鼎泰高科 20251202 摘要 鼎泰高科受益于 AI 算力服务器需求爆发，2025 年前三季度收入同比增 长 29%，归母净利润同比增长 64%，显示出强劲的增长势头。AI 服务 器中 HDI 板和高多层板需求激增，头部 PCB 厂商资本开支同比增速接近 70%，预示着新一轮扩产周期。 公司 PCB 钻针是核心收入来源，占比约 75%，研磨抛光材料毛利率高 达 61%，显著高于主业钻针的 35%。AI PCB 使用的图层钻针和高长径 比钻针对毛利率提升贡献显著，产能利用率提高也对盈利能力改善有积 极影响。 服务器架构迭代显著提高了 PCB 的重要性，例如 Ruby Ultra 方案采用 正交背板替代铜缆，增加了 PCB 的使用量和价值量。每个 computer tree 新增的 CPX 芯片也需要相应的封装基板和 PCB，芯片数量翻倍意 味着对 PCB 需求翻倍增长。 板厚提升显著增加了钻针消耗，从 GB200 到 Ruby Ultra 方案，单孔加 工所需钻针数量从一根增加到四根，消耗量成倍增长。同时，麻九 Q 布 材料的使用虽然提高了电信号传输速率，但也因其硬度增大导致单针加 工孔数明显下降。 Q&A ...

Summary of Ding Tai Gao Ke Conference Call Industry Overview - Ding Tai Gao Ke operates in the PCB (Printed Circuit Board) industry, which has experienced a 15% decline in industry output value in 2023, yet the company achieved a 9% year-on-year growth in sales revenue and volume, outperforming peers [2][4] - The demand for AI applications has significantly increased orders, particularly since 2025, indicating a robust growth trajectory for the company [2][5] Core Business and Product Structure - The company's main business segments include tool products, grinding and polishing materials, functional film materials, and intelligent CNC equipment, with PCB drill bits and milling cutters being the core business [3] - The sales proportion of high-priced coated drill bits increased from 24% in 2023 to 31% in 2024, currently reaching 40%, while ultra-small diameter drill bits rose from 13% in 2022 to 21% in 2024, indicating an improvement in product structure [2][8] Production Capacity and Expansion - The company is actively expanding production capacity to meet AI demand, with monthly capacity projected to increase from 80 million units at the end of 2024 to 93 million units by June 2025, and potentially reaching 100 million units by the third quarter [2][7] - The company utilizes self-manufactured equipment to respond quickly to market demands, with costs significantly lower than imported equipment [7] Pricing and Market Dynamics - The average price of drill bits increased from 1.16 yuan in 2024 to 1.18 yuan in Q1 2025, reflecting a significant improvement for low-priced products like drill bits [9] - High-end drill bits are in high demand, with prices 30% higher than ordinary drill bits, driven by the market's supply-demand imbalance [9] Competitive Landscape - The company's market share in the global PCB drill bit market increased from 19% in 2020 to 26.5% in 2023, with the top four manufacturers holding over 75% market concentration [10][11] - Smaller manufacturers face challenges due to scale effects and technological barriers, making it difficult to compete with larger firms [10][11] Future Growth Drivers - The demand from AI servers and automotive electronics is expected to drive PCB demand growth, shifting the market structure from traditional consumer electronics cycles to long-term growth driven by emerging sectors [13] - The company’s CNC equipment business, previously focused on internal use, is now expanding into external sales, with plans to diversify product offerings [14] R&D and Technological Advantages - The company emphasizes R&D and has established a strong competitive edge in precision processing, particularly in the production of micro components for robotics [15] - The introduction of advanced grinding technology and equipment has positioned the company favorably in the AI and robotics sectors, suggesting continued investor interest [15]