鼎泰高科 20250701 摘要 鼎泰高科在 PCB 行业稳健增长，2023 年行业产值下降 15%的情况下， 公司销售收入仍同比增长约 9%，销量亦增长约 9%，业绩表现优于同行， AI 端应用需求爆发驱动订单显著增加，尤其 2025 年以来需求进一步增 长。 AI 服务器对 PCB 板提出更高要求，层数提升至 20-30 层，加大 HDI 技 术应用，高多层板需预钻工序，使用 TAC 涂层钻针，单价高 30%，且 AI PCB 板材加工只用新针，单针钻孔数量减少，需求成倍增长。 公司积极扩充产能应对 AI 需求，2024 年底月度产能 8,000 万支，至 2025 年 6 月达 9,300 万支，预计第三季度扩至 1 亿支，年底或更高， 通过自制装备快速响应市场，成本低于进口设备。 AI 订单增加改善产品结构，高价位涂层钻针销售占比从 2023 年的 24% 提高到 2024 年的 31%，目前达 40%，极小径钻针占比从 2022 年的 13%提高到 2024 年的 21%，产品均价在 2025 年第一季度明显上升。 2025 年第一季度钻针均价从 2024 年的 1.16 元提高到 1.18 元，提 ...

机器人产业趋势向上，边际变化&个股更新 20260629 摘要 领益智造凭借其在消费电子制造领域的长期积累，特别是对工艺和材料 的深刻理解，以及快速响应和精密制造能力，在机器人生态中占据核心 地位，业务范围涵盖从底层工艺材料到机器人落地场景部署。 领益智造通过与北京国创中心和智元等机构达成场景数据合作，利用其 在消费电子制造领域的柔性制造应用场景，打通智能数据采集和应用全 流程，为下游本体厂商赋能，加速人形机器人产业的应用规模化。 特斯拉的自动交付模式推动了汽车行业的政策法规和商业模式变革，美 国监管的沙盒管理模式为全球提供了参考，有助于倒逼法规跟进，并为 未来无人化技术落地提供管理依据。 在 RoboTaxi 领域，保险业务至关重要，特斯拉通过自有车险公司解决 了车辆在临牌阶段的保险问题，其他车企需与第三方保险公司合作并进 行数据共享，以解决无人驾驶车辆的保险覆盖和风险承担问题。 自动交付技术在汽车总装环节的应用可显著提升质检效率并带来经济效 益，通过自动化技术节省质检人员，对于年产能 20 万辆的工厂，每年 可节省数百万美元的人力投入。 Q&A 领益智造在机器人战略发布会上展示了哪些核心亮点，尤其是在产业 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [7][16]. Core Views - The company reported a revenue of 1.58 billion yuan for 2024, representing a year-on-year increase of 19.65%. The net profit attributable to the parent company was 227 million yuan, up 3.45% year-on-year, while the net profit excluding non-recurring items was 202 million yuan, reflecting a 14.76% increase [1][3]. - For Q1 2025, the company achieved a revenue of 423 million yuan, marking a 27.21% year-on-year growth, with a net profit of 73 million yuan, up 78.51% year-on-year, and a net profit excluding non-recurring items of 66 million yuan, which is an 87.74% increase [1][3]. Financial Summary - The total revenue is projected to grow from 1.58 billion yuan in 2024 to 2.10 billion yuan in 2025, with a compound annual growth rate (CAGR) of 33% [3]. - The net profit is expected to rise from 227 million yuan in 2024 to 343 million yuan in 2025, reflecting a significant growth rate of 51.5% [3]. - Earnings per share (EPS) are forecasted to increase from 0.55 yuan in 2024 to 0.84 yuan in 2025 [3]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 47 times in 2024 to 31 times in 2025, indicating an improving valuation [3]. Business Segments - The company's tool products generated revenue of 1.19 billion yuan in 2024, a year-on-year increase of 14.26%. The company holds a 26.5% market share in the global PCB drill needle market, benefiting from the rising demand for high-value PCB products driven by AI servers and high-speed communication [7]. - The smart CNC equipment segment is expected to generate 55 million yuan in revenue in 2024, up 15.55% year-on-year [7]. - The grinding and polishing materials segment is projected to achieve 151 million yuan in revenue, reflecting a 30.70% increase, while functional film materials are expected to generate 155 million yuan, a 72.84% increase year-on-year [7]. Investment Recommendations - The report adjusts the company's revenue expectations for 2025-2027 to 2.10 billion yuan, 2.54 billion yuan, and 3.02 billion yuan respectively, with net profits of 343 million yuan, 416 million yuan, and 492 million yuan [7]. - The target price is set at 33.60 yuan, based on a 40 times P/E ratio for 2025, reflecting the company's position as a leading global PCB tool manufacturer and its expansion into CNC tools and automation equipment [7].