【 导读】大族数控 上半年实现营收与利润的双重增长，但现金流承压 中国基金报记者 牛思若 上半年，大族数控 实现了营收与利润的双重增长， 期内 营收 达到 23.82亿元，同比增 长 52.26%；归母净利润 为 2.63亿元，同比增 长 83.82% 。 然而，亮眼成绩单之下，公司也面临着现金流承压与应收账款攀升的挑战。 钻孔类设备成营收增长核心引擎 根据半年报，大族数控2025年上半年实现营业收入23.82亿元，同比增长52.26%；归属于上市公司股东的净利润 为 2.63亿元，同比增长 83.82% 。 具体 来看，钻孔类设备在2025年上半年表现最为突出，报告期内，该板块业务 实现营业收入16.92亿元，同比大增72.07%，毛利率为 26.1%。该板块营收已占据公司整体收入的七成以上，成为推动业绩快速增长的核心力量。 | | | | | | | 单位:万元 | | --- | --- | --- | --- | --- | --- | --- | | | 营业收入 | 营业成本 | 毛利率 | 营业收入比上 | 营业成本比上 | 毛利率比上年 | | | | | | 年同期增减 | 年同期增减 | ...

Core Viewpoint - Dazhu CNC, a PCB equipment supplier, is planning to list on the Hong Kong Stock Exchange just three years after its A-share listing, raising questions about its financial health and the timing of this move [3][9]. Company Overview - Dazhu CNC was established in 2002, focusing on the PCB sector, particularly in the core drilling process [3][4]. - The company successfully raised over 3.2 billion yuan during its A-share IPO in February 2022, achieving a high issuance price of 76.56 yuan per share [5][7]. Financial Performance - After a record revenue of over 4 billion yuan in 2021, Dazhu CNC's performance declined significantly, with revenues dropping by 31.72% to 2.786 billion yuan in 2022 and further down to 1.634 billion yuan in 2023 [9][10]. - The net profit also fell from 699 million yuan in 2021 to 435 million yuan in 2022, and further to 136 million yuan in 2023 [9][10]. Market Dynamics - The global drilling equipment market slightly decreased from 1.397 billion USD in 2021 to 1.38 billion USD in 2023, impacting Dazhu CNC's sales [10][13]. - The company's main revenue source, drilling equipment, accounted for over 60% of its income, but sales plummeted by over 73% from 2021 to 2023 [10][13]. Capital Structure and Control - Dazhu CNC's actual controller, Gao Yunfeng, has a high proportion of pledged shares, raising concerns about the stability of the company's control [3][21]. - Dazhu CNC has substantial cash reserves of 2.208 billion yuan as of March 31, 2025, and has generated over 1.2 billion yuan in operating cash flow from 2022 to 2024 [9][10]. Future Prospects - The upcoming Hong Kong listing aims to raise funds for building a factory in Singapore, expanding overseas marketing, and developing AI servers and PCBs for electric vehicles [7][9]. - Despite having sufficient liquidity, the rationale behind the decision to pursue additional fundraising through a Hong Kong listing remains questionable [9][18].

Group 1: Company Performance and Financials - The company achieved a revenue of 959,848,668.68 CNY in Q1 2025, representing a year-on-year growth of 27.89% [8] - The net profit attributable to shareholders for the same period was 116,773,485.23 CNY, showing an increase of 83.60% compared to the previous year [8] - The company’s revenue growth in 2024 was 104.56%, primarily driven by drilling equipment, which accounted for 62.84% of total revenue [22] Group 2: Market Trends and Industry Outlook - The global PCB industry is expected to grow by 6.8% in 2025, with a compound annual growth rate (CAGR) of 5.2% projected from 2024 to 2029 [19] - The demand for PCB products is increasing due to advancements in AI, 5G technology, and the recovery of consumer electronics [7][22] - The company is focusing on high-tech products such as high-layer boards and IC packaging substrates to meet market demands [15] Group 3: Strategic Initiatives and Future Plans - The company plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its capital base [13] - There is an emphasis on expanding into Southeast Asian markets, leveraging partnerships with local clients to adapt to regional supply chain dynamics [11][16] - The company is committed to developing energy-efficient PCB equipment in response to green manufacturing demands [6] Group 4: Customer Base and Market Position - The company serves 80% of the top 100 global PCB companies and has established relationships with numerous domestic and international clients [4] - It ranks first in the CPCA Top 100 list for specialized equipment for 15 consecutive years, indicating a strong market position [18] Group 5: Challenges and Responses - The company acknowledges the impact of stock price decline since its IPO, with a 40% drop from the issue price, and is focused on improving operational management [3] - In response to raw material supply challenges, the company is enhancing its procurement strategies and building relationships with key suppliers [10]

Core Viewpoint - Despite significant revenue growth, the quality of growth for Dazhu CNC appears concerning, with declining cash flow and gross margin below industry average, raising questions about whether the company is sacrificing quality for scale growth [1][12][14]. Group 1: Company Performance - Dazhu CNC achieved a revenue of 3.343 billion yuan in 2024, a year-on-year increase of 104.56%, and a net profit of 301 million yuan, up 122.20% [8][18]. - The company’s sales volume increased by 116.83% to 4,510 units, while production volume rose by 79.53% to 4,314 units [9][10]. - However, the production and sales rate decreased from 115.53% in 2023 to 104.54% in 2024, indicating potential inefficiencies [9]. Group 2: Financial Health - Operating cash flow has been declining, with figures of 655 million yuan in 2022, 417 million yuan in 2023, and only 155 million yuan in 2024 [12]. - The gross margin has decreased from 37.33% in 2022 to 28.11% in 2024, reflecting a significant drop of nearly 10 percentage points [14]. - Accounts receivable surged to 2.757 billion yuan, with accounts receivable making up 74% of the revenue, compared to 50% in 2021 [15]. Group 3: Market Position and Strategy - Dazhu CNC focuses on the PCB equipment sector, with a product line that includes multilayer boards, HDI boards, and IC packaging substrates, making it one of the most comprehensive in the industry [6]. - The company’s core business is primarily domestic, with only 10% of revenue coming from overseas markets [23]. - The company plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and capital platform [22]. Group 4: Investment Projects - Dazhu CNC's investment projects are progressing slowly, with an overall completion rate of approximately 51% [26]. - The company has committed to investing 1.524 billion yuan in PCB equipment production expansion and 183 million yuan in a technology research center, with both projects delayed until September 2025 [24][25].

Core Viewpoint - Dazhu CNC has reported significant growth in revenue and net profit for 2024 and Q1 2025, indicating strong market competitiveness and development in the PCB equipment industry [1][3]. Financial Performance - In 2024, the company's revenue reached 3.343 billion yuan, a year-on-year increase of 104.56%, while net profit soared to 301 million yuan, up 122.2% [1]. - For Q1 2025, revenue was 960 million yuan, reflecting a 27.89% year-on-year growth, and net profit was 117 million yuan, with an impressive increase of 83.6% [1]. - The production and sales of specialized equipment surged, with 4,314 units produced and 4,510 units sold in 2024, marking increases of 79.53% and 116.83% respectively [3]. Market Strategy and Global Expansion - Dazhu CNC is actively pursuing an H-share listing on the Hong Kong Stock Exchange to enhance its global strategy and capital platform [2][6]. - The company has established a strong customer network, serving 80% of the top global PCB companies and thousands of domestic PCB enterprises [2]. - In 2024, overseas revenue reached 362 million yuan, a remarkable increase of 313.72%, contributing to 10.83% of total revenue [4]. Product Development and Industry Trends - The growth in the PCB industry is driven by the recovery of the global electronic terminal market, fueled by demand from AI infrastructure, consumer electronics, and automotive electronics [3]. - Dazhu CNC has focused on developing advanced packaging substrates and high-layer boards, with new products receiving recognition from leading industry clients [5]. - The company is enhancing its product offerings in traditional and HDI markets to meet rising technical demands [5]. Challenges and Future Outlook - Despite strong performance, the overall gross margin has declined, with a comprehensive gross margin of 28.11% in 2024, down 4.48 percentage points year-on-year [4]. - The company faces challenges in information disclosure and governance as it prepares for its H-share listing, which may impact its ability to maintain a leading position in the global PCB equipment market [6].