Core Insights - The company reported a significant increase in revenue and profit for the first three quarters of 2025, driven by AI demand in the PCB market, with revenue reaching 3.903 billion yuan, up 66.53% year-on-year, and net profit of 492 million yuan, up 142.19% [1] Financial Performance - For Q3 2025, the company achieved revenue of 1.521 billion yuan, a year-on-year increase of 95.19%, and net profit of 228 million yuan, up 281.94% [1] - The gross profit margin for the first three quarters of 2025 was approximately 31.7%, an increase of 4.8 percentage points year-on-year, while the net profit margin was about 12.6%, up 3.9 percentage points [2] - The company’s inventory increased significantly to 1.583 billion yuan, a rise of 76.22% from the beginning of the year, indicating strong order demand [2] Market Dynamics - The demand for PCB equipment is surging due to AI infrastructure development, particularly in high-layer and high-end HDI PCBs, which are experiencing a production expansion wave [3] - The company has achieved international standards in mechanical drilling and is increasing its market share with high-end products like CCD back-drilling machines, which are gradually replacing overseas competitors [3] - The company is also investing in new ultra-fast laser drilling technology to meet the precise processing needs of advanced HDI and similar substrates, which has already secured formal orders from downstream customers [3] Investment Outlook - The company is positioned as a leader in the global PCB equipment market, particularly in high-layer PCB equipment driven by AI server demand, with rapid order growth expected [4] - Profit forecasts for the company are set at 697 million yuan, 1.143 billion yuan, and 1.730 billion yuan for 2025-2027, with corresponding PE ratios of 59, 36, and 24 times [4]

证券研究报告·公司点评报告·专用设备 ◼ 盈利能力显著提升，费用管控效果优良 2025Q1-Q3 公司销售毛利率约为 31.7%，同比提升 4.8pct；销售净利率约 为 12.6%，同比提升 3.9pct。公司盈利能力改善，我们判断主要系应用于 AI 服 务器 PCB 的高价值量 CCD 背钻机等高端产品收入占比提升，同时规模效应 提升显著。2025Q1-Q3 公司期间费用率为 16.9%，同比下降 2.9pct，其中销售 /财务/管理/研发费用率分别为 5.2%/0.5%/4.6%/6.5%，同比分别-0.5pct/-0.9pct/- 0.5pct/-1.0pct。 ◼ 存货大幅增长彰显订单饱满，现金流短期承压 截至 2025Q3 末，公司存货达 15.83 亿元，较年初大幅增长 76.22%，主要 系公司为应对旺盛的下游订单需求进行积极备货。2025Q1-Q3 公司经营活动 产生的现金流量净额为-6.96 亿元，主要系业务规模快速扩张，采购支付的现 金及职工薪酬支出相应增加所致。 大族数控（301200） 2025 三季报点评：业绩快速增长，继续看好 AI 算力需求释放 买入（维持） | [Table_ ...