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Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved a significant revenue growth of 78.05% year-on-year, with total revenue reaching 6.302 billion yuan in 2023, driven by active market expansion and increased sales scale [1][2] - The net profit attributable to shareholders increased by 76.10% year-on-year, amounting to 1.256 billion yuan, indicating strong profitability [1][2] - The company has a robust order backlog, with signed sales orders totaling 13.094 billion yuan in 2023, a 77.57% increase from 2022, and an order backlog of 13.204 billion yuan as of December 31, 2023, up 80.33% year-on-year [1][2] Summary by Relevant Sections Financial Performance - In Q4 2023, the company reported revenue of 2.063 billion yuan, a year-on-year increase of 80.79% and a quarter-on-quarter increase of 19.84% [1] - The gross margin for 2023 was 36.55%, with a net margin of 19.91%, reflecting a slight increase of 0.28 percentage points compared to the previous year [1] - The company’s earnings per share (EPS) for 2023 was 5.60 yuan, with projected EPS for 2024, 2025, and 2026 at 8.28, 10.88, and 13.42 yuan respectively [3][6] Market Expansion - The company has accelerated its international expansion, achieving overseas revenue of 999.8 million yuan in 2023, a 62.57% increase year-on-year, with products sold in over 40 countries [2] - The establishment of wholly-owned subsidiaries in Japan and Singapore aims to enhance research and trade activities abroad [2] Product Development - The company has successfully developed new products, including a high-speed stringing machine and laser-assisted sintering equipment, which have gained traction in the market [2] - The semiconductor segment has seen orders for high-precision equipment, marking a breakthrough in exports [2]

证券代码：688516 证券简称：奥特维 公告编号：2024-042 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 可转债转股结果暨股份变动公告 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： 累计转股情况：截至 2024 年 3 月 31 日，"奥维转债"累计有 人民币 24,000 元已转换为公司股票，转股数量为 192 股，占"奥维 转债"转股前公司已发行股份总额的 0.000085%。 本季度转股情况： "奥维转债"自 2024 年 2 月 19 日起可转 换为公司股份，自 2024 年 2 月 19 日至 2024 年 3 月 31 日期间，"奥 维转债"共有人民币 24,000 元已转换为公司股票，转股数量为 192 股，占"奥维转债"转股前公司已发行股份总额的 0.000085%。 一、可转债发行上市概况 （一）可转换公司债券发行情况 根据中国证券监督管理委员会出具的《关于同意无锡奥特维科技 股份有限公司向不特定对象发行可转换公司债券注册的批复》（证监 1 许可【2 ...

%% research.95579.com %% 丨证券研究报告丨 联合研究丨公司点评丨奥特维（ ） 688516.SH [奥Ta特b维le_：Title] 年业绩、订单均实现高增，产品 2023 线持续拓展夯实长期竞争力 报告要点 [公Ta司bl发e_布Su2m0m23ar年y]年报，营收和业绩维持高增，规模效应体现明显，费用成本控制能力进一步 优化。同时公司新接订单和在手订单均创新高，在手订单充裕有望夯实 2024 年业绩提升。公 司多条业务线推进延伸，技术护城河持续加固，串焊机、硅片分选机、单晶炉、激光辅助烧结 设备、铝线键合机等产品有望多点开花，夯实公司长期竞争力。平台化效应持续显现，看好公 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Insights - The company reported a revenue of 6.302 billion yuan for 2023, representing a year-on-year growth of 78.05% [1] - The net profit attributable to the parent company was 1.25582 billion yuan, an increase of 76.10% compared to the previous year [1] - The gross margin was 36.55%, a decrease of 2.37 percentage points year-on-year, primarily due to lower margins from new products in the lithium battery and single crystal furnace segments [1] - The company signed new orders worth 13.094 billion yuan (including VAT) in 2023, a year-on-year increase of 77.57% [1] - The total orders on hand reached 13.204 billion yuan (including VAT), up 80.33% year-on-year [1] Summary by Sections Financial Performance - Revenue for 2023 was 6.302 billion yuan, with a growth rate of 78.05% [3] - Net profit for 2023 was 1.25582 billion yuan, with a profit growth rate of 76.10% [3] - The gross margin is projected to improve gradually as new business scales up and management efficiency increases [1] - The company expects to achieve net profits of 1.67863 billion yuan, 2.32753 billion yuan, and 2.98808 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 7.49, 10.39, and 13.33 yuan [2][3] Business Segments - In the photovoltaic equipment segment, the company has established a strong market position with its high-speed silicon wafer sorting machines and low-oxygen single crystal furnaces, securing significant orders from major clients [1] - The lithium battery equipment segment is benefiting from increased demand for energy storage, with multiple orders received [2] - The semiconductor equipment segment has achieved its first export orders, indicating a successful entry into international markets [2] Future Outlook - The company is expected to continue benefiting from the growth in the photovoltaic and lithium battery sectors, with a strong order pipeline supporting revenue growth [1][2] - The gross margin is anticipated to recover as new business scales up and operational efficiencies improve [1]

证券代码：688516 证券简称：奥特维 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 □特定对象调研 □分析师会议 □媒体采访 √业绩说明会 关系活 □新闻发布会 □路演活动 □现场参观 √电话会议 动类别 参与单 易方达、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 位名称 资本、Morgan Stanley等共计412家投资机构及证券公司 时间 2024年3月26日 10:00-11:30 地点 公司会议室 上市公 董事长葛志勇先生、董事李文先生、董事会秘书周永秀女士、财务总监殷哲先生、研发总 司 接待人 员姓名 监季斌斌先生、证券部李翠芬、陶敏燕、张秋仪、缪子健 投资者关系活动主要内容 （一）2023年度公司业绩情况介绍 公司2023年度实现收入63.02亿元，同比增长78.05%；归母净利润12.56亿元， 同比增长76.10%；扣非归母净利润11.67亿元，同比增长75.09%；2023年度经营性现 金流7.82亿元，总资产为156.17亿元。 费用方面，2023年度，公司管理费用25,654.89万元，同比增长44.94%；研发费 用32,730,77万元 ...

Investment Rating - Buy (maintained) [1] Core Viewpoints - The company achieved a revenue of 6,302 million yuan in 2023, a year-on-year increase of 78.05%, and a net profit attributable to the parent company of 1,256 million yuan, a year-on-year increase of 76.10% [4] - The company signed sales orders of 13,094 million yuan in 2023, a year-on-year increase of 77.57%, and had orders on hand of 13,204 million yuan at the end of 2023, a year-on-year increase of 80.33% [4] - The company's TOPCon 0BB welding process has been mass-produced, which is expected to support high order growth in 2024 [4] - The company is expected to achieve net profits of 1,861 million yuan, 2,475 million yuan, and 2,953 million yuan in 2024, 2025, and 2026, respectively [5] Market Performance - The company's stock price has shown significant growth compared to the CSI 300 index, with absolute gains of 24.87%, 30.76%, and 14.55% over the past 1, 2, and 3 months, respectively [2] Financial Performance and Forecast - The company's revenue is expected to grow from 6,302 million yuan in 2023 to 15,535 million yuan in 2026, with a compound annual growth rate (CAGR) of 22.4% [6] - Net profit is forecasted to increase from 1,256 million yuan in 2023 to 2,953 million yuan in 2026, with a CAGR of 19.3% [6] - The company's gross margin is expected to remain stable at around 36% from 2023 to 2026 [6] - The company's ROE (Return on Equity) is projected to be 34.3% in 2023, gradually declining to 27.0% by 2026 [6] Industry and Product Development - The company has made significant progress in semiconductor equipment, including the development of a 12-inch wafer dicing machine and silver paste die bonder [4] - The company has successfully developed a thick copper wire bonding head suitable for automotive-grade IGBT modules, meeting 90% of the market's copper wire bonding needs [4] - The company has also developed a high-precision, high-speed inspection device compatible with gold, copper, and aluminum wires, with a precision of ±3 microns and a UPH (Units Per Hour) of 30K [4] Valuation Metrics - The company's P/E ratio is expected to decrease from 16.19 in 2024 to 8.00 in 2026, indicating potential undervaluation [7] - The P/B ratio is projected to decline from 5.55 in 2024 to 2.16 in 2026, reflecting a potential improvement in valuation [7] - The EV/EBITDA ratio is forecasted to decrease from 12.82 in 2024 to 5.78 in 2026, suggesting a more attractive valuation over time [7]

| 证券代码：688516 | 证券简称：奥特维 | 公告编号：2024-038 | | --- | --- | --- | | 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 第三届董事会第五十一次会议决议公告 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"）第三届董事会第五十一次 会议于 2024 年 3 月 27 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 本次会议由公司董事长葛志勇先生主持，经全体董事表决，形成决议如下： （一）审议通过《关于作废部分已授予尚未归属的限制性股票的议案》 根据《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》"）、公 ...

无锡奥特维科技股份有限公司 独立董事独立意见 无锡奥特维科技股份有限公司独立董事 关于第三届董事会第五十一次会议相关事项的 独立意见 按照《中华人民共和国公司法》和《公司章程》的相关规定,作为无锡奥特 维科技股份有限公司(以下简称"公司")的独立董事,我们本着谨慎性原则, 基于独立判断的立场,对公司第三届董事会第五十一次会议审议的相关事项发表 如下独立意见: 一、《关于作废部分已授予尚未归属的限制性股票的议案》的独立意见 鉴于公司 2022年限制性股票激励计划(以下简称"本激励计划")中部分 激励对象因个人原因离职已不具备激励对象资格,部分激励对象 2023 年度个人 绩效考核结果为"B",部分激励对象连续两期个人绩效考核为"B",最后一期 不得归属。公司本次对部分已授予尚未归属的限制性股票的作废符合《上市公司 股权激励管理办法》(以下简称"《管理办法》")《上市规则》等法律、法规、 规范性文件及《2022年限制性股票激励计划(草案)》(以下简称"《激励计划 (草案)》")中的相关规定,所做的决定履行了必要的程序。我们一致同意公 司作废部分已授予尚未归属的限制性股票。 二、《关于 2022 年限制性股票激励计 ...

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 首次授予部分第二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 上海市北京西路 968 号嘉地中心 27 层 邮编：200041 27th 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 致：无锡奥特维科技股份有限公司 国浩律师（上海）事务所（以下简称"本所"）接受无锡奥特维科技股份有 限公司（以下简称"奥特维"或"公司"）的委托，担任公司2022年限制性股票 激励计划（以下简称"本次激励计划"）的特聘专项法律顾问。本所律师根据《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》"）、中国证券监督管理委员会（以下简称"中国证监 会"）颁布的《上市公司股权激励管理办法》（以下简称"《 ...