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 ...

证券研究报告·公司点评报告·光伏设备 奥特维（688516） 2024&2025 年一季报点评：业绩短期承压， 看好海外市场拓展&平台化布局 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） | 6,302 | 9,198 | 7,791 | 6,598 | 6,764 | | 同比（%） | 78.05 | 45.94 | (15.30) | (15.31) | 2.52 | | 归母净利润（百万元） | 1,255.82 | 1,272.90 | 932.81 | 801.31 | 1,015.29 | | 同比（%） | 76.10 | 1.36 | (26.72) | (14.10) | 26.70 | | EPS-最新摊薄（元/股） | 3.99 | 4.04 | 2.96 | 2.54 | 3.22 | | P/E（现价&最新摊薄） | 9.09 | 8.97 | 12.24 | 14.24 | 11.24 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4]. Core Insights - In 2024, the company achieved a revenue of 9.198 billion RMB, a year-on-year increase of 45.94%, and a net profit attributable to shareholders of 1.273 billion RMB, a slight increase of 1.36% [2]. - The first quarter of 2025 saw a decline in revenue to 1.534 billion RMB, down 21.90% year-on-year, and a net profit of 141 million RMB, down 57.56% year-on-year, slightly below expectations [2]. - The company is facing short-term profit pressure due to an industry-wide supply-demand imbalance, but it is well-prepared to navigate through the cycle with diversified strategies [2]. - As of December 31, 2024, the company had an order backlog of 11.831 billion RMB, a decrease of 10.4% year-on-year, and new orders of 10.149 billion RMB, down 22.5% year-on-year [2]. - The company has increased its R&D expenditure to 430 million RMB in 2024, a 31.5% increase year-on-year, and expanded its R&D personnel to 1,065, a 21.7% increase [2]. - The company is accelerating its international expansion, with overseas customer orders accounting for over 30% of total orders in 2024 [2]. Financial Summary - The company’s revenue is projected to decline to 8.355 billion RMB in 2025, followed by further decreases to 5.041 billion RMB in 2026 and 5.001 billion RMB in 2027 [8]. - The net profit is expected to drop to 788 million RMB in 2025, 691 million RMB in 2026, and slightly recover to 713 million RMB in 2027 [8]. - The diluted earnings per share (EPS) are forecasted to be 2.500 RMB in 2025, 2.192 RMB in 2026, and 2.265 RMB in 2027 [8]. - The current price-to-earnings (P/E) ratios are projected to be 14.5 for 2025, 16.5 for 2026, and 16.0 for 2027 [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4]. Core Insights - The company reported a revenue of 9.198 billion RMB for 2024, a year-on-year increase of 45.94%, and a net profit of 1.273 billion RMB, up 1.36% year-on-year. However, the first quarter of 2025 saw a revenue decline of 21.90% and a net profit drop of 57.56%, slightly below expectations [2]. - The company is facing short-term profit pressure due to an industry-wide supply-demand imbalance, but it is strategically positioned to navigate through the cycle with various initiatives, including increased R&D investment and international market expansion [2]. - The company plans to distribute a cash dividend of 16.00 RMB per 10 shares, totaling 504 million RMB, which represents 39.6% of the annual profit for 2024, reflecting a commitment to shareholder returns even during industry downturns [3]. Summary by Sections Performance Review - In 2024, the company achieved a total revenue of 9.198 billion RMB, a 45.94% increase from the previous year, and a net profit of 1.273 billion RMB, which is a 1.36% increase year-on-year. The first quarter of 2025 showed a revenue of 1.534 billion RMB, down 21.90%, and a net profit of 141 million RMB, down 57.56% [2]. Operational Analysis - As of December 31, 2024, the company had an order backlog of 11.831 billion RMB, a decrease of 10.4% year-on-year. New orders signed in 2024 totaled 10.149 billion RMB, down 22.5% year-on-year. The decline in orders is attributed to industry losses leading to slower expansion among downstream customers [2]. - The company recorded a total impairment of 620 million RMB in 2024, primarily from inventory write-downs, reflecting a cautious approach to contract performance cost provisions [2]. - The company increased its R&D expenditure to 4.3 billion RMB in 2024, a 31.5% increase year-on-year, and expanded its R&D workforce by 21.7% to 1,065 employees, focusing on advanced technologies in photovoltaic, lithium battery, and semiconductor sectors [2]. Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been revised down to 788 million RMB and 691 million RMB, respectively, with a new forecast for 2027 at 713 million RMB. The corresponding EPS for these years are projected at 2.500, 2.192, and 2.265 RMB, with current P/E ratios of 14.5, 16.5, and 16.0 times [4].

Group 1 - The company achieved an operating revenue of 9.198 billion yuan in 2024, representing a year-on-year growth of 45.94% [1] - The net profit for the year was 1.273 billion yuan, with a year-on-year increase of 1.36% [1] - Earnings per share reached 4.05 yuan, reflecting a growth of 1.50% compared to the previous year [1] Group 2 - The company specializes in the research, production, and sales of high-end equipment, primarily serving the photovoltaic, lithium battery/storage, and semiconductor industries [1] - The company has established long-term cooperative relationships with well-known domestic and international photovoltaic enterprises, including JinkoSolar, Tongwei, Trina Solar, and LONGi Green Energy [1] Group 3 - Orders for energy storage/lithium battery and semiconductor equipment continued to grow, with semiconductor equipment orders exceeding 100 million yuan, indicating rapid growth in this segment [2] - The company invested 430 million yuan in R&D, an increase of 31.49% year-on-year, ensuring ongoing technological innovation [2] - New equipment developed includes BC battery printing equipment and ultra-high-speed 0BB string welding equipment, suitable for N-type battery technology [2] Group 4 - The company is accelerating its international expansion, with products sold to over 40 countries and regions, serving more than 600 production bases globally [3] - A new production base in Malaysia is set to commence operations in 2025, marking the company's first overseas facility [3] - The company plans to distribute a total cash dividend of 504 million yuan to shareholders, reflecting its commitment to sharing development results [3]

4月21日晚间，光伏组件设备龙头奥特维（688516.SH，股价36.23元，市值114.14亿元）披露了2024年年 报及2025年第一季度报告。2024年，奥特维营收91.98亿元，同比增长45.94%；归母净利润12.73亿元， 同比增长1.36%。 不过，2025年第一季度，奥特维业绩"突变"。第一季度，奥特维营收15.34亿元，同比下降21.90%；归 母净利润1.41亿元，同比下降57.56%。 每经记者 朱成祥 每经编辑 杨夏 奥特维表示，2024年新签订单总额有所下降，主要是光伏行业的订单下滑所致。储能/锂电、半导体设 备订单均保持增长。储能/锂电设备在2023年基础上，保持了小幅增长；半导体划片机、装片机已在客 户端验证，铝线键合机、半导体AOI（自动光学检测）检测设备取得批量订单，半导体设备订单突破1 亿元，实现了半导体设备的高速增长。 奥特维认为，尽管全球装机量依然保持增长，但由于光伏产品的价格均出现大幅下滑，较多光伏企业出 现经营亏损。当前光伏行业面临产能严重过剩压力，但技术迭代与新兴市场拓展正重塑行业格局，光伏 行业长期增长动力依然存在。 此外，奥特维也积极拓展半导体设备业务。根据2 ...

一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责组织 领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存 在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法 律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整，提 高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标提供 合理保证。此外，由于情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制评价结果推测未来内部控制的有效性具有一定的风险。 二. 内部控制评价结论 1. 公司于内部控制评价报告基准日，是否存在财务报告内部控制重大缺陷 □是 √否 公司代码：688516 公司简称：奥特维 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 2024年度内部控制评价报告 无锡奥特维科技股份有限公司全体股东： 根据《企业 ...

证券代码：688516 证券简称：奥特维 公告编号：2025-039 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 关于召开2024年年度股东大会的通知 本公司董事会及全体董事保证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。 重要内容提示： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2024年年度股东大会 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络 投票相结合的方式 （四） 现场会议召开的日期、时间和地点 召开日期时间：2025 年 5 月 13 日 14 点 30 分 召开地点：无锡市新吴区新华路 3 号行政楼 6 楼会议室 1 股东大会召开日期：2025年5月13日 本次股东大会采用的网络投票系统：上海证券交易所股东大 会网络投票系统 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 13 日 至2025 年 5 月 13 日 采用上海证券交易所网络投票系统，通过交易 ...

证券代码：688516 证券简称：奥特维 公告编号：2025-041 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（以下简称"公司"）第四届监事 会第十四次会议于 2025 年 4 月 21 日以现场结合通讯方式召开，会议 通知已于 2025 年 4 月 18 日发出。本次会议由监事会主席陈霞女士主 持，应到监事 3 名，实到监事 3 名，符合《中华人民共和国公司法》、 《中华人民共和国证券法》和《无锡奥特维科技股份有限公司章程》 （以下简称"《公司章程》"）的规定。 二、监事会会议审议情况 经与会监事认真审议并表决，一致通过了如下事项： （一）审议通过关于《公司 2025 年一季度报告全文》的议案 经审核，监事会认为公司 2025 年一季度报告的编制和审议程序 符合相关法律法规及《公司章程》等内部规章制度的规定；公司 2025 年一季度报告的内容与格式符合相关规定，公允地反映了公司 2025 年第一季度的财务状况和经营成果等事项；一季报编制过程中，未发 现公司参与一季报编制和审议的人员有违反保密规定的行为；监事会 全体成员保证公司 2025 年一季度报告披露的信息真实、准确、完整， ...