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].