Kage Precision Machinery was established on May 8, 2005, and was listed on the Shenzhen Stock Exchange on August 16, 2022. Its registered address and office address are both located in Dongguan City, Guangdong Province.
It is the world’s leader in solder paste printing equipment. It specializes in automated precision equipment. It has full industry chain advantages such as R&D and production, and has great investment value.
The main business of Kaige Precision Machinery is the R&D, production, sales and technical support services of automated precision equipment. The Shenwan industry it belongs to is mechanical equipment – special equipment – other special equipment, involving concepts such as large-volume transfer concepts, pension concepts, and QFII shareholdings.
Operating performance: 37th in the industry in revenue, 15th in net profit
In 2025, Keige Precision Machinery’s operating income will be 1
156 million yuan, ranking 37th among 93 companies in the industry. The industry’s first-place Keda Manufacturing has revenue of 17.389 billion yuan, and the second-place Halma Technology has revenue of 11.078 billion yuan. The industry average is 1.7 billion yuan, and the median is 994 million yuan.
Among the main business components, solder paste printing equipment with 742 million yuan accounted for 64.18%, packaging equipment with 144 million yuan accounted for 12.47%, dispensing equipment with 140 million yuan accounted for 12.10%, flexible automation equipment with 88.1243 million yuan accounted for 7.62%, and other 41.7938 million yuan accounted for 3.62%.
The net profit in 2025 will be 188 million yuan, ranking 15th in the industry. The industry’s first-ranked Haomai Technology has a net profit of 2.395 billion yuan, and the second-placed Keda Manufacturing has a net profit of 2.167 billion yuan. The industry average is 123 million yuan, and the median is 48.0911 million yuan.
The asset-liability ratio is lower than the industry average, and the gross profit margin is higher than the industry average.
In terms of solvency, the asset-liability ratio of Kaige Precision Machinery in 2025 is 39.68%, compared with 35.79% in the same period last year, which is lower than the industry average of 43.12%.
In terms of profitability, the company’s gross profit margin in 2025 will be 41.26%, compared with 32.21% in the same period last year, which is higher than the industry average of 27.86%.
Chairman Qiu Guoliang’s salary is 1.1836 million yuan, an increase of 17,800 yuan year-on-year
The controlling shareholders and actual controllers of Kaige Precision Machinery are Peng Xiaoyun and Qiu Guoliang.
Chairman Qiu Guoliang was born in 1967. He graduated from Hangzhou Institute of Electronic Technology, majoring in precision mechanics, with a bachelor’s degree.
He has a rich work resume. He has been the chairman of the company since September 2019. His salary in 2025 will be 1.1836 million, an increase of 17,800 from 1.1658 million in 2024.
General Manager Deng Di was born in 1983, with a bachelor’s degree. He served as the company’s deputy general manager from September 2019 to October 2025. He is currently the company’s general manager. His salary in 2025 will be 1.0701 million, an increase of 19,800 from 1.0503 million in 2024.
The number of A-share shareholder accounts increased by 4.76% compared with the previous period
As of December 31, 2025, the number of A-share shareholder accounts of Kaige Precision Machinery was 12,300, an increase of 4.76% from the previous period; the average number of circulating A shares held by each household was 4325.04, a decrease of 14.43% from the previous period.
As of March 31, 2026, among the company’s top ten tradable shareholders, Hong Kong Securities Clearing Company Limited ranked as the third largest tradable shareholder, holding 2.1097 million shares, an increase of 784,000 shares compared with the previous period.
Fuguo Innovation Technology Mixed A (002692) ranks as the fourth largest circulating shareholder, holding 1.25 million shares, and is a new shareholder.
Huatai-PineBridge Quality Growth Mixed A (008528) ranks as the fifth largest tradable shareholder, holding 1.1986 million shares, and is a new shareholder.
Huatai-PineBridge Quality Select Mixed A (010415) ranks as the sixth largest tradable shareholder, holding 769,000 shares, and is a new shareholder.
Noon Flexible Allocation Hybrid (320006) ranks as the seventh largest circulating shareholder, holding 759,900 shares, and is a new shareholder.
Xin’ao Prosperity Preferred Mixed A (013721) and Xin’ao Craftsmanship Strictly Selected One-year Holding Period Mixed A (016372) exited the top ten tradable shareholders.
Soochow Securities pointed out that Keige Precision Machinery’s performance has grown rapidly, with revenue in 2025 of 1.156 billion yuan, year-on-year.
+34.93%; net profit attributable to the parent company was 187 million yuan, +164.80% year-on-year.
In terms of products, in 2025, the revenue of solder paste printing equipment was +66.99% year-on-year, the revenue of dispensing equipment was +57.47% year-on-year, the revenue of flexible automation equipment was +24.16% year-on-year, and the revenue of packaging equipment was -36.96% year-on-year.
The single-quarter revenue and net profit attributable to the parent company in 2026Q1 also increased significantly year-on-year.
The gross sales profit margin in 2025 will be 41.26%, +9.05pct year-on-year, and the profit margins of all businesses have increased.
As of the end of Q1 2026, inventories have further increased, and high contract liabilities confirm that orders on hand are sufficient.
The company launched optical module industry solutions and achieved overseas batch delivery, and established a subsidiary to expand into the optical communications field.
The company’s net profit attributable to the parent company from 2026 to 2027 is basically maintained at 4.0/600 million yuan respectively. The net profit attributable to the parent company is expected to be 760 million yuan in 2028, maintaining a “buy” rating.
Zheshang Securities pointed out that Kaige Precision Machinery is the world’s leader in solder paste printing equipment, and the company’s operating income CAGR will reach 9.5% from 2020 to 2024.
The global SMT equipment market size will be approximately US$5.595 billion in 2025. The volume and price of AI-driven solder paste printing equipment will rise. The CAGR of global and Chinese solder paste printing equipment from 2026 to 2032 will be 7.0% respectively.
The accuracy of the company’s flagship model continues, surpassing international giants and ranking first in the world with a sales share of 21.2% in 2024.
The dispensing equipment successfully conquered the core technology of injection valves, and the business volume increased rapidly.
The global optical module market in 2026 will be approximately 201.6 billion yuan. The company has delivered the industry’s first 400G/800G and 1.6T fully automated assembly lines to overseas customers on a large scale, with a stable yield rate of over 97%.
It is expected that the company’s net profit attributable to the parent company from 2025 to 2027 will be 181, 305, and 486 million yuan respectively, with CAGR = 64%. It is covered for the first time and given a “buy” rating.
