核心竞争力：一站式最优加工解决方案 公司核心竞争力在于提供一站式最优加工解决方案。通过布局PCB生产关键工序及多品类产品，实现应 用场景、技术、供应链等多维度协同，提升产品技术与客户服务能力，助力下游客户提升综合竞争力， 满足PCB先进制造需求。 2025年9月2日至9月30日期间，深圳市大族数控科技股份有限公司迎来了超50家机构密集调研，其中宝 盈基金参与了此次调研活动。本次调研聚焦公司经营情况、核心竞争力、PCB行业发展趋势等要点。 调研活动详情 本次投资者活动关系类别包括特定对象调研、现场参观以及其他券商策略会、电话会议。时间跨度为 2025年9月2日 - 9月30日，地点在公司会议室及北京。上市公司接待人员为副总经理、财务总监兼董事 会秘书周小东，以及证券事务代表周鸳鸳 。参与调研的机构众多，涵盖宝盈基金、平安基金、兴业机 械、华西证券等各类金融机构。 2025年上半年经营亮点突出 大族数控在2025年上半年经营成绩斐然。公司抓住AI服务器高多层板规模增长与技术难度提升的双重 契机，强化汽车电子、消费电子多层板及HDI板加工设备竞争力，新型激光加工方案在高速PCB、类载 板及先进封装领域获客户青睐。上 ...

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：2025-005 投资者关系活动 类别 特定对象调研 分析师会议 媒体采访 业绩说明会 新闻发布会 路演活动 现场参观 其他 券商策略会、电话会议 参与单位名称 宝盈基金（9月2日） 平安基金（9月2日） 兴业机械（9月3日） 华西证券（9月3日） 爱建证券资管（9月3日） 深圳市路演时代科技有限公司（9月3日） 南土资产（9月3日） 拾贝投资（9月3日） Pleiad Inverstment Advisors Limited（9月3日） 睿郡资产（9月3日） 洲和资本（9月3日） 江苏瑞华（9月3日） 中信证券（9月3日） 嘉实基金（9月5日） 民生证券（9月5日） 信达澳亚基金（9月5日） 诺安基金（9月5日） 金科投资控股（9月5日） 同时，公司业务模式创新发展，通过布局 PCB 生产关键工序 及多品类产品为客户提供一站式解决方案，实现了应用场景、技 术、供应链、设备与材料、产品、工序、客户的多维协同，并创造 性地发挥协同优势，放大客户、供应链及产业链伙伴、公司整体价 值，不断提升公司产品的技术能力和 ...

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]