无锡奥特维科技股份有限公司投资者关系活动记录表 投资者 关系活 动类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 √电话会议 参与单 位名称 易方达基金、嘉实基金、博时基金、南方基金、鹏华基金、景顺长城、国泰基金、中欧基金、 红杉资本、Morgan Stanley 等共计 208 家投资机构及证券公司 时间 2024 年 8 月 22 日 - 28 日 地点 公司会议室 上市公 司 接待人 员姓名 董事长葛志勇先生、董事李文先生、研发总监季斌斌先生、董事会秘书周永秀女士、证券 部李翠芬、陶敏燕、张秋仪 | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------- ...

Investment Rating - The report maintains an "Outperform" rating for Aotuo Wei (688516 SH) [1][3] Core Views - Aotuo Wei achieved significant revenue and profit growth in H1 2024 with revenue increasing by 75 48% YoY to 4 418 billion yuan and net profit attributable to shareholders growing by 47 19% YoY to 769 million yuan [1] - The company's order backlog increased by 41 11% YoY to 14 341 billion yuan as of June 30 2024 despite a slowdown in the photovoltaic industry [1] - Aotuo Wei successfully developed a new generation of ultra-high-speed 0BB (busbarless) string welding equipment and secured orders exceeding 10GW from leading customers [1] - The company is making breakthroughs in semiconductor packaging equipment with significant potential for domestic substitution [1] Financial Performance - In H1 2024 Aotuo Wei's gross margin and net margin were 33 81% and 18 19% respectively down by 2 83 pct and 2 27 pct YoY [1] - Q2 2024 revenue reached 2 453 billion yuan up 65 94% YoY with net profit attributable to shareholders of 436 million yuan a 44 80% YoY increase [1] - New orders in H1 2024 totaled 6 285 billion yuan up 8 74% YoY [1] Industry and Market Position - Aotuo Wei is a leader in photovoltaic string welding machines and is expanding into semiconductor and lithium battery sectors [1] - The semiconductor packaging equipment market is expected to grow by 10 0% in 2024 reaching 4 4 billion USD with significant opportunities for domestic substitution [1] Financial Forecasts - Revenue is projected to grow by 61 0% in 2024 reaching 10 145 billion yuan with net profit attributable to shareholders expected to increase by 45 7% to 1 830 billion yuan [2] - EPS is forecasted to be 8 13 yuan in 2024 with ROE expected to reach 35 8% [2] - The company's PE ratio is estimated at 12x 11x and 10x for 2024 2025 and 2026 respectively [1] Comparative Valuation - Aotuo Wei's 2024E PE ratio of 4 18x is lower than peers such as Meyer Burger (15 25x) and Dier Laser (9 34x) [7] - The company's 2024E PB ratio of 1 50x is also more attractive compared to industry averages [2]

证券代码：688516 证券简称：奥特维 公告编号：2024-083 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 2024 年第二次临时股东大会更正补充公告 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。 一、股东大会有关情况 1. 原股东大会的类型和届次： 2024 年第二次临时股东大会 | 股份类别 | | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | --- | | A | 股 | 688516 | 奥特维 | 2024/9/2 | | | 董事》 | | | --- | --- | --- | | 4.00 | 关于监事会换届选举暨提名公司第四届监事 | 应选 监事（2）人 | | | 会非职工监事候选人的议案 | | | 4.01 | 《选举陈霞女士为公司第三届监事会股东代 | √ | | | 表监事》 | | | 4.02 | 《选举吕洁女士为公司第三届监事会股东代 | √ | | | 表监事》 | | 更正后： 二、会议审议事项 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][7] Core Views - The company reported a strong performance in H1 2024, with revenue of 4.418 billion yuan, a year-on-year increase of 75.48%, and a net profit attributable to shareholders of 769 million yuan, up 47.19% year-on-year [2][3] - The company secured significant orders, including a large procurement order for over 10GW of high-speed 0BB string welding equipment, indicating accelerated platform layout [3][4] - The company is increasing its R&D investment, with R&D expenses rising by 37.01% year-on-year in H1 2024 [3] Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 2.453 billion yuan, a year-on-year increase of 65.94% and a quarter-on-quarter increase of 24.89% [3] - The gross margin for H1 2024 was 33.81%, a decrease of 2.83 percentage points year-on-year, while the net margin was 18.19%, down 2.27 percentage points year-on-year [3] - The company signed new orders worth 6.285 billion yuan (including tax) in H1 2024, a year-on-year increase of 8.74%, with total orders on hand reaching 14.341 billion yuan, up 41.11% year-on-year [3] Market Position and Orders - The company holds over 60% market share in string welding machines, serving more than 600 production bases globally [3] - The company has received orders from major clients in the module PACK production line and semiconductor equipment, indicating a strong demand for its products [3] Earnings Forecast - The company is expected to achieve revenues of 9.503 billion yuan, 12.516 billion yuan, and 14.626 billion yuan for the years 2024, 2025, and 2026, respectively [4][6] - The projected net profit attributable to shareholders for the same years is 1.835 billion yuan, 2.407 billion yuan, and 2.894 billion yuan, respectively [4][6] - The current price corresponds to a PE ratio of 6, 4, and 4 times for the years 2024, 2025, and 2026, respectively [4][6]

奥特维（ 688516） 公司点评 2024H1 业绩符合预期，0BB 串焊机取得头部客户 10GW+订单突破 | --- | --- | |---------------------------|--------------| | 投资评级：买入（维持） | | | 报告日期： 2024-8-23 | | | 收盘价（元） | 33.65 | | 近 12 个月最高/最低（元） | 81.07 /33.36 | | 总股本（百万股） | 314.43 | | 流通股本（百万股） | 290.24 | | 流通股比例（%） | 92.31% | | 总市值（亿元） | 105.81 | | 流通市值（亿元） | 97.67 | 公司价格与沪深 300 走势比较 -60% -40% -20% 0% 20% 2023-08 2023-12 2024-04 奥特维（前复权） 沪深300 分析师：张帆 执业证书号：S0010522070003 邮箱：zhangfan@hazq.com 分析师：徒月婷 执业证书号：S0010522110003 邮箱：tuyueting@hazq.com 相关报告 24 分析师：张志邦 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [11]. Core Views - The company achieved rapid growth in Q2 2024, with total revenue reaching 2.453 billion yuan, a year-on-year increase of 65.94% and a quarter-on-quarter increase of 24.89% [2]. - The company has a strong order backlog, with new orders amounting to 6.285 billion yuan in the first half of 2024, reflecting a year-on-year increase of 8.74% [2]. - The company is focusing on R&D, with investments totaling 178 million yuan in the first half of 2024, a year-on-year increase of 37.01%, which supports stable order growth [2]. Financial Performance Summary - For the first half of 2024, the company reported revenue of 4.418 billion yuan, up 75.48% year-on-year, and a net profit attributable to shareholders of 769 million yuan, up 47.19% year-on-year [1]. - The gross margin and net margin for the first half of 2024 were 33.81% and 18.19%, respectively, showing a slight decline compared to the previous year [2]. - The company’s return on equity (ROE) is projected to be 35.7% in 2024, indicating strong profitability [1][7]. Market and Product Insights - The photovoltaic equipment market is experiencing a slowdown in demand growth, with new installations in China reaching 102.48 GW in the first half of 2024, a year-on-year increase of 30.7% [3]. - The energy storage market is expected to continue growing, driven primarily by power storage needs, with new installations in the first half of 2024 increasing by 48.5% year-on-year [3]. - The semiconductor packaging sector presents significant opportunities for domestic substitution, as the industry is expected to recover in the second half of 2024 [6].

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Insights - The company achieved a revenue of 4.42 billion yuan in H1 2024, representing a year-on-year increase of 75%, with a net profit attributable to shareholders of 770 million yuan, up 47% year-on-year [2][7]. - The gross margin for H1 2024 was 33.8%, down 2.8 percentage points year-on-year, while the net margin was 18.2%, down 2.3 percentage points year-on-year, primarily due to the industry's cyclical downturn [2][7]. - The company is expected to generate revenues of approximately 10.3 billion, 12.7 billion, and 15.7 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of about 63%, 24%, and 23% [2][7]. Summary by Sections Financial Performance - In Q2 2024, the company reported a revenue of 2.45 billion yuan, a year-on-year increase of 66% and a quarter-on-quarter increase of 25% [7]. - The net profit for Q2 was 440 million yuan, up 45% year-on-year and 31% quarter-on-quarter [7]. - The company’s contract liabilities and inventory both grew by 23% year-on-year, reaching 3.26 billion yuan and 7.34 billion yuan, respectively, by the end of Q2 2024 [7]. Market Position and Technology - The company has successfully developed ultra-high-speed 0BB string welding equipment, which has been validated by leading enterprises and secured orders exceeding 10GW [7]. - The report highlights the rapid technological iteration in the component segment, with the 0BB technology being the next generation after SMBB, aimed at reducing costs and increasing efficiency [7]. Future Outlook - The report expresses optimism regarding the continued growth of 0BB orders, anticipating that the new technology will lead to sustained revenue growth for the company [2][7]. - The expected revenue and net profit for 2024-2026 are projected to be approximately 10.3 billion, 12.7 billion, and 15.7 billion yuan, with net profits of about 1.93 billion, 2.50 billion, and 3.07 billion yuan, respectively [2][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance continues to show high growth, achieving revenue of 4.418 billion yuan in the first half of 2024, a year-on-year increase of 75.5%. The revenue from photovoltaic equipment accounted for 88.2% of total revenue [3][8] - The company's profitability has slightly declined, with a gross margin of 33.8%, down 2.8 percentage points year-on-year, and a net profit margin of 18.2%, down 2.3 percentage points year-on-year [11] - The company has maintained a strong order intake, with new orders of 6.29 billion yuan in the first half of 2024, a year-on-year increase of 8.7% [13] - The company is positioned as an automation platform across photovoltaic, lithium battery, and semiconductor sectors, with significant orders and market share in each area [15] Summary by Sections Financial Performance - In the first half of 2024, the company achieved total revenue of 44.18 billion yuan, with a net profit of 7.69 billion yuan, reflecting a year-on-year increase of 47.2% [3][8] - The second quarter alone saw revenue of 24.53 billion yuan, a year-on-year increase of 65.9% [8] Profitability Analysis - The gross margin for the first half of 2024 was 33.8%, a decrease of 2.8 percentage points compared to the previous year, while the net profit margin was 18.2%, down 2.3 percentage points [11][12] Order and Inventory Management - As of the end of Q2 2024, the company's contract liabilities were 3.26 billion yuan, a decrease of 17% quarter-on-quarter, and inventory stood at 7.34 billion yuan, down 4% [13][14] - The backlog of orders was approximately 14.34 billion yuan, a year-on-year increase of 41% [13] Business Segmentation and Growth - The company has diversified into three main sectors: photovoltaic, lithium battery, and semiconductor, with significant orders in each area, including major contracts for low-oxygen monocrystalline furnaces and other equipment [15][16] - The forecasted net profit for 2024-2026 is 18.4 billion, 23.5 billion, and 29.9 billion yuan respectively, with corresponding P/E ratios of 6, 4, and 4 times [16]

证券研究报告·公司点评报告·光伏设备 奥特维（688516） 获头部客户 10+GW 超高速 0BB 串焊机订 单，0BB 有望迎来规模量产 2024 年 08 月 22 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|--------|----------|----------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 3540 | 6302 | 9213 | 12060 | 14892 | | 同比（%） | 72.94 | 78.05 | 46.19 | 30.90 | 23.48 | | 归母净利润（百万元） | 713.11 | 1,255.82 | 1,837.73 | 2,350.23 | 2,989.43 | | 同比（%） | 92.36 | 76.10 | 46.34 | 27.89 | 27.20 | | EPS-最新摊薄（ ...

奥特维（688516.SH）2024 年半年报点评 业绩符合预期，超高速 0BB 焊接设备获得超 10GW 大单 2024 年 08 月 22 日 ➢ 事件： 2024 年 8 月 21 日，奥特维发布 2024 年半年报。2024 年 H1，公 司实现营业收入 44.18 亿元，yoy+75.48%；实现归母净利润 7.69 亿， yoy+47.19%；新签订单 62.85 亿（含税），yoy+8.74%；截止 2024 年 H1， 在手订单 143.41 亿元（含税），yoy+41.11%。 ➢ 公司平台化布局优势凸显，多领域市场地位突出。1）光伏：核心产品大尺 寸超高速串焊机（市占率超 60%）、硅片分选机在各自细分市场具有较强竞争优 势，低氧单晶炉竞争优势显现，丝网印刷线的市场份额逐步提升；2）储能/锂电： 公司生产的应用于锂电池储能的模组/PACK 生产线，已取得中车株洲所、海博思 创、海四达（美国）等客户的订单；3）半导体：公司上半年铝线键合机与 AOI 检测设备已持续获得客户批量订单，上半年订单增量明显，客户复购率持续上升。 ➢ 研发投入持续高比例，新产品不断推出，核心竞争力不断提升。2024 ...