Investment Rating - The report maintains a "Buy" rating for the company, citing its leadership in the photovoltaic (PV) equipment industry and its potential to benefit from technological advancements such as 0BB welding technology [3][5] Core Views - The company reported strong financial performance in Q3 2024, with revenue reaching 6.921 billion yuan, a year-on-year increase of 63.27%, and net profit attributable to shareholders of 1.166 billion yuan, up 36.91% year-on-year [1] - Despite a temporary oversupply in the PV industry, the company demonstrated strong risk management capabilities, with net operating cash flow growing faster than revenue [1] - The company is a leader in the PV equipment market, with key products including string welding machines, silicon wafer sorting machines, and screen printing lines [1] - The company's new orders for Q3 2024 were 8.707 billion yuan, with a total backlog of 13.434 billion yuan as of September 30, 2024 [2] Financial Performance - Q3 2024 revenue was 2.504 billion yuan, up 45.42% year-on-year, while net profit attributable to shareholders was 397 million yuan, a 20.58% increase year-on-year [1] - The net profit margin for Q3 2024 was 17.54%, down 2.29 percentage points year-on-year [1] - Operating cash flow for Q3 2024 was 421 million yuan, up 85% year-on-year and 117% quarter-on-quarter, outperforming revenue growth [2] Product and Market Analysis - The company's string welding machines hold over 60% market share, with the successful development of 0BB and XBC string welding machines in 2023 [2] - The company introduced a low-oxygen monocrystalline furnace in 2023, which has gained significant orders from leading customers [2] - The company's screen printing technology achieved a breakthrough with a 0.8-second cycle time and 6-micron precision, compatible with 182-230mm wafer sizes [2] - The Laser Enhanced Metallization (LEM) equipment has been validated by leading TOPCon battery manufacturers and is becoming a standard product in TOPCon production lines [3] - The silicon wafer sorting machine has been upgraded to handle 18,000 wafers per hour, with major customers including LONGi Green Energy and Gaojing Solar [3] Future Projections - The report forecasts the company's net profit attributable to shareholders to reach 1.654 billion yuan in 2024, 1.705 billion yuan in 2025, and 1.816 billion yuan in 2026, with year-on-year growth rates of 31.7%, 3.1%, and 6.5%, respectively [3] - The company's PE ratio is projected to be 10x, 10x, and 9x for 2024, 2025, and 2026, respectively [3] Industry Context - The PV industry is currently facing a phase of oversupply, but the company is expected to benefit from technological advancements and overseas market growth [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown continuous revenue growth, with a revenue of 6.921 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 63.27%. The net profit attributable to shareholders was 1.166 billion yuan, up 36.91% year-on-year [2] - The company's profitability has slightly declined, with a gross margin of 33.14% in the first three quarters of 2024, down 3.57 percentage points year-on-year. However, the company has improved its cost control, with a decrease in the expense ratio [3] - New orders signed in Q3 have decreased year-on-year, but the company has a sufficient backlog of orders, amounting to approximately 13.434 billion yuan, up 16.99% year-on-year. The cash flow situation has also improved significantly [4] - The company is expanding into automation platforms across photovoltaic, lithium battery, and semiconductor sectors, with significant orders in each area [5] - The forecast for net profit attributable to shareholders for 2024-2026 is 1.68 billion, 1.89 billion, and 2.05 billion yuan respectively, with corresponding P/E ratios of 11, 10, and 9 times. The low current valuation and high growth potential in overseas and semiconductor businesses support the "Buy" rating [5] Summary by Sections Financial Performance - Total revenue for 2022 was 3.540 billion yuan, increasing to 6.302 billion yuan in 2023, with projections of 8.572 billion yuan in 2024 [1] - Net profit attributable to shareholders was 713.11 million yuan in 2022, rising to 1.256 billion yuan in 2023, with an expected 1.680 billion yuan in 2024 [1] - The latest diluted EPS is projected to be 5.34 yuan per share in 2024, with a P/E ratio of 10.74 [1] Order and Cash Flow - As of Q3 2024, the company had a backlog of orders worth approximately 13.434 billion yuan, reflecting a year-on-year increase of 16.99% [4] - The net cash flow from operating activities in Q3 was 421 million yuan, up 85% year-on-year [4] Market Position and Growth - The company is positioned as a leader in automation across multiple sectors, with significant orders in photovoltaic and semiconductor equipment [5] - The company has accelerated its overseas expansion, with over 50% of new orders in Q3 coming from international markets [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 [2][8]. Core Insights - The company reported a revenue of 6.921 billion RMB for the first three quarters of 2024, representing a year-on-year increase of 63.27%. The net profit attributable to shareholders was 1.166 billion RMB, up 36.91% year-on-year [1]. - The company has a healthy cash flow, with operating cash flow in Q3 reaching 421 million RMB, a significant increase of 84.98% year-on-year and 116.55% quarter-on-quarter [1]. - Despite a decline in new orders due to industry expansion slowing down, the company has seen a notable increase in overseas orders, with a total of 1.3 billion RMB in new orders signed in September [1]. Summary by Sections Performance Overview - For Q3 2024, the company achieved a revenue of 2.504 billion RMB, a year-on-year increase of 45.42% and a quarter-on-quarter increase of 2.08%. The net profit for Q3 was 397 million RMB, up 20.58% year-on-year but down 8.94% quarter-on-quarter [1]. Order and Cash Flow Analysis - As of September 30, 2024, the company had an order backlog of 13.434 billion RMB, a year-on-year increase of 16.99%, but a decrease of 6.33% from June 2024. New orders for the first three quarters totaled 8.707 billion RMB, down 3.17% year-on-year, with Q3 new orders at 2.422 billion RMB, down 24.60% year-on-year and 14.72% quarter-on-quarter [1]. - The company is focusing on controlling receivables risk, leading to improved cash flow from operations [1]. Business Expansion and Market Position - The company is experiencing growth in overseas markets, with a significant increase in overseas orders and a gross margin of 44.1% in H1 2024, which is 12 percentage points higher than domestic operations [1]. - The company has secured production orders in the semiconductor sector and has established itself as a top supplier in the energy storage equipment market, with over 200 production lines shipped by September 2024 [1]. Financial Forecast - The earnings forecast for 2024-2026 has been adjusted to 1.568 billion RMB, 1.662 billion RMB, and 1.823 billion RMB respectively, with corresponding EPS of 4.99, 5.29, and 5.80 RMB. The current stock price corresponds to P/E ratios of 11.5, 10.9, and 9.9 times for the respective years [2].

综上所述，我们一致同意公司为本次符合条件的 476 名激励对象办理归属，对应 限制性股票的归属数量为 567,260 股。上述事项符合相关法律法规及规范性文件所规 定的条件，不存在损害公司及股东利益的情形。 无锡奥特维科技股份有限公司 无锡奥特维科技股份有限公司监事会 关于公司 2021 年限制性股票激励计划 首次授予部分第三个归属期和第二次预留授予部分第二个归属期归 属名单的核查意见 无锡奥特维科技股份有限公司（以下简称"公司"）监事会依据《中华人民共和 国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称 "《证券法》"）、《上市公司股权激励管理办法》（以下简称"《管理办法》"）、 《上海证券交易所科创板股票上市规则》（以下简称"《上市规则》"）、《科创板 上市公司自律监管指南第 4 号—股权激励信息披露》（以下简称"《监管指南》"）、 《无锡奥特维科技股份有限公司章程》（以下简称"《公司章程》"）等有关法律、 法规、部门规章、规范性文件及公司管理制度的有关规定，对公司 2021 年限制性股 票激励计划（以下简称"激励计划"）首次授予部分第三个归属期和第二次预留授予 部分激励对象第二个 ...

| 证券代码：688516 | 证券简称：奥特维 | 公告编号：2024-110 | | --- | --- | --- | | 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 2021 年限制性股票激励计划首次授予部分 第三个归属期和第二次预留授予部分第二个归属期 符合归属条件的公告 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。 重要内容提示： 限制性股票拟归属数量：567,260股（首次授予部分第三个归属期可归属 546,360股，第二次预留授予部分第二个归属期可归属20,900股） 归属股份来源：公司向激励对象定向发行A股普通股股票 一、2021 年限制性股票激励计划批准及实施情况 （一）激励计划的主要内容 1、股权激励方式：第二类限制性股票 2、授予数量：授予的限制性股票总量为 56.00 万股，约占公司 2021 年限制性股 票激励计划（以下简称"本激励计划"）草案公告时公司股本总额 9867.00 万股的 0.57%。其中，首次授予 50.195 万股，约占本激励计划 ...

国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 之 法律意见书 上海市北京西路 968 号嘉地中心 27 层 邮编：200041 23-25th Floor, Garden Square, No. 968 West Beijing Road, Shanghai 200041, China 电话/Tel: +86 21 5234 1668 传真/Fax: +86 21 5243 3320 网址/Website: http://www.grandall.com.cn 二〇二四年十月 国浩律师（上海）事务所 法律意见书 致：无锡奥特维科技股份有限公司 关 于 无锡奥特维科技股份有限公司 2021 年限制性股票激励计划 调整授予价格和数量、首次授予部分第三个 归属期及第二次预留授予部分第二个归属 期归属条件成就、部分限制性股票作废相关 事项 二、本所律师同意将本法律意见书作为公司本次激励计划所必备的法律文 件，随同其他材料一同上报，并依法对出具的法律意见承担法律责任。本所律师 同意公司在其为实行本次激励计划所制作的相关文件中引用本法律意见书的相 关内容，但公司做上述引用时，不得因引用而导致法律上的歧义或曲 ...

| 证券代码：688516 | 证券简称：奥特维 | 公告编号：2024-108 | | --- | --- | --- | | 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 关于调整 2021 年限制性股票激励计划授予数量 及授予价格的公告 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。 根据无锡奥特维科技股份有限公司（以下简称"奥特维"或"公司"）于2024 年10月28日召开第四届董事会第三次会议、第四届监事会第三次会议，审议通过了 《关于调整2021年限制性股票激励计划授予数量及授予价格的议案》，现将公司 《2021年限制性股票激励计划》（以下简称"《激励计划》"）调整的有关事项说明 如下： 一、本次股权激励计划已履行的决策程序和信息披露情况 同日，公司召开第三届监事会第二次会议，审议通过《关于公司<2021 年限制 性股票激励计划（草案）>及其摘要的议案》《关于公司<2021 年限制性股票激励计 划实施考核管理办法>的议案》以及《关于核实公司 2021 年限制性股票激励计划首 ...

| 证券代码：688516 | 证券简称：奥特维 | 公告编号：2024-106 | | --- | --- | --- | | 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 第四届董事会第三次会议决议公告 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。 一、董事会会议召开情况 无锡奥特维科技股份有限公司（以下简称"公司"）第四届董事会第三次会议于 2024 年 10 月 28 日以现场结合通讯方式召开。本次会议由公司董事长葛志勇主持， 应到会董事 9 名，实际到会董事 9 名。监事会成员列席本次会议。本次会议的召集、 召开符合《中华人民共和国公司法》及《公司章程》的规定，会议决议合法、有效。 二、董事会会议审议情况 根据《中华人民共和国公司法》《公司章程》《上海证券交易所科创板股票上 市规则》（以下简称"《上市规则》"）的相关规定，公司现已出具 2024 年三季度 报告全文，具体内容详见公司于 2024 年 10 月 29 日在上海证券交易所网站 （www.sse.com.cn）披露 ...

| 证券代码：688516 | 证券简称：奥特维 | 公告编号：2024-107 | | --- | --- | --- | | 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 第四届监事会第三次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 无锡奥特维科技股份有限公司（以下简称"公司"）第四届监事会第三次会议于 2024年 10月 28日召开。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》（以下简称"《公司法》"）和《公司章程》的 规定。 经审核，监事会认为： 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 2024 年三季度报告全文>的议案》 经审核，监事会认为： 董事会编制和审核的《无锡奥特维科技股份有限公司 2024 年第三季度报告》的 程序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了 公司的实际情况，不存在任何虚假 ...

1、2021 年 9 月 1 日，公司召开第三届董事会第二次会议，会议审议通过《关于 公司<2021 年限制性股票激励计划（草案）>及其摘要的议案》《关于公司<2021 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 2021 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 本激励计划相关议案发表了独立意见。 同日，公司召开第三届监事会第二次会议，审议通过《关于公司<2021 年限制 性股票激励计划（草案）>及其摘要的议案》《关于公司<2021 年限制性股票激励计 划实施考核管理办法>的议案》以及《关于核实公司 2021 年限制性股票激励计划首 次授予部分激励对象名单的议案》，公司监事会对本激励计划的相关事项进行核实 并出具了相关核查意见。 | 证券代码：688516 | 证券简称：奥特维 | 公告编号：2024-109 | | --- | --- | --- | | 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 ...