行业侧面，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。 行业知名研究机构Prismark预估2025年PCB产业营收和产量分别成长7.6%和7.8%，其中与AI服务器和交 换机相关的高多层板及HDI板增长最为强劲，2024年至2029年产能复合成长率分别高达22.1%和17.7%。 从长期来看，AI算力产业链从训练需求逐步渗透到推理需求，AI PCB成为行业发展的最大增长点，包 含高多层板、高多层HDI板、大尺寸先进封装载板、类载板等产能需求旺盛，促进专用加工设备市场的 规模不断扩大；另一方面，受电动化、智能化驱动，汽车相关电子零部件成本占比大幅攀升，拉动整车 的PCB需求量增加，加上消费电子、工业控制等领域终端拉升库存意愿增长，共同推动PCB产业长期向 好发展。 据Prismark预测，2024年至2029年PCB行业营收复合增长率预计可达5.2%，全球及国内PCB产业规模在 2029年将分 ...

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].

Group 1 - The company has announced plans to research and evaluate the issuance of overseas securities (H-shares) and listing, aiming to enhance its global brand influence and competitiveness [1] - The company is one of the most widely positioned enterprises in the global PCB equipment sector and aims to become the most respected and trusted PCB service provider worldwide [1] - The company was listed on the Shenzhen Stock Exchange's ChiNext board on February 28, 2022, with an initial offering price of 76.56 yuan per share, but the stock has since been trading below the issue price [1] Group 2 - The company raised a total of 321,552.00 million yuan from its initial public offering, with a net amount of 308,177.83 million yuan after deducting issuance costs [2] - The actual net fundraising amount exceeded the original plan by 137,524.63 million yuan, which was initially set at 170,653.20 million yuan for specific projects [2] - The underwriting and sponsorship fees for the public offering totaled 13,374.17 million yuan, with the main underwriter being CITIC Securities [2]