公司主要布局钻孔设备、曝光机、压合设备、检测设备和成型设备，机 械钻机在多层板市场具有较强竞争力，高端市场仍由外资品牌主导，国 产化设备是进入行业的必要步骤。 公司预计 2025 年 AI 业务将占整体收入 30%以上，目标提升至 50%以 上，通过战略调整，将更多资源从非 AI 领域转移到 AI 领域，以期未来 AI 业务能够尽快提升到 50%以上。 大族数控 20250823 摘要 大族数控与盛宏合作，通过技术提升，机械钻孔机等产品已满足 AI 技术 要求，并在盛宏市场占据较高份额，同时提供电测设备，快速切入 AI 应 用场景。 全球 AI 业务蓬勃发展，英伟达、谷歌、亚马逊等公司大规模提升算力布 局，胜宏成为英伟达主要 PCB 供应商，鹏鼎等板厂也纷纷进入 AI 领域， 验证了 AI 的确定性和革命性。 大族数控调整战略，围绕 AI 进行技术投入和市场开拓，通过招聘、开发 新技术或提升供应链能力来匹配 AI 技术要求，抓住盛宏核心场景，加强 商务开拓，提高产品技术进步。 公司生产模式主要为集成组装，无瓶颈工序，上半年产能提升约 80%， 与订单增长一致，收入增长 50%。产能适度紧张但弹性较大，可根据经 ...

对话 PCB 专家，解析设备投资机遇 20250824 摘要 高端 HDI 板对位精度要求极高（±1 微米），压接孔公差需控制在 ±0.05 毫米内，电镀均匀性±5 微米，介质厚度均匀性±10%。为满足 需求，需高解析度曝光机、高精度激光钻孔机等进口设备，国产替代存 在挑战。 中国大陆 5-7 阶 HDI 板厂数量有限，但 NVIDIA 等客户需求增加推动研 发和生产投入。此类 HDI 板采用盲孔设计，无电容寄生效应，利于高速 信号传输，是未来发展方向。 高端 PCB 制造对设备要求日益提高，如美国北美地区芯片对应 PCB 已 达 30-40 层，厚度 4-6 毫米，常规设备难以胜任。高端 PCB 制造将依 赖强穿透力电镀线、高精密压合机等先进设备。 国产高端 PCB 设备产能不足，使用高端部件导致成本增加，缺乏价格优 势。虽国内备战工序进步显著，但效率和稳定性仍逊于海外设备，良率 也较低。 东威公司在 VCP 线方面处于行业领先地位，其 GP300 型号主要用于填 孔线，是国内企业中的龙头，表明东威公司的电镀 VCP 技术在中国大陆 具有很强的竞争力，可以满足高端需求。 Q&A 在 AI 服务器领域，针对高 ...

Group 1 - The stock price of Dazhu CNC closed at 70.61 yuan on July 30, 2025, down 0.80% from the previous trading day [1] - The trading volume for the day was 119,214 lots, with a total transaction amount of 8.11 billion yuan [1] - Dazhu CNC specializes in the research, production, and sales of PCB-specific equipment, including drilling machines, exposure machines, and forming machines [1] - The company is a significant player in the domestic PCB equipment sector, headquartered in Shenzhen, Guangdong Province [1] - Dazhu CNC reported that it currently has sufficient orders on hand and that all business segments are developing well [1] - The company plans to actively enhance production capacity in response to the technological developments and capacity expansion trends of downstream customers [1] Group 2 - On July 30, the net inflow of main funds was 49.5591 million yuan, accounting for 1.13% of the circulating market value [2]

Investment Rating - The report does not explicitly state an investment rating for the company Core Viewpoints - The company, Silicondale Co., Ltd. (301629.SZ), is a leading domestic manufacturer of probe test equipment, benefiting from the ongoing trend of domestic substitution in the semiconductor industry [2][11] - The probe station market in mainland China is expected to grow significantly, with a projected market size of USD 459 million by 2025, driven by the increasing demand for semiconductor testing equipment [3][35] - The company has established a strong competitive position through its advanced technology and localized service, which allows it to effectively respond to the needs of domestic semiconductor manufacturers [4][11] Summary by Sections 1. Leading Domestic Probe Station Equipment Manufacturer - Silicondale Co., Ltd. holds the largest market share in the probe station equipment sector in mainland China, with a market share of 25.7% as of 2023 [2][11] - The company is the first in mainland China to achieve the industrial application of 12-inch wafer probe stations, competing effectively with leading international firms [2][4] 2. Strong Growth Momentum in the Probe Station Equipment Market - The probe station is one of the three core testing devices in semiconductor manufacturing, with a compound annual growth rate (CAGR) of 22.28% from 2013 to 2023 in mainland China [3][29] - The demand for probe stations is expected to continue growing due to technological advancements and the ongoing domestic substitution process [3][38] 3. Technology and Service Synergy Driving Market Leadership - The company has built a solid competitive barrier through its technological capabilities and customer service, which are crucial in the context of domestic substitution [4][51] - Silicondale Co., Ltd. has developed six core technologies in probe testing, achieving a leading position in the domestic market [4][53] - The company maintains a high revenue contribution from its core technology products, which accounted for 93.31% of its revenue in the first half of 2024 [18][53]

Core Viewpoint - The company is a leading domestic prober equipment manufacturer with a comprehensive product range, primarily serving the semiconductor and LED optoelectronic chip sectors. The company is expected to benefit from the domestic substitution trend and continuous product iteration, with significant growth potential in the wafer prober market [1][2][3]. Group 1: Company Overview - The company, established in 2003, has become the largest prober equipment manufacturer in mainland China, serving clients such as Silan Micro, BYD Semiconductor, and Sanan Optoelectronics [1][8]. - Revenue has grown from 188 million RMB in 2020 to an expected 508 million RMB in 2024, with a CAGR of 28.2%. The revenue composition is 55% from die probers and 36% from wafer probers in 2024 [1][14]. - The company has a domestic market share of approximately 15% in the prober equipment sector, with significant room for growth due to its technological advantages [2][23]. Group 2: Market Potential - The global prober equipment market is projected to exceed 1 billion USD, with the domestic market expected to reach around 30 billion RMB in 2024. The company is positioned to benefit from the domestic substitution process [2][23]. - The company has mastered several core technologies, including high-precision stepping technology and automatic probe alignment, achieving domestic leadership in key performance indicators [10][31]. Group 3: Product Development and Innovation - The company is actively expanding its product line to include sorting machines and AOI inspection machines, which are expected to open new growth avenues [3][35]. - The wafer prober market is anticipated to contribute significantly to the company's growth, especially as it continues to enhance its technology and expand its customer base [3][29]. Group 4: Customer Base and Market Share - The company has a high customer concentration, with the top five customers accounting for 66.5% of revenue in 2023. Major clients include Silan Micro and Sanan Optoelectronics [17][18]. - The company is focusing on expanding its market share in the semiconductor sector, where it currently has a lower presence compared to its competitors [34]. Group 5: Financial Performance - The company's gross margin for die probers has fluctuated, while the gross margin for wafer probers remains relatively stable and higher. The overall revenue is expected to show steady growth despite some fluctuations in specific product lines [19][21]. - In 2024, the company is projected to achieve a net profit of 92 million RMB, reflecting a year-on-year growth of 3.4% [21].

Core Viewpoint - The article highlights the rise of domestic semiconductor equipment manufacturers, particularly focusing on Xidian Semiconductor Equipment (Shenzhen) Co., Ltd. (referred to as Xidian), which has achieved significant milestones in the probe testing technology sector, breaking foreign monopolies and positioning itself as a leading player in the Chinese market [2][4]. Group 1: Company Overview - Xidian is primarily engaged in the research, production, and sales of semiconductor-specific equipment, with a focus on probe testing technology [2]. - The company is the first in mainland China to achieve industrial application of 12-inch wafer probe testing equipment, breaking the long-standing foreign monopoly [2][4]. - As of 2019, Xidian held a 13% market share in the mainland probe testing equipment market, ranking fourth overall and first among domestic manufacturers [2]. Group 2: Technological Advancements - Xidian has successfully developed and mass-produced 6-inch wafer probe testing equipment, which has been sold to major domestic semiconductor manufacturers [4]. - The company has mastered several core technologies, including high-precision fast-response large-stroke precision stepping technology and automatic needle alignment technology [6]. - Xidian's product range has expanded from manual to fully automatic probe testing equipment, covering sizes from 4 inches to 12 inches [5][6]. Group 3: Financial Performance - Xidian's revenue has shown rapid growth, with figures of 399 million yuan, 442 million yuan, 546 million yuan, and 335 million yuan from 2021 to the first nine months of 2024, driven by increased demand in the downstream industry [6]. - The company's revenue from probe testing equipment has consistently accounted for nearly 95% of its total revenue [5]. - The market share of Xidian in mainland China has increased from 19.98% in 2021 to 25.70% in 2023 [7]. Group 4: Market Opportunities - The global semiconductor industry is undergoing a significant shift, with a notable portion of new semiconductor wafer plants being established in mainland China [8]. - The domestic semiconductor equipment market has substantial room for growth, with current localization rates of 16.4% for front-end equipment and 13.2% for back-end equipment [9]. - Xidian plans to raise 545 million yuan through its IPO to invest in R&D and expand its production capacity, aiming to enhance its market presence and product offerings [10].