特别申明： 点击注册小程序 查看完整报告 AI发展激发高端PCB需求，PCB设备需求显著提升 随着AI算力需求扩大，AI服务器需求大幅上升，行业内高端PCB产品供给紧俏，国内头部PCB生产商加大 资本开支力度，直接拉动PCB设备需求。 关注PCB制造中高价值量环节设备，包括钻孔、曝光、电镀、检测、钻针等 风险分析： 宏观经济波动风险、行业技术迭代不及预期风险、算力需求波动风险、行业竞争加剧风险、 原材料及供应链稳定性风险等。 发布日期： 2026-01-06 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 免责声明 报告摘要 据Prismark预测，2029年全球PCB专用设备市场规模将达到108亿美元，2024-2029年CAGR为 8.7%；2024年，市场规模占比较大的关键设备包括钻孔（21%）、曝光（17%）、检测（ ...

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].

Investment Rating - The report recommends a positive investment outlook for the PCB industry, particularly highlighting the drilling equipment and consumables sectors as key beneficiaries of the ongoing upgrades and miniaturization trends in PCB technology [7]. Core Insights - The demand for drilling equipment and consumables is expected to rise due to the increasing complexity and density of PCBs driven by AI computing power requirements [3][6]. - The transition from traditional copper cable connections to PCB connections in high-density server architectures, such as NVIDIA's Rubin architecture, is anticipated to further boost PCB demand [21][25]. - The report emphasizes that the drilling segment is the most advantageous area within PCB production, with specific recommendations for leading domestic companies in drilling equipment and consumables [7]. Summary by Sections AI Computing Power and PCB Demand - AI servers utilize advanced PCB designs, such as HDI boards, to meet high-density interconnection requirements, with specific architectures like GB200 and GB300 showcasing the need for increased layer counts and miniaturized features [4][13]. - The report notes that the shift to the Rubin architecture will necessitate further PCB innovations, including the introduction of orthogonal backplanes to replace traditional copper connections [19][29]. Beneficial Segments in PCB Production - The drilling equipment sector is highlighted as the most benefited segment, with domestic manufacturers like Dazhu CNC leading the market due to their cost-effective solutions and improved production efficiency [6][57]. - The report identifies the increasing complexity of PCB designs, particularly in high-layer HDI boards, as a driver for enhanced drilling technology and higher demand for specialized drilling consumables [5][34]. Investment Recommendations - The report recommends focusing on leading domestic companies in the drilling equipment sector, specifically Dazhu CNC, and in the drilling consumables sector, particularly Ding Tai High-Tech, while also suggesting to keep an eye on Zhongtung High-Tech [7][76][81].

记者丨覃毅 编辑丨鄢子为 深圳装备大佬高云峰，再度叩响港交所大门。 12月上旬，他实控的大族数控，提交新招股书，并委任中金公司为独家保荐人。 这家印制电路板（PCB）装备巨头，南下募资，用于研发攻坚、产能提升和补充资金。 "生产目前比较紧凑。"大族数控方面告诉《21CBR》记者，当前高端PCB制造设备紧缺。 这是高云峰向港交所发起的第二波冲击。 数控业务是大族激光子公司，高氏将其分拆，一步步扩大规模，当前市值在440亿元左右，超过母公司。 高云峰主要任大族激光董事长，负责接待要员、出席行业活动、为产品站台等事宜。作为大族系实控人，最新胡润百富榜估计，其身家达135亿元。 | No. 504 | ¥ 135 亿 | ~ 72 | Hall 高云峰 | 大族激光 行业: 激光设备 | | --- | --- | --- | --- | --- | | 排名 | 财富 | 排名变化 | 个人信息 先生 68 | 企业信息 | 经穿透，高本人持有大族数控约21.7%股权，未直接任职，日常经营交由职业经理人负责，哪怕新春贺辞这类工作，也由部下出面处理。 5月30日，大族数控正式启动H股上市进程，提交申请材料，首次冲击未 ...

记者丨 覃毅 编辑丨鄢子为 深圳装备大佬高云峰，再度叩响港交所大门。 12月上旬，他实控的大族数控，提交新招股书，并委任中金公司为独家保荐人。 这家印制电路板（PCB）装备巨头，南下募资，用于研发攻坚、产能提升和补充资金。 "生产目前比较紧凑。"大族数控方面告诉《21CBR》记者，当前高端PCB制造设备紧缺。 这是高云峰 向港交所发起的第二波冲击。 鉴于AI供应链仍如烈火烹油，若一切顺利，高氏不单得偿所愿，收获一个港股IPO，且有机会 迎来一场财富盛宴。 分利聚才 鉴于AI供应链仍如烈火烹油，若一切顺利，高氏不单得偿所愿，收获一个港股IPO，且有机会 迎来一场财富盛宴。 高云峰，现年58岁，在深圳打拼多年，专攻制造设备，手握两家上市公司——大族激光和大族 数控。 数控业务是大族激光子公司，高氏将其分拆，一步步扩大规模， 当前市值在440亿元左右 ，超 过母公司。 高云峰主要任大族激光董事长，负责接待要员、出席行业活动、为产品站台等事宜。作为大族 系实控人，最新胡润百富榜估计， 其身家达135亿元。 | No. 504 | ¥ 135 亿 | ~ 72 | STATE 高云峰 | 大族激光 | | --- | ...

Core Viewpoint - Dazhu CNC Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, aiming to raise funds for enhancing R&D and operational capabilities, expanding overseas sales, increasing PCB equipment production capacity, and supplementing working capital [2] Industry Background - China is the largest PCB production base globally, with a projected PCB output value of $41.2 billion in 2024, accounting for approximately 56% of the global market, expected to rise to $49.7 billion by 2029 [2] - The Chinese PCB industry is undergoing a structural transformation, shifting from traditional through-hole boards to high-end HDI, packaging substrates, and high-frequency boards, with increasing demand for high-precision PCB equipment driven by AI and smart electric vehicles [2] Company Overview - Dazhu CNC has over 20 years of experience in the PCB equipment sector, providing end-to-end solutions for manufacturers in various industries, including automotive electronics and consumer electronics [3] - The global PCB equipment market is competitive and fragmented, with the top five manufacturers holding about 20.9% of the market share; Dazhu CNC is the largest PCB equipment manufacturer in China, with a market share of 10.1% [3] R&D and Innovation - R&D is a core competitive advantage for Dazhu CNC, with 742 R&D personnel, representing 25.5% of total employees, and 72.2% holding a bachelor's degree or higher [5] - The company has established several research centers to enhance its technological capabilities, focusing on laser processing equipment for packaging substrates and other key areas [5] Product and Production Capacity - Dazhu CNC's product range covers critical PCB production processes, including drilling, exposure, lamination, forming, and testing, with sales across over 10 countries [5] - Sales data for key equipment types: - **Drilling Equipment**: Sales of 2,514 units in 2022, 1,129 in 2023, and projected 3,119 in 2024, with varying production and sales rates [5] - **Exposure Equipment**: Sales of 132 units in 2022, 79 in 2023, and 141 in 2024, with production rates reflecting market conditions [6] - **Testing Equipment**: Sales of 519 units in 2022, 400 in 2023, and 446 in 2024, with a noted decrease in production rates due to inventory levels [6] - **Forming Equipment**: Sales of 463 units in 2022, 289 in 2023, and 596 in 2024, maintaining stable production rates [6] - **Attachment Equipment**: Sales of 74 units in 2022, 183 in 2023, and 206 in 2024, with production rates indicating market adaptation [7] - **Lamination Equipment**: Introduced in 2024 with initial sales of 2 units, reflecting early market entry challenges [7]

Core Viewpoint - Dazhu Laser (301200.SZ) is a leading provider of PCB specialized production equipment solutions, primarily serving various downstream industries such as servers, automotive electronics, and consumer electronics, with a significant market share in China [2][10]. Company Overview - Dazhu Laser operates in the PCB specialized equipment industry, focusing on the research, production, and sales of equipment that provides end-to-end solutions for PCB manufacturers [2]. - The company is the largest PCB specialized production equipment manufacturer in China, holding a market share of 10.1% as of 2024 [2]. Product Categories Drilling Equipment - Drilling is a critical process in PCB production, with the company selling 2,514, 1,129, 3,119, 1,601, and 2,637 units of drilling equipment in 2022, 2023, 2024, and the first half of 2025, respectively [3]. - The sales-to-production ratios for these years were 121.1%, 81.6%, 108.9%, 113.6%, and 94.5% [3]. Exposure Equipment - The company provides exposure equipment essential for transferring circuit designs onto PCB substrates, with sales figures of 132, 79, 141, 73, and 59 units for the same periods [4]. - The sales-to-production ratios were 109.1%, 97.5%, 110.2%, 130.4%, and 103.5% [4]. Testing Equipment - Testing is vital for ensuring the reliability and integrity of the final PCB products, with the company selling 519, 400, 446, 215, and 295 units of testing equipment during the specified periods [5]. - The sales-to-production ratios were 101.8%, 93.2%, 80.9%, 93.5%, and 89.7% [5]. Financial Performance - The company recorded revenues of 2.786 billion, 1.634 billion, 3.343 billion, and 2.382 billion RMB for the fiscal years ending in 2022, 2023, 2024, and the first half of 2025, respectively [6]. - Profit figures for the same periods were 432 million, 136 million, 300 million, and 261 million RMB [6]. Industry Overview - The global PCB specialized equipment market is projected to grow from approximately 5.84 billion USD in 2020 to about 7.085 billion USD by 2024, with a compound annual growth rate (CAGR) of 4.9% [12]. - The PCB industry is expected to see a market value increase from 65.2 billion USD in 2020 to 73.6 billion USD in 2024, with a CAGR of 3.1% [10]. - The demand for PCB specialized equipment is driven by the rapid growth in end-user applications and the expansion of production capacities by leading PCB manufacturers [10]. Market Dynamics - The drilling and exposure equipment segments are critical in the PCB production process, accounting for over 30% of the total capital expenditure on PCB specialized production equipment [17]. - The global drilling equipment market is expected to grow from approximately 1.174 billion USD in 2020 to about 1.470 billion USD by 2024, with a CAGR of 5.8% [18]. - The exposure equipment market is projected to increase from around 964 million USD in 2020 to approximately 1.204 billion USD by 2024, with a CAGR of 5.7% [20].

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申請版本的內容概不負責，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申請版本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 的申請版本 （於中華人民共和國註冊成立的股份有限公司） 警 告 本申請版本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。 本申請版本為草擬本，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、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 資者務請僅依據與香港公司註冊處處長登記的本公司招股章程作出投資決定；招股章程的文本 將 ...

Summary of the Conference Call Company and Industry Overview - The company is focused on the rapid development of AI technology and has adjusted its business strategy to concentrate resources on core enterprises like Shenghong, particularly in the HDI and mechanical drilling sectors [2][3] - The company’s existing products, GB200 and GB300, have established a dominant market position, with nearly all large-scale production being supplied by the company [2] Key Points and Arguments - The company is leveraging ultra-fast laser technology to address challenges posed by M9 material processing, which has been widely applied in Apple products [2][5] - The company plans to expand its product lines to include exposure, forming, laminating, and testing, aiming to maximize value in AI scenarios [2][6] - By 2030, the PCB market value is expected to rise to $100-200 billion, driven by the AI industry, potentially doubling the size of the original market [2][8] - The company anticipates mass production of ultra-fast laser technology by mid-2026, with significant demand expected from the AI market [2][9] Financial Performance and Market Position - The company has shown steady performance improvements year-on-year and quarter-on-quarter, establishing a solid foundation for long-term growth [3] - Currently, 80% of the company's revenue comes from drilling equipment, with plans to transition into a high-end equipment supplier [4][14] - The company maintains a gross margin of approximately 50% and aims to enhance precision and efficiency in its products [21] Technological Developments - The transition from CO2 lasers to ultra-fast lasers is aligned with industry trends, with expectations for mass production to begin in 2026 [7] - The complexity of PCB drilling processes has increased significantly in AI applications, necessitating more advanced equipment to handle higher density and thickness [11] - CCD backup drilling equipment has shown strong market performance, with sales expected to account for 40%-50% of the required drilling machines in AI scenarios [12] Competitive Landscape - New entrants in the PCB field have not significantly impacted the existing market structure due to their lack of understanding of PCB-specific requirements [15] - Major technology companies continue to invest heavily in the industry, indicating a positive long-term outlook despite short-term market fluctuations [16][17] Future Outlook - The company is optimistic about the AI market's growth, with expectations of significant increases in equipment demand and value as technology evolves [22] - Collaboration with key clients like Pengding is crucial, with ongoing advancements in ultra-fast laser drilling machines expected to deepen these partnerships [19] - The company is transforming into a high-end equipment supplier, focusing on producing more technically demanding products and expanding its presence in the core supply chains of leading enterprises [20]