Investment Rating - The report maintains an "Accumulate" rating for Dongwei Technology (688700) [1] Core Views - The demand for high-end electroplating equipment is expected to increase due to the CoWoP technology combined with HDI, positioning the company to benefit significantly [7] - The company is well-positioned to capitalize on the growth in HDI electroplating equipment demand, supported by its advanced technology and product offerings [7] Financial Forecasts - Projected total revenue (in million RMB) for 2023A is 909.23, with a decline of 10.13% year-on-year, and is expected to rise to 1,266.38 by 2027E, reflecting a growth of 11.45% [1] - The forecasted net profit attributable to the parent company (in million RMB) is 151.43 for 2023A, with a significant drop of 29.01% year-on-year, expected to recover to 224.36 by 2027E, showing a growth of 21.48% [1] - The latest diluted EPS is projected to be 0.51 for 2023A, increasing to 0.75 by 2027E [1] - The current price-to-earnings ratio (P/E) is 94.25, with future projections of 206.03 for 2024A, decreasing to 63.61 by 2027E [1] Market Data - The closing price of the stock is 47.83 RMB, with a market capitalization of 14,272.54 million RMB [5] - The stock has a price-to-book ratio of 8.15 and a one-year price range of 16.95 to 51.00 RMB [5] Key Technologies and Market Trends - The CoWoP process is emerging as a mainstream packaging technology, simplifying processes and reducing transmission losses, which is crucial for the PCB industry [7] - The MSAP and SAP processes are identified as key technologies for achieving HDI, driving the demand for high-value electroplating equipment [7] - The company’s horizontal electroplating equipment is validated by leading customers, indicating a promising domestic replacement trend [7]

Core Insights - The price increase of copper-clad laminates reflects the rising demand in the PCB industry, driven by the growth in AI computing servers [2][3] - Major copper-clad laminate manufacturers, including Weilibang, Jiantao Laminates, and Hongruixing, have announced price hikes due to high raw material costs and increased bargaining power from strong demand [2][3] Industry Overview - The global server sales reached $95.2 billion in Q1 2025, a year-on-year increase of 134.1%, with expectations for the global server market to reach $366 billion in 2025, a 44.6% increase [3] - The PCB market is projected to grow from $73.57 billion in 2024 to $78.56 billion in 2025, with a year-on-year growth of 6.8% [3] - The demand for high-layer multi-layer boards and HDI boards is significantly outpacing the overall PCB industry growth, with multi-layer boards expected to grow by 40.2% and HDI boards by 18.8% in 2024 [3] Production Insights - Key production processes in PCB manufacturing include drilling, exposure, and testing, with drilling equipment accounting for approximately 20% of the total industry value [4] - The increasing complexity of HDI boards necessitates advancements in drilling, exposure, and plating processes, leading to higher demand for precision equipment [4] - Domestic production rates are high for mechanical drilling, while opportunities for domestic substitution exist in laser drilling and imaging processes [4] Investment Recommendations - Focus on core production processes: for drilling, consider Dazhu CNC (301200.SZ) and consumables from Dingtai High-Tech (301377.SZ) and Zhongtung High-Tech (000657.SZ); for exposure, look at Chipbond Technology (688630.SH) and Tianzhun Technology (688003.SH); for plating, Eastway Technology (688700.SH) is recommended; for solder paste printing, Keg Precision (301338.SZ) is suggested [5]

Investment Rating - The industry investment rating is "Overweight" [3] Core Viewpoints - The report emphasizes the significant growth potential in the humanoid robotics sector, with a projected cumulative global demand of approximately 2 million units by 2030, indicating a critical breakthrough phase from 0 to 1 [6][20] - The report highlights the acceleration of N-type penetration in photovoltaic equipment, strengthening the competitive edge of leading companies under the Matthew effect [21] - The energy storage sector is identified as essential for building a new type of power grid, with favorable policies enhancing industry prosperity [21] - The semiconductor equipment market is expected to reach $140 billion by 2030, with an increasing share from mainland China, although the domestic production rate remains low [21] - The automation market, particularly industrial consumables, is projected to grow from approximately 40 billion to 55.7 billion by 2026, benefiting from increased concentration and import substitution [22] - Hydrogen energy, particularly green hydrogen, aligns with carbon neutrality goals, supported by the rapid development of photovoltaic and wind energy [21] Summary by Sections Humanoid Robotics - Key companies recommended for investment include Huasheng Tiancai, Sanhui Electric, and Zhejiang Rongtai, among others [4] - The report discusses the recent humanoid robot sports event in Beijing, showcasing over 500 robots from 16 countries competing in various categories [15][20] - The introduction of the Genie Envisioner platform by Zhiyuan Robotics is noted as a significant advancement in the field, integrating video generation with robotic control [11][20] Photovoltaic Equipment - The report suggests focusing on leading companies like Maiwei and Jiejiacreating, which possess technological innovation and customer base advantages [21] - The overall price center of the photovoltaic industry chain is declining, with a focus on cost and efficiency improvements [21] Energy Storage - The report highlights the favorable policies for both generation-side and user-side energy storage, driving comprehensive development in the sector [21] - Companies like Xingyun and Kexin are identified as key players in the energy storage market [21] Semiconductor Equipment - The semiconductor equipment market is projected to double in the next decade, with a significant increase in demand for domestic production [22] - Companies such as Zhongwei and Beifang Huachuang are recommended for investment [22] Automation - The automation market is expected to grow significantly, with a focus on industrial consumables and the potential for leading companies to benefit from increased market concentration [22] Hydrogen Energy - The report emphasizes the importance of green hydrogen in achieving carbon neutrality, recommending companies like Longi Green Energy and Yihua Tong for investment [21]

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]

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。 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351条，此外企业还拥有行政许可29个。 来源：金融界 金融界消息 截至2025年8月14日收盘，东威科技（688700）报收于45.12元，下跌6.76%，换手率 4.79%，成交量14.28万手，成交金额6.55亿元。 资金流向方面，今日主力资金净流入2420.90万元，占比成交额3.7%。其中，超大单净流出303.03万 元、占成交额0.46%，大单净流入2723.93万元、占成交额4.16%，中单净流出流出1460.35万元、占成交 额2.23%，小单净流出960.56万元、占成交额1.47%。 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 ...

Core Viewpoint - The company, Dongwei Technology, is positioned as a leading player in the domestic electroplating equipment market, benefiting from the AI-driven expansion in the PCB industry and aiming for growth through innovative products and diversification into emerging sectors like lithium batteries and photovoltaics [1][2][4]. Group 1: Market Position and Growth Drivers - Dongwei Technology holds over 50% market share in the VCP segment, making it a key beneficiary of the AI PCB expansion wave [1][2]. - The company has seen a historical high in advance payments and contract liabilities amounting to 435 million yuan, with new order amounts increasing over 100% year-on-year for the first half of 2025 [2]. - The total investment in PCB expansion projects over the past three years reached 57.826 billion yuan, indicating strong industry growth and demand for electroplating equipment [2]. Group 2: Product Innovation and Technology - The company is introducing high-value electroplating equipment, including pulse electroplating and a three-in-one horizontal plating device, which are expected to enhance profitability and support domestic substitution [3]. - The pulse electroplating technology offers superior deep hole plating capabilities and surface uniformity, while the horizontal plating device is particularly advantageous for high-aspect-ratio through holes and micro-blind holes [3]. - The self-developed MVCP equipment is anticipated to benefit from innovations in PCB technology, particularly in CoWoP packaging [3]. Group 3: Diversification into Emerging Fields - In the lithium battery sector, the company is the only manufacturer capable of mass-producing water electroplating equipment, positioning itself to benefit from the commercialization of composite current collectors [4]. - The company has completed the production line for the third generation of silicon wafer vertical continuous electroplating (HJT), achieving a speed of 8000 wafers per hour, and is currently in trial production with partners [4]. - The company is actively exploring cost-reduction solutions in other technological paths such as TOPCon and BC in the photovoltaic sector [4]. Group 4: Financial Projections - Revenue projections for the company are 1.22 billion yuan, 1.775 billion yuan, and 2.163 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 62.64%, 45.50%, and 21.90% [5]. - Net profit forecasts are 171 million yuan, 268 million yuan, and 350 million yuan for the same years, with growth rates of 146.60%, 57.12%, and 30.25% respectively [5]. - The company is rated with a "buy" investment rating, reflecting its strong market position and potential for growth in both traditional and emerging sectors [5].

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351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12日收盘，东威科技（688700）报收于47.5元，下跌1.19%，换手率3.36%， 成交量10.04万手，成交金额4.74亿元。 资金流向方面，今日主力资金净流出3307.93万元，占比成交额6.98%。其中，超大单净流出1871.77万 元、占成交额3.95%，大单净流出1436.16万元、占成交额3.0 ...

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]