Group 1 - The core point of the news is that Dongwei Technology's stock has experienced a decline of 5.04%, with a current price of 39.41 CNY per share and a total market capitalization of 11.76 billion CNY [1] - Dongwei Technology, established on December 29, 2005, and listed on June 15, 2021, specializes in the research, design, production, and sales of high-end precision electroplating equipment [1] - The company's main revenue sources include vertical continuous electroplating equipment (62.68%), gantry electroplating equipment (13.14%), and other related products [1] Group 2 - Among the top circulating shareholders of Dongwei Technology, a fund under China Europe Fund has reduced its holdings by 739,100 shares, now holding 3.94 million shares, which is 1.32% of the circulating shares [2] - The China Europe Alpha Mixed A fund, established on August 20, 2020, has a current scale of 3.246 billion CNY and has achieved a year-to-date return of 19.27% [2] - The fund manager, Peng Wei, has been in position for 8 years and has achieved a best fund return of 111.11% during his tenure [3]

Group 1 - The company, Dongwei Technology, announced plans to hold a semi-annual performance briefing on September 11, 2025, from 10:00 to 11:00 [1]

Group 1 - The company will hold a half-year performance briefing on September 11, 2025, from 10:00 to 11:00 [1][2] - The briefing will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [1][2] - Investors can submit questions from September 4 to September 10, 2025, before 16:00, through the Roadshow Center website or via the company's email [1][2][4] Group 2 - Key participants in the briefing will include the Chairman and General Manager Liu Jianbo, Financial Director Zhang Zuqing, Independent Director Zhao Jianbing, and Board Secretary Xu Peipei [2] - The company aims to address common investor concerns regarding its operating results and financial indicators for the first half of 2025 [2][3] - After the briefing, investors can access the main content and details of the event through the Roadshow Center [4][5]

证券代码：688700 证券简称：东威科技 公告编号：2025-040 昆山东威科技股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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、准确性和完整性承担法律责任。 重要内容提示： 二、 说明会召开的时间、地点 （一）会议召开时间：2025年09月11日（星期四）10:00-11:00 （二） 会议召开地点：上证路演中心 https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 09 月 04 日 （星期四） 至 09 月 10 日 （星 期三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司邮箱 DW10798@ksdwgroup.com 进行提问。公司将在说明会 上对投资者普遍关注的问题进行回答。 昆山东威科技股份有限公司（以下简称"公司"）已于 2025 年 8 月 28 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入 地了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 ...

Core Viewpoint - Dongwei Technology (688700.SH) has received customer orders for its bilateral clamping equipment used in the preparation of HVLP copper foil, highlighting the demand for its innovative technology [1] Summary by Categories Product Advantages - The company's equipment offers low temperature and low current capabilities, resulting in a denser and smoother surface, which enhances product appearance [1] - The integrated electroplating process allows for continuous copper layer deposition, providing more reliable physical properties [1]

Core Viewpoint - Dongwei Technology (688700.SH) has received customer orders for its bilateral clamping equipment used in the preparation of HVLP copper foil, highlighting the company's growing market presence and product demand [1] Group 1: Product Advantages - The equipment offers low temperature and low current capabilities, resulting in a denser and smoother surface, which enhances product appearance [1] - The non-contact design of the equipment contributes to better product aesthetics [1] - The integrated electroplating process allows for continuous copper layer deposition, ensuring more reliable physical properties [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [5]. Core Views - The company has shown steady revenue growth in the first half of 2025, with a 13.1% year-on-year increase in revenue to 443 million yuan, although net profit decreased by 23.7% to 43 million yuan [1][2]. - The second quarter of 2025 saw significant improvement, with a 19.1% year-on-year revenue increase to 232 million yuan and a 49.9% quarter-on-quarter net profit growth [1][2]. - The company is benefiting from increased demand in the PCB sector due to the Southeast Asia investment boom and the rapid development of AI-related big data storage [2][3]. - The company has a strong order backlog, with contract liabilities increasing by 45.8% to 537 million yuan as of June 30, 2025, driven by growing demand and successful technology innovation [2][3]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 443 million yuan, a 13.1% increase year-on-year, while net profit decreased to 43 million yuan, down 23.7% [1]. - The gross margin for the first half of 2025 was 32.5%, a decline of 6.1 percentage points compared to the previous year [1]. - The second quarter of 2025 reported a revenue of 232 million yuan, a 19.1% increase year-on-year, and a net profit of 25 million yuan, reflecting a 3.2% year-on-year increase and a 49.9% quarter-on-quarter increase [1][2]. Business Development - The company has successfully developed new equipment for the PCB sector, including glass substrate-related devices for semiconductor packaging, and has received positive feedback from customers [3]. - In the renewable energy sector, the company has developed innovative equipment that improves material utilization and reduces production costs, receiving high recognition from clients [3]. - The company has expanded its market presence in Southeast Asia, particularly in Thailand, where it has established a production base and is serving numerous clients [2][3]. Profit Forecast and Valuation - The report forecasts the company's net profit for 2025 to be 168 million yuan, with expected earnings per share (EPS) of 0.56 yuan [3][9]. - The company is projected to have a net profit of 234 million yuan in 2026 and 282 million yuan in 2027, with corresponding EPS of 0.78 yuan and 0.94 yuan [3][9]. - The report maintains a positive outlook on the growth potential of PCB equipment, supported by a strong order backlog [3].

Summary of Dongwei Technology Conference Call Company Overview - **Company**: Dongwei Technology - **Industry**: PCB (Printed Circuit Board) Equipment Manufacturing Key Financial Highlights - **Q2 Revenue**: 232 million RMB, up 19.14% YoY [2] - **Net Profit**: 25.5 million RMB, up 3.23% YoY, and up 49.93% QoQ [2] - **H1 2025 Revenue**: 443 million RMB, up 13.07% YoY [3] - **H1 2025 Net Profit**: 42.5 million RMB, down 23.66% YoY due to lack of high-margin new energy product revenue and rising raw material costs [3] Product Development and Market Demand - **Vertical Continuous Plating Equipment**: Orders increased over 100% YoY, significantly contributing to revenue growth [2][3] - **Three-in-One HDI Advanced Products**: Approximately 10 units deployed, with expected order increases in H2 and significant growth in 2026 [2][6] - **Horizontal Three-in-One Plating Equipment**: Addresses issues of chemical binding in sales, offers broader applicability, and superior plating uniformity compared to German products [2][8] - **Global Demand for Horizontal Three-in-One Equipment**: Estimated annual demand between 500 million to 1 billion RMB, with a gross margin of 40%-45% [9] Technological Advancements - **Pulse VCP Technology**: Enhances copper thickening in deep holes, accounting for 60% of sales with a gross margin of about 40% [10] - **Comparison of Plating Technologies**: Pulse VCP is suitable for high-aspect-ratio boards, while horizontal three-in-one is for HDI boards [10][11] Market Trends and Competitive Landscape - **Increased Overseas Orders**: Now 20%-30% of total orders, primarily from South Korea, Japan, Europe, and Southeast Asia [5][15] - **Challenges for New Entrants**: Significant technical and time challenges exist for companies attempting to enter the plating equipment market [16] Profitability and Pricing Strategy - **Profit Margin Trends**: Expected to increase due to selective order acceptance and higher export orders with better margins [14][26] - **PCB Order Situation**: Orders are full, with some capacity constraints, but no immediate price increases anticipated [25] Future Outlook - **Market Expansion**: Plans for a technology service center in Thailand to enhance international market presence [5][15] - **R&D Expectations**: Anticipated improvements in market performance and R&D outcomes over the next one to two years [28] Additional Insights - **Customer Validation**: Ongoing collaborations with solid-state battery manufacturers and positive feedback on new products [19][21] - **Production Capacity**: Current orders sufficient for 3-4 months of production, with no immediate need for overtime [25][27] This summary encapsulates the key points from the conference call, highlighting the company's financial performance, product developments, market trends, and future outlook.

Core Viewpoint - The company reported a revenue of 443 million yuan in the first half of 2025, a year-on-year increase of 13.07%, while the net profit attributable to shareholders decreased by 23.66% to 42.5 million yuan, indicating a mixed performance driven by various market factors [1] Group 1: Financial Performance - In Q2 2025, the company achieved a revenue of 232 million yuan, reflecting a year-on-year increase of 19.14% and a quarter-on-quarter increase of 9.69% [1] - The net profit attributable to shareholders in Q2 was 25.5 million yuan, showing a year-on-year increase of 3.23% and a quarter-on-quarter increase of 49.93% [1] - The decline in half-year net profit was primarily influenced by the new energy equipment sector and rising costs related to depreciation and raw materials [2] Group 2: Market Trends and Opportunities - The PCB industry is experiencing a high demand due to the rapid development of AI-related big data storage, leading to a positive outlook for future orders and a recovery in production capacity [2] - The company’s contract liabilities reached a record high of 537 million yuan, a 45.92% increase compared to the end of 2024, indicating strong order intake, particularly in vertical continuous plating equipment for PCBs [2] - The company has successfully developed a horizontal three-in-one plating device, breaking the monopoly of foreign competitors and gaining recognition in the high-end PCB market [4] Group 3: Product Development and Innovation - The company is focusing on upgrading its equipment to meet the increasing demands for high-frequency and high-density interconnect PCBs, driven by the growth in AI server industries [3] - The introduction of glass substrate-related equipment is aimed at the semiconductor packaging market, with successful deliveries of PVD, TGV, and RDL equipment to customers [5] - The company’s strategic entry into the glass substrate market is expected to provide significant profit elasticity as the industry matures [5] Group 4: Future Outlook - The company anticipates a rebound in performance supported by the expansion of domestic PCB enterprises in Southeast Asia and the industrialization of high-end HDI and glass substrate markets [5] - Projected net profits for 2025, 2026, and 2027 are estimated at 181 million, 272 million, and 337 million yuan respectively, with corresponding PE ratios indicating strong growth potential [5]

东威科技8月28日大宗交易平台出现一笔成交，成交量6.00万股，成交金额210.00万元，大宗交易成交价 为35.00元，相对今日收盘价折价21.17%。该笔交易的买方营业部为招商证券股份有限公司武汉中北路 证券营业部，卖方营业部为中信证券股份有限公司武昌证券营业部。 证券时报·数据宝统计显示，东威科技今日收盘价为44.40元，上涨3.16%，日换手率为3.19%，成交额为 4.18亿元，全天主力资金净流出241.14万元，近5日该股累计下跌1.53%，近5日资金合计净流出2062.29 万元。 两融数据显示，该股最新融资余额为4.07亿元，近5日减少4373.00万元，降幅为9.70%。 机构评级来看，近5日共有1家机构给予该股评级，预计目标价最高的是中金公司证券，8月28日中金公 司证券发布的研报预计公司目标价为45.00元。（数据宝） 8月28日东威科技大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） ...