证券研究报告 | 公司深度报告 2025 年 09 月 29 日 恒而达（300946.SZ） 重型模切刀具龙头企业，收购德国 SMS 强势切入高精 磨床国产替代市场 公司主营切削刀具业务，在金属材料加工与热处理领域拥有近三十年的技术积 累，并已连续十余年稳居全球重型模切刀具市场的龙头地位。近年来，公司着 力研发配套其刀具产品使用的智能数控装备，并相继推出直线导轨副等机床关 键滚动功能部件。2025 年，公司成功收购全球领先的高精磨床制造商德国 SMS。我们预计,高精磨床国产化及其所带来的滚珠丝杠成本优化与效能提升， 将成为公司未来业务的重要增长点。 ❑ 风险提示：下游市场需求波动风险、主要原材料价格波动风险、技术与产 品开发不及预期的风险、新业务盈利兑现不及预期。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 542 | 585 | 690 | 779 | 900 | | 同比增长 | 12% | 8% | 18% | 13% | 16% ...

Company Overview - Guangdong Dingtai High-Tech Co., Ltd. is located in Dongguan, Guangdong Province, established on August 8, 2013, and listed on November 22, 2022 [1] - The company specializes in providing integrated solutions for tools, materials, and equipment in the fields of PCB and CNC precision components, and is recognized as a high-tech enterprise with independent research and innovation capabilities [1] Financial Performance - As of September 23, Dingtai High-Tech's stock price decreased by 5.03%, trading at 79.08 CNY per share, with a transaction volume of 631 million CNY and a turnover rate of 10.67%, resulting in a total market capitalization of 32.423 billion CNY [1] - The revenue composition of the main business includes: cutting tools (82.55%), grinding and polishing materials (9.49%), functional film materials (3.95%), intelligent CNC equipment (2.80%), and other (1.17%) [1] Shareholder Information - Southern Fund's Southern CSI 1000 ETF (512100) entered the top ten circulating shareholders of Dingtai High-Tech in the second quarter, holding 569,500 shares, which accounts for 0.8% of the circulating shares [2] - The estimated floating loss for the ETF today is approximately 2.3862 million CNY [2] Fund Manager Insights - The fund manager of Southern CSI 1000 ETF (512100) is Cui Lei, who has been in the position for 6 years and 322 days, with a total fund asset size of 94.976 billion CNY [3] - During Cui Lei's tenure, the best fund return was 137.06%, while the worst return was -15.93% [3]

Group 1 - The core viewpoint of the news is that Heng Er Da's stock price has declined by 5.04% to 55.41 CNY per share, with a total market capitalization of 8.644 billion CNY as of the report date [1] - Heng Er Da, established on November 20, 1995, specializes in the research, production, and sales of metal cutting tools and supporting intelligent CNC equipment, with its main business revenue composition being: die-cutting tools 42.21%, sawing tools 38.74%, rolling functional components 12.79%, intelligent CNC equipment 3.34%, and others 2.92% [1] Group 2 - From the perspective of fund holdings, one fund under Hive Fund has a significant position in Heng Er Da, with 6,000 shares held, accounting for 2.38% of the fund's net value, ranking as the ninth largest holding [2] - The Hive Advanced Manufacturing Mixed Initiation A Fund (019006) was established on August 16, 2023, with a latest scale of 11.7676 million CNY, and has achieved a year-to-date return of 41.98%, ranking 1517 out of 8172 in its category [2] Group 3 - The fund managers of Hive Advanced Manufacturing Mixed Initiation A are Wu Qiong and Sun Ke, with Wu Qiong having a cumulative tenure of 2 years and 36 days, and Sun Ke having a tenure of 254 days [3] - The total asset scale of the fund is 11.8569 million CNY, with Wu Qiong achieving a best fund return of 35.96% and a worst return of 34.84% during his tenure, while Sun Ke achieved a best return of 44.21% and a worst return of 43.83% [3]

Group 1 - The core viewpoint of the news is that 鼎泰高科 (Ding Tai High-Tech) has seen a significant increase in its stock price, rising by 5.13% to 89.83 CNY per share, with a trading volume of 611 million CNY and a turnover rate of 9.86%, resulting in a total market capitalization of 36.83 billion CNY [1] - 鼎泰高科 is a high-tech enterprise established on August 8, 2013, and listed on November 22, 2022, located in Dongguan, Guangdong Province. The company specializes in providing integrated solutions for tools, materials, and equipment in the PCB and CNC precision machining sectors, showcasing strong independent research and innovation capabilities [1] - The revenue composition of 鼎泰高科's main business includes cutting tools (82.55%), grinding and polishing materials (9.49%), functional film materials (3.95%), intelligent CNC equipment (2.80%), and other supplementary products (1.17%) [1] Group 2 - From the perspective of the top ten circulating shareholders, 南方中证1000ETF (Southern CSI 1000 ETF) has entered the top ten shareholders, holding 569,500 shares, which accounts for 0.8% of the circulating shares. The estimated floating profit for today is approximately 2.49 million CNY [2] - 南方中证1000ETF was established on September 29, 2016, with a latest scale of 64.95 billion CNY. Year-to-date, it has achieved a return of 25.52%, ranking 1878 out of 4222 in its category, and a one-year return of 66.59%, ranking 1276 out of 3800 [2]

Core Viewpoint - The report from Huaxi Securities indicates that Heng'erda's net profit attributable to shareholders for the first half of the year was 43 million yuan, a year-on-year decrease of 22.5% [1] Financial Performance - In Q2, the company achieved a net profit of 23 million yuan, reflecting a year-on-year decline of 14.8% but a quarter-on-quarter increase of 15.3% [1] - Revenue from the traditional core business of metal cutting tools remained stable at 260 million yuan, showing no significant change year-on-year [1] Product Segment Analysis - Revenue from intelligent CNC equipment was 10.66 million yuan, down 41.0% year-on-year, as the company actively reduced the scale of business in categories with severe homogenization competition [1] - Revenue from rolling functional components reached 40.87 million yuan, a significant increase of 208.9% year-on-year, with sales of linear guideway products aimed at mid-to-high-end downstream users increasing by 758.3% year-on-year, raising its share in the rolling functional components business from 4.3% to 11.9% [1] Strategic Initiatives - The company strategically laid out the rolling functional components industry in 2022, focusing on the industrialization of linear guideway products, which has led to increased sales scale and continuous optimization of production processes [1] - The company is accelerating the research and development of ball screw assemblies and planetary roller screw assemblies to address the heavy reliance on imported high-precision CNC thread grinding machines in the manufacturing of screw products [1] - In May 2025, the company acquired the globally leading thread grinding machine company, Germany's SMS, to provide core equipment support for the mass production of high-precision rolling functional components [1] Investment Rating - The report maintains an "overweight" rating for the company [1]

Group 1 - The core viewpoint of the news is that Heng Er Da's stock price has declined by 5.03%, with a current trading price of 54.80 CNY per share and a total market capitalization of 8.549 billion CNY [1] - Heng Er Da, established on November 20, 1995, specializes in the research, production, and sales of metal cutting tools and supporting intelligent CNC equipment, with its main business revenue composition being: die-cutting tools 45.83%, sawing tools 38.70%, intelligent CNC equipment 6.07%, rolling functional components 5.97%, and others 3.44% [1] Group 2 - From the perspective of fund holdings, one fund under Hive Fund has a significant position in Heng Er Da, with the Hive Advanced Manufacturing Mixed Initiation A Fund (019006) holding 6,000 shares, accounting for 2.38% of the fund's net value, ranking as the ninth largest holding [2] - The Hive Advanced Manufacturing Mixed Initiation A Fund was established on August 16, 2023, with a latest scale of 11.7676 million CNY, and has achieved a year-to-date return of 30.32%, ranking 1848 out of 8190 in its category [2] Group 3 - The fund managers of the Hive Advanced Manufacturing Mixed Initiation A Fund are Wu Qiong and Sun Ke, with Wu Qiong having a tenure of 2 years and 14 days, and Sun Ke having a tenure of 232 days, both managing a total fund size of 11.8569 million CNY [3] - During their respective tenures, Wu Qiong achieved a best fund return of 25.28% and a worst return of 24.27%, while Sun Ke achieved a best return of 32.88% and a worst return of 32.55% [3]

Group 1 - The core viewpoint of the news is that Heng Er Da's stock experienced a decline of 2.73% on August 26, with a trading volume of 235 million yuan, indicating a potential concern among investors [1] - As of August 26, Heng Er Da's financing balance reached 170 million yuan, accounting for 1.88% of its market capitalization, which is above the 80th percentile of the past year, suggesting a high level of financing activity [1] - The company reported a financing buy-in amount of 25.98 million yuan on the same day, while the financing repayment was 28.84 million yuan, resulting in a net financing outflow of 2.86 million yuan [1] Group 2 - As of March 31, the number of shareholders for Heng Er Da increased by 42.96% to 13,200, while the average circulating shares per person decreased by 30.05% to 4,266 shares [2] - For the first quarter of 2025, Heng Er Da achieved a revenue of 150 million yuan, representing a year-on-year growth of 2.04%, but the net profit attributable to shareholders decreased by 29.86% to 20.02 million yuan [2] - Since its A-share listing, Heng Er Da has distributed a total of 129 million yuan in dividends, with 73.20 million yuan distributed over the past three years [2]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a strong performance in H1 2025, with revenue of 904 million yuan, a year-on-year increase of 26.90%, and a net profit of 160 million yuan, up 79.78% year-on-year, meeting expectations [5][8] - The demand for high-end PCBs in the AI sector is surging, leading to an increase in both volume and price for the company's PCB tools [8] - The company is optimizing its product structure, which has improved profitability, with a gross margin of 39.24% in H1 2025, up 4.59 percentage points year-on-year [8] - The establishment of a production base in Thailand and the acquisition of a German PCB tool manufacturer are accelerating the company's globalization efforts [8] - The profit forecast has been raised due to the sustained strong demand in the PCB industry, with expected net profits of 384 million, 645 million, and 966 million yuan for 2025, 2026, and 2027 respectively [8] Financial Data and Profit Forecast - The company achieved total revenue of 9.04 billion yuan in H1 2025, with a year-on-year growth of 26.90% [5] - The projected total revenue for 2025 is 1,991 million yuan, with a year-on-year growth rate of 26.0% [7] - The expected net profit for 2025 is 384 million yuan, reflecting a year-on-year growth of 69.3% [7] - The gross margin is projected to improve to 39.5% in 2025, and the return on equity (ROE) is expected to reach 14.0% [7]

Investment Rating - The report initiates coverage with an "Accumulate" rating for Ding Tai High-Tech (301377.SZ) [3][8]. Core Views - Ding Tai High-Tech is a leading global PCB drill needle manufacturer, achieving a market share of 26.5% in 2023, with a solid competitive position [1][14]. - The company's performance is expected to benefit from the synergy between AI computing power and technological innovation, leading to a continuous improvement in profitability [1][21]. - The entry into the robotics sector, leveraging its self-research capabilities, is anticipated to open new growth avenues for the company [2][8]. Company Overview - Ding Tai High-Tech focuses on providing integrated solutions in tools, materials, and equipment for PCB and precision machinery industries, with a significant revenue contribution from its drill needle and milling cutter products [14][15]. - The company has a comprehensive product portfolio, including tools, grinding materials, functional films, and intelligent CNC equipment, with the tool segment accounting for approximately 75.40% of revenue in 2024 [15][25]. Traditional Business - The PCB industry is experiencing a recovery driven by structural demand, particularly from AI and automotive electronics, which is expected to enhance the company's profitability [21][22]. - The company has established deep partnerships with leading PCB manufacturers, which is likely to further increase its market share [7][21]. Potential Growth Options - The company is positioned to benefit from the domestic replacement of high-precision grinding machines, which are currently reliant on imports, indicating significant market potential [7][22]. - Ding Tai High-Tech has been actively investing in R&D, with an average R&D expense ratio of 14% over the past three years, indicating a strong commitment to innovation [2][8]. Financial Forecast and Investment Recommendations - Revenue projections for Ding Tai High-Tech are estimated at 20.52 billion, 25.08 billion, and 30.14 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 3.39 billion, 4.54 billion, and 5.54 billion yuan [8][9]. - The expected growth rates for revenue and net profit are 29.92% and 49.45% for 2025, respectively, reflecting the company's strong growth trajectory [8][9].

Core Viewpoint - The company is experiencing growth opportunities in the PCB drill bit market due to the rising demand for high-value PCB products such as AI servers and high-speed network communications [3][22]. Company Overview - The company, Ding Tai High-Tech (301377.SZ), was established in 2013 and went public in 2022. It is a leading player in the global PCB drill bit market, with major clients including Pengding Holdings, Shenghong Technology, and Chongda Technology [5][4]. - The actual controllers of the company hold a combined 85.4% of the shares, indicating a high concentration of ownership [6]. Product Segmentation - The company primarily focuses on drill bits, milling cutters, and other specialized tools for PCB manufacturing, which historically contribute over 70% of its revenue [10][9]. - Functional film products, which include various protective films, are being developed as a second growth curve, with revenue from this segment reaching approximately 160 million yuan in 2024, a year-on-year increase of 72.8% [12][13]. Financial Performance - The company has maintained a growth trajectory, with revenue increasing from 700 million yuan in 2019 to 1.58 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 17.7%. In Q1 2025, revenue grew by 27.2% year-on-year [22]. - The net profit attributable to the parent company increased from 70 million yuan in 2019 to 200 million yuan in 2024, with a CAGR of 22.7%. In Q1 2025, net profit grew by 87.7% year-on-year [24]. Market Position - The company holds a leading global market share in PCB drill bits, which increased from 19% in 2020 to 26.5% in 2023, benefiting from the global PCB industry's shift to China [26][27]. - The company has established a strong market position due to its self-researched equipment, which reduces costs and improves production efficiency [29]. Research and Development - The company maintains a high R&D intensity, with R&D expenses accounting for 6.9% of revenue in 2024 [34]. - The self-developed equipment has allowed the company to lower production costs to one-third of imported products and improve production efficiency by 15-20% [29]. Capital Expenditure and Cash Flow - The company has a history of high capital expenditures, resulting in a cumulative negative free cash flow of 700 million yuan since 2018 [38]. - Despite negative free cash flow, the company has engaged in significant equity financing and dividends, distributing 200 million yuan in 2024, with a dividend payout ratio of 86.8% [42]. Asset Structure - As of Q1 2025, the company had total assets of 3.615 billion yuan, with fixed assets representing the largest portion at 26.2% [46][48].