值得注意的是，大族数控这份最新三季报，也创下公司上市以来最好同期业绩。公司今年前三季度营收 和净利均创下上市以来同期历史新高。 就今年前三季度业绩增长原因，大族数控表示，首先是AI算力高多层板及高多层HDI板市场规模增长及 技术难度双重提升，对高技术附加值专用加工设备的需求持续上升。公司紧抓下游客户扩产机遇，针对 AIPCB提供一站式专用设备解决方案，包含高厚径比通孔、高精度背钻及高速材料盲孔加工方案，高精 度线路转移及检查方案，高可靠性质量检测方案等产品，同时满足客户大批量设备快速交付的要求，受 到行业龙头客户的广泛认可。 同时，大族数控持续提升汽车电子、消费电子等多层板及HDI板加工设备的综合竞争力，钻孔类、曝光 类及检测类设备等产品的性能和加工效率不断优化，助力下游客户降低运营成本，从而获得更高市场份 额。 行业方面，2025年以来，国内DeepSeek开源大模型引发AI加速应用，国内外云解决方案提供商持续提 升算力中心投入，AI算力数据中心服务器、交换机、光模块等终端需求延续强劲态势，PCB产业直接受 益，以高多层板为主的细分市场需求快速攀升，促进下游PCB企业投资力度加大。 A股PCB龙头大族数控（ ...

证券代码：301200 证券简称：大族数控 深圳市大族数控科技股份有限公司 投资者关系活动记录表 编号：2025-007 | | 特定对象调研 | 分析师会议 | | --- | --- | --- | | 投资者关系活动 | 媒体采访 | 业绩说明会 | | 类别 | 新闻发布会 | 路演活动 | | | 现场参观 | | | | 其他 券商策略会、电话会议 国泰海通策略会（11月5日） | | | | 华创证券策略会（11月5日） | | | | 招商证券策略会（11月5日） | | | | 西部证券（11月6日） | | | | 福州汉石基金（11月6日） | | | | 东方财富证券（11月6日） | | | | 广发基金（11月6日） | | | | 华泰资产管理（11月6日） | | | 参与单位名称 | 中银基金（11月6日） | | | | 建信基金（11月6日） | | | | 国寿养老（11月7日） | | | | 国寿资管（11月7日） | | | | 兴业基金（11月10日） | | | | 创金合信（11月10日） | | | | 民生证券（11月10日） | | | ...

Group 1: Company Performance - The company achieved a revenue of 390,281.72 million yuan in the first three quarters of 2025, representing a year-on-year growth of 66.53% [3] - The net profit attributable to shareholders reached 49,170.68 million yuan, marking a significant increase of 142.19% compared to the same period last year [3] - Key factors for growth include rising demand for high-tech HDI specialized processing equipment and the company's ability to provide comprehensive solutions for downstream clients [3] Group 2: Industry Trends - The PCB industry is projected to grow by 7.6% in revenue and 7.8% in production in 2025, driven by strong demand for AI servers and switches [4] - The compound annual growth rate (CAGR) for high multi-layer boards and HDI boards is expected to reach 22.1% and 17.7% respectively from 2024 to 2029 [4] Group 3: Product Development - The demand for high-density multi-layer boards and HDI boards is increasing due to the adoption of 112/224Gbps SerDes designs in AI servers and high-speed switches [5] - The company has developed new products, including a CCD six-axis independent drilling machine with 3D back drilling capabilities, which has received industry certification and large-scale orders [5] - New laser drilling machines are being developed to meet the needs for high-quality processing of multi-layer HDI boards, addressing the challenges of signal integrity and precision [6] Group 4: Market Opportunities - The rise of AI smartphones and 800G+ optical modules is driving the demand for high-precision processing of micro-holes and slots, with the company providing innovative laser processing solutions [6] - The company is positioned to support the growing AI PCB market by offering high-reliability processing solutions that meet increasing demands for thickness ratio, impedance tolerance, and signal integrity [6]

Core Viewpoint - Dazhu CNC's Q3 performance exceeded expectations, driven by the expansion of computing PCB and technological upgrades, indicating strong positioning in the PCB equipment industry and potential for long-term growth [1][4]. Financial Performance - For the first three quarters, the company achieved revenue of 3.9 billion, a year-on-year increase of 66.5%, and a net profit of 490 million, up 142.2% year-on-year, with a gross margin of 31.7%, an increase of 3.7 percentage points [1]. - In Q3 alone, revenue reached 1.52 billion, a year-on-year increase of 95.2% and a quarter-on-quarter increase of 7.0%, with a net profit of 230 million, up 281.9% year-on-year and 55.9% quarter-on-quarter, and a gross margin of 34.0%, up 8.6 percentage points year-on-year [2]. Market Trends and Product Development - The increase in AI PCB product proportion has led to a significant optimization of the product structure, contributing to the notable rise in gross margin [2]. - The company is expected to see further growth in Q4 due to tight production capacity and the introduction of new equipment, with a focus on high-end PCB equipment upgrades [3]. Long-term Outlook - The company is well-positioned in the AI PCB sector, with expectations for sustained demand for mechanical drilling equipment and an increase in the proportion of high-margin AI PCB equipment [3]. - The company’s advanced laser drilling products are expected to meet the needs of new technologies and materials in the computing PCB field, enhancing growth potential for high-end products [3]. Investment Recommendations - Dazhu CNC is recognized as a leading global PCB equipment manufacturer, with a strong outlook for high-quality growth driven by the acceleration of AI PCB expansion and product upgrades [4].