东吴证券研报指出，鼎泰高科2025年业绩预告业绩高增，AI PCB需求爆发拉动公司业绩成长。公司25 全年业绩维持25年前三季度的高增态势，主要系AI算力服务器、数据中心等需求的持续爆发，高端PCB 市场需求显著提升，带动了公司PCB钻针及抛光材料等产品需求的增长。公司扩产速度行业领先，高长 径比钻针持续取得突破。考虑到AI算力建设加速，公司钻针供不应求，上调公司2025-2027年归母净利 润为4.4（原值4.0）/8.1（原值6.3）/15.7（原值9.0）亿元，当前股价对应动态PE分别为134/72/37倍，维 持"买入"评级。 ...

Core Viewpoint - The company forecasts a significant increase in net profit for 2025, driven by the demand for AI computing servers and high-end PCB products, indicating a strong growth trajectory in the upcoming years [1][3]. Group 1: 2025 Performance Forecast - The company expects a net profit attributable to shareholders of 410-460 million yuan for 2025, representing a year-on-year increase of 80.72% to 102.76%, with a median estimate of 435 million yuan, reflecting a 91.63% increase [1]. - The forecasted net profit excluding non-recurring items is projected to be 380-430 million yuan, indicating a year-on-year growth of 88.16% to 112.91%, with a median of 405 million yuan, which corresponds to a 100.50% increase [1]. - For Q4 2025, the company anticipates a net profit of 128-178 million yuan, with a median of 153 million yuan, showing a year-on-year growth of 178.18% [1]. Group 2: PCB Market Dynamics - The thickness of AI PCBs is continuously increasing, leading to a rise in the length-to-diameter ratio of drilling needles, which enhances the market for PCB drilling needles [2]. - The transition from GB200 to GB300 and then to the Rubin series reflects an increase in PCB thickness and complexity, resulting in a higher number of holes per board and increased consumption of drilling needles [2]. Group 3: Production Capacity and R&D - The company is leading the industry in production expansion, with a monthly capacity exceeding 10 million units as of Q3 2025, expected to reach 12 million units by the end of 2025 and 18 million units by the end of 2026 [3]. - The company is advancing in the development of high-length-to-diameter ratio drilling needles, with successful delivery of needles with ratios between 30 and 47.5, and samples of 50 ratio needles currently in testing [3]. Group 4: Profit Forecast and Investment Rating - Due to the accelerated construction of AI computing capabilities and the high demand for drilling needles, the company has revised its net profit forecasts for 2025-2027 to 440 million, 810 million, and 1.57 billion yuan respectively, with corresponding dynamic PE ratios of 134, 72, and 37 times [3].

证券研究报告·公司点评报告·通用设备 鼎泰高科（301377） 2025 年报业绩预告点评：业绩高增，AI PCB 需求爆发拉动公司业绩成长 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,320 | 1,580 | 2,230 | 3,868 | 7,065 | | 同比（%） | 8.34 | 19.65 | 41.18 | 73.46 | 82.62 | | 归母净利润（百万元） | 219.31 | 226.87 | 438.21 | 814.68 | 1,572.90 | | 同比（%） | (1.59) | 3.45 | 93.15 | 85.91 | 93.07 | | EPS-最新摊薄（元/股） | 0.53 | 0.55 | 1.07 | 1.99 | 3.84 | | P/E（现价&最新摊薄） | 267.17 | 258.27 | 133.71 | 71.92 | 37.25 | [Ta ...