值得注意的是，大族数控这份最新三季报，也创下公司上市以来最好同期业绩。公司今年前三季度营收 和净利均创下上市以来同期历史新高。 就今年前三季度业绩增长原因，大族数控表示，首先是AI算力高多层板及高多层HDI板市场规模增长及 技术难度双重提升，对高技术附加值专用加工设备的需求持续上升。公司紧抓下游客户扩产机遇，针对 AIPCB提供一站式专用设备解决方案，包含高厚径比通孔、高精度背钻及高速材料盲孔加工方案，高精 度线路转移及检查方案，高可靠性质量检测方案等产品，同时满足客户大批量设备快速交付的要求，受 到行业龙头客户的广泛认可。 同时，大族数控持续提升汽车电子、消费电子等多层板及HDI板加工设备的综合竞争力，钻孔类、曝光 类及检测类设备等产品的性能和加工效率不断优化，助力下游客户降低运营成本，从而获得更高市场份 额。 行业方面，2025年以来，国内DeepSeek开源大模型引发AI加速应用，国内外云解决方案提供商持续提 升算力中心投入，AI算力数据中心服务器、交换机、光模块等终端需求延续强劲态势，PCB产业直接受 益，以高多层板为主的细分市场需求快速攀升，促进下游PCB企业投资力度加大。 A股PCB龙头大族数控（ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9][10] Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, achieving revenue of 3.903 billion yuan, a year-on-year increase of 66.53%, and a net profit attributable to shareholders of 492 million yuan, a year-on-year increase of 142.19% [5][9] - The growth in demand for high-end PCB production equipment is driven by the expansion of the AI computing power market and the increasing complexity of high-layer boards [7][9] - The company's gross margin improved significantly, with a gross margin of 31.73% for the first three quarters of 2025, up 3.74 percentage points year-on-year, and a net profit margin of 12.51%, up 3.85 percentage points year-on-year [7][9] Financial Performance Summary - For Q3 2025, the company achieved revenue of 1.521 billion yuan, a year-on-year increase of 95.19% and a quarter-on-quarter increase of 6.96% [7] - The net profit attributable to shareholders for Q3 2025 was 228 million yuan, a year-on-year increase of 281.94% and a quarter-on-quarter increase of 55.93% [7] - The company expects to achieve revenues of 5.410 billion yuan, 8.127 billion yuan, and 10.565 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 670 million yuan, 1.090 billion yuan, and 1.571 billion yuan [8][9] Market Position and Outlook - The company is recognized as a leading global supplier of PCB production equipment, benefiting from the ongoing expansion of the PCB industry and the increasing technical complexity of products [9] - The company is actively expanding its overseas market presence and enhancing the competitiveness of its products in automotive and consumer electronics sectors [7][9]

Core Viewpoint - The company reported significant growth in revenue and net profit for the first three quarters of 2025, driven by increased demand for high-tech equipment in the AI PCB market and improvements in processing capabilities for multilayer and HDI boards [1] Financial Performance - The company achieved a revenue of 3.903 billion yuan, representing a 66.53% increase compared to the same period last year [1] - The net profit attributable to shareholders reached 492 million yuan, marking a 142.19% increase year-on-year [1] - The net profit excluding non-recurring gains and losses was 476 million yuan, reflecting an increase of 181.89% compared to the previous year [1] Market Demand and Product Development - The growth in the AI computing high multilayer board and high multilayer HDI board markets has led to a sustained increase in demand for specialized processing equipment with high technical added value [1] - The company has capitalized on downstream customer expansion opportunities by providing comprehensive specialized equipment solutions for AI PCBs, including high aspect ratio through holes, high-precision back drilling, and high-speed material blind hole processing solutions [1] - The company has enhanced the competitiveness of its multilayer and HDI board processing equipment in automotive and consumer electronics sectors, optimizing the performance and processing efficiency of drilling, exposure, and inspection equipment [1]