工信部近日公示2025年度中外中小企业合作区，深圳市罗湖区亚太中小企业合作区成为广东省唯一入选单 位。该合作区依托罗湖金融、商贸等产业基础，重点布局人工智能、新材料等领域，已与多个APEC经济 体及香港建立深度合作。 4、 全球最大3D打印工厂落地深圳 拓竹科技与汇纳科技合作，计划于2026年一季度前在深圳部署15000台3D打印设备，打造全球规模最大的 3D打印生产基地。目前已有近5000台设备开始部署。数据显示，2024年全球3D打印市场规模约246亿美 元，中国市场需求增长显著，前三季度设备产量同比增长40.5%。 2、 海洋新质生产力大会举行，共建"海洋朋友圈" 12月6日，"海洋新质生产力大会"在深圳海洋大学过渡校区举办。大会发布合作倡议，推动海洋科技、产 业与传播融合发展。现场完成多项签约：大鹏新区管委会、南科大海高院/深圳海洋大学（筹）、深圳科创 学院签约，聚焦海洋人才培养与产学研合作。南科大海高院与7家企业签约，合作方向包括海洋智能装 备、深海监测等关键技术领域。 3、 罗湖区亚太中小企业合作区入选国家级名单 1、深圳科创企业密集冲刺港股 12月首周（1日至5日），港股市场迎来"深圳板块"上市 ...

长江商报消息 ●长江商报记者 汪静 "大族系"的高云峰向第三个IPO发起冲击。 12月2日，大族数控（301200.SZ）递表港交所，中金公司担任独家保荐人。大族数控曾在2025年5月30 日首次向港交所提交上市申请书，但已于11月30日失效，本次申请是第二次申请。 大族数控由大族激光（002008.SZ）分拆而来，是"大族系"的一员。 作为"大族系"创始人，高云峰白手起家，以激光技术为刃，在高端制造领域劈开一条国产替代之路。其 资本运作也十分精妙，2004年，高云峰带领大族激光在深圳证券交易所上市，四年后成功切入苹果产业 链实现腾飞。此后，在消费电子寒冬中，高云峰又运用分拆，将大族数控推至深交所上市，构造出资本 市场的"大族系"。 高云峰还曾试图分拆大族封测上市，但失败。 2025年前三季度，大族数控实现营业收入39.02亿元，同比增长66.53%；归母净利润4.92亿元，同比增 长142.19%。二者均创上市以来同期新高。 如今，承载着"大族系"希望的大族数控递表港交所，高云峰向第三个IPO发起冲击。 从大学老师到上市公司掌门人 高云峰是典型的白手起家的企业家，靠着自己的学识和技术，他一步步打造了"大族系 ...

Group 1 - The core viewpoint of the news is the performance and market position of Dazhu CNC Technology Co., Ltd., which saw a stock price increase of 5.56% to 123.75 CNY per share, with a total market capitalization of 52.657 billion CNY [1] - Dazhu CNC specializes in the research, production, and sales of PCB (Printed Circuit Board) specialized equipment, with its main revenue sources being drilling equipment (71.02%), testing equipment (8.78%), and other categories [1] - The company was established on April 22, 2002, and went public on February 28, 2022, indicating a relatively recent entry into the public market [1] Group 2 - According to data, a fund managed by Zheshang Securities Asset Management holds a significant position in Dazhu CNC, with 18,200 shares representing 3.43% of the fund's net value, making it the seventh-largest holding [2] - The fund, Zheshang Huijin Transformation Growth (000935), has shown a year-to-date return of 41.51% and a one-year return of 35.21%, ranking 1700 out of 8223 and 2156 out of 8115 respectively in its category [2] - The fund manager, Ma Binbo, has been in charge for 7 years and 314 days, with the best fund return during his tenure being 78.16% [3]

Group 1 - The PCB market is experiencing significant demand growth driven by the AI development wave, leading to a new round of capacity expansion in the industry [1][3] - Pengding Holdings (002938) reported a revenue of 26.855 billion yuan for the first three quarters of 2025, a year-on-year increase of 14.34%, and a net profit of 2.407 billion yuan, up 21.23% [1] - The company plans to actively promote new capacity construction in Huai'an and Thailand, with capital expenditure reaching 4.972 billion yuan, an increase of nearly 3 billion yuan year-on-year [1] Group 2 - Defu Technology (301511) and Feiliwa (300395) have announced financing and expansion plans, with Defu planning to invest 1 billion yuan in special copper foil production [2] - Shenghong Technology (300476) is expanding its high-end product capacity, including HDI and multilayer boards, to maintain its leading position in the global PCB industry [2] - Dongshan Precision (002384) is enhancing high-end PCB capacity to meet long-term demand in high-speed computing servers and AI applications [2] Group 3 - The PCB industry is seeing a surge in demand for high-layer boards, HDI boards, and IC substrates, with a projected investment of 41.9 billion yuan from leading domestic PCB companies by 2025-2026 [3] - The industry is characterized by a return to an upward cycle, product high-endization, and factory establishment in Southeast Asia, which is expected to drive the demand for PCB equipment upgrades [3] Group 4 - The global PCB market size was 78.34 billion USD in 2023, a decrease of 4.2% year-on-year, but is expected to reach 96.8 billion USD by 2025 [4] - The Chinese PCB market size was 363.257 billion yuan in 2023, down 3.8% from the previous year, but is projected to recover to 433.321 billion yuan by 2025 [4] - Recent quarterly reports from over ten PCB-related listed companies, including Shengyi Electronics and Dazhu CNC, show significant performance increases due to rising market demand [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company reported significant improvements in profitability, with Q1-Q3 2025 revenue reaching 3.903 billion yuan, a year-on-year increase of 66.53%. The net profit attributable to shareholders was 492 million yuan, up 142.19% year-on-year [2][5]. - The third quarter of 2025 saw revenue of 1.521 billion yuan, a 95.19% increase year-on-year, and a net profit of 228 million yuan, reflecting a 281.94% year-on-year growth [2][5]. - The company is positioned as a leader in PCB equipment, benefiting from AI expansion, high-end product development, and a platform-based strategy, which are expected to drive continued high growth in performance [2][11]. Summary by Sections Financial Performance - For Q1-Q3 2025, the company achieved a revenue of 3.903 billion yuan, with a net profit of 492 million yuan and a non-recurring net profit of 476 million yuan, marking increases of 66.53%, 142.19%, and 181.89% respectively [2][5]. - In Q3 2025, the overall gross margin reached 33.99%, an increase of 8.6 percentage points year-on-year, while the net profit margin was 14.90%, up 7.2 percentage points year-on-year [11]. Market Dynamics - The growth in sales is primarily driven by the increasing market size for AI-driven multilayer and HDI boards, alongside rising demand for high-value-added equipment due to technological advancements [11]. - The company plans to expand production capacity significantly to meet the growing demand, with an expected annual output value increase from 1.965 billion yuan to 2.520 billion yuan by mid-2026 [11]. Strategic Positioning - The company is actively expanding its production capabilities to address the strong demand for AI PCB, with a strategic focus on high-end markets and a comprehensive product portfolio [11]. - The company is also expanding its international presence, particularly in Southeast Asia, to capitalize on the growing demand for advanced equipment [11].

Core Insights - The company reported significant growth in revenue and profit for the first three quarters of 2025, with total revenue reaching 3.903 billion yuan, a year-on-year increase of 66.53%, and net profit attributable to the parent company at 492 million yuan, up 142.19% [1][2] Financial Performance - Revenue showed a quarter-on-quarter increase, with Q1-Q3 revenues of 960 million, 1.422 billion, and 1.521 billion yuan, reflecting growth rates of +27.89%, +74.72%, and +95.19% respectively [2] - Net profit attributable to the parent company for Q1-Q3 was 117 million, 146 million, and 228 million yuan, with year-on-year growth of +83.6%, +84%, and +281.94% [2] - The company achieved a gross margin of 31.73% and a net margin of 12.51% for the first three quarters, with quarterly gross margins of 29.62%, 30.73%, and 33.99% indicating improved profitability [2] Market Dynamics - The demand for AI PCBs is driven by the rapid evolution of the electronics industry, shifting focus towards artificial intelligence applications, with a projected compound annual growth rate of over 22.5% for AI PCBs from 2024 to 2029 [3] - The increasing complexity of AI PCBs necessitates higher efficiency and precision in drilling equipment, leading to a greater demand for drilling machines per unit area of PCB production [3] Capacity Expansion - The company is facing delivery pressure due to existing capacity constraints and plans to strategically expand production capacity to meet strong downstream demand [3] - A new large-scale facility for concentrated production of drilling equipment is set to be completed by June next year, with production capacity expected to increase from 2,120 units to 3,780 units, and annual output value projected to rise from 1.965 billion yuan to 2.52 billion yuan [3] Profit Forecast and Investment Rating - The company is positioned to benefit from the surge in demand for high-end PCB equipment driven by the AI wave, with a market share of 6.5% in the global PCB equipment sector [4] - Profit forecasts for 2025-2027 are 679 million, 1.035 billion, and 1.431 billion yuan respectively, with corresponding price-to-earnings ratios of 64.8x, 42.5x, and 30.7x [4] - The company is initiating coverage with a "Buy" rating, anticipating significant improvements in performance and market position by mid-2026 as new projects come online [4]

Company Performance - Dazhu CNC reported a third-quarter revenue of 1.521 billion yuan, a year-on-year increase of 95.19% [1] - The net profit attributable to shareholders for the third quarter was 228 million yuan, up 281.94% year-on-year [1] - For the first three quarters, the company achieved a revenue of 3.902 billion yuan, representing a year-on-year growth of 66.53% [1] - The net profit attributable to shareholders for the first three quarters was 492 million yuan, an increase of 142.19% year-on-year [1] - The latest quarterly report marks the best performance for the company since its listing [1] Business Overview - Dazhu CNC specializes in the research, production, and sales of PCB (Printed Circuit Board) specialized equipment [1] - The company has maintained its market leadership, ranking first in the CPCA Top 100 list for specialized equipment for sixteen consecutive sessions [1] Market Trends - The demand for high-technology specialized processing equipment is rising due to the growth of the AI computing power market and the increasing complexity of high-layer PCBs and HDI boards [1][2] - The company is capitalizing on opportunities from downstream clients expanding production, providing one-stop specialized equipment solutions for AI PCBs [1] - The performance and processing efficiency of drilling, exposure, and testing equipment are continuously optimized, helping downstream clients reduce operational costs [2] Industry Outlook - Since 2025, the domestic DeepSeek open-source model has accelerated AI applications, leading to strong demand for AI computing data center servers, switches, and optical modules [2] - The PCB industry is expected to benefit from this trend, with a strong increase in demand for high-layer boards [2] - Prismark forecasts a revenue growth of 7.6% and a production growth of 7.8% for the PCB industry in 2025, with the highest growth in high-layer boards and HDI boards [2] - From 2024 to 2029, the compound annual growth rate for PCB industry capacity is projected to be 22.1% and 17.7% for AI servers and switches [2][3] - The PCB industry is expected to see a compound annual growth rate of 5.2% from 2024 to 2029, with global and domestic market sizes reaching nearly 100 billion USD and 50 billion USD, respectively, by 2029 [3]

Core Viewpoint - The PCB industry is entering a capital expenditure expansion cycle driven by global AI server demand, with a focus on investment opportunities in PCB equipment and consumables, particularly innovative equipment increments [2][4]. Group 1: Industry Overview - The demand for PCBs is primarily driven by innovation in downstream electronic products, which are closely tied to macroeconomic conditions [6]. - The previous cycle (2017-2023) was driven by 5G communication and new energy, with global PCB output increasing from $54.2 billion in 2016 to $81.7 billion in 2022, achieving a CAGR of 6.1% [8][15]. - The current cycle (2023 onwards) is characterized by AI server demand, with a projected 46% increase in global AI server shipments in 2024 [23][25]. Group 2: Capital Expenditure and Market Dynamics - The current PCB capital expenditure cycle began in Q4 2024 and is expected to last approximately two years, with potential for extension due to infrastructure demand [4][23]. - The PCB equipment market is experiencing a shift towards high-value products, with significant growth in demand for high-layer count, high-density, and high-speed PCBs [25][26]. - The global PCB equipment market is projected to reach $7.7 billion by 2025, with drilling, exposure, and plating accounting for 21%, 17%, and 7% of the market, respectively [5][44]. Group 3: Technological Innovations and Challenges - The MSAP process presents significant challenges in plating and drilling, leading to increased demand for advanced plating equipment [5][37]. - The introduction of new technologies such as CoWoP and mSAP is expected to enhance the value of PCB equipment, particularly in the drilling and plating segments [27][37]. - The PCB manufacturing process is evolving towards higher precision requirements, necessitating advancements in drilling and exposure technologies [38][39]. Group 4: Competitive Landscape - The PCB drilling and plating equipment market is characterized by oligopolistic competition, with domestic leaders capturing 50%-70% of the market share [4][35]. - Domestic manufacturers are increasingly able to compete with foreign counterparts, particularly in high-end PCB equipment, as foreign production capacity is limited [4][36]. - The global PCB drill bit market is projected to reach $940 million in 2024, with a CAGR of 4.4% from 2025 to 2031 [48][52].

Group 1 - The stock price of Dazhu CNC as of August 4, 2025, is 73.12 CNY, down by 0.61 CNY or 0.83% from the previous trading day [1] - The opening price for the day was 71.76 CNY, with a highest point of 73.88 CNY and a lowest point of 69.20 CNY, resulting in a trading volume of 95,408 lots and a transaction amount of 679 million CNY, with a fluctuation of 6.35% [1] - Dazhu CNC specializes in the R&D, production, and sales of PCB (Printed Circuit Board) equipment, covering key processes such as drilling, exposure, forming, and inspection [1] Group 2 - During the early trading session on August 4, Dazhu CNC experienced a rapid rebound, with a rise of over 2% within the first five minutes before 9:37 AM, achieving a transaction amount of 157 million CNY [1] - The net outflow of main funds on that day was 12.9 million CNY, accounting for 0.28% of the circulating market value; however, over the past five trading days, the cumulative net inflow of main funds was 126 million CNY, representing 2.77% of the circulating market value [1]

Investment Rating - The report maintains a "Recommended" rating for the mechanical industry, focusing on new technology directions such as AI equipment and humanoid robots [1]. Core Views - The mechanical industry is expected to enter a new recovery cycle driven by monetary and fiscal policies, with a focus on the "Two New" policies [6]. - The demand for high-performance servers, GPUs, and advanced PCBs is increasing due to the rapid iteration of AI models and smart hardware applications [6]. - The report highlights the growth potential in the third-party testing space within the semiconductor industry, with a projected market size of $21.02 billion by 2031, growing at a CAGR of 6.9% [20]. Summary by Sections Industry Overview - The mechanical industry consists of 632 listed companies with a total market capitalization of 5,372.56 billion yuan and a circulating market value of 4,423.447 billion yuan [3]. - The industry has shown strong performance, with a 1-month absolute return of 7.2%, a 6-month return of 13.8%, and a 12-month return of 38.2% [4]. Key Company Earnings Forecasts and Valuations - Several companies are rated as "Strong Buy," including: - 汇川技术 (Inovance Technology): EPS forecast of 2.12 yuan for 2025, with a PE ratio of 30.78 [2]. - 法兰泰克 (Falan Tech): EPS forecast of 0.60 yuan for 2025, with a PE ratio of 16.11 [2]. - 信捷电气 (Xinjie Electric): EPS forecast of 1.83 yuan for 2025, with a PE ratio of 31.97 [2]. - Other notable companies include: - 欧科亿 (Okai): EPS forecast of 0.71 yuan for 2025, with a PE ratio of 27.59 [2]. - 安徽合力 (Anhui Heli): EPS forecast of 1.63 yuan for 2025, with a PE ratio of 11.77 [2]. Investment Recommendations - The report suggests focusing on companies in various sectors, including: - Industrial control: 汇川技术, 信捷电气, 伟创电气 [6]. - Robotics: 柯力传感, 东华测试, 鸣志电器 [6]. - Machine tools: 海天精工, 纽威数控, 科德数控 [6]. - Tools: 鼎泰高科, 中钨高新, 新锐股份 [6]. - Testing: 华测检测, 广电计量, 东华测试 [6]. - Engineering machinery: 三一重工, 恒立液压, 徐工机械 [6]. - Forklifts: 安徽合力, 杭叉集团 [6]. - Laser industry: 锐科激光, 铂力特 [6]. - Logistics equipment: 法兰泰克, 兰剑智能 [6].