PCB 设备耗材的产业变化及推荐 20260115 摘要 PCB 设备和耗材需求持续增长，鼎泰高科、中钨高新、大族数控等公司 业绩显著提升，预计 2026 年将保持强劲增长势头，大族数控 2026 年 业绩有望达到 17-20 亿人民币，鼎泰高科预计超过 10 亿人民币。 大族数控和鼎泰高科作为行业领先企业，2025 年四季度业绩表现突出， 同比增速分别达到 2.5 倍和 1.8 倍，环比增速分别为 50%和 25%，受 益于量价齐升和利润率结构优化。 PCB 行业未来将持续扩产，新技术如麻酒材料（RUBIN ULTRA）的应 用加速，推动机械加工和激光加工方式变革，金刚石钻针和超快激光技 术需求增加，国产设备厂商迎来发展机遇。 超快激光技术在新材料体系下优势明显，大族数控已开始应用并取得成 果，英诺激光也获得首批订单，市场份额有望扩大，对传统二氧化碳激 光形成替代效应，2026 年市场将加速增长。 当前是投资 PCB 设备和耗材公司的最佳时机，产业周期处于加速上升阶 段，可积极布局相关股票，关注具备技术优势的新兴公司如大族数控、 英诺激光，以及麻酒材料迭代带来的投资机会。 目前 PCB 设备和耗材行业的主要 ...

Summary of Dazhong Laser Conference Call Company Overview - Dazhong Laser is the largest laser company in China and ranks second globally, focusing on equipment integration across various sectors including information technology, new energy, display and semiconductor, and macro manufacturing [2][4] - The company was founded in 2004 and is headquartered in Shenzhen, with a strong technical management team led by founder Gao Yunfeng [3][5] Financial Performance - 2021 was a financial peak for Dazhong Laser, but profits have fluctuated significantly since then. However, the first three quarters of this year showed a notable recovery in net profit, indicating a new growth phase [2][6] - Revenue from consumer electronics has dropped to below 20%, while high-power equipment accounts for about one-third to one-fourth of revenue, but with low profitability [7][6] - Future revenue projections estimate 10-11 billion CNY in 2025 and around 20 billion CNY in 2026, with a current valuation of approximately 20 times earnings, suggesting it is relatively undervalued [13] Business Segments - The company has diversified its business segments, including information technology (consumer electronics and PCB), new energy (lithium batteries and photovoltaics), display and semiconductor (panel, LED, and wafer automation), and macro manufacturing (high-power equipment) [3][2] - PCB and AI-related sectors are experiencing increased demand, with Dazhong's CNC drilling equipment leading the global market share [11][3] Market Position and Trends - Dazhong Laser is positioned to benefit from the growing demand for 3D printing in North America, particularly for titanium alloy applications in foldable smartphones [10][3] - The company is also focusing on the fast laser technology, which is expected to contribute significantly to revenue by 2026, potentially becoming a second growth curve for the company [12][3] Management and Organizational Structure - The management team is stable and technically proficient, with a focus on incentivizing core team members through stock options and spin-offs [5][2] - Dazhong has implemented a flat management structure to optimize resource allocation and better match market demands [9][2] Cost Structure and Sales Model - The company maintains a relatively stable expense ratio, with increasing R&D expenses but high sales costs due to a broad customer base and customized demands [8][2] - A large sales team is necessary to support customer service, reflecting the company's extensive service requirements for large equipment maintenance [8][2] Investment Outlook - The current market capitalization is approximately 40 billion CNY, with potential for at least a 30% increase compared to historical highs [13] - The convergence of core business segments presents a rare investment opportunity, with historical precedents indicating significant valuation increases during similar periods [13][2]

Core Insights - The article highlights the strong position of the company, Han's Laser, as a leading player in the global laser equipment market, particularly in the context of AI-driven innovation and growth opportunities [1] Group 1: Company Overview - Han's Laser is a leading enterprise in the laser equipment integration field, with a diverse business portfolio including consumer electronics, PCB equipment, lithium battery equipment, photovoltaic equipment, display and semiconductor equipment, and high-power equipment [1] - The company has a stable and professional management team that emphasizes R&D investment, maintaining a leading global market share [1] Group 2: 3D Printing Technology - 3D printing is identified as a transformative technology in precision manufacturing, particularly for titanium alloy components, which are favored for their lightweight and high strength [2] - The company’s subsidiary, Han's 3D, has developed selective laser melting (SLM) metal 3D printing equipment that improves printing efficiency by over 50% compared to traditional devices, showcasing its competitive edge in the 3D printing sector [2] Group 3: PCB Market Growth - The demand for AI servers and data centers is expected to drive significant growth in the PCB market, with AI server PCBs typically featuring 20-28 layers, surpassing the traditional 12-16 layers [3] - Han's Laser's subsidiary, Han's CNC, provides comprehensive solutions for the PCB industry, anticipating substantial improvements in fundamentals driven by downstream customer demand in 2024 [3] Group 4: Industry Outlook - The company is poised to benefit from the upgrade of components and material innovations driven by AI, as well as the high capital expenditure in PCB expansion, with core business expected to resonate positively from 2025 to 2026 [4] - Han's Laser's strong customer resources and brand advantages solidify its long-term leadership position in the laser processing equipment industry, indicating considerable investment potential [4]