Investment Rating - The investment rating for the company is "Buy" and is maintained [2]. Core Views - The company reported a revenue of 392 million yuan for H1 2024, a year-on-year decrease of 21.40%, and a net profit attributable to shareholders of 56 million yuan, down 45.53% year-on-year [2]. - The decline in revenue is primarily attributed to delays in the industrialization of composite fluid technology and lower-than-expected demand for equipment in the new energy sector [2][3]. - There are clear signs of recovery in the PCB industry, driven by trends such as miniaturization, high-layer count, flexibility, and intelligence, with AI servers and automotive electronics emerging as new growth drivers [2][3]. - The company is actively expanding its production capacity and has completed the construction of its Kunshan vacuum division factory, which will produce aluminum deposition equipment and magnetron sputtering equipment [3]. - The company is the only global player to achieve large-scale production of composite copper foil equipment, with significant first-mover advantages [3]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 392 million yuan, a decrease of 21.40% year-on-year, and a net profit of 56 million yuan, down 45.53% year-on-year [2]. - For Q2 2024, revenue was 195 million yuan, a decline of 26.42% year-on-year and 1.41% quarter-on-quarter, with a net profit of 25 million yuan, down 52.20% year-on-year and 20.28% quarter-on-quarter [2]. Industry Outlook - The PCB industry is showing signs of recovery, with increasing orders for PCB-related equipment due to the growth in AI servers and automotive electronics [2][3]. - The company is well-positioned as a leading player in the PCB equipment market, covering nearly all of China's top 100 PCB companies [2][3]. Production Capacity and Development - The company is actively managing its production capacity to ensure timely delivery of PCB orders, benefiting from the investment boom in Southeast Asia and the growth of AI servers and electric vehicles [3]. - The industrialization of composite fluid technology is progressing, with composite aluminum foil already in application and expected to see increased market penetration [3]. Future Projections - The company expects net profits for 2024 and 2025 to be 166 million yuan and 247 million yuan, respectively, corresponding to PE ratios of 36.5 and 24.6 times [3].

Group 1: Financial Performance - The revenue structure has changed significantly compared to the same period last year, with PCB equipment accounting for approximately 65% of total revenue [1][3] - General hardware equipment represents around 15% of total revenue [3] - Revenue from the new energy sector has decreased significantly, now accounting for about 10% of total revenue due to slower industry advancement [3] Group 2: Profitability Insights - The net profit decline has exceeded the revenue decline primarily due to changes in product structure, with a significant drop in high-margin new energy equipment revenue [3] - Rising raw material prices have also contributed to the greater decline in net profit compared to revenue [3] Group 3: Business Outlook - The company is optimistic about the PCB equipment business, with new orders exceeding the total for the entire year of 2023 and expected to surpass the historical peak in 2021 [3][4] - The demand for HDI boards has surged, leading to increased orders for the horizontal plating three-in-one equipment, which has gained recognition and additional orders from clients [4] Group 4: Industry Trends - The composite copper foil industry is expected to grow, despite initial setbacks, with ongoing research and development aimed at improving material utilization and reducing production costs [4] - The company remains confident in the long-term development trends of composite copper foil due to its cost reduction, safety, and efficiency advantages [4]

关于昆山东威科技股份有限公司 国投证券股份有限公司 2024 年半年度持续督导跟踪报告 2021 年 6 月 15 日，昆山东威科技股份有限公司（以下简称"东威科技"、"公 司"）在上海证券交易所科创板上市。根据《证券发行上市保荐业务管理办法（2023 年修订）》《上海证券交易所科创板股票上市规则》及《上海证券交易所上市公 司自律监管指引第 11 号——持续督导》等相关规定，国投证券股份有限公司（以 下简称"国投证券"、"保荐机构"）作为东威科技的保荐机构，对东威科技进行持 续督导，持续督导期为 2021 年 6 月 15 日至 2024 年 12 月 31 日。 2024 年半年度，国投证券对东威科技的持续督导工作情况如下： | 一、持续督导工作情况 | | --- | | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并针对具体的持续督 | 保荐机构已建立健全并有效执行了持续 | | | 导工作制定相应的工作计划。 | 督导制度，并制定了相应的工作计划。 | | | 根据中国证监会相关规定，在持续督导工作开始前，与上市公 ...

Financial Performance - The company reported a significant increase in revenue for the first half of 2024, achieving a total of 500 million yuan, representing a 25% growth compared to the same period last year[8]. - Revenue for the first half of 2024 was RMB 392,138,314.18, a decrease of 21.40% compared to RMB 498,889,634.11 in the same period last year[14]. - Net profit attributable to shareholders decreased by 45.53% to RMB 55,679,524.81 from RMB 102,222,679.57 year-on-year[14]. - The net cash flow from operating activities fell by 659.95%, resulting in a negative cash flow of RMB -14,631,135.72[14]. - Basic and diluted earnings per share dropped by 61.22% to RMB 0.19 from RMB 0.49 in the previous year[15]. - The weighted average return on equity decreased by 7.26 percentage points to 3.19% from 10.45% year-on-year[15]. - The net profit after deducting non-recurring gains and losses fell by 49.57% to RMB 49,126,477.93 from RMB 97,415,381.15[14]. - The company reported a financial loss of CNY 3.14 million from Dongguan Dongwei Technology Co., Ltd. in the first half of 2024[66]. - The company reported a net loss of 68,757,818.91 for the current period, indicating a significant decline in profitability[127]. Market Expansion and Strategy - The company is actively pursuing market expansion, targeting Southeast Asia with plans to establish a new manufacturing facility in Thailand by Q3 2024[8]. - The company has completed a strategic acquisition of a local competitor, which is anticipated to increase market share by 10%[8]. - The company has achieved full coverage of nearly all top 100 PCB customers, demonstrating strong brand recognition and market penetration[21]. - The company is actively exploring copper-alternative silver technology in the photovoltaic sector to improve efficiency and reduce costs[24]. - The company is implementing an integrated sales strategy for its magnetic sputtering equipment and composite copper foil plating equipment, aiming for synergy in production lines[23]. Research and Development - Research and development expenses have increased by 18%, reflecting the company's commitment to innovation and technology advancement[8]. - The company has invested heavily in R&D, focusing on the development of specialized equipment for lithium batteries and photovoltaic applications, resulting in multiple technological breakthroughs[25]. - The company achieved a total R&D investment of ¥41,601,881.14, representing a 5.55% increase compared to the previous year[30]. - R&D investment accounted for 10.61% of operating revenue, an increase of 2.71 percentage points from the previous year[30]. - The company applied for 10 new patents during the reporting period, bringing the total number of applications to 578, with 34 patents granted[29]. Product Development and Innovation - New product development includes the launch of a next-generation vertical continuous plating (VCP) system, expected to enhance production efficiency by 30%[8]. - The company has shipped over 1,000 units of its vertical continuous plating equipment (VCP), maintaining a leading position in the PCB plating market[21]. - The VCP equipment offers higher precision, lower pollution, and reduced safety risks compared to traditional gantry plating equipment, enhancing its competitive edge[21]. - The third-generation photovoltaic copper plating equipment can produce 8,000 pieces per hour and has begun mass production at customer sites, contributing to China's leadership in the photovoltaic manufacturing industry[23]. - The company is actively developing composite aluminum foil equipment and has completed the prototype for aluminum vapor deposition, indicating a commitment to innovation in the energy sector[23]. Financial Health and Ratios - The company maintains a strong balance sheet with a current ratio of 2.5, indicating good short-term financial health[8]. - The company's total assets decreased by 3.27% to RMB 2,400,778,207.21 from RMB 2,481,922,259.48 year-on-year[14]. - The net assets attributable to shareholders were RMB 1,719,395,180.53, a decrease of 0.97% from RMB 1,736,315,757.41 at the end of the previous year[14]. - The company's total liabilities decreased to CNY 681,383,026.68 from CNY 745,606,502.07, a reduction of approximately 8.6%[110]. - The company's equity attributable to shareholders was CNY 1,719,395,180.53, slightly down from CNY 1,736,315,757.41, reflecting a decrease of about 1.0%[110]. Risks and Challenges - The company has identified potential risks related to supply chain disruptions, which may impact production timelines[3]. - The company faces risks related to core technology leakage and talent retention, which could impact its competitive position in the market[49][50]. - The company’s inventory at the end of June 2024 was RMB 44,263.92 million, indicating potential risks if inventory levels continue to rise[51]. - Accounts receivable stood at RMB 63,568.43 million, posing a risk of bad debts if customer credit conditions worsen[52]. Shareholder and Capital Management - The company plans to distribute a cash dividend of RMB 2.5 per 10 shares, which accounts for 37.85% of the net profit attributable to shareholders for the year 2023[48]. - The company completed a share buyback of 400,800 shares, with a total expenditure of between RMB 15 million and RMB 20 million[47]. - The company’s major shareholders have committed to not reducing their holdings for 12 months starting from June 15, 2024[77]. - The company has established a commitment to ensure that no more than 25% of shares can be transferred annually by directors during their tenure[78]. - The company will announce any share repurchase decisions and plans within 2 working days after the board resolution[82]. Environmental and Social Responsibility - The company has implemented carbon reduction measures, achieving a reduction of 365 tons of CO2 equivalent emissions through the use of clean energy[75]. - The company has completed a 800kWp distributed photovoltaic power station project, which is expected to save approximately 220 tons of standard coal annually and reduce CO2 emissions by about 730 tons[75]. - The company has established an environmental protection mechanism and invested CNY 1.50 million in environmental protection funds during the reporting period[74]. Corporate Governance and Compliance - The company has committed to fulfilling all public commitments made during its initial public offering[89]. - The company will publicly disclose reasons for any failure to meet commitments and apologize to shareholders and the public[86]. - The company has pledged to strictly adhere to all public commitments made during its IPO on the Shanghai Stock Exchange, accepting social supervision[87].

证券代码：688700 证券简称：东威科技 公告编号：2024-026 2024年半年度募集资金存放与使用情况的专项报告 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。 昆山东威科技股份有限公司（以下简称"公司"或"东威科技"）董事会根 据《上市公司监管指引第2号——上市公司募集资金管理和使用的监管要求》等 有关规定，编制了截至2024年6月30日期间的《2024年半年度募集资金存放与使 用情况的专项报告》。 一、GDR 募集资金基本情况 2022 年 12 月 12 日，公司召开第二届董事会第七次会议，并于 2022 年 12 月 28 日召开 2022 年第一次临时股东大会，审议通过《关于公司发行 GDR 并在瑞 士证券交易所上市及转为境外募集股份有限公司的议案》等本次发行上市相关议 案。 公司于 2023 年 2 月 2 日取得了瑞士证券交易所监管局关于公司发行 GDR 并 在瑞士证券交易所上市的附条件批准。2023 年 3 月 21 日收到中国证券监督管理 委员会（以下简称"中国证监会"）出具的《关于核准昆山东威科技股 ...

证券代码：688700 证券简称：东威科技 公告编号：2024-027 昆山东威科技股份有限公司 关于 2024 年半年度计提资产减值准备的公告 （二）资产减值损失 本报告期末，公司根据《企业会计准则第 8 号——资产减值》及公司会计 政策，在资产负债表日存货成本高于可变现净值部分，计提了存货跌价准备；按 预期信用为基础，计提合同资产减值损失。经测试，公司本期应计提资产减值损 失 3,319,381.94 元。 三、本次计提资产减值准备对公司的影响 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 8 月 27 日召开 第二届董事会第十八次会议、第二届监事会第十五次会议，审议通过了《关于 2024 年半年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 6 月 30 ...

昆山东威科技股份有限公司 （三）泰国团队有序扩充，业务支撑逐渐形成 公司作为大型设备制造商，设备销售只是第一环节，售后服务是确保客户有 效使用设备的重要环节，因此培养成熟的售后服务队伍十分重要，将为公司未来 海外业务提供重要支撑。公司将部分 GDR 募集资金用于海外销售网络的搭建，积 极扩充泰国销售团队，有利于公司海外业务的拓展。目前泰国公司在职人员已超 过 30 余人，且雇员多为外籍人士，为公司海外业务提供了有效支撑。 关于公司 2024 年度"提质增效重回报"行动方案的 半年度评估报告 为了落实以投资者为本的理念，推动昆山东威科技股份有限公司（以下简称 "东威科技"或"公司"）持续优化经营、规范治理和积极回报投资者，大力提 高公司质量，助力信心提振、资本市场稳定和经济高质量发展，公司制定了 2024 年度"提质增效重回报"行动方案（以下简称《行动方案》），并于 2024 年 4 月 27 日正式对外披露。 为进一步落实有关工作安排，切实维护全体股东利益，公司对《行动方案》 在报告期内的执行情况进行全面评估并编制本报告，具体内容如下： 一、持续聚焦电镀领域，提升公司核心竞争优势 公司在电镀设备市场保持专注、 ...

证券代码：688700 证券简称：东威科技 公告编号：2024-024 昆山东威科技股份有限公司 首次公开发行部分限售股上市流通公告 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： 本次限售股上市流通日期为 2024 年 6 月 24 日。 一、本次限售股上市类型 经中国证券监督管理委员会（以下简称"中国证监会"）于 2021 年 5 月 6 日 出具的《关于同意昆山东威科技股份有限公司首次公开发行股票注册的批复》（证 监许可[2021]1585 号），东威科技获准首次向社会公众公开发行人民币普通股（A 股)36,800,000 股。2021 年 6 月 15 日，公司在上海证券交易所科创板挂牌上市。 首次公开发行股票完成后，公司总股本为 147,200,000 股，其中有限售条件流通股 113,729,928 股，占公司总股本的 77.26%；无限售条件流通股 33,470,072 股，占 公司总股本的 22.74%。具体情况详见公司于 2021 年 6 月 11 日在上海证券交易所 网站（www.sse ...

国投证券股份有限公司（以下简称"保荐机构"）作为昆山东威科技股份有 限公司（以下简称"东威科技"或"公司"）首次公开发行股票并在科创板上市 项目的保荐机构，根据《中华人民共和国公司法》《中华人民共和国证券法》《证 券发行上市保荐业务管理办法》《上海证券交易所上市公司自律监管指引第 7 号 ——回购股份》等法规的有关规定，对东威科技 2023 年年度利润分配及资本公 积转增股本方案涉及的差异化权益分派事项进行了核查，具体情况如下： 一、 本次差异化权益分派的原因 公司于 2024 年 2 月 5 日召开了第二届董事会第十六次会议，会议审议通过 了《关于以集中竞价交易方式回购公司股份方案的议案》，同意公司使用自有资 金通过集中竞价交易方式进行股份回购。回购股份将全部用于股权激励或员工持 股计划，回购价格不超过 70.06 元/股（含），回购资金总额不低于人民币 1,500 万 元（含），不超过人民币 2,000 万元（含）。 截止 2024 年 2 月 23 日，公司完成回购，并于同日发布《关于股份回购实施 结果的公告》，公司通过上海证券交易所交易系统以集中竞价交易方式累计回购 股份数量为 400,800 股，存 ...

证券代码：688700 证券简称：东威科技 公告编号：2024-023 昆山东威科技股份有限公司 2023 年年度权益分派实施公告 本公司董事会及全体董事保证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： | 股权登记日 | 除权（息）日 | 新增无限售条件 流通股份上市日 | 现金红利发放日 | | --- | --- | --- | --- | | 2024/6/12 | 2024/6/13 | 2024/6/13 | 2024/6/13 | 一、 通过分配、转增股本方案的股东大会届次和日期 本次利润分配及转增股本方案经公司 2024 年 5 月 20 日的 2023 年年度股东大 会审议通过。 二、 分配、转增股本方案 1. 发放年度：2023 年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东 公司存在首发战略配售股份，首发战略配售股份已全部上市流通。 是否涉及差异化分红送转：是 每股分配比例，每股转增比例 每股 ...