot, Optimus Gen3, is set to launch a prototype within three months, with production expected to start in early 2026, which is anticipated to positively impact the robotics industry [25]. - The commencement of the Yaxia Hydropower Station project, with an estimated total investment of 1.2 trillion yuan, is expected to accelerate the recovery of domestic engineering machinery sales [25]. - The "Industrial Mother Machine+" initiative is driving domestic substitution and industrial upgrades, particularly in sectors like aerospace and new energy vehicles [25]. - The report highlights a robust demand for engineering machinery, with excavator sales showing resilience and growth in both domestic and international markets [30]. Summary by Sections Market Review - The SW Mechanical Equipment Index rose by 2.56% over the past week, outperforming the CSI 300 Index, which increased by 1.69% [14][15]. Key Data Tracking - General machinery sector remains under pressure, while engineering machinery shows a steady upward trend with excavator sales increasing by 13.3% year-on-year in June 2025 [23][30]. - The gas turbine sector is experiencing a robust upward trend, with GEV's new orders indicating a significant recovery [50]. Industry Dynamics - The report notes a stable growth in railway equipment investments, maintaining around 6% growth in 2025 [39]. - The shipbuilding sector is showing signs of marginal improvement after a period of decline, with new ship price indices stabilizing [41]. - Oil service equipment is showing signs of bottoming out, with global rig counts increasing, indicating a recovery in oil service demand [42].