Summary of Dazhong Laser Conference Call Company Overview - **Company**: Dazhong Laser - **Industry**: Laser equipment manufacturing, focusing on sectors such as consumer electronics, PCB (Printed Circuit Board), semiconductors, and renewable energy Key Points Industry and Company Outlook - Dazhong Laser is expected to enter an upward recovery phase starting in 2025, with a potential sixth cycle of growth anticipated in 2026-2027, driven by high-end upgrades in PCB equipment and an AI innovation cycle in consumer electronics [2][3] - The consumer electronics segment's growth is primarily linked to Apple's stronger AI innovation cycle in 2026-2027, including upgrades in AI smartphones and structural changes in devices [2][5] Core Business Drivers - The core logic for the optimistic outlook includes a dual drive from AI in consumer electronics and AI computing needs in PCB equipment, alongside stabilization in the new energy and semiconductor sectors [3][4] - Revenue projections for 2025-2027 are estimated at 18.3 billion, 23.8 billion, and 30.5 billion respectively, with profits of 1.18 billion, 2.3 billion, and 3.3 billion [4][12] Consumer Electronics Segment - The consumer electronics business peaked in 2017, driven by the iPhone X, with sales around 4-5 billion. It stabilized around 2 billion in recent years, with expectations of growth to 2.4-2.5 billion in 2025 [5][14] - Future growth is expected from Apple's AI hardware innovations, including the introduction of foldable phones and a 20th-anniversary iPhone [5][15] 3D Printing and Technological Innovations - Dazhong Laser has increased its investment in 3D printing, establishing a subsidiary named Dazhong Juwei, indicating a long-term commitment to this technology [2][8] - 3D printing is seen as a potential alternative for Apple's structural components, with advantages in complex design and environmental sustainability [6][17] - The company aims to leverage its familiarity with Apple's supply chain and its integrated capabilities in laser equipment to gain a competitive edge in the 3D printing market [9][18] PCB Equipment and AI Computing - The demand for PCB equipment is expected to rise due to AI computing needs, with a focus on high-end drilling equipment and the introduction of ultra-fast laser drilling technology [10][20] - The ultra-fast laser drilling equipment is anticipated to replace traditional CO2 equipment, enhancing production efficiency and cost-effectiveness [21][22] Other Business Segments - The new energy sector is stabilizing, with expectations of profit recovery in lithium battery and photovoltaic equipment by 2026 [4][11] - The semiconductor sector shows growth potential, particularly in the "Fuchuangde" segment, while general equipment is benefiting from expansion in commercial aerospace [11][23] Financial Projections and Valuation - The company is considered undervalued at current market levels, with a strong recommendation rating maintained. The potential for exceeding performance expectations exists if new products like 3D printing and ultra-fast laser drilling gain traction [12][25] - Revenue and profit forecasts for 2026 and 2027 are approximately 23 billion and 33 billion respectively, with expectations of a steady growth trajectory [24][25] Conclusion - Dazhong Laser is positioned for significant growth driven by advancements in consumer electronics, AI technology, and innovative manufacturing processes. The company's strategic investments in 3D printing and its established relationships within the Apple supply chain are key factors in its future success [2][4][9]

投资者关系活动记录 表 证券代码：301021 证券简称：英诺激光 英诺激光科技股份有限公司 投资者关系活动记录表 编号：2026-02 | 投资者关系活动 ☑ | 特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | ☑ | 现场参观 | | | 其他 投资者策略会 | | 参与单位名称 | 长城证券、天风证券、财通证券、景顺长城易方达、长城基 | | | 金、嘉实基金、华安基金、华泰柏瑞、国寿资管、新华资管、 | | | 华夏基金、禾永投资、广发基金、平安基金、浩成资产、建 | | | 信理财、第一创业、招商证券、中庸资本、万纳基金、乾宏 | | | 久盛、国信自营、华杉投资、天辰元信、融中资本、汉方私 | | | 募、东方证券、第二曲线、华夏基金、汉石基金、西安波普、 | | | 雷丰资产（以上排名不分先后） | | 时间 | 2026 年 1 月 21 日-2026 年 2 月 28 日 | | 地点 | 深圳市南山区总部、投资者现场 | | 上市公司接待人 员姓名 | 副总经理兼董事会秘书 张勇 | | | ...

Core Viewpoint - The company has completed preliminary sampling of materials such as M9 and is actively utilizing ultra-fast laser drilling equipment to meet the demands for new materials and process upgrades in next-generation computing technology [1] Group 1 - The company is engaging with clients to align with their factory inspection schedules [1] - The company is providing innovative solutions in response to the evolving needs of the industry [1]

Core Viewpoint - The PCB industry is entering a new high prosperity cycle driven by the explosive growth in AI computing power demand, with significant increases in the demand for high-end PCBs due to emerging fields like AI servers and intelligent driving [1][2]. Group 1: Industry Trends - Since 2026, the PCB sector has been on an upward trend, with many stocks in the PCB concept rising sharply as of January 22 [1]. - The demand for high-density interconnect (HDI) and high-layer boards is surging due to the higher requirements for layers, precision, and reliability in AI applications [1]. - Goldman Sachs predicts that the global AI server PCB market will grow by 113% year-on-year in 2026 and by 117% in 2027 [1]. Group 2: Company Performance - Companies like Jin'an Guoji, Shenghong Technology, and others are expected to report significant year-on-year profit growth, with Jin'an Guoji forecasting a net profit of 280 million to 360 million yuan, representing a growth of 655% to 871% [3]. - Shenghong Technology anticipates a net profit of 4.16 billion to 4.56 billion yuan, a year-on-year increase of 260% to 295%, driven by the mass production of high-end products in key areas like AI computing and data centers [3]. Group 3: Market Dynamics - The application of PCBs in AI servers is increasing, with PCB backplanes and mid-planes gradually replacing traditional copper cable connections, indicating a system architecture upgrade [2]. - The current active performance of the PCB concept sector is attributed to strong AI computing demand, improving industry fundamentals, and proactive capital investment [4]. - Not all PCB companies will benefit equally from the AI boom; only those with capabilities in high-layer, high-frequency, and HDI production can access core supply chains of major players like NVIDIA and AMD [4].

Core Viewpoint - The company has successfully transitioned from a single downstream sector to multiple application scenarios since its listing, contributing to revenue growth through both new and existing business collaborations [1] Group 1: Business Development - Since 2023, various fields have started to contribute to the company's revenue increment, enhancing overall performance [1] - The company's PCB (Printed Circuit Board) business has shown significant growth, particularly since 2025, with nearly 90 million yuan in orders for PCB forming equipment [1] - The company has also received its first order for ultra-fast laser drilling equipment, indicating expansion in its product offerings [1]

Core Insights - The company has achieved continuous growth for nine consecutive quarters, driven by a shift from a single downstream focus to multiple application scenarios, with new fields contributing to revenue since 2023 [1][3] - The PCB business has shown significant performance, with nearly 90 million yuan in orders for PCB forming equipment and the first order for ultra-fast laser drilling equipment received [1][4] Group 1: Business Performance - The company's revenue growth is attributed to the collaboration of new and old businesses, particularly in the PCB sector, which has seen substantial order wins since 2025 [1][3] - The PCB forming equipment has gained recognition from strategic customers due to its low loss, high precision, high efficiency, and reliability, leading to the successful delivery of nearly 90 million yuan in orders in 2025 [4] Group 2: Product Development - The ultra-precision drilling equipment was developed based on insights into the trend towards precision in PCB drilling, targeting ABF material IC substrates, with capabilities of 30-70 microns in hole diameter, 10,000 holes per second efficiency, and precision of less than ±10 microns [5] - The company has identified new market opportunities driven by the rapid development of the computing power industry, which has increased demand for new materials and processes in drilling applications [5] Group 3: R&D and Market Strategy - The company employs a forward R&D model based on the interaction of light and materials, optimizing laser technology for various applications through simulation and customization [6][7] - The company emphasizes a solid foundation and innovation-driven development, aiming to effectively communicate its value and share growth results with investors [8]

Core Viewpoint - Inno Laser has successfully secured nearly 90 million yuan in orders for its PCB forming equipment, highlighting its competitive advantages in low loss, high precision, high efficiency, and high reliability [1] Group 1: Product Performance - The PCB forming equipment is expected to deliver nearly 90 million yuan in orders by 2025, showcasing its strong market demand and performance [1] - The ultra-fast laser drilling equipment has received its first order from IC substrate customers, indicating its advanced capabilities in finer hole diameters, faster efficiency, and higher precision [1] Group 2: Market Expansion - The ultra-fast laser drilling equipment is anticipated to expand into new materials and processes within the computing power industry, suggesting potential growth opportunities for the company [1]

Group 1: Company Performance - The company has achieved continuous growth for nine consecutive quarters, driven by a successful transition from a single downstream field to multiple application scenarios, contributing to revenue growth since 2023 [3] - The PCB business has significantly contributed to performance, with nearly CNY 90 million in orders for PCB forming equipment and the first order for ultra-fast laser drilling equipment received [3][4] Group 2: PCB Equipment Development - The ultra-fast laser forming equipment has gained recognition from strategic customers, leading to the successful delivery of nearly CNY 90 million in orders in 2025 [4] - The ultra-precision drilling equipment, launched last year, features superior performance with hole diameters of 30-70 microns, a speed of 10,000 holes per second, and precision of less than ±10 microns, resulting in the first order from IC substrate customers [5] Group 3: Consumer Electronics Business - The company is focusing on "new products, new materials, and new processes" to seize structural growth opportunities in the recovering industry, developing laser solutions for various components such as acoustic devices, microcrystalline glass, foldable screens, WLG lenses, and VC cooling [6] Group 4: R&D and Innovation - The company employs a forward R&D model based on understanding the interaction of light and materials, optimizing laser systems for various applications, and addressing industry pain points through simulation and customization [7] Group 5: Market Value Management - The company emphasizes "solid foundation and strong base" to ensure sustainable development through innovation, effectively communicating its fundamentals and sharing growth results with investors [8]

Group 1 - The core viewpoint of the article is that Inno Laser is actively expanding its global customer base for its ultrafast laser drilling equipment, which is suitable for precision drilling needs in various applications, including IC substrates [2] Group 2 - Inno Laser's ultrafast laser drilling equipment is designed to meet the precision drilling requirements across multiple scenarios [2] - The company is engaging with investors through interactive platforms to address inquiries regarding its products and market strategies [2]

Core Viewpoint - Inno Laser (301021) is leveraging its proprietary ultrafast laser drilling equipment, which has demonstrated superior performance in the IC substrate sector, to accelerate the development of new materials and processes in various applications [1] Group 1 - The company has validated the performance of its ultrafast laser drilling equipment in the IC substrate field [1] - The proprietary ultrafast laser technology provides a competitive advantage for the company [1] - The company is expediting efforts to meet the R&D demands of new materials and processes in different scenarios [1]