经济观察网 近期券商机构发布研报看好大族数控（301200）前景。东吴证券2026年2月11日指出，M9 Q布方案催生超快激光钻需求，相比CO2激光钻具有材料兼容性强和微孔加工更精细优势，正交背板与 中板引入Q布材料将推动需求，推荐钻孔设备龙头大族数控。花旗同日首予大族数控H股"买入"评级， 目标价142港元，看好公司作为中国领先PCB钻孔设备制造商，受惠于胜宏科技（300476）等AI PCB制 造商需求强劲增长，且H股较A股折让约36%。内部数据库显示，机构综合目标价为184.90元（A股）， 较最新价上涨空间24.09%市场观点。 近期事件 公司H股于2026年2月6日在港交所挂牌上市（股票代码03200），发行价95.80港元。2026年2月13日， Schroders PLC增持大族数控H股17.94万股，每股作价121.9643港元，总金额约2188.04万港元，增持后 持股比例升至14.07%。这表明机构投资者对公司的长期价值认可。 股票近期走势 近7日股价波动显著，A股最高达154.12元（2月11日），最低148.70元（2月13日）。2月13日收盘报 149.00元，当日跌1.78%，换手 ...

Core Viewpoint - Dazhu CNC, China's largest PCB specialized production equipment manufacturer, is conducting an IPO from January 29 to February 3, with significant oversubscription and a target fundraising amount of up to HKD 4.8 billion [1][2]. Group 1: Company Overview - Dazhu CNC specializes in the R&D, production, and sales of PCB specialized production equipment, covering multiple key production processes such as drilling, exposure, lamination, molding, and inspection [2]. - The company operates in various sectors including server and data storage, automotive electronics, mobile phones, computers, and consumer electronics [2]. - Dazhu CNC is the largest PCB specialized production equipment manufacturer in China, holding a market share of 10.1% as of 2024 [2]. Group 2: Financial Performance - The company recorded revenues of RMB 2.786 billion, RMB 1.634 billion, RMB 3.343 billion, and RMB 4.314 billion for the fiscal years 2022, 2023, 2024, and the ten months ending October 31, 2025, respectively [3]. - Corresponding profits for the same periods were RMB 432 million, RMB 136 million, RMB 300 million, and RMB 519 million [3]. Group 3: Market Position and Demand - The PCB specialized equipment industry is competitive and fragmented, with the top five manufacturers accounting for approximately 23.9% of the total market share in China as of 2024 [2]. - Dazhu CNC's sales figures for drilling equipment over the years indicate a production and sales rate of 121.1%, 81.6%, 108.9%, 114.2%, and 98.9% for 2022, 2023, 2024, and the ten months ending October 31, 2025, respectively [2].

全球發售 深圳市大族數控科技股份有限公司 SHENZHEN HAN'S CNC TECHNOLOGY CO., LTD. （於中華人民共和國註冊成立的股份有限公司） 股份代號 : 3200 獨 家 保 薦 人、保 薦 人 兼 整 體 協 調 人、聯 席 全 球 協 調 人、聯 席 賬 簿 管 理 人 及 聯 席 牽 頭 經 辦 人 整 體 協 調 人、聯 席 全 球 協 調 人、聯 席 賬 簿 管 理 人 及 聯 席 牽 頭 經 辦 人 聯 席 全 球 協 調 人、聯 席 賬 簿 管 理 人 及 聯 席 牽 頭 經 辦 人 SHENZHEN HAN 深圳市大族數控科技股份有限公司 重要提示 重要提示： 閣下對本招股章程任何內容如有任何疑問，應徵詢專業獨立意見。 SHENZHEN HAN'S CNC TECHNOLOGY CO., LTD. 深圳市大族數控科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 | 全球發售項下的發售股份數目 | ： | 50,451,800股H股（視乎超額配股權行使與否而定） | | --- | --- | --- | | 香港發售股份數目 | ： | 5,04 ...

Core Viewpoint - Shenzhen Dazhu CNC Technology Co., Ltd. (Dazhu CNC) is undergoing a listing hearing on the Hong Kong Stock Exchange, with CICC as its sole sponsor [1]. Company Overview - Dazhu CNC specializes in providing solutions for PCB (Printed Circuit Board) production equipment, focusing on R&D, manufacturing, and sales [3]. - The company operates across various sectors within the PCB industry, including drilling, exposure, lamination, molding, and testing [3]. - Dazhu CNC is the largest manufacturer of PCB production equipment in China, holding a market share of 10.1% as of 2024 [3]. Market Position - The PCB equipment industry is highly competitive and fragmented, with the top five manufacturers accounting for approximately 23.9% of the total market share in China as of 2024 [3]. - Dazhu CNC has a diverse product portfolio and advanced technology, enabling it to adapt quickly to changing industry trends and meet diverse customer needs [3]. Sales Performance - The company has sold drilling equipment in significant quantities over the years, with sales figures of 2,514 units in 2022, 1,129 units in 2023, and projected sales of 3,119 units in 2024 [4]. - The sales-to-production ratios for drilling equipment were 121.1% in 2022, 81.6% in 2023, and are projected to be 108.9% in 2024 [4]. Financial Performance - Dazhu CNC reported revenues of RMB 2.786 billion in 2022, RMB 1.634 billion in 2023, RMB 3.343 billion in 2024, and projected revenues of RMB 4.314 billion for the ten months ending October 31, 2025 [6]. - The company recorded profits of RMB 432 million in 2022, RMB 136 million in 2023, RMB 300 million in 2024, and projected profits of RMB 519 million for the ten months ending October 31, 2025 [7].

Core Viewpoint - Shenzhen Dazhu CNC Technology Co., Ltd. (Dazhu CNC) is undergoing a listing hearing on the Hong Kong Stock Exchange, with CICC as its sole sponsor [1]. Company Overview - Dazhu CNC specializes in providing production equipment solutions for the PCB (Printed Circuit Board) industry, focusing on the research, production, and sales of PCB-specific production equipment [3]. - The company operates across various sectors, including server and data storage, automotive electronics, mobile phones, computers, and consumer electronics [3]. - Dazhu CNC is the largest PCB production equipment manufacturer in China, holding a market share of 10.1% as of 2024 [3]. Market Position - The PCB equipment industry is competitive and fragmented, with the top five manufacturers accounting for approximately 23.9% of the total market share in China as of 2024 [3]. - Dazhu CNC has sold PCB production equipment to over 10 countries and regions, demonstrating its ability to adapt to changing industry trends [3]. Product Performance - The company has a diverse product portfolio, including drilling equipment, which is a critical process in PCB production [4]. - Sales figures for drilling equipment from 2022 to 2025 show a significant increase, with 2,514 units sold in 2022, 1,129 in 2023, and projected sales of 4,499 units in 2025 [4]. Financial Performance - Dazhu CNC reported revenues of RMB 2.786 billion in 2022, RMB 1.634 billion in 2023, RMB 3.343 billion in 2024, and projected RMB 4.314 billion for the ten months ending October 31, 2025 [6]. - The company recorded profits of RMB 432 million in 2022, RMB 136 million in 2023, RMB 300 million in 2024, and projected RMB 519 million for the ten months ending October 31, 2025 [7].

Core Viewpoint - Shenzhen Dazhu CNC Technology Co., Ltd. (Dazhu CNC) is preparing for its IPO on the Hong Kong Stock Exchange, with China International Capital Corporation (CICC) as its sole sponsor [1]. Company Overview - Dazhu CNC specializes in the research, production, and sales of PCB (Printed Circuit Board) dedicated production equipment, offering a wide range of solutions across various PCB industry segments [3]. - The company is the largest PCB dedicated production equipment manufacturer in China, holding a market share of 10.1% as of 2024 [3]. - Dazhu CNC's revenue is significantly influenced by the performance of downstream industries that demand electronic devices [3]. Market Position - The PCB dedicated equipment industry is competitive and fragmented, with the top five manufacturers accounting for approximately 23.9% of the total market share in China as of 2024 [3]. - Dazhu CNC has sold PCB dedicated production equipment to over 10 countries and regions, showcasing its ability to adapt to changing industry trends [3]. Product Performance - The company has a strong focus on drilling equipment, which is a critical process in PCB production, achieving high sales volumes in recent years [4]. - Sales figures for drilling equipment include 2,514 units in 2022, 1,129 units in 2023, and projected sales of 3,119 units in 2024 [4]. Financial Performance - Dazhu CNC reported revenues of RMB 2.786 billion in 2022, RMB 1.634 billion in 2023, RMB 3.343 billion in 2024, and projected RMB 4.314 billion for the ten months ending October 31, 2025 [6]. - The company recorded profits of RMB 432 million in 2022, RMB 136 million in 2023, RMB 300 million in 2024, and projected RMB 519 million for the ten months ending October 31, 2025 [7].

香港聯合交易所有限公司與證券及期貨事務監察委員會對本聆訊後資料集的內容概不負責，對其準確性或完整 性亦不發表任何申明，並明確表示概不就因本聆訊後資料集全部或任何部分內容而產生或因倚賴該等內容而引 致的任何損失承擔任何責任。 SHENZHEN HAN'S CNC TECHNOLOGY CO., LTD. 深圳市大族數控科技股份有限公司 的聆訊後資料集 （於中華人民共和國註冊成立的股份有限公司） 警 告 本聆訊後資料集乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證 監會」）的要求而刊發，僅用作提供資料予香港公眾人士。 本聆訊後資料集為草擬本，其內所載資料並不完整，亦可能會作出重大變動。瀏覽本文件即表 示 閣下知悉、接納並深圳市大族數控科技股份有限公司（「本公司」，連同其子公司統稱「本集 團」）、其獨家保薦人、保薦人兼整體協調人、整體協調人、顧問或承銷團成員表示同意： 本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊處處長登記前， 不會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀請，有意投 資者務請僅依據於香港公司註冊處處長登記的本公司 ...

Core Viewpoint - The demand for high-end PCB products is significantly increasing due to the expansion of AI computing power, leading to a notable rise in PCB equipment demand [4]. Group 1: PCB Equipment Market Overview - The global PCB specialized equipment market is projected to reach $10.8 billion by 2029, with a CAGR of 8.7% from 2024 to 2029 [5]. - Key equipment segments in 2024 include drilling (21%), exposure (17%), inspection (15%), and electroplating (7%) [5]. - The demand for mechanical and laser drilling equipment is expected to coexist, with domestic manufacturers likely to capture high-end mechanical drilling equipment replacement demand [5]. Group 2: Specific Equipment Insights - In the exposure equipment sector, LDI equipment is a critical competitive area, with market share concentrated among leading companies [5]. - The electroplating equipment sector features diverse technological routes, with domestic firms holding an advantage in vertical continuous electroplating [5]. - The inspection field is becoming increasingly competitive, moving towards 3D and online capabilities [5]. Group 3: Emerging Trends and Innovations - The introduction of NVIDIA's Rubin architecture is expected to reshape the demand and landscape for drilling equipment and drill bits [6][7]. - The anticipated use of M9-grade copper-clad laminates in PCBs will significantly increase processing difficulty and costs, leading to a projected multi-fold increase in demand for AI PCB drill bits [7]. - The short-term market for tungsten-cobalt alloy-coated drill bits will remain dominant for processing M9 materials, while the commercialization of diamond drill bits is still pending [7].

Investment Rating - The report maintains a "Buy" rating for the PCB equipment and materials sector, particularly focusing on leading domestic suppliers [5]. Core Insights - The development of AI is driving high-end PCB demand, significantly increasing the need for PCB equipment. As AI computing power requirements expand, the demand for AI servers has surged, leading to a tight supply of high-end PCB products and prompting major domestic PCB manufacturers to increase capital expenditures, which directly boosts PCB equipment demand [1][6]. - The global PCB specialized equipment market is projected to reach USD 10.8 billion by 2029, with a CAGR of 8.7% from 2024 to 2029. Key equipment segments include drilling (21%), exposure (17%), inspection (15%), and plating (7%) [2][3]. Summary by Sections 1. Industry Overview - The rapid growth of markets such as servers, data centers, communication devices, consumer electronics, and automotive electronics has provided sustained growth momentum for the PCB industry, driving continuous progress and innovation in PCB specialized equipment [17]. - The demand for high-value, high-density PCBs has surged, particularly for multilayer boards with more than 18 layers and HDI boards [18]. 2. Equipment Market Analysis - The report emphasizes the importance of high-value equipment in PCB manufacturing, including drilling, exposure, plating, and inspection. The demand for drilling equipment is expected to grow significantly, with both mechanical and laser drilling technologies coexisting [2][3]. - The competition in the exposure equipment sector is concentrated among leading players, while domestic manufacturers are expected to gain an advantage in vertical continuous plating equipment [2][3]. 3. Investment Recommendations - The report recommends focusing on leading domestic PCB equipment and material suppliers, highlighting specific companies such as: 1. DingTai High-Tech: A global leader in PCB drilling needles, expected to benefit from increased AI PCB demand, rated "Buy" [3]. 2. Dazhu CNC: A leading global PCB equipment supplier with a strong market share in drilling equipment, rated "Buy" [3]. 3. Kaige Precision: A leader in solder paste printing equipment, benefiting from high-precision assembly demands from AI servers, rated "Buy" [3]. 4. Dongwei Technology: A domestic leader in plating equipment with a leading market share in vertical continuous plating, rated "Buy" [3]. 5. Tianzhun Technology: A leading industrial vision equipment company with imminent growth in PCB equipment business, rated "Buy" [3]. 4. Market Growth Projections - The global PCB output value is expected to reach USD 94.66 billion by 2029, with a CAGR of 5.2% from 2024 to 2029, driven by the rapid growth of AI servers and data storage infrastructure [38][39]. - The demand for high-value, high-multilayer boards and HDI boards is projected to significantly increase, with the output value of 18-layer and above multilayer boards expected to grow by 41.7% in 2025 [42].

Core Viewpoint - The article emphasizes investment opportunities in the AI-driven growth of the equipment manufacturing industry, particularly in AI edge applications and computing infrastructure [1][2]. Group 1: AI Edge Applications - The AI edge sector is expected to see rapid growth, including humanoid robots, smart manufacturing with AI (mobile robots, collaborative robots), and various consumer AI products (e.g., AI smartphones, AI glasses, AI rings) [1]. - This growth will lead to a new cycle of demand for 3C devices and subsequently a new investment cycle in semiconductor equipment due to increased needs for training, inference, and storage chips [1]. Group 2: Computing Infrastructure - Investment in computing infrastructure is crucial for the implementation of AI edge applications. The article predicts rapid growth in AIDC investments, particularly in primary and secondary cooling solutions, recommending investments in chillers and core components like refrigeration compressors and water pumps [1]. - The article also highlights investment opportunities in energy solutions benefiting from power shortages, such as gas-fired power generation combined with heat recovery steam generators (HRSG) and solar-storage systems [1]. Group 3: Export Recovery in Machinery Manufacturing - The article identifies three main drivers for the expected recovery of machinery manufacturing exports by 2026: 1. A recovery in overseas demand due to the anticipated interest rate cuts by the Federal Reserve, which will boost global industrial product demand, particularly in categories related to real estate [2]. 2. Strong infrastructure demand in countries along the "Belt and Road" initiative, with significant growth in the Middle East's natural gas extraction sector, leading to increased exports of domestic oil service equipment [2]. 3. The demand for AI computing power is creating a gap in electricity supply, driving growth in gas turbines and diesel generator sets, as well as increased demand for drilling equipment and materials used in PCB production [2].