| 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. ...

证券研究报告·北交所公司点评报告·专用设备 卓兆点胶（873726） 2025 年中报点评：智能穿戴业务拐点来临， 携手浦森进军半导体设备行业 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 262.57 | 125.12 | 340.00 | 385.00 | 436.15 | | 同比 | (23.86) | (52.35) | 171.74 | 13.24 | 13.29 | | 归母净利润（百万元） | 63.93 | (20.75) | 54.33 | 63.21 | 82.57 | | 同比 | (27.73) | (132.46) | 361.82 | 16.34 | 30.63 | | EPS-最新摊薄（元/股） | 0.78 | (0.25) | 0.66 | 0.77 | 1.01 | | P/E（现价&最新摊薄） | 41.34 | (127.36) | 48.64 | 41.81 | 32 ...

Core Viewpoint - The article discusses the accelerating exploration of mass production in all-solid-state battery technology, highlighting the emerging demand for new processes and equipment to address unique manufacturing challenges [2][6]. Group 1: Event Overview - The 2025 (15th) High-tech Lithium Battery Annual Conference will be held from November 18-20, 2025, at the JW Marriott Hotel in Shenzhen [2]. - The event will celebrate the 15th anniversary and include the High-tech Golden Ball Award ceremony [2]. Group 2: Manufacturing Challenges and Solutions - All-solid-state batteries face unique challenges during manufacturing, such as deformation and internal short circuits due to the absence of traditional separators and the need for high-pressure preparation [2]. - The introduction of the electrode frame printing process aims to support and insulate the battery, preventing direct contact between the positive and negative electrodes [2]. Group 3: Technology Routes for Frame Printing - Various frame printing technologies are being evaluated for yield, efficiency, and precision, including: - Screen printing, which offers high precision and fast production cycles, with single-piece printing times under 2 seconds [3]. - Pre-fabricated frame transfer, which improves uniformity but faces challenges with transfer yield [3]. - Dispensing technology, which has lower equipment costs but poorer size precision and lower production efficiency due to long curing times [3]. - UV printing, a new non-contact technology, is slower and requires further validation of process stability [3]. Group 4: Equipment Manufacturers' Strategies - Equipment manufacturers are betting on different technological paths: - Liyuanheng recommends screen printing for its high throughput and precision control [4]. - High-energy Digital integrates 3D frame printing with electrolyte printing to enhance production efficiency [4]. - Delong Laser and Matsui Co. are adopting UV printing technology, with Delong's laser groove-making and Matsui's production-level UV printing project [5]. Group 5: Laser Technology Applications - Laser technology is increasingly applied in solid-state battery manufacturing, including: - Laser drying, which is more efficient than traditional oven drying, saving 80% space and 50% energy [6]. - Laser cutting as a replacement for traditional tools and online cleaning of roller presses, enhancing the value of laser equipment in production lines [6]. - The transition from material research to production processes and equipment standardization in all-solid-state batteries opens new growth opportunities for upstream equipment manufacturers, particularly in high-precision printing and advanced laser applications [6].

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].

Group 1: AI and Consumer Electronics - The widespread application of AI is driving the demand for hardware facilities, leading to a recovery in consumer electronics demand [1][2] - IDC forecasts global AI smartphone sales to reach 170 million units in 2024, accounting for 15% of total smartphone shipments, with a year-on-year growth rate of 233% [2] - Canalys predicts that AI PC shipments will represent 18% of total PC shipments in 2024, reaching 48 million units, with a compound annual growth rate of 44% from 2024 to 2028 [2] Group 2: LED Industry Insights - The global LED lighting market is projected to reach a value of $56.058 billion in 2024, with significant growth opportunities in smart and plant lighting [3] - Mini LED backlight TV shipments are expected to double in 2024, reaching 9.3 million units by 2025 [3] - The global mini LED direct display market is anticipated to grow at a compound annual growth rate of approximately 40% from 2024 to 2028 [3] Group 3: Semiconductor Business Development - The company plans to establish a SIP packaging division to introduce new products in the semiconductor process, targeting new markets [5] - The company has developed equipment for the third-generation semiconductor field, focusing on applications in new energy vehicles and aerospace [5] Group 4: Market Expansion and Product Development - The company is increasing investment in R&D to enhance product competitiveness, recently launching the MLED specialized ultra-high-speed solid crystal machine S20 [4] - The company’s market share in high-end solder paste printing equipment is expected to continue rising due to the growing demand in emerging industries [6] - The overseas revenue accounted for 14.58% of total revenue in 2024, indicating further potential for market share growth in international markets [6]

Group 1: Investor Relations Activity - The company held an annual performance briefing on May 16, 2025, via the "Value Online" platform [3] - Key attendees included the Chairman, General Manager, Board Secretary, and Financial Director [3] Group 2: Business Strategy and Market Expansion - The company plans to expand into new application areas while optimizing its organizational structure to support core and emerging business [5] - In 2025, the company aims to focus on high-end application scenarios, targeting four growth areas: semiconductor packaging, photovoltaic component sealing, and electric vehicles [5] - The company is diversifying its product matrix to include various types of dispensing valves, catering to different fluid control needs [5] Group 3: Revenue Structure and Client Base - In 2024, sales to Apple and its EMS manufacturers accounted for less than 80% of total revenue, indicating reduced reliance on the Apple supply chain [6] - The company is actively pursuing high-end markets outside the Apple ecosystem, particularly in electric vehicles, photovoltaics, and semiconductors [6] Group 4: Industry Outlook - The global dispensing machine market is projected to reach $10.68 billion by 2028, with China's precision fluid control equipment market expected to reach ¥49.06 billion by 2025 [7] - The consumer electronics sector is experiencing a decline in some products, but the wearable device market is growing rapidly [8] - The electric vehicle market is anticipated to reach a penetration rate of 30% in China by 2025, with sales expected to hit 11.5 million units [8] Group 5: Market Management and Shareholder Communication - The company is committed to market value management and will comply with regulations regarding shareholding changes [9] - The controlling shareholder's stock is currently under lock-up, and any future reductions will be disclosed in accordance with legal requirements [9] Group 6: Technical Capabilities and Product Development - The company has established applications in semiconductor packaging but faces uncertainty regarding the timeline for achieving large-scale sales [10] - The precision of dispensing technology is crucial in semiconductor packaging, with advancements in non-contact dispensing methods enhancing operational efficiency [10]

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]