行业报告:先进制造行业周报 2025年8月17日 中航证券有限公司 AVIC SECURITIES CO., LTD. 全球首个机器人运动会开幕，智元率先推出机器人世界模型开源平台 行业评级:增持 分析师：邹润芳 证券执业证书号：S0640521040001 分析师：闫智 证券执业证书号：S0640524070001 分析师：卢正羽 证券执业证书号：S0640521060001 中航证券研究所发布 证券研究报告 请务必阅读正文后的免责条款部分 股市有风险 入市需谨慎 中航先进制造- -- 投资观点 ■ 重点推荐:华胜天成、三晖电气、晶品特装、浙江荣泰、北特科技、汉威科技、组威股份、软通动力 ■ 重点跟踪行业——人形机器人: ■ 核心个假组合：华胜天成、三晖电气、晶晶特装、北特科技、浙江荣泰、兆威机电、腾亚精工、纽威股份、三花智控、双树股份、中坚科技、莱斯 信息、软通动力、航锦科技、华伍股份、天阳科技 ■ 本周专题研究：近日人形机器人产业动态汇总：1）Figure 02首次展示基于瑞到瑞神经网络的自主折叠毛巾能力，其Helix大模型实现似人化交互； 2）智元机器人发布行业首个开源世界模型平台Genie Envi ...

最近三个交易日，13日-15日，东威科技分别获融资买入0.62亿元、1.00亿元、0.31亿元。 融券方面，当日融券卖出0.18万股，净买入0.77万股。 8月15日，沪深两融数据显示，东威科技获融资买入额0.31亿元，居两市第719位，当日融资偿还额0.86 亿元，净卖出5490.89万元。 ...

通过天眼查大数据分析，昆山东威科技股份有限公司共对外投资了5家企业，参与招投标项目117次，知 识产权方面有商标信息21条，专利信息348条，此外企业还拥有行政许可29个。 来源：金融界 东威科技最新一期业绩显示，截至2025一季报，公司营业总收入2.11亿元、同比增长7.08%，归属净利 润1700.58万元，同比减少45.11%，扣非净利润1635.21万元，同比减少43.21%，流动比率1.752、速动比 率1.075、资产负债率38.82%。 天眼查商业履历信息显示，昆山东威科技股份有限公司，成立于2005年，位于苏州市，是一家以从事通 用设备制造业为主的企业。企业注册资本29840.136万人民币，实缴资本29840.136万人民币。公司法定 代表人为刘建波。 金融界消息 截至2025年8月15日收盘，东威科技（688700）报收于47.01元，上涨4.19%，换手率 3.18%，成交量9.50万手，成交金额4.39亿元。 资金流向方面，今日主力资金净流出3003.72万元，占比成交额6.84%。其中，超大单净流出2741.08万 元、占成交额6.24%，大单净流出262.64万元、占成交额0.6% ...

Summary of Dongwei Technology Conference Call Company Overview - Dongwei Technology is the only vertically integrated electroplating equipment company listed in A-shares, with a domestic market share exceeding 50% [2][6] - The company benefits from the rising demand in the PCB industry driven by the AI wave, with expectations for PCB prosperity to last until at least 2027 [2][6] Financial Performance - PCB business accounts for approximately 66% of total revenue, projected to reach nearly 500 million yuan in 2024, with a gross margin of 33%-35% [2][5] - The company’s performance is closely tied to the PCB cycle, with signs of marginal recovery in the PCB industry expected in the second half of 2024 [2][13] - Revenue projections for 2025, 2026, and 2027 are 1.22 billion, 1.78 billion, and 2.13 billion yuan respectively, with net profit estimates of 170 million, 270 million, and 350 million yuan [4][25] Product and Market Dynamics - Main products include VCP equipment, with high-end products like pulse DC devices increasing to 50% of sales [2][20] - The company has a leading position in the composite copper foil equipment market, being the only one capable of mass production [2][10][23] - In the lithium battery sector, revenue is expected to account for about 7% in 2024, while the photovoltaic sector contributes less than 1% [2][10] Industry Trends - The PCB industry is experiencing a fundamental turning point, driven by increased capital expenditure from major North American cloud providers, with total investments reaching 57.8 billion yuan [4][17] - Equipment investments in 2025 and 2026 are expected to reach 46.2 billion yuan, primarily for high-layer and HDI board production [18][26] - The demand for electroplating equipment is projected to increase from 10% to potentially 12%-15% of total equipment value due to AI PCB requirements [19] Management and Corporate Structure - The management team has over 20 years of experience in manufacturing, with the chairman holding approximately 31% of shares [11][12] - An employee stock ownership plan is in place to align interests and retain key talent [11] Innovation and Development - The company has made significant technological advancements, including the development of new materials for lithium batteries and innovative electroplating equipment for semiconductors [22][24] - Dongwei Technology is actively pursuing partnerships and collaborations to enhance its product offerings and market reach [24] Investment Opportunities - The current market conditions present a favorable investment window for PCB specialized equipment, with expectations of continued growth driven by AI applications [26][27] - The company is positioned to benefit from the ongoing AI-driven expansion in the PCB sector, making it an attractive investment opportunity [6][9]

Core Viewpoint - The PCB industry is experiencing continuous expansion driven by the demand for AI computing infrastructure, with major companies increasing production capacity to meet this demand [1] Group 1: PCB Equipment Market - The expansion in PCB production is primarily focused on high-layer HDI boards, leading to increased requirements for aperture size and corresponding rises in equipment quantity and prices [1] - Exposure equipment accounts for 10%-15% of the PCB equipment value, with high-end PCB boards requiring higher precision and line width, benefiting leading companies that secure top-tier clients [2] - Drilling equipment constitutes about 25% of the PCB equipment value, with the demand for laser drilling equipment increasing due to the limitations of traditional mechanical drilling methods as PCB complexity grows [2] Group 2: Key Companies and Developments - Domestic companies benefiting from the expansion include Chipbond Technology (688630.SH), Dazhong CNC (301200.SZ), and Tianzhun Technology (688003.SH) [2] - Major players in the drilling needle sector, such as Dingtai High-tech and Jinzhou Precision, are expanding production capacity in response to the rising demand for high-end drilling needles driven by AI server PCB upgrades [3] - The PCB electroplating equipment market is also evolving, with vertical electroplating equipment dominating and companies like Dongwei Technology (688700.SH) seeing significant order growth [4]

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [2][9]. Core Insights - The PCB industry is experiencing continuous expansion driven by the demand for AI computing infrastructure, with major companies like Huadian and Shenghong investing significantly in new projects [3]. - The expansion is primarily focused on high-layer HDI boards, leading to increased requirements for equipment quantity and pricing [3]. - The exposure segment of PCB equipment, which accounts for 10%-15% of the total equipment value, is seeing higher demand for advanced exposure equipment due to stricter requirements from high-end PCB boards [3]. - The drilling segment, which constitutes about 25% of PCB equipment value, is benefiting from the increasing complexity of PCB designs, with a shift towards laser drilling technology [3]. - The PCB drill needle market is experiencing growth due to the surge in AI demand, prompting manufacturers to expand production capacity [3]. - The electroplating segment, which represents around 10% of PCB equipment value, is seeing increased demand for high-end equipment as AI applications require thicker copper and finer lines [3]. Summary by Sections PCB Expansion - Continuous expansion in the PCB sector is driven by AI computing needs, with significant investments from leading companies [3]. Exposure Equipment - Exposure equipment is critical for high-end PCB production, with domestic companies improving their capabilities to meet rising demands [3]. Drilling Equipment - The drilling process is evolving with a shift towards laser technology, driven by the need for smaller apertures and tighter tolerances in PCB manufacturing [3]. Drill Needles - The demand for high-quality drill needles is increasing, with manufacturers ramping up production to meet the needs of upgraded AI server PCBs [3]. Electroplating Equipment - The demand for advanced electroplating equipment is growing, particularly for high-end applications in the AI sector [3].

Summary of Conference Call on PCB Industry and Company Developments Industry Overview - The PCB industry is experiencing significant technological upgrades, transitioning from standard multilayer boards to HDI boards, advanced HDI, inner-layer boards, and narrow boards. The demand for high-density and high-precision PCBs is increasing due to applications like data centers, with current HDI board hole diameters around 50 microns, and inner-layer and narrow boards reaching 20 microns or even smaller [2][5][9]. Key Companies and Developments - Domestic companies such as Dazhu CNC are making progress in the drilling machine sector, gradually catching up with Japanese monopolies. Dazhu CNC has captured a significant market share in ordinary mechanical drilling machines and is expanding into high-precision fields [1][4]. - Other domestic manufacturers like Shenghong, Shennan, and Huidian are also increasing their market shares, with high-end mechanical drilling and laser drilling machines accounting for 25%-35% of the market [1][4]. Market Trends and Demand - The AI boom is driving rapid growth in PCB industry demand, prompting manufacturers like Shenghong, Shennan, Huidian, and Jingwang to expand production. This expansion is boosting demand for upstream supply chains, including raw materials and production equipment [5][6]. - The demand for high-value-added PCB products, such as advanced HDI and multilayer boards, is leading to a general price increase of 10%-30% for equipment, with some customized equipment prices rising by over 50% [6][9]. Equipment and Technology - Key processes in PCB production, including drilling, electroplating, and exposure, are critical and have high value. Technologies such as laser drilling and vertical electroplating are essential, with companies like Dongwei Technology excelling in vertical electroplating equipment [7][8]. - Dongwei Technology has improved production efficiency and profit margins from 30% to over 40% through innovations like VCP and three-in-one equipment [8]. Future Outlook - The PCB industry is expected to have a development cycle extending at least two years, potentially up to three years or longer. The domestic replacement process is accelerating, with companies like Dazhu CNC making breakthroughs in key technologies, likely replacing imported equipment from Japan, Europe, and Taiwan [9][10]. - The typical order-to-delivery time for PCB equipment is six months to three quarters, which is faster than semiconductor equipment, allowing for quicker market response and production expansion [10]. Investment Opportunities - Investors should focus on the growing demand for equipment and materials in the PCB industry, as these areas are expected to see significant growth and are worth exploring for investment opportunities [14]. Additional Insights - Other important processes in PCB manufacturing include testing, soldering, and lamination, which, while not as high in value as drilling, electroplating, and exposure, are still critical for overall production quality [11][12]. - Companies are also exploring advancements in soldering processes, with efforts to optimize material selection and process parameters to address thermal stress deformation issues [12][13]. This summary encapsulates the key points from the conference call regarding the PCB industry and its key players, highlighting technological advancements, market trends, and investment opportunities.

Group 1 - Public fund research enthusiasm has increased in the second half of the year, with 178 public funds conducting research on 463 listed companies as of August 6 [1] - The telecommunications equipment industry has become a focal point for public funds, with DingTong Technology, ZhongJi XuChuang, and XinYiSheng receiving attention from 75, 71, and 63 public funds respectively, ranking as the top three [3] - Other notable companies in the top ten for public fund research include Jianghe Group from the construction decoration industry and ShiJia GuangZi from the telecommunications equipment sector, with over 40 public funds researching them [3] Group 2 - Notable fund managers participated in the research activities, such as Zhu Hongyu from China Merchants Fund, who focused on GuoJi JingGong's main business and future acquisition plans [3] - Xie ZhiYu from XingZheng Global Fund researched AiEr Eye Hospital, discussing the company's overseas business layout and strategies against industry competition [4] - Zhu ShaoXing from FuGuo Fund and Fu PengBo from RuiYuan Fund also conducted research on QiLu Bank and YiYuan Communication respectively, indicating a diverse interest in various sectors [4]

Investment Rating - The report maintains a "Positive" investment rating for the PCB industry [3][11]. Core Insights - The PCB industry is experiencing growth driven by strong demand from AI applications and technological upgrades, leading to increased capital expenditures in downstream sectors [8][21]. - The global PCB market is expected to see differentiated growth across product segments, with high-density interconnect (HDI) boards benefiting from AI server demand, projected to grow by 18.8% year-on-year to reach $12.5 billion in 2024 [11][12]. - The report highlights a trend towards high-density, high-performance PCB products, with the combined market share of HDI and packaging substrates exceeding 34% [11][12]. Summary by Sections PCB Product Overview - PCB products are categorized into rigid boards, flexible boards, rigid-flex boards, and packaging substrates, with HDI boards widely used in consumer electronics and high-frequency boards for 5G communication [8][9]. Market Segmentation and Growth - In 2024, the global PCB market is projected to reach $73.57 billion, with multilayer boards holding the largest share at 38.1% [11][12]. - The smartphone sector accounts for 19% of the PCB market, with a projected value of $13.89 billion, while the server/storage sector is expected to grow by 33.1% year-on-year to $10.92 billion [15][16]. Regional Market Dynamics - China is expected to dominate the PCB market, with its share increasing from 54.4% in 2023 to 56.0% in 2024, reflecting its significant role in global PCB production [22][23]. Technological Advancements - The report emphasizes the need for PCB manufacturers to adapt to higher complexity and performance requirements driven by AI and high-speed networking, necessitating advancements in design and manufacturing processes [21][24]. Equipment and Supply Chain - The report outlines the production processes and key equipment used in PCB manufacturing, highlighting the importance of drilling equipment, which holds the highest market share in the PCB production process [31][34]. - The global drilling equipment market is projected to grow from $1.17 billion in 2020 to $1.47 billion in 2024, with a compound annual growth rate (CAGR) of 10.3% expected from 2024 to 2029 [38][43]. Market Trends and Future Outlook - The PCB industry is expected to continue evolving with the increasing demand for high-density and high-layer count boards, particularly in AI server applications, which are pushing the boundaries of PCB technology [27][28].

Core Viewpoint - The major shareholder, Li Yangzhao, has completed a share reduction plan, selling 2,000,000 shares of Dongwei Technology, which represents 0.6702% of the company's total share capital, due to personal funding needs [1][2]. Shareholder and Management Holdings - Before the reduction plan, Li Yangzhao held 10,263,509 shares, accounting for 3.4395% of the total share capital, with 5,334,464 shares acquired before the IPO and 4,929,045 shares from capital reserve conversion [1][3]. Reduction Plan Implementation Results - The reduction plan was first disclosed on May 6, 2025, and was completed by July 31, 2025, with the total number of shares reduced being 2,000,000 [2][3]. - The shares were sold through centralized bidding, with a price range of 35.01 to 47.47 CNY per share, resulting in a total amount of 80,843,017.14 CNY [3][4]. - After the reduction, Li Yangzhao now holds 8,263,509 shares, which is 2.7693% of the total share capital [3][4].