高阶 HDI 在工艺上的改进主要体现在叠层结构和钻孔技术上。以最普通的一阶 HDI 为例，其基本结构是在核心层上下各叠一片半固化片，再覆盖一片铜箔， 实现 1+2+1 即 4 导电层。而复杂一些的两阶 HDI 则需要在两片芯板基础上， 通过半固化片连接，再覆盖多片铜箔，使得导电层数量达到六至十几不等。 随 着增层数增加，每一增层都需要打激光盲埋孔，以实现电气互联，因此对激光 钻机需求大幅提升。同时，由于核心层通常通过机械通孔进行加工，而增多叠 加会降低加工效率并影响良率，因此对机械钻机也提出了更高要求。此外，还 涉及到背钻孔技术，即在通孔基础上进一步去除部分镀铜，以优化信号传输速 率。 总之，高阶 HDI 的发展不仅增加了导电、叠加及打孔工序，也提高了对 相关设备精度、效率及稳定性的要求。 PCB 设备专题：如何理解 PCB 工艺进阶带来的设备&耗材 量价齐升机遇？20250928 摘要 AI 算力服务器推动 PCB 行业向高端化、高阶化发展，英伟达 Ruby 架构 采用 PCB 替代铜缆互联，解决高密度互联需求，正交背板成为优选方案， 但 78 层高多层结构对机械钻孔设备提出更高要求，需分次钻孔并升级 PC ...

Investment Rating - The report assigns a "Buy" rating to the company for the first time [5] Core Views - The company is a global leader in PCB equipment, benefiting significantly from the current demand for high-performance computing [5] - The company has a comprehensive product matrix covering all major processes in PCB manufacturing, including drilling, exposure, lamination, forming, inspection, and attachment [21][15] - The company has shown strong revenue growth, with a projected increase in net profit from 696.84 million yuan in 2025 to 1.73 billion yuan in 2027 [5] Summary by Sections Company Overview - Established in 2002, the company specializes in PCB equipment and has been listed on the Shenzhen Stock Exchange since February 2022 [14] - The company has a wide range of products covering various PCB manufacturing processes and serves top global PCB manufacturers [15][21] Industry Analysis - The PCB industry is experiencing a recovery driven by new demands from AI servers and high-performance infrastructure, with a projected growth in the global PCB market from $73.57 billion in 2024 to $94.66 billion in 2029 [41] - The demand for high-end PCB products, such as HDI boards and multilayer boards, is expected to grow significantly, becoming a core driver of industry growth [41][45] Financial Performance - The company reported a revenue of 2.38 billion yuan in the first half of 2025, a year-on-year increase of 52.26%, and a net profit of 263 million yuan, up 83.82% [2][25] - The company's revenue is projected to reach 5.83 billion yuan in 2025, with a net profit of 696.84 million yuan, reflecting a strong recovery trend [5][24] Market Position - The company holds a leading market share of 10.1% in China and 6.5% globally in the PCB equipment sector [4] - The company has a strong presence in drilling and exposure equipment, with its products ranking second globally in mechanical drilling and laser drilling [4][15]

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant year-on-year growth in revenue and net profit, driven by demand in the AI server market and advancements in drilling equipment technology [1][4]. Financial Performance - For the first half of 2025, the company achieved operating revenue of 2.382 billion yuan, a year-on-year increase of 52% [1] - The net profit attributable to shareholders reached 263 million yuan, up 84% year-on-year [1] - The non-recurring net profit was 250 million yuan, reflecting a 101% increase year-on-year [1] - The gross margin was 30.28%, an increase of 1 percentage point year-on-year, while the net margin was 10.97%, up 2 percentage points year-on-year [1] - In Q2 2025, the company reported operating revenue of 1.422 billion yuan, a 75% increase year-on-year and a 48% increase quarter-on-quarter [1] Product Development and Market Position - The company capitalized on the AI server opportunity, with drilling equipment revenue reaching 1.692 billion yuan in the first half of 2025, a 72% increase year-on-year [2] - The gross margin for drilling equipment was 26.10%, up 0.4 percentage points year-on-year [2] - The company has developed new drilling machines with advanced features, such as a 3D back drilling function, which have been certified by industry clients and are in high demand [2] - The laser drilling product matrix includes various types of laser drilling equipment tailored for different PCB segments, with ongoing upgrades to meet the evolving technical requirements of HDI products [3] - The company’s new laser processing solutions have achieved high precision requirements for small holes and complex shapes, gaining recognition and orders from downstream customers [3] Comprehensive Service Offering - The company is one of the largest providers of PCB specialized equipment, with detection equipment revenue of 209 million yuan, an 82% increase year-on-year, and a gross margin of 41% [4] - Exposure equipment revenue was 124 million yuan, down 23% year-on-year, while forming equipment revenue was 141 million yuan, up 4% year-on-year [4] - The company’s one-stop service significantly reduces customer procurement and maintenance costs, facilitating ongoing technical collaboration and communication with clients [4] Investment Outlook - The company is expected to achieve revenues of 4.973 billion yuan, 6.703 billion yuan, and 8.373 billion yuan for the years 2025 to 2027, with net profits of 596 million yuan, 822 million yuan, and 1.033 billion yuan respectively [4] - Corresponding price-to-earnings ratios are projected to be 63.22, 45.79, and 36.46 times for the same years [4] - The company is well-positioned to benefit from the growing demand in the AI server market and maintains a leading position in drilling equipment [4]

Industry Overview - The PCB equipment industry is experiencing a significant expansion driven by the demand for high-performance computing PCBs, with a notable shift towards high-end equipment and domestic replacements due to supply shortages in overseas high-end equipment [2][4] - The market for PCB-specific equipment is projected to grow to $10.8 billion by 2029, with a CAGR of 8.7% from 2024 to 2029, significantly higher than the 3.6% CAGR from 2020 to 2023 [2] Company Performance - The company reported a revenue of 2.38 billion yuan in the first half of the year, representing a year-on-year increase of 52.3%, and a net profit of 260 million yuan, up 83.8% year-on-year [3] - The gross margin improved to 30.3%, an increase of 1.0 percentage points, while the net profit margin rose to 11.0%, up 1.8 percentage points [3] Product Development - The company’s mechanical drilling equipment is well-positioned to benefit from the demand for high-layer count PCBs, with significant growth expected in both volume and pricing [4] - The introduction of innovative technologies, such as the CCD six-axis independent mechanical drilling machine, is expected to enhance the company's competitive edge and drive revenue growth [4][5] Market Trends - The demand for CO2 laser drilling equipment is increasing, with the company leveraging its technological advantages in ultra-fast laser solutions to capture market share [5] - The company is expected to maintain a strong growth trajectory, with PCB orders projected to exceed 5 billion yuan for the year [4] Investment Outlook - The company is recognized as a leading player in the global PCB equipment market, with a strong position to capitalize on the accelerated expansion of AI PCBs and the upgrade of high-end products [6] - Revenue forecasts for 2025-2027 indicate continued growth, with expectations for net profits to follow suit, reflecting the company's robust market positioning and technological advancements [6]

Industry Overview - The PCB equipment industry is experiencing a significant expansion driven by the demand for high-performance computing PCBs, particularly in Southeast Asia, leading to increased production plans from various PCB manufacturers [1] - The market for PCB-specific equipment is projected to grow to $10.8 billion by 2029, with a CAGR of 8.7% from 2024 to 2029, significantly higher than the 3.6% CAGR from 2020 to 2023 [1] - High-end equipment is expected to see a domestic replacement opportunity due to tight supply from overseas suppliers, as domestic companies leverage their technological innovation, production capacity, and cost advantages [1] Company Performance - In the first half of the year, the company achieved revenue of 2.38 billion, a year-on-year increase of 52.3%, and a net profit of 260 million, up 83.8% year-on-year [2] - The gross margin improved to 30.3%, an increase of 1.0 percentage points, while the net profit margin rose to 11.0%, up 1.8 percentage points [2] - The revenue growth was primarily driven by strong demand for high-layer AI server boards and increased sales of mechanical drilling and innovative equipment [2] Product Development - The company’s mechanical drilling equipment is well-positioned to benefit from the rising demand for high-layer boards, with significant increases in both volume and price expected [3] - The introduction of advanced drilling machines, such as the CCD six-axis independent mechanical drilling machine, has led to substantial orders from leading high-layer board manufacturers, doubling the value compared to standard drilling equipment [3] - The company is also innovating in the CO2 laser drilling equipment sector, with a focus on ultra-fast laser technology, which is expected to meet the growing demand for high-end HDI boards [3] Investment Outlook - The company is recognized as a leading player in the global PCB equipment market, maintaining the top position among domestic manufacturers for 16 consecutive years [4] - Revenue forecasts for 2025-2027 are projected at 5.16 billion, 7.90 billion, and 11.29 billion, with corresponding net profits of 660 million, 1.08 billion, and 1.67 billion [4] - The company is expected to benefit from the accelerated expansion of AI PCBs and the upgrade of its high-end products, indicating a potential for high-quality growth [4]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage of the stock [2][7]. Core Views - The report highlights the acceleration of PCB capacity expansion driven by AI computing, positioning the company favorably within the PCB equipment industry, with expectations for high-quality growth due to product upgrades and technological leadership [1][7]. - The company is projected to achieve revenues of 5.16 billion, 7.90 billion, and 11.29 billion in 2025, 2026, and 2027 respectively, with corresponding net profits of 658 million, 1.08 billion, and 1.67 billion [7][8]. Summary by Sections Company Overview - The company is recognized as a leading player in the PCB equipment sector, maintaining the top position among domestic manufacturers for 16 consecutive years [7]. Market Dynamics - The report notes a significant increase in demand for high-layer count PCBs, particularly in Southeast Asia, which is expected to drive the growth of high-end PCB equipment [6]. - The global PCB equipment market is projected to grow to 10.8 billion USD by 2029, with a CAGR of 8.7% from 2024 to 2029, indicating a robust market environment for the company [6]. Financial Performance - In the first half of the year, the company reported revenues of 2.38 billion, a year-on-year increase of 52.3%, and a net profit of 260 million, up 83.8% year-on-year [6]. - The gross margin improved to 30.3%, reflecting a 1.0 percentage point increase compared to the previous year, driven by product structure upgrades and increased sales [6]. Product and Technology - The company is focusing on high-end mechanical drilling equipment, which is expected to see increased demand due to the rising complexity of high-layer PCBs [6]. - Innovations such as the CCD six-axis independent mechanical drilling machine are anticipated to enhance the company's competitive edge in the high-end market [6]. Future Outlook - The report forecasts a strong upward trend in revenue for the second half of the year, with total PCB orders expected to exceed 5 billion [6]. - The company is well-positioned to benefit from the ongoing shift towards high-end equipment and technological advancements in the PCB sector [7].