Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance has declined, likely due to the delayed industrialization of composite fluid technology, leading to lower-than-expected demand for equipment in the new energy sector [2] - The gross margin has decreased, indicating a decline in profitability, with a gross margin of 38.75% for the first three quarters of 2024, down 5.80 percentage points year-on-year [3] - Inventory and contract liabilities have increased, with inventory at 527 million yuan, up 32.82% year-on-year, and contract liabilities at 252 million yuan, up 23.04% year-on-year [3] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 580 million yuan, a year-on-year decrease of 20.68%, and a net profit attributable to shareholders of 68 million yuan, down 54.12% year-on-year [2] - The company's revenue for Q3 alone was 188 million yuan, a year-on-year decrease of 19.14%, with a net profit of 12.72 million yuan, down 72.85% year-on-year [2] - The company expects net profits for 2024-2026 to be 1.6 billion yuan (down 43%), 2.5 billion yuan (down 38%), and 3.2 billion yuan (down 40%), corresponding to P/E ratios of 37, 24, and 19 times respectively [4] Growth Opportunities - The company has achieved mass production of composite copper foil equipment and is actively developing composite aluminum equipment, with the aluminum vapor deposition equipment already completed [4] - The third-generation photovoltaic copper plating equipment has overcome capacity limitations, producing 8,000 pieces per hour, and has begun mass production at customer sites [4] - The company is also developing a large-width double-sided transmission roll-type contactless coating line to improve the utilization rate of composite fluid materials for lithium batteries [4]

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。 昆山东威科技股份有限公司（以下简称"公司"）于 2024 年 10 月 28 日召 开第二届董事会第十九次会议、第二届监事会第十六次会议，审议通过了《关于 公司 2024 年前三季度计提资产减值准备的议案》。现将相关情况公告如下： 一、计提信用及资产减值概述 根据《企业会计准则第 8 号——资产减值》《企业会计准则第 22 号——金 融工具确认和计量》及相关会计政策、会计估计的相关规定，为了真实、准确地 反映公司截至 2024 年 9 月 30 日的财务状况及 2024 年前三季度的经营成果，本 着谨慎性原则，公司 2024 年前三季度确认资产减值损失和信用减值损失共计 26,839,659.21 元，明细如下： | 项目 | 本年发生额 | | | --- | --- | --- | | | （单位：人民币 元） | | | 一、信用减值损失 | | -20,956,434.75 | | 应收票据坏账损失 | | -767,601.87 | | 应收账款坏账损失 | | -19 ...

（四）其他涉及公司信息披露，且可能对公司股票及其衍生品交易价格产生较大影 响的事件信息。 第二章 舆情管理的组织体系及其工作职责 第一章 总则 第一条 为提高昆山东威科技股份有限公司（以下简称"公司"或"东威科技"）应 对各类舆情的能力，建立快速反应和应急处置机制，正确把握和引导网络舆论导向，及 时、妥善处理各类舆情对公司股价、公司商业信誉及正常生产经营活动造成的影响，切 实保护投资者合法权益，根据相关法律法规和规范性文件及《公司章程》的规定，结合 公司实际情况，制定本制度。 第二条 本制度所称舆情包括： （一）报刊、电视、网络等媒体对公司进行的报道； （二）社会上存在的已经或将给公司造成较大影响的传言或信息； （三）可能或者已经影响社会公众投资者投资取向，造成股价异常波动的信息； 昆山东威科技股份有限公司 舆情管理制度 第三条 公司应对各类舆情（尤其是媒体质疑危机时）实行统一领导、统一组织、快 速反应、协同应对。 第四条 公司成立应对舆情处理工作领导小组（以下简称"舆情工作组"），由公司 董事长任组长，董事会秘书担任副组长，公司其他高级管理人员及相关职能部门负责人 任成员。 第五条 舆情工作组是公司应对各类 ...

Revenue and Profit - Revenue for Q3 2024 was ¥187,538,976.86, a decrease of 19.13% compared to the same period last year[2] - Net profit attributable to shareholders for Q3 2024 was ¥12,721,829.51, down 72.85% year-over-year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2024 decreased by 75.79%[9] - Basic and diluted earnings per share for Q3 2024 were both ¥0.04, a decline of 74.01% compared to the same period last year[9] - The net profit attributable to shareholders for the year-to-date period decreased by 54.12% compared to the same period last year[7] - Total operating revenue for the first three quarters of 2024 was CNY 579,677,291.04, a decrease of 20.7% compared to CNY 730,805,658.57 in the same period of 2023[17] - Net profit for the first three quarters of 2024 was CNY 68,401,354.32, down 54.1% from CNY 149,072,589.33 in the previous year[20] - Total operating revenue for the first three quarters of 2024 was CNY 501,366,571.67, a decrease of 29.0% compared to CNY 706,712,639.01 in the same period of 2023[25] - Net profit for the first three quarters of 2024 was CNY 117,009,462.67, down 12.9% from CNY 134,260,227.54 in the first three quarters of 2023[26] Research and Development - R&D investment totaled ¥20,982,074.80 in Q3 2024, representing 11.19% of revenue, an increase of 3.45 percentage points from the previous year[3] - Research and development expenses rose to CNY 62,583,955.94, an increase of 9.5% compared to CNY 57,370,903.57 in the previous year[19] - Research and development expenses for the first three quarters of 2024 were CNY 45,683,816.18, an increase of 8.5% compared to CNY 42,111,322.88 in the first three quarters of 2023[25] Assets and Liabilities - Total assets as of the end of Q3 2024 were ¥2,521,852,469.31, a 1.61% increase from the end of the previous year[3] - As of September 30, 2024, the total current assets amounted to approximately RMB 1.55 billion, a decrease of 3.7% from RMB 1.60 billion at the end of 2023[14] - The company's total liabilities increased to CNY 789,128,768.08 from CNY 745,606,502.07, marking a rise of 5.8%[19] - Non-current liabilities totaled CNY 59,596,038.53, up from CNY 48,505,271.90, indicating a growth of 22.5%[19] - Total liabilities as of the end of Q3 2024 were CNY 667,807,506.38, slightly up from CNY 659,008,774.20 at the end of Q3 2023[24] - The total assets of the company reached approximately RMB 2.52 billion, a slight increase from RMB 2.48 billion at the end of 2023[15] Cash Flow - The net cash flow from operating activities for the first three quarters of 2024 was -7,499,257.68 RMB, an improvement from -45,286,010.77 RMB in the same period of 2023[21] - The net cash flow from investment activities was 119,560,994.34 RMB, a significant recovery from -594,528,410.75 RMB in the same period of 2023[22] - The company's cash inflow from sales of goods and services was 483,970,416.09 RMB, down from 523,211,224.36 RMB in the same period of 2023[21] - The cash outflow for purchasing goods and services was 271,670,197.36 RMB, a decrease from 330,399,257.37 in the same period of 2023[21] - The net cash flow from operating activities was -28,226,693.67, compared to -98,744,818.48 in the previous year[29] - Total cash inflow from investment activities was 807,332,007.81, down from 875,946,472.62 year-over-year[29] Inventory and Receivables - Inventory levels rose significantly to approximately RMB 526.72 million, up 28% from RMB 411.57 million at the end of 2023[14] - The company's accounts receivable increased to approximately RMB 678.71 million from RMB 636.01 million, reflecting a growth of 6.7%[14] - The company's inventory rose to 294,908,832.86 RMB, up from 229,587,926.02 RMB in the previous year[23] - The accounts receivable increased to 622,483,269.80 RMB, compared to 603,658,981.93 RMB at the end of 2023[22] Financial Performance - The weighted average return on equity was 0.74%, a decrease of 2 percentage points year-over-year[2] - The company's total equity attributable to shareholders of the parent company was CNY 1,732,723,701.23, slightly down from CNY 1,736,315,757.41[19] - The company's total equity increased to CNY 1,571,584,982.65 in Q3 2024 from CNY 1,526,942,923.35 in Q3 2023, reflecting a growth of 2.9%[24] - The company's financial expenses improved, showing a net income of CNY -1,752,948.56 in the first three quarters of 2024 compared to CNY -7,484,890.75 in the same period of 2023[25] Other Information - The company attributed the decline in revenue and profit primarily to decreased income from new energy equipment and rising raw material prices[7] - Non-recurring gains for Q3 2024 included government subsidies amounting to ¥1,466,855.52[5] - The company has not reported any significant new strategies or product developments during the reporting period[13] - The company has adopted new accounting standards starting from 2024, which may affect the financial statements[29]

证券代码：688700 证券简称：东威科技 公告编号：2024-032 昆山东威科技股份有限公司 经与会监事审议，做出如下决议： （一）审议通过《关于公司 2024 年第三季度报告的议案》 监事会认为：公司《2024 年第三季度报告》的编制和审议程序符合法律法 规、《公司章程》和公司管理制度的各项规定；公司《2024 年第三季度报告》 的内容和格式符合定期报告编制的规定，所包含的信息真实地反映了公司 2024 年前三季度的经营成果和财务状况等事项。未发现参与公司 2024 年第三季度报 告编制和审议的人员有违反保密规定及损害公司利益的行为。监事会同意《关于 公司 2024 年第三季度报告的议案》所审议事项。 表决结果：赞成 3 票，反对 0 票，弃权 0 票 具体内容详见公司同日披露于上海证券交易所网站的《2024 年第三季度报 告》。 第二届监事会第十六次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 昆山东威科技股份有限公司（以下简称"东威科技"或"公司"）第二届监 事会第十六次会 ...

证券代码：688700 证券简称：东威科技 公告编号：2024-031 减持计划的实施结果情况 2024 年 9 月 14 日，公司披露了《昆山东威科技股份有限公司关于特定股东 大宗交易减持股份计划公告》（公告编号：2024-029），谢玉龙先生拟通过大宗 交易的方式减持不超过 5,960,000 股公司股份，拟减持比例不超过公司总股本 2.00%。本次大宗交易减持，自减持计划公告披露之日起 15 个交易日后的 3 个月 内进行。此次拟减持股份来源为首次公开发行前股份，集中竞价交易取得股份及 上市后资本公积转增股份。 公司于 2024 年 10 月 24 日收到谢玉龙先生出具的《股份减持告知函》。自 本轮减持计划开始至今，谢玉龙先生已通过大宗交易方式减持公司股份 5,959,950 股，占公司总股本的 1.997%，减持价格区间为 20.22 元-26.21 元， 减持总金额为 129,224,998.00 元。较本轮减持计划剩余 50 股未减持，因不具备 大宗减持条件，故本轮减持计划已结束。本轮减持完成后，谢玉龙先生持有公司 股份数为 574,857 股，持股比例为 0.193%。 1 上述减持主体无一致行 ...

Core Insights - Dongwei Technology (688700) has launched its high-end equipment phase III project in Kunshan, Jiangsu, focusing on the application of composite current collectors in the downstream new energy sector and the development of electroplating equipment technology [1] - The project aims to produce and research roll-type horizontal membrane electroplating equipment and photovoltaic copper plating equipment, filling a domestic production gap [1] - Dongwei Technology is currently the only domestic manufacturer capable of mass-producing roll-type horizontal plating equipment, aiming to strengthen its industrial chain and enhance international competitiveness [1] Industry Trends - The demand for high-end PCB electroplating equipment is expected to exceed historical peaks due to the Southeast Asia investment wave in PCBs, AI server growth, and the electrification and intelligence of automobiles [1] - The composite current collector, which uses polymer materials to replace part of the metal in lithium batteries, is projected to become a strategic material for battery manufacturers to mitigate rising copper prices [1][2] - The penetration rate of composite copper foil in lithium batteries is expected to exceed 70% as downstream battery production yields improve [1] Technological Advancements - Dongwei Technology has been innovating in the field of surface treatment equipment for new energy materials, achieving mass production of composite current collector copper foil and photovoltaic copper plating equipment [1] - The company has developed advanced electroplating equipment that meets the higher requirements for thinner and wider substrates in composite copper foil production [2] - The third-generation photovoltaic copper plating equipment has been showcased at the 2024 SNEC conference and is currently in mass production with good operational performance [2]

昆山东威科技股份有限公司 | --- | --- | --- | |----------------------|--------------------------------------------------------------------|-----------------------------------------| | | | | | 投资者关系活动类别 | £ | 特定对象调研 □分析师会议 | | | £ 媒体采访 R | 业绩说明会 | | | □新闻发布会 £路演活动 | | | | £ 现场调研 £电话会议 | | | | £ 其他 | | | 参与单位及人员名称 | 网上投资者 | | | 调研时间 | 2024 年 10 月 17 | 日 | | 会议地点 | 上证路演中心 | | | 上市公司接待人员姓名 | 董事长、总经理：刘建波 副总经理、财务总监：周湘荣 独立董事：陆华明 | | | | 董事会秘书：徐佩佩 | | | 投资者关系活动内容记 | 主要问题： 1. | 请问公司今年 PCB 设备的订单可以带来 | | 录 | 多少净利润？订单是涉及 | AI 的高端设备 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected return that exceeds the CSI 300 Index by more than 15% [5]. Core Views - The company has a strong foothold in the PCB electroplating equipment sector, with significant technical accumulation and recognition from clients, leading to additional orders [2][3]. - The recovery in the PCB industry is expected to support the company's long-term performance, with projected net profits for 2024, 2025, and 2026 estimated at 2.21 billion, 3.27 billion, and 4.31 billion yuan respectively [2][3]. - The company is diversifying into new fields such as renewable energy equipment, which is anticipated to contribute to future growth [2][3]. Financial Summary - **Revenue Forecast**: The company's revenue is projected to increase from 909.23 million yuan in 2023 to 1,238.89 million yuan in 2024, reaching 2,232.13 million yuan by 2026 [3]. - **Net Profit**: The net profit is expected to rise from 151.43 million yuan in 2023 to 220.92 million yuan in 2024, and further to 430.55 million yuan by 2026 [3]. - **Earnings Per Share (EPS)**: EPS is forecasted to grow from 0.51 yuan in 2023 to 0.74 yuan in 2024, and reach 1.44 yuan by 2026 [3]. - **Price-to-Earnings (P/E) Ratio**: The P/E ratio is projected to decrease from 40.85 in 2023 to 28.00 in 2024, and further down to 14.37 by 2026 [3]. - **Price-to-Book (P/B) Ratio**: The P/B ratio is expected to decline from 3.56 in 2023 to 3.31 in 2024, and to 2.67 by 2026 [3]. Investment Highlights - The company has signed a significant equipment procurement contract with Zhuhai Deep Link Circuit Co., Ltd., valued at 1.3064 billion yuan, indicating strong demand for its products [1]. - Despite a decline in revenue from renewable energy equipment and rising raw material costs, the company is expected to benefit from the recovery in the industry and its early positioning in the market [1][2]. - Continuous investment in R&D is enhancing the company's technological innovation capabilities, which is crucial for maintaining competitive advantage [2].

证券代码：688700 证券简称：东威科技 公告编号：2024-030 昆山东威科技股份有限公司 关于召开 2024 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： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 本次投资者说明会以网络互动形式召开，公司将针对 2024 年半 会议召开时间：2024 年 10 月 17 日(星期四) 上午 11:00-12:00 会议召开地点：上海证券交易所上证路演中心（网址： 年度的经营成果及财务指标的具体情况与投资者进行互动交流和沟 通，在信息披露允许的范围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 （一） 会议召开时间：2024 年 10 月 17 日 上午 11:00-12:00 （二） 会议召开地点：上证路演中心 （三） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 10 月 10 日(星期四) 至 10 月 16 日(星期 三)16:00 前登录上证路演 ...