| 证券代码：688516 | 证券简称：奥特维 | 公告编号：2025-045 | | --- | --- | --- | | 转债代码：118042 | 转债简称：奥维转债 | | 无锡奥特维科技股份有限公司 关于作废部分已授予尚未归属的限制性股票的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 无锡奥特维科技股份有限公司（以下简称"奥特维"或"公司"）于2025年4月30日 召开了第四届董事会第十五次会议、第四届监事会第十五次会议，审议通过了《关 于作废部分已授予尚未归属的限制性股票的议案》，现将有关事项说明如下： 一、2022 年限制性股票激励计划已履行的决策程序和信息披露情况 1、2022 年 2 月 22 日，公司召开第三届董事会第九次会议，会议审议通过《关 于公司<2022 年限制性股票激励计划>及其摘要的议案》《关于公司<2022 年限制性 股票激励计划实施考核管理办法>的议案》以及《关于提请股东大会授权董事会办理 公司 2022 年限制性股票激励计划有关事项的议案》等议案。公司独立董事就本激励 计划 ...

国浩律师（上海）事务所 关 于 无锡奥特维科技股份有限公司 2022 年限制性股票激励计划 首次授予部分第三个归属期归属条件成就 及部分限制性股票作废相关事项 之 法律意见书 上海市山西北路 99 号苏河湾中心 MT 28 层 邮编：200085 28th Floor, Suhe Centre, 99 North Shanxi Road, Shanghai 200085, China 电话/Tel: +86 21 5234 1668 传真/Fax: +86 21 5243 1670 网址/Website: http://www.grandall.com.cn 二〇二五年四月 | 第一节 律师声明事项 . | | --- | | անում է 1,228 մարդ։ Բնակավայրը զբաղեց 第二节 正 文 | | 一、本次归属及作废的批准和授权 | | 二、本次归属的条件及其成就情况 | | 三、本次作废的具体情况 .. | | 四、结论意见 …………………………………………………………………………………………………………………………………… 11 | | 第三节 签署页 13 | 国浩律师（上海 ...

证券代码：688516 证券简称：奥特维 公告编号：2025-047 转债代码：118042 转债简称：奥维转债 无锡奥特维科技股份有限公司 （investor@wxautowell.com）进行提问。公司将在说明会上对投资 者普遍关注的问题进行回答。 无锡奥特维科技股份有限公司（以下简称"公司"）已于 2025 年 4 月 22 日发布了公司 2024 年年度报告和 2025 年第一季度报告，为 便于广大投资者更全面深入地了解公司2024年年度和2025年第一季 度经营成果、财务状况，公司计划于 2025 年 5 月 13 日(星期二) 15:00-17:00 参加由上海证券交易所举办的 2024 年度科创板光伏行 业集体业绩说明会，就投资者关心的问题进行交流。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带责任。 重要内容提示： 会议召开方式：网络文字互动 一、 说明会类型 会议召开时间：2025 年 5 月 13 日(星期二) 15:00-17:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 ...

Core Viewpoint - The company reported a significant increase in revenue for 2024, but a decline in Q1 2025, indicating potential challenges ahead [1][2]. Revenue and Profit Summary - In 2024, the company achieved revenue of 9.2 billion, a year-on-year increase of 46%, with net profit attributable to shareholders at 1.27 billion, a slight increase of 1% [1][2]. - For Q1 2025, revenue dropped to 1.53 billion, a year-on-year decrease of 22%, and net profit fell to 140 million, down 58% year-on-year [1][2]. Order and Inventory Status - As of the end of 2024, the company had contract liabilities of 2.63 billion, a decrease of 33% year-on-year, and inventory of 5.34 billion, down 30% year-on-year [3]. - New orders signed in 2024 totaled 10.15 billion, a decline of 22% year-on-year, with a backlog of 11.83 billion, down 10% year-on-year [3]. Market and Product Development - The company is expanding its overseas presence, establishing a joint venture in Malaysia focused on automation equipment, expected to start production in 2025 [4]. - In the photovoltaic sector, the company holds over 70% global market share in module string welding machines and secured 1.3 billion in overseas orders for low-oxygen monocrystalline furnaces [4]. - In the lithium battery sector, the company received significant orders for module PACK lines, while in the semiconductor sector, new orders exceeded 100 million [4]. Future Outlook - Revenue projections for 2025-2027 are 8.35 billion, 7.95 billion, and 8.55 billion, with year-on-year growth rates of -9%, -5%, and +7% respectively [5]. - Net profit forecasts for the same period are 1.14 billion, 1.01 billion, and 1.13 billion, with year-on-year growth rates of -10%, -12%, and +12% respectively [5].

Core Viewpoint - The company, Aotwei, reported significant revenue growth in 2024 but faced challenges in new orders and backlog, indicating potential market pressures ahead [1][5]. Group 1: Financial Performance - In 2024, the company achieved a revenue of 9.198 billion yuan, representing a year-on-year increase of 45.94% [1][3]. - The net profit attributable to shareholders was 1.273 billion yuan, with a modest growth of 1.36% [1][3]. - The operating cash flow for the year was 788 million yuan, and total assets reached 14.029 billion yuan [1][3]. - For Q1 2025, the company reported a revenue of 1.534 billion yuan and a net profit of 141 million yuan [1][6]. Group 2: Order and Backlog Situation - The new orders signed in 2024 amounted to 10.149 billion yuan, showing a decline of 22.49% year-on-year [1][5]. - As of December 31, 2024, the backlog of orders was 11.831 billion yuan, down 10.40% compared to the previous year [1][5]. - By March 31, 2025, the backlog of orders decreased to 11.271 billion yuan [1][6]. Group 3: Cost and Expense Analysis - In 2024, sales expenses were 143.9018 million yuan, increasing by 9.61% year-on-year [4]. - Management expenses rose to 331.2247 million yuan, reflecting a growth of 29.11% [4]. - R&D expenses reached 430.3609 million yuan, with a growth rate of 31.49% [4]. - The growth rates of sales, management, and R&D expenses were lower than the revenue growth rate [4]. Group 4: Future Outlook and Strategic Initiatives - The company highlighted its technological advantages in aluminum wire bonding machines and anticipates an improvement in gross margins for 2025 [2][8]. - Aotwei is developing next-generation equipment in the photovoltaic, lithium battery, and semiconductor sectors [2][9]. - The establishment of a manufacturing base in Malaysia aims to mitigate the impact of U.S. tariffs and enhance export capabilities [2][9]. - The company does not plan to develop integrated production lines but will focus on core equipment in the industry chain [2][10]. - The company expects opportunities in the overseas market in 2025, despite challenges from tariffs [2][9].

Group 1: Macro and Industry Insights - The impact of Trump's tariff policy on China's manufacturing industry is significant, with a shift from labor-intensive industries to equipment manufacturing, primarily targeting ASEAN markets [1] - As the export tax rates between China and ASEAN diverge, opportunities for Chinese companies to expand overseas will increase, particularly in industries heavily reliant on exports to the US, such as mobile phones and automotive parts [1] Group 2: Banking Sector - The total scale of wealth management in China's banking sector decreased by 0.8 trillion yuan at the end of Q1 2025 compared to the beginning of the year, with fluctuations in scale due to market volatility [2] - The asset allocation structure remains stable, with an increase in the proportion of interbank lending and repurchase agreements, while bond and deposit asset proportions have decreased [2] Group 3: High-end Manufacturing - In March, exports continued the growth trend from January, with notable increases in the export of lawn mowers and sewing machines, with year-on-year growth rates of 30% and 47% respectively [3] - The growth in exports is attributed to preemptive consumer behavior in the US due to tariff disruptions [3] Group 4: Real Estate Market - In Q1, the transaction volume of residential land in key cities increased, with the average transaction price in the core 30 cities rising by 24% year-on-year [4] - The overall premium rate for residential land transactions in these cities increased by 11.3 percentage points year-on-year, indicating a recovery in the real estate market [4] Group 5: Precious Metals - The recent rise in gold prices is attributed to the weakening of the US dollar, enhancing gold's monetary attributes, with increased investment demand observed [6] - The report maintains a positive outlook on gold stocks, particularly those with strong earnings potential [6] Group 6: Chemical and Petrochemical Industry - The report highlights continued optimism for domestic substitution trends and sectors benefiting from economic recovery, recommending investments in major oil companies and chemical firms [7] - Specific companies mentioned include China Petroleum, China Petrochemical, and various agricultural chemical firms [7] Group 7: Company Performance - CNOOC Services reported a significant increase in net profit of 39.6% year-on-year for Q1 2025, with total revenue reaching 10.8 billion yuan [8] - The company is expected to see continued profit growth in the coming years, with net profit projections of 3.8 billion, 4.2 billion, and 4.6 billion yuan for 2025-2027 [8] Group 8: Environmental Sector - Oriental Electronics reported steady growth in major business revenues, with Q4 2024 net profit exceeding 200 million yuan [10] - The company is focusing on expanding its virtual power plant business, which is expected to contribute to future growth [10] Group 9: Telecommunications - China Mobile achieved a slight increase in revenue for Q1 2025, with total revenue of 263.8 billion yuan, reflecting a year-on-year growth of 0.02% [21] - The company has adjusted its net profit forecasts for 2025 and 2026, indicating a positive outlook for future performance [21]

Group 1: Company Performance - Wuxi Autowei Technology Co., Ltd. reported a revenue of 9.198 billion yuan for 2024, a year-on-year increase of 45.94%, while net profit slightly increased by 1.36% to 1.273 billion yuan [1] - The company attributed the slower profit growth compared to revenue to product structure impacts, with strong competition in the market for certain products like single crystal furnaces and screen printing lines [1] - Laser giant Han's Laser Technology Industry Group Co., Ltd. saw a net profit surge of 106.52% to 1.694 billion yuan, but its revenue from new energy equipment dropped significantly by 40.48% to 1.54 billion yuan [1] Group 2: Industry Trends - The photovoltaic equipment sector is experiencing a downturn, with many companies reporting declining performance, indicating a cooling industry [2] - Jingcheng Machinery's revenue fell by 2.26% to 17.577 billion yuan, with net profit down 44.93% to 2.51 billion yuan, largely due to significant impairment losses [2] - The overall trend shows that many equipment manufacturers are facing declining orders and revenues, with Autowei's backlog decreasing by 10.40% to 11.831 billion yuan by the end of 2024 [8] Group 3: Market Conditions - The photovoltaic industry is currently in a state of oversupply, leading to reduced capital expenditures from downstream customers and a significant drop in orders for equipment [5][8] - The prices of photovoltaic products across the entire industry chain are continuously declining, impacting the gross margins of equipment manufacturers [6] - Autowei's gross margin decreased by 4.3 percentage points, while Jingcheng Machinery's gross margin fell by 2.46% to 36.36% [6] Group 4: Future Outlook - Analysts predict that the equipment manufacturing sector may not see new orders in 2025, with potential growth in orders expected only after 2026, driven by expansions in BC battery and component production [9]

2025 年 4 月 24 日 公司研究 业绩阶段性承压，关注海外市场拓展及新产品订单突破 ——奥特维（688516.SH）2024 年年报&2025 年一季报点评 要点 事件：公司发布 2024 年年报及 2025 年一季报，2024 年实现营业收入 91.98 亿 元，同比+45.94%，实现归母净利润 12.73 亿元，同比+1.36%；2025Q1 实现 营业收入 15.34 亿元，同比-21.9%，实现归母净利润 1.41 亿元，同比-57.56%， 环比+31.67%。 2024 年各项业务收入规模维持高增，计提资产减值影响公司业绩。公司打造平 台化公司并取得显著成效，各板块收入规模 2024 年均维持快速增长态势，其中： 光伏设备营业收入同比增长 44.86%至 77.70 亿元，毛利率同比减少 4.30 个 pct 至 32.19%；锂电设备营业收入同比增长 32.53%至 4.60 亿元，毛利率同比减少 2.98 个 pct 至 29.68%；半导体设备营业收入同比增长 120.60%至 0.46 亿元， 毛利率同比减少 5.66 个 pct 至 27.80%。审慎起见公司 2024 年确认 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 48.06 RMB [8][9]. Core Views - The company reported a revenue of 9.198 billion RMB in 2024, a year-on-year increase of 45.94%, while the net profit attributable to shareholders was 1.273 billion RMB, a slight increase of 1.36% [1]. However, the net profit fell short of expectations due to significant impairment losses influenced by fluctuations in the photovoltaic industry [1][2]. - In Q1 2025, the company experienced a revenue decline of 21.90% year-on-year, amounting to 1.534 billion RMB, and a net profit drop of 57.56% year-on-year, totaling 141 million RMB [1][2]. - The company is actively expanding its business in semiconductor and lithium battery equipment, which is expected to drive long-term growth despite current challenges in the photovoltaic sector [1][4]. Summary by Sections Financial Performance - In 2024, the company signed new orders worth 10.149 billion RMB, a decrease of 22.49% year-on-year, with a gross margin of 32.90%, down 3.65 percentage points [2]. The gross margin further declined to 26.97% in Q1 2025, a drop of 7.55 percentage points year-on-year [2]. - The net profit margin for 2024 was 13.84%, down 6.09 percentage points year-on-year, and further decreased to 9.21% in Q1 2025, down 7.74 percentage points year-on-year [3]. Business Development - The company has secured multiple orders for the 0BB series welding machines and is actively developing XBC battery equipment, which is expected to enhance order resilience and profitability [4]. - The semiconductor equipment orders exceeded 100 million RMB, indicating a strong performance in this segment [4]. Profit Forecast and Valuation - The net profit forecast for 2025 and 2026 has been revised down to 841.90 million RMB and 849.76 million RMB, representing declines of 51% and 54% respectively [5]. The estimated net profit for 2027 is projected at 911 million RMB [5]. - The target price has been adjusted to 48.06 RMB, based on an 18x PE ratio for 2025, reflecting the rapid progress in semiconductor and other business areas [5].

现金流管控良好，彰显龙头韧性 公司发布 2024 年年报及 2025 年一季报。2024 年公司实现营业收入 91.98 亿元，同比增长 45.94%；归母净利润为 12.73 亿元，同比增长 1.36%；扣非归母净利润为 12.38 亿元，同比增长 6.06%。2025 年 Q1 公 司实现营业收入 15.34 亿元，同比下降 21.90%；归母净利润为 1.41 亿 元，同比下降 57.56%；扣非归母净利润为 1.24 亿元，同比下降 63.40%。 公司业绩下滑主要系光伏行业处于调整周期。 海外业务方面：公司积极拓展海外市场，2024 年产品已销往全球 40 多个 国家和地区。全年实现境外收入 15.31 亿元，同比增长 53.43%，海外业 务毛利率为 43.24%，显著高于境内业务。公司马来西亚生产基地将于 2025 年投产，有望进一步提升全球服务能力。 证券研究报告 | 年报点评报告 gszqdatemark 2025 04 22 年 月 日 奥特维（688516.SH） 订单方面：2024 年度，公司签署销售订单 101.49 亿元（含税），同比下 降 22.49%，主要系光伏行业订单下滑影响 ...