证券代码：002378 证券简称：章源钨 业 崇义章源钨业股份有限公司投资者关系活动记录表 编号：20250827 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 □业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | 2025 | 其他（2025 年半年度报告解读） 年 月 日： 8 26 | | | 民生证券：李挺；汇泉基金管理有限公司：陈谦；中庚基金管 | | | 理有限公司：王震；国联基金管理有限公司：孙磊；新华基金： | | | 黄泓鉴；招商基金管理有限公司：查汉斌；西部利得基金管理 | | 参与单位名称 | 有限公司：温震宇；中信资管：高明洋；富国基金管理有限公 | | 及人员姓名 | 司：王佳晨；信达澳亚基金管理有限公司：杜开欣 | | 2025 | 年 8 月 27 日： | | | 中泰证券：任恒、李润婷；汇安基金管理有限责任公司：杨坤 | | | 河；广东正圆私募基金管理有限公司：陈泽敏；圆信永丰基金 | | | 管理有限公司：马红丽 | | 时间 2025 | 年 月 日至 年 月 日 8 26 ...

Core Viewpoint - The AI PCB industry is experiencing a boom, leading to increased demand and prices for manufacturing tools like PCB drill bits, significantly benefiting Ding Tai High-Tech, which reported record mid-year performance since its listing [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 904 million yuan, a year-on-year increase of 26.90% [1]. - The net profit attributable to shareholders reached 160 million yuan, up 79.78% year-on-year, marking the best performance for the same period since the company went public [1]. - The net cash flow from operating activities was -29.4 million yuan, a decline of 124.36% year-on-year, primarily due to increased cash payments for goods and services [1]. Product Demand and Market Dynamics - The demand for high-end PCBs surged due to hardware upgrades in AI servers and high-speed switches, prompting the company to enhance its PCB tool products through an AI research team [1]. - The revenue share of tool products, including drill bits and milling cutters, increased from 75.40% in 2024 to 82.55% in the first half of 2025, with a gross margin of 38.67%, up 5.05 percentage points year-on-year [1]. - The company reported that the average price of drill bit products has been steadily increasing [1]. Supply Chain and Production Capacity - The quality of the PCB drilling process directly impacts the quality of PCB products, with AI PCBs requiring higher technical and quality standards for drill bits [2]. - There is a structural change in demand for micro-drills, high aspect ratio drill bits, and coated drill bits due to the increased requirements from high-layer AI server thick boards [2]. - The company is currently facing tight delivery schedules for drill bit products due to high demand and is reducing backup inventory to alleviate some delivery pressure [2]. Raw Material Costs - Ding Tai High-Tech's main products, including drill bits and milling cutters, primarily use tungsten as a raw material [2]. - Recent market data indicates a rapid increase in tungsten prices, with prices rising by 5,000 to 10,000 yuan per ton, and tungsten ore prices surpassing 200,000 yuan per ton, which directly raises the raw material costs for PCB drill bits [2]. Pricing Mechanism - The company has established a pricing mechanism with some major clients; however, specific arrangements regarding pricing methods and ranges have not been detailed [3]. - If the company cannot transfer the risk of significant raw material price increases to downstream customers, its performance may be adversely affected [3].

Core Viewpoint - Ding Tai Gao Ke's stock price has shown a positive trend, reflecting strong market performance and investor interest in the company [1] Company Overview - Ding Tai Gao Ke's latest stock price is 52.53 yuan, up 1.53% from the previous trading day [1] - The stock reached a high of 53.96 yuan and a low of 51.21 yuan during the trading session, with a total transaction amount of 310 million yuan [1] - The company operates in the general equipment manufacturing industry, focusing on the research and production of precision tools such as PCB drill bits and milling cutters [1] - Ding Tai Gao Ke is recognized as a national-level specialized and innovative "little giant" enterprise, with products widely used in consumer electronics and automotive electronics sectors [1] Market Performance - Ding Tai Gao Ke has been included in the CSI 1000 index, which features stocks that have increased by over 100% year-to-date [1] - The CSI 1000 index has shown active performance since the third quarter, with approximately 81% of its sample stocks experiencing an increase [1]

Core Viewpoint - The company is experiencing growth opportunities in the PCB drill bit market due to the rising demand for high-value PCB products such as AI servers and high-speed network communications [3][22]. Company Overview - The company, Ding Tai High-Tech (301377.SZ), was established in 2013 and went public in 2022. It is a leading player in the global PCB drill bit market, with major clients including Pengding Holdings, Shenghong Technology, and Chongda Technology [5][4]. - The actual controllers of the company hold a combined 85.4% of the shares, indicating a high concentration of ownership [6]. Product Segmentation - The company primarily focuses on drill bits, milling cutters, and other specialized tools for PCB manufacturing, which historically contribute over 70% of its revenue [10][9]. - Functional film products, which include various protective films, are being developed as a second growth curve, with revenue from this segment reaching approximately 160 million yuan in 2024, a year-on-year increase of 72.8% [12][13]. Financial Performance - The company has maintained a growth trajectory, with revenue increasing from 700 million yuan in 2019 to 1.58 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 17.7%. In Q1 2025, revenue grew by 27.2% year-on-year [22]. - The net profit attributable to the parent company increased from 70 million yuan in 2019 to 200 million yuan in 2024, with a CAGR of 22.7%. In Q1 2025, net profit grew by 87.7% year-on-year [24]. Market Position - The company holds a leading global market share in PCB drill bits, which increased from 19% in 2020 to 26.5% in 2023, benefiting from the global PCB industry's shift to China [26][27]. - The company has established a strong market position due to its self-researched equipment, which reduces costs and improves production efficiency [29]. Research and Development - The company maintains a high R&D intensity, with R&D expenses accounting for 6.9% of revenue in 2024 [34]. - The self-developed equipment has allowed the company to lower production costs to one-third of imported products and improve production efficiency by 15-20% [29]. Capital Expenditure and Cash Flow - The company has a history of high capital expenditures, resulting in a cumulative negative free cash flow of 700 million yuan since 2018 [38]. - Despite negative free cash flow, the company has engaged in significant equity financing and dividends, distributing 200 million yuan in 2024, with a dividend payout ratio of 86.8% [42]. Asset Structure - As of Q1 2025, the company had total assets of 3.615 billion yuan, with fixed assets representing the largest portion at 26.2% [46][48].

Group 1 - The article highlights the achievements of a team of post-2000s students from Hunan City University who have successfully developed and mass-produced a high-precision wedge-shaped knife for semiconductor packaging, previously dominated by foreign companies [7][9]. - The team, consisting of six members, has sold over 10,000 wedge-shaped knives as of mid-2023, showcasing their innovation in the field of semiconductor packaging [7][9]. - The team utilized advanced techniques such as powder metallurgy and picosecond laser processing to achieve a processing precision of 50 micrometers, significantly improving the performance and cost-effectiveness of their product compared to foreign counterparts [9]. Group 2 - The article also features a young CNC milling technician, Long Weijie, who won a gold medal in the CNC milling category at the 47th World Skills Competition, demonstrating the potential of the post-2000s generation in advanced manufacturing [10][11]. - Long Weijie transformed from a novice to a world champion in seven years, emphasizing the importance of practice and perseverance in mastering CNC technology [11][12]. - The article discusses the challenges faced by Long Weijie during his training, including precision control and equipment malfunctions, which he overcame through dedication and experience [12][14]. Group 3 - The article introduces Liu Jin, a post-2000s operations technician at a compressor manufacturing company, who is responsible for the maintenance and operation of industrial robots, highlighting the role of young talent in modern manufacturing [15][17]. - Liu Jin has demonstrated exceptional problem-solving skills, saving costs for the company by efficiently diagnosing and repairing robotic systems without halting production [16][17]. - The article emphasizes the importance of skilled technicians like Liu Jin in ensuring the smooth operation of advanced manufacturing equipment, which is crucial for the company's future development [17].

Summary of Huari Precision's Conference Call Company Overview - **Company**: Huari Precision - **Industry**: Manufacturing, specifically focusing on precision tools for various sectors including military, aerospace, engineering machinery, and wind power Key Points and Arguments Demand and Growth - **2025 Downstream Demand**: Predominantly from military, aerospace, engineering machinery, wind power, and new sectors like audit outsourcing, though overall growth may slow due to high base effects from 2024 [2][3] - **Order Trends**: Orders have slightly increased in May, with the second quarter being a peak season for the industry [3][4] Pricing and Cost Management - **Price Increase**: Starting June 1, prices were raised by 5%-8% to cover rising raw material costs, with the effectiveness of this measure to be assessed by the end of the month [2][4][7] - **Impact on Gross Margin**: Raw material price increases are expected to affect gross margin by approximately 4-5 percentage points, with current price adjustments aimed at offsetting these costs [7] Production Capacity and Inventory - **Utilization Rates**: Blade capacity utilization is around 90%, with overall tool utilization between 80%-90% following promotions [2][6] - **Inventory Levels**: Blade inventory is approximately two months, while overall tool inventory is about five months [6] Product Development and Market Position - **Robotic Tooling Progress**: Small batch orders have been received for robotic tools, with ongoing development of new materials for specific applications [2][8] - **Competitive Pricing**: Huari's products are priced at 50%-70% of foreign competitors, with superior efficiency and performance, indicating significant domestic substitution potential [2][9] Sales and Market Expansion - **Export Growth**: Anticipated export growth of over 50% in 2025, targeting $10 million to $12 million, with key markets including South Korea, Turkey, India, and Vietnam [4][17] - **New Market Entry**: Expansion into the German market with a new subsidiary to enhance local service capabilities [4][19] Financial Performance and Projections - **Revenue Goals**: The company aims for a revenue growth of over 20% in 2025, with blade business projected to generate $700 million to $800 million [32] - **整包业务 (Integrated Package Business)**: Expected revenue growth from integrated package services, with military sales projected to increase significantly [11][23] Industry Insights - **Military Sector Entry**: No specific qualifications are needed for military contracts, focusing instead on overall company strength and technical capabilities [24] - **Self-Supply Ratio**: Varies by industry, with higher ratios in aerospace, engineering machinery, and automotive sectors [25][27] Challenges and Strategic Focus - **3C Industry Competition**: The 3C sector presents challenges due to high competition and cost pressures, leading to a strategic reduction in focus on this area [28] - **Future Strategy**: Continued emphasis on core markets (general machinery, automotive, and molds) while exploring growth in emerging sectors like humanoid robotics and aerospace [33] Additional Important Information - **Depreciation and Costs**: Depreciation expenses have increased by over $20 million compared to the previous year, while other costs remain stable [13] - **Payment Collection Improvement**: Collection rates improved in Q2 compared to Q1, with typical payment cycles ranging from 3 to 6 months [21] This summary encapsulates the key insights from Huari Precision's conference call, highlighting the company's strategic direction, market dynamics, and financial outlook.