钻孔设备领域，机械钻孔设备和激光钻孔设备需求共存，CO2激光钻孔机市场主要由海外头部企业占 据，国内设备厂商有望承接高端机械钻孔设备国产替代需求，市场上超快激光钻孔设备研发进展加速。 曝光设备领域，LDI设备为竞争关键领域，行业头部市占率集中。电镀设备领域技术路线各异，国产厂 商在垂直连续电镀设备领域占据优势。检测领域竞争较为激烈，行业正朝3D化和在线化发展。钻针领 域，直径0.2mm以下的PCB微钻需求有望大幅提升。 英伟达Rubin架构下的PCB方案或将重塑钻孔设备与钻针领域行业需求与格局 英伟达计划在2026年下半年发布的Rubin架构中对CPX和Midplane的PCB采用M9级覆铜板，将显著提高 PCB加工难度和成本，预计未来AI PCB钻针需求量将增长数倍，高端PCB钻针将迎来量、价、利齐升局 面，短期内钨钴合金类的涂层钻针仍是加工M9材料的主流产品，金刚石钻针商业化落地仍需时日；同 时，为保障钻孔加工质量，PCB厂商可能增加超快激光钻的需求，为国产厂商抢占钻孔设备市场提供了 后来居上的机会。 智通财经APP获悉，光大证券发布研报称，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 ...

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 - Shenzhen Dazhu CNC Technology Co., Ltd. has attracted over 50 institutional investors for research activities, focusing on the company's operational status, core competitiveness, and PCB industry trends during September 2025 [1][2]. Group 1: Company Performance - In the first half of 2025, the company achieved significant operational results, with revenue reaching 2.38183 billion yuan, a year-on-year increase of 52.26%, and a net profit of 263.27 million yuan, up 83.82% year-on-year [3]. - The company capitalized on the growth of AI server high-layer boards and the increasing technical complexity, enhancing its competitiveness in automotive electronics and consumer electronics multilayer boards [3]. Group 2: Core Competitiveness - The company's core competitiveness lies in providing one-stop optimal processing solutions, enhancing product technology and customer service capabilities through multi-dimensional collaboration in PCB production [4]. Group 3: PCB Industry Trends - The PCB industry is expected to benefit from the strong demand for AI computing-related terminals, with Prismark forecasting a revenue growth of 7.6% and a production increase of 7.8% in 2025 [5]. - The compound annual growth rate (CAGR) for high-layer boards and HDI boards related to AI servers and switches is projected to be 22.1% and 17.7%, respectively, from 2024 to 2029 [5]. - By 2029, the global and domestic PCB industry scale is expected to approach 100 billion USD and 50 billion USD, respectively, with a long-term CAGR of 5.2% from 2024 to 2029 [5]. Group 4: HDI Market - The HDI board market is experiencing rapid growth and technological upgrades, with the company providing differentiated solutions to meet increasing performance and efficiency demands [6]. - The company's newly developed equipment has received industry recognition and orders, which is expected to drive rapid revenue growth in HDI-related equipment [6].

Group 1: Company Performance - The company achieved a revenue of 238,183.32 million yuan in the first half of 2025, a significant increase of 52.26% compared to the same period last year [3] - The net profit attributable to shareholders reached 26,327.17 million yuan, reflecting a growth of 83.82% year-on-year [3] Group 2: Core Competitiveness - The company employs an innovative self-research model focused on segmented markets and application scenarios, enhancing its competitiveness in automotive electronics and consumer electronics multilayer boards [4] - The business model integrates key PCB production processes and multi-category products, providing one-stop solutions that enhance technical capabilities and customer service [4] Group 3: PCB Industry Trends - The PCB industry is expected to grow, with Prismark forecasting a revenue growth of 7.6% and a production increase of 7.8% in 2025, driven by demand for AI servers and switches [5] - The compound annual growth rate (CAGR) for the PCB industry from 2024 to 2029 is projected to be 5.2%, with the global market reaching nearly $100 billion and the domestic market reaching $50 billion by 2029 [6] Group 4: High Multilayer Board Market - The demand for high multilayer boards is increasing due to the rapid growth of data volume and the adoption of high-speed designs in AI servers and switches [7] - The company has developed advanced drilling machines and laser drilling solutions to meet the high precision and quality requirements for AI PCB products [8] Group 5: HDI Market Situation - The demand for HDI boards is rising in applications such as AI smartphones and automotive electronics, necessitating higher performance and efficiency from specialized equipment [10] - The company is continuously upgrading its laser drilling and imaging systems to meet the evolving technical requirements of HDI products [10]

Core Viewpoint - The company is positioned as a leading manufacturer in the PCB equipment industry, focusing on providing comprehensive solutions for the PCB sector, and is expected to benefit significantly from the surge in AI-related PCB demand, potentially leading to the largest expansion wave in the industry’s history [1][4]. Group 1: Company Overview - The company has over 20 years of experience in the PCB equipment industry and has become the largest manufacturer of PCB-specific equipment globally, covering key processes such as drilling, exposure, forming, inspection, and lamination [1]. - The company is transitioning from a traditional supplier to a collaborative partner with clients, offering innovative solutions to enhance yield and reduce costs [1]. - The company is leveraging opportunities in the AI industry, with high-end equipment like mechanical and laser drilling gradually increasing in volume for applications in AI servers and 800G optical modules [1][2]. Group 2: Industry Trends - The demand for AI PCBs is expected to explode, leading to unprecedented expansion in the PCB industry, driven by significant investments in AI infrastructure [2]. - Upgrades in AI chip specifications and the introduction of new technologies will necessitate improvements in PCB layers, precision, and materials, thereby increasing the requirements for PCB processing equipment [2]. - New equipment such as 3D back drilling, CO2 laser drilling, and high-precision inspection are emerging to meet the stringent demands of the evolving PCB landscape [2]. Group 3: Technological Advancements - The company’s mechanical drilling technology has reached industry-leading levels, while laser drilling is anticipated to make significant advancements [3]. - The company’s 3D back drilling machine features integrated drilling and measurement capabilities, achieving high precision and has been adopted by leading multi-layer board manufacturers [3]. - The company has developed high-power CO2 laser drilling machines to meet the needs for high-quality processing of multi-layer HDI boards, addressing the demand for blind and deep blind hole drilling [3]. Group 4: Financial Outlook - With the anticipated increase in high-end equipment production, the company’s revenue and profitability are expected to reach new heights [4]. - The company forecasts net profits of 684 million, 1.507 billion, and 2.089 billion yuan for the years 2025 to 2027, respectively [4]. - The product iterations are expected to enhance average selling prices (ASP) and profitability, with a favorable valuation outlook and high operational leverage potentially leading to unexpected profit elasticity [4].

Group 1: Company Performance - In the first half of 2025, the company achieved operating revenue of 238,183.32 million yuan, a significant increase of 52.26% compared to the same period last year [4] - The net profit attributable to shareholders reached 26,327.17 million yuan, reflecting an impressive growth of 83.82% year-on-year [4] Group 2: PCB Industry Trends - The PCB industry is expected to grow by 7.6% in revenue and 7.8% in production in 2025, driven by strong demand for AI servers and switches [6] - From 2024 to 2029, the compound annual growth rate (CAGR) for capacity in the PCB sector is projected to be 22.1% for high multilayer boards and 17.7% for HDI boards [6] - The global PCB market is anticipated to reach nearly 100 billion USD by 2029, while the domestic market is expected to hit 50 billion USD [7] Group 3: High Multilayer Board Market - The demand for high multilayer boards is increasing due to the rapid growth of data and the adoption of 112/224Gbps SerDes designs in AI servers and high-speed switches [8] - The need for advanced drilling technology, such as CCD six-axis independent drilling machines, is rising to meet the higher precision and quality requirements for AI PCB products [9] - The company has developed a CO2 laser drilling machine that meets the high-quality processing needs for large-diameter and cross-layer blind holes [10] Group 4: HDI Market Situation - The demand for HDI boards is rapidly increasing in AI smartphones, AI PCs, automotive electronics, and optical modules [11] - The company is upgrading its CO2 laser drilling machines and high-resolution imaging systems to meet the shrinking feature sizes of HDI products [11] - New laser processing solutions have been developed to achieve high precision in micro-hole drilling and shaping, gaining recognition and orders from downstream customers [12]

Group 1: Company Performance and Financials - The company achieved a revenue of 959,848,668.68 CNY in Q1 2025, representing a year-on-year growth of 27.89% [8] - The net profit attributable to shareholders for the same period was 116,773,485.23 CNY, showing an increase of 83.60% compared to the previous year [8] - The company’s revenue growth in 2024 was 104.56%, primarily driven by drilling equipment, which accounted for 62.84% of total revenue [22] Group 2: Market Trends and Industry Outlook - The global PCB industry is expected to grow by 6.8% in 2025, with a compound annual growth rate (CAGR) of 5.2% projected from 2024 to 2029 [19] - The demand for PCB products is increasing due to advancements in AI, 5G technology, and the recovery of consumer electronics [7][22] - The company is focusing on high-tech products such as high-layer boards and IC packaging substrates to meet market demands [15] Group 3: Strategic Initiatives and Future Plans - The company plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its capital base [13] - There is an emphasis on expanding into Southeast Asian markets, leveraging partnerships with local clients to adapt to regional supply chain dynamics [11][16] - The company is committed to developing energy-efficient PCB equipment in response to green manufacturing demands [6] Group 4: Customer Base and Market Position - The company serves 80% of the top 100 global PCB companies and has established relationships with numerous domestic and international clients [4] - It ranks first in the CPCA Top 100 list for specialized equipment for 15 consecutive years, indicating a strong market position [18] Group 5: Challenges and Responses - The company acknowledges the impact of stock price decline since its IPO, with a 40% drop from the issue price, and is focused on improving operational management [3] - In response to raw material supply challenges, the company is enhancing its procurement strategies and building relationships with key suppliers [10]

Investment Rating - The report does not explicitly state an investment rating for the industry or the specific company being analyzed [1]. Core Insights - The company, Tianzhun Technology, is positioned as a leading visual equipment platform enterprise, focusing on the integration of artificial intelligence technology to promote industrial digitalization [16]. - Tianzhun serves various industrial sectors, including electronics, semiconductors, and new automotive industries, providing advanced visual measurement and detection equipment [16]. - The company has maintained a strong commitment to R&D since its establishment in 2005, developing two major technological systems: artificial intelligence and precision optomechanics [16]. - Tianzhun has established a customer-centric organizational structure and has served over 6,000 mid-to-high-end clients globally [16]. - The company has been involved in drafting national standards and has received multiple qualifications, including "National Enterprise Technology Center" and "National Major Instrument Special Project Undertaking Unit" [16]. Summary by Sections 1. Basic Research Information - The research was conducted on February 19, 2025, focusing on Tianzhun Technology within the general equipment industry [13]. 2. Detailed Research Institutions - Various institutions participated in the research, including Haitong Securities, Shenwan Hongyuan, Northeast Securities, Suzhou Zhenhe, and Kunyi Investment [14]. 3. Research Institution Proportions - The report does not provide specific data on the proportions of research institutions involved [15]. 4. Main Content Information - Tianzhun's product, Star Intelligence 001, launched in November 2024, is designed for humanoid robots and serves as a high-performance intelligent controller [16][17]. - The Star Intelligence 001 utilizes NVIDIA Jetson AGX Orin, achieving a computing power of 275 TOPS, suitable for complex scenarios such as high-definition image processing and real-time data analysis [17]. - The company has expanded its business into humanoid robot control, building on its previous experience in unmanned logistics vehicles and intelligent driving domain controllers [18]. - Tianzhun's laser drilling machines are primarily used for HDI boards, IC substrates, and flexible-rigid combined boards [19]. - The company is optimistic about the future of the photovoltaic industry, focusing on product improvement and technological reserves during industry downturns [20].

Investment Rating - The report does not explicitly state an investment rating for the industry or the specific company being analyzed. Core Insights - The company, Tianzhun Technology, is positioned as a leading visual equipment platform enterprise, focusing on the integration of artificial intelligence technology to drive industrial digitalization [17] - The company serves various sectors including electronics, semiconductors, and new automotive industries, providing advanced visual measurement and detection equipment [17] - Tianzhun has maintained a high level of R&D investment since its establishment in 2005, developing two major technology systems: artificial intelligence and precision optomechanics [17] - The company has established a strong customer base, serving over 6,000 mid-to-high-end clients globally and actively participating in the formulation of national standards and industry norms [17] Summary by Sections 1. Basic Research Information - The research was conducted on February 18, 2025, focusing on Tianzhun Technology within the general equipment industry [13] 2. Detailed Research Institutions - The research involved institutions such as Rongsheng Investment and Shenzhen Jiaxin Tianshi Industrial [14] 3. Research Institution Proportion - The report does not provide specific data on the proportion of research institutions involved. 4. Main Content Information - Tianzhun Technology has launched the Star Intelligence 001 product, a high-performance intelligent controller designed for humanoid robots, which is a key component for understanding and executing complex tasks [18] - The Star Intelligence 001 is based on NVIDIA Jetson AGX Orin, offering a computing power of 275 TOPS, suitable for high-definition image processing and real-time data analysis [18] - The company has expanded its business into humanoid robot control since 2018, leveraging its existing technology foundation and application experience [19] - The company is preparing for a convertible bond issuance, with plans to submit the application materials soon [19] - The company remains optimistic about the future of the photovoltaic industry despite current challenges, focusing on product improvement and technological reserves [20]