| 地点 | 公司会议室 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 上 | 市 | 公 | 司 | 接 | 待 | 1、董事会秘书邱靖琳 | | | | 人员姓名 | 2、投关经理江正才 | | | | | | | | | 公司基本情况介绍： | | | | | | | | | | 投关经理江正才先生详细介绍了公司发展的主营业务、技术 | | | | | | | | | | 优势和研发创新情况。 | | | | | | | | | | 公司与参会人员就以下问题进行了探讨： | | | | | | | | | | 1、2025 | 年半年度整体经营情况。 | | | | | | | | | 答：报告期内，公司实现营业收入 | 万元，同比增 | 45,361.81 | | | | | | | | 长 | 26.22%；归属于母公司股东的净利润为 | 万元，同 | 6,714.20 | | | | | | | 比增长 | 144.18%；公司产品综合毛利率为 | 41.86%，同比增加 | | | | | | ...

凯格精机 20250824 摘要 凯格精机 2025 年上半年综合毛利率达 41.86%，同比提升 9.58 个百分 点，主要受益于高端设备需求的增长，尤其是锡膏印刷设备中用于服务 器、5G 基站等领域的三类设备占比显著提升，从 4%升至 15%，该类 设备毛利率高达 65%。 公司锡膏印刷设备收入占比 64%，同比增长 53%，毛利率增加 7.58 个 百分点，主要得益于 AI 服务器、手机等高端市场结构性机会，以及客户 对 PCB 板材良品率要求的提高，推动了对更高精度印刷设备的需求。 凯格精机通过提供重复印刷精度 12.5 微米、重复定位精度 8 微米的高 端 AC500 等三类产品，满足华为、华勤、鹏鼎等大客户对设备精度和 验收的高要求，有效应对了下游客户集中度提升带来的挑战。 公司激光印刷设备业务连续五年全球出货量第一，在消费电子和网络服 务器领域市占超过 50%，未来将拓展汽车电子、半导体银浆印刷及医疗 器械等新兴应用场景，以巩固市场份额并提高盈利能力。 预计 2025 年全年公司整体增长 30%左右，上半年增长超 50%，下半 年可能达六七成，主要基于订单金额口径，上半年订单增长接近 70%， ...

| 2025 年半年度报告全文 | | 东莞市凯格精机股份有限公司 | | | --- | --- | --- | --- | | 东莞市凯格精机股份有限公司 | | | | | 2025 年半年度报告全文 东莞市凯格精机股份有限公司 | | | | | 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 | | | | | 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 | | | | | 个别和连带的法律责任。 | | | | | 公司负责人邱国良、主管会计工作负责人宋开屏及会计机构负责人(会计 | | | | | 主管人员)吴红梅声明：保证本半年度报告中财务报告的真实、准确、完整。 | | | | | 所有董事均已出席了审议本次半年报的董事会会议。 | | | | | 公司在本报告第三节"管理层讨论与分析"之"十、公司面临的风险和 | | | | | 应对措施"章节，详细披露了公司经营中可能存在的风险及应对措施，敬请 | | | | | 投资者关注相关风险。 | | | | | 公司计划不派发现金红利，不送红股，不以公积金转增股本。 | | | | | | | | 东莞市 ...

本报记者 丁蓉 8月22日晚间，自动化精密装备企业东莞市凯格精机股份有限公司（以下简称"凯格精机"）发布2025年 半年度报告。上半年，公司实现营业收入4.54亿元，同比增长26.22%；归属于上市公司股东的净利润 6714.20万元，同比增长144.18%。 凯格精机相关负责人表示，公司上半年净利润同比增长较快，主要是因为营业收入的增长及综合毛利率 的提升。公司高毛利率业务收入结构占比的提升对综合毛利率的提升有积极影响，基板复杂度提高和高 价值印制电路板组装需求的增长对锡膏印刷设备的稳定性、精度、智能化有更高的要求，从而增加了高 端设备的需求。公司产品综合毛利率为41.86%，同比增加9.58个百分点。 今年上半年，凯格精机的业务多点开花。具体来看，公司的锡膏印刷设备实现营业收入2.92亿元，同比 增长53.56%，主要因为人工智能投资规模增加、AI服务器需求的增长、消费电子需求回暖、新能源车 渗透率的提升等，带来印制电路板组装中表面贴装技术设备需求的增长；公司的点胶设备实现营业收入 6049.74万元，同比增长26.31%，市场占有率稳步提升；公司的封装设备实现营业收入5917.62万元，同 比下降38. ...

Core Viewpoint - The company, Kaige Precision Machinery (301338.SZ), is a leading manufacturer of solder paste printing equipment with a global market share of 40%, recognized for its competitive pricing and performance that matches or exceeds foreign brands [12][11]. Company Overview - Established in 2005 and listed in 2022, the company is controlled by Qiu Guoliang and Peng Xiaoyun, holding 67.76% of the shares [4][3]. - The main products include solder paste printing equipment, dispensing equipment, flexible automation equipment, and packaging equipment, primarily used in the electronics assembly sector [5][11]. Financial Performance - In 2024, the company reported total revenue of 856.6 million yuan, a 15.75% increase from 2023, with solder paste printing equipment contributing 51.9% of the revenue [13][14]. - The revenue from solder paste printing equipment was 444.3 million yuan, showing a 10.62% increase year-on-year [14]. - The company experienced a revenue decline in 2022 and 2023 due to weak demand in the consumer electronics sector, but a recovery began in 2024 with a 27.2% year-on-year growth in Q1 2025 [19][16]. Market Position and Trends - The company has been recognized as a national manufacturing champion and a "specialized, refined, and innovative" enterprise [12]. - The demand for solder paste printing equipment is expected to grow due to increasing integration of electronic components in PCB assembly, driven by the recovery in consumer electronics and growth in AI server and new energy vehicle markets [9][16]. Product Development and R&D - The company has maintained a research and development expense ratio of around 10%, indicating a strong commitment to innovation [29]. - The LED packaging equipment segment has shown significant growth, with a 264% increase in revenue in 2023, driven by advancements in Mini LED technology [17]. Inventory and Order Trends - The value of goods sent out for sale increased significantly, reaching 334 million yuan by the end of 2024, indicating a positive trend in orders [23]. - The company’s inventory value has also risen, reflecting a strategic buildup in anticipation of future demand [24]. Profitability and Margin Recovery - The company faced a decline in gross margin due to a higher proportion of lower-margin LED packaging equipment sales in 2023, but margins improved in Q1 2025, with gross margin at 43.9% and net margin at 16.9% [25][27]. Future Considerations - A significant number of shares will be unlocked on August 18, 2025, which may impact the stock's liquidity and market dynamics [32].

Core Insights - The company achieved a revenue of 857 million yuan in 2024, representing a year-on-year increase of 15.75%, and a net profit attributable to shareholders of 71 million yuan, up 34.12% year-on-year [1] - In Q4 2024, the company reported a revenue of 279 million yuan, a decrease of 7.29% year-on-year but an increase of 28.09% quarter-on-quarter, with a net profit attributable to shareholders of 26 million yuan, up 145.32% year-on-year [1] - The company’s main product, solder paste printing machines, has reached or surpassed international standards, with a revenue of 444 million yuan in 2024, driven by demand from consumer electronics and AI servers [2] Financial Performance - For the full year 2024, the gross profit margin was 32.21%, an increase of 1.26 percentage points year-on-year, and the net profit margin was 8.23%, up 1.13 percentage points year-on-year [1] - In Q1 2025, the company reported a revenue of 197 million yuan, a year-on-year increase of 27.23%, with a net profit of 33 million yuan, up 208.34% year-on-year [2] - The gross profit margin for Q1 2025 was 43.93%, an increase of 10.14 percentage points year-on-year [2] Product Development and Market Position - The company is committed to a "shared technology platform + multiple products + multiple fields" strategy, aiming to transition from a single "champion" to multiple "champions" [3] - In 2024, the packaging equipment segment generated a revenue of 229 million yuan, a year-on-year increase of 5.72%, while the dispensing machine segment saw a revenue increase of 55.87% to 89 million yuan [3] - The flexible automation equipment segment achieved a revenue of 71 million yuan in 2024, up 49.56%, successfully entering the optical communication industry [3] Profit Forecast - The company maintains a "buy" rating, with adjusted profit forecasts for 2025-2027, expecting net profits of 118 million, 162 million, and 195 million yuan respectively [4]

Core Viewpoint - The company has demonstrated significant growth in revenue and profit for 2024, driven by new product launches and cost reduction efforts [1] Financial Performance - In 2024, the company achieved revenue of 857 million, a year-on-year increase of 15.75%, and a net profit attributable to shareholders of 71 million, up 34.12% [1] - The company's gross margin was 32.21%, an increase of 1.26 percentage points year-on-year, while the net profit margin was 8.23%, up 1.13 percentage points [1] - The net profit excluding non-recurring items was 64 million, reflecting a 60.25% year-on-year growth, with a margin of 7.42%, an increase of 2.06 percentage points [1] Product Performance - Revenue from solder paste printing equipment reached 444 million, a 10.62% increase, driven by recovery in consumer electronics demand and growth in AI server and new energy vehicle markets, with a gross margin of 40.33% [2] - Packaging equipment generated revenue of 229 million, up 5.72%, with improved recognition from multiple large customers, resulting in a gross margin of 13.75%, an increase of 9.18 percentage points [2] - Revenue from dispensing equipment surged by 55.87% to 88 million, attributed to enhanced core competitiveness and brand influence, maintaining a gross margin of 33.72% [2] - Flexible automation equipment saw revenue growth of 49.56% to 71 million, with recognition from globally renowned clients [2] Q1 2025 Performance - In Q1 2025, the company reported revenue of 197 million, a year-on-year increase of 27.23%, with a gross margin of 43.93%, up 10.14 percentage points [3] - The increase in revenue and gross margin was primarily due to a higher proportion of high-margin solder paste printing machines, leading to a net profit margin of 16.90%, an increase of 9.92 percentage points [3] - Inventory and contract liabilities grew rapidly, with inventory at 551 million, up 17.77% quarter-on-quarter, and contract liabilities at 124 million, up 23.86%, indicating a solid foundation for annual performance growth [3] Future Outlook - Revenue projections for 2025-2027 are 1.029 billion, 1.171 billion, and 1.293 billion, reflecting year-on-year growth rates of 20.17%, 13.77%, and 10.38% respectively [3] - Net profit attributable to shareholders is expected to reach 131 million, 157 million, and 182 million, with growth rates of 85.80%, 19.72%, and 16.27% respectively, corresponding to a PE ratio of 28X for 2025 [3]

Core Insights - The company reported a revenue of 857 million yuan for 2024, representing a year-on-year growth of 15.75% [1] - The net profit attributable to shareholders reached 70.52 million yuan, marking a year-on-year increase of 34.12% [1] - The overall gross profit margin for the company was 32.21%, an increase of 2.38 percentage points compared to the previous year [1] Revenue Breakdown - Revenue from solder paste printing equipment grew by 10.62%, driven by increased demand from consumer electronics, AI servers, and the rising penetration of new energy vehicles [1] - Revenue from packaging equipment increased by 5.72%, with LED packaging equipment gaining recognition from multiple major customers [1] - Revenue from dispensing equipment surged by 55.87%, attributed to technological advancements and product upgrades enhancing core competitiveness [1] - Revenue from flexible automation equipment rose by 49.56%, with products being recognized by globally renowned clients [1] R&D Investment - The company increased its R&D investment to 78.13 million yuan in 2024, accounting for 9.12% of its revenue [2] - The company adheres to the philosophy that "good products are designed," focusing on the construction of common technologies and modules to optimize R&D efficiency [2] - The strategic shift from a single "champion" product to multiple "champion" products is being implemented in the solder paste printing equipment segment [2]

Core Insights - The company is a national high-tech enterprise recognized for its achievements in manufacturing and innovation, holding multiple prestigious titles and certifications [1] - The main products include solder paste printing equipment, dispensing equipment, packaging equipment, and flexible automation equipment, primarily serving the electronics manufacturing industry [1][2] Company Overview - The company has been awarded titles such as "National Manufacturing Single Champion Enterprise" and "Specialized and Innovative 'Little Giant' Enterprise" [1] - It operates in over 70 countries and regions, with products sold in more than 50 countries [1] Product Details - **Solder Paste Printing Equipment**: This equipment is crucial in the SMT and COB processes, ensuring the accurate application of solder paste to PCBs, which is essential for electronic component assembly [2][3] - **Packaging Equipment**: Used in LED and semiconductor packaging processes, focusing on the die bonding stage, utilizing technologies like Pick & Place and die bonding [4] - **Dispensing Equipment**: This equipment is vital for both electronic assembly and semiconductor processes, ensuring the precise application of adhesives for component bonding and protection [5] - **Flexible Automation Equipment**: Designed for flexible manufacturing in electronic assembly, allowing for the combination of various functional modules to meet diverse production needs [6] Financial Overview - The company has undergone a change in its auditing firm to Xinyong Zhonghe Accounting Firm, which provided a standard unqualified opinion on the financial report [1] - The profit distribution plan approved by the board includes a cash dividend of 2.00 yuan per 10 shares, based on a total of 106,400,000 shares [1]

专注高端精密自动化装备，核心锡膏印刷稳健经营。公司主营业务为锡膏印刷设备、点胶设备、柔性自 动化设备及封装设备。公司2023 年全年实现营业收入/归母净利润7.40 亿元/0.53 亿元，分别同 比-5.04%/-58.63%，2024Q1-Q3 分别实现营收/归母净利润5.77 亿元/0.44 亿元，分别同比 +31.57%/+5.39%。锡膏印刷设备和封装设备贡献公司主要营收，2023 年锡膏印刷设备/封装设备营收占 比分别为54.27%/29.32%，毛利占比分别为72.36%/5.30%。 高精度智造领跑电子装联，国产替代驱动增长。公司研发投入逐年增加，研发投入强度常年保持在 6%-10%。全球点胶设备市场规模呈现稳步增长态势，公司精密点胶突破垄断，多领域需求引领高端智 造，点胶机市占率逐年提升。公司柔性自动化设备为高度定制化设备，根据不同工艺对应进行不同的模 块化搭配，公司所占市场份额与行业领先的公司相比仍有一定差距，但行业发展前景较好，且公司持续 进行研发投入，具有较好的成长空间。 公司专注高端精密自动化装备，拥有国内外客户群体多，锡膏印刷全球稳居行业龙头；国产精密点胶突 破垄断，高密度封装技术破 ...