Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The PCB industry is showing signs of recovery, with the company's VCP business improving and new products expected to contribute to growth. The composite conductive fluid industrialization is gradually advancing, and the company, as a leading player, is likely to benefit significantly [2][11]. Financial Performance Summary - In 2024, the company achieved revenue of 750 million yuan, a year-on-year decrease of 17.51%. The net profit attributable to the parent company was 69 million yuan, down 54.25%. In Q4 2024, revenue was 170 million yuan, a decline of 4.54%, with a net profit of 1 million yuan, down 62.99%. In Q1 2025, revenue was 211 million yuan, an increase of 7.08%, while net profit was 17 million yuan, down 45.11% [6][11]. Business Development Summary - The company is deepening its strategic partnerships with downstream customers and maintaining a leading market share in the domestic vertical continuous plating equipment market. In 2024, the order amount for PCB equipment reached a historical high, and the company is expanding its global market presence by establishing a production base in Thailand [11]. - The industrialization of composite conductive fluids is progressing, with composite aluminum foil already in application and market orders being converted. The company is the only global entity to achieve large-scale production of composite copper foil equipment, with significant first-mover advantages [11]. - The company is a pioneer in the photovoltaic copper plating field, actively exploring copper substitution for silver technology and has completed the shipment of third-generation photovoltaic copper plating equipment [11]. Profit Forecast - The company is expected to achieve net profits of 167 million yuan and 260 million yuan in 2025 and 2026, respectively, corresponding to PE ratios of 58 and 37 times [11].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance is under short-term pressure, but there is optimism regarding the ramp-up of PCB equipment and composite copper foil equipment [1] - The revenue for 2024 is projected to be 7.50 billion yuan, a year-on-year decrease of 17.5%, primarily due to the drag from new energy electroplating equipment [7] - The company has successfully developed and is ramping up production of advanced PCB electroplating and new energy electroplating equipment, which is expected to enhance its technical capabilities and market position [7] Financial Summary - Total revenue for 2023 was 9.09 billion yuan, with a projected decline to 7.50 billion yuan in 2024, followed by a recovery to 9.64 billion yuan in 2025 [1][8] - The net profit attributable to the parent company is expected to drop from 1.51 billion yuan in 2023 to 692.7 million yuan in 2024, before rebounding to 1.47 billion yuan in 2025 [1][8] - The earnings per share (EPS) is forecasted to decrease from 0.51 yuan in 2023 to 0.23 yuan in 2024, with a recovery to 0.49 yuan in 2025 [1][8] Operational Insights - The company's gross margin for 2024 is expected to be 33.5%, down 8.2 percentage points year-on-year, while the net profit margin is projected at 9.24%, down 7.4 percentage points year-on-year [7] - As of the end of Q4 2024, the company's contract liabilities increased by 69.7% year-on-year to 368 million yuan, and inventory rose by 54.1% year-on-year to 634 million yuan [7] - The company is the only one globally to achieve large-scale production of new energy lithium electroplating film equipment, indicating a strong competitive edge in this niche market [7]

Core Viewpoint - Dongwei Technology (688700.SH) announced that its director and specific shareholders plan to reduce their holdings by a total of 0.86% of the company's shares due to personal funding needs [1] Summary by Category Shareholder Reduction - Director and Deputy General Manager Li Yangzhao plans to reduce his holdings by no more than 2 million shares, accounting for 0.6703% of the company's total share capital [1] - Specific shareholder Xie Yulong plans to reduce his holdings by no more than 574,900 shares, accounting for 0.1927% of the company's total share capital [1] Reduction Period - The reduction period is set from May 27, 2025, to August 26, 2025 [1]

本公司董事会、全体董事及相关股东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： 大股东及董监高持有的基本情况 截至本公告披露日，昆山东威科技股份有限公司（以下简称"公司"）董事、 副总经理李阳照先生直接持有公司 10,263,509 股股份，占公司总股本的 3.4395%， 其中，5,334,464 股为公司首次公开发行并在科创板上市前的股份，4,929,045 股来源于权益分派资本公积转增股本；特定股东谢玉龙先生直接持有公司 574,857 股股份，占公司总股本的 0.1927%，其中 461,412 股为增持股份；113,445 股来源于权益分派资本公积转增股本。 减持计划的主要内容 证券代码：688700 证券简称：东威科技 公告编号：2025-028 昆山东威科技股份有限公司 董事及特定股东减持股份计划公告 因个人资金需求，李阳照先生、谢玉龙先生计划自本公告披露之日起 15 个 交易日后的 3 个月内，在符合相关法律法规规定的减持前提下，根据市场情况拟 通过集中竞价和大宗交易方式减持其所直接持有的公司股份，分别不超过 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [5]. Core Views - The company's overall performance in 2024 is under pressure, with a significant decline in revenue and net profit, primarily due to weaker demand in the downstream new energy sector [2][3]. - Despite the challenges, there is optimism regarding the growth potential of PCB plating equipment, supported by a substantial increase in contract liabilities and a recovery in orders [2][3]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 750 million yuan, a year-on-year decrease of 17.5%, and a net profit attributable to shareholders of 69 million yuan, down 54.3% [1]. - The gross margin for 2024 was 33.0%, a decline of 5.6 percentage points compared to the previous year [1]. - The fourth quarter of 2024 saw a revenue of 170 million yuan, a decrease of 4.5%, with net profit dropping 63.0% [1]. Segment Performance - High-end PCB plating equipment generated revenue of 491 million yuan, an increase of 37.7%, while the gross margin was 34.3%, down 2.1 percentage points [2]. - Hardware surface treatment equipment revenue fell by 18.6% to 127 million yuan, with a gross margin of 16.2%, down 8.5 percentage points [2]. - New energy sector equipment revenue plummeted by 84.8% to 51 million yuan, but the gross margin improved to 48.5%, up 1.9 percentage points [2]. Order and Capacity Outlook - As of December 31, 2024, the company had contract liabilities totaling 368 million yuan, a significant increase of 69.7% year-on-year, indicating a recovery in orders [2]. - Factors contributing to this recovery include changes in end-user demand and the establishment of new production bases in Southeast Asia [2]. Product Development - The company has made progress in various product lines, including the launch of a horizontal TGV plating line for semiconductor packaging and a large-width double-sided transmission coating line for the new energy sector [3]. - The copper plating equipment for photovoltaic applications has entered small-scale production, and the three-in-one horizontal plating equipment has received positive feedback and additional orders [3]. Profit Forecast and Valuation - Due to weak demand in the downstream industry, profit forecasts for 2025 and 2026 have been revised downwards, with expected net profits of 170 million yuan and 230 million yuan, respectively [3]. - The company maintains a strong order backlog, particularly in PCB equipment, which supports the positive growth outlook [3].

国投证券股份有限公司 关于昆山东威科技股份有限公司 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。 | | 2 | 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 | 保荐机构已与东威科技签订承销及保 ...

国投证券股份有限公司 关于昆山东威科技股份有限公司 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《上海证券交易所上市公司自律监管指引第 11 号——持 续督导》等有关法律、法规的规定，对公司 2024 年度（以下简称"本持续督导 期内"）的规范运作情况进行了现场检查，现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 （一）保荐机构 国投证券股份有限公司 2024 年度持续督导工作现场检查报告 （二）保荐代表人 周鹏翔、胡德 （三）现场检查时间 2025 年 3 月 31 日-2025 年 4 月 3 日，2025 年 4 月 21 日-2025 年 4 月 24 日 （四）现场检查人员 周鹏翔、胡德、王庆坡、刘凯、兰天 （五）现场检查内容 公司治理及内部控制、信息披露、独立性、与关联方的资金往来、募集资金 使用情况、关联交易、对外担保、重大对外投资、公司经营状况以及承诺履行情 况等。 （六）现场检查手段 与上市公司董事、高级管理人员访谈；查看上市公司主要经营场所及募投项 目实施情况； ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved a revenue of 750 million yuan in 2024, a year-on-year decline of 17.51%, with a net profit attributable to the parent company of 69.27 million yuan, down 54.25% year-on-year [1] - In Q1 2025, the company reported a revenue of 211 million yuan, a year-on-year increase of 7.08%, while the net profit attributable to the parent company was 17.01 million yuan, down 45.11% year-on-year [1] - The company is approaching a revenue inflection point, with a significant increase in contract liabilities, reaching a historical high of 435 million yuan by Q1 2025, indicating a solid foundation for future performance rebound [2] - The expansion of production capacity in Southeast Asia and the booming demand for HDI (High-Density Interconnect) are expected to benefit the company's PCB equipment business significantly [3] - High R&D investment is aimed at achieving innovation and excellence in high-end circuit boards and emerging market equipment, which is expected to open up long-term growth opportunities for the company [4] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 750 million yuan, with a year-on-year decrease of 17.51% and a net profit of 69.27 million yuan, down 54.25% [1] - Forecasted revenues for 2025, 2026, and 2027 are 1.40 billion yuan, 1.69 billion yuan, and 2.01 billion yuan, respectively, with expected growth rates of 86.25%, 21.19%, and 18.60% [8] - The net profit for 2025, 2026, and 2027 is projected to be 183.15 million yuan, 275.12 million yuan, and 341.33 million yuan, reflecting growth rates of 164.39%, 50.21%, and 24.07% [8] Market Position and Opportunities - The company is positioned to benefit from the expansion of domestic PCB enterprises in Southeast Asia, with a significant increase in new orders expected in 2025 [3] - The demand for HDI is anticipated to grow due to trends in AI servers and automotive intelligence, providing further opportunities for the company [3] - The company's VCP equipment has achieved domestic leadership in several key metrics, with ongoing R&D efforts aimed at enhancing market share and technological capabilities [4]

Core Viewpoint - Dongwei Technology reported a significant decline in revenue and profit for 2024, primarily due to a drop in revenue from new energy equipment, despite advancements in R&D and brand development [1][4][6]. Group 1: Financial Performance - The company achieved total revenue of 750 million yuan in 2024, a year-on-year decrease of 17.51% [1]. - Net profit attributable to shareholders was 69 million yuan, down 54.25% year-on-year [1]. - The non-recurring net profit was approximately 61.46 million yuan, reflecting a decline of 54.59% compared to the previous year [1]. Group 2: R&D and Innovation - Dongwei Technology increased R&D investment to 82.64 million yuan, accounting for 11.02% of total revenue [4]. - The company obtained 72 new patents, including 24 invention patents and 48 utility model patents [4]. - A project for high-efficiency vertical continuous copper plating equipment for photovoltaic cells received government support of 10 million yuan [4]. Group 3: Market and Brand Development - The company actively participated in industry exhibitions and technical exchanges to enhance brand visibility and influence [4]. - New products, such as the horizontal TGV electroplating line and photovoltaic copper plating equipment, received positive market feedback, with some products filling domestic gaps and gaining customer recognition [4][5]. - Despite these efforts, the market response was below expectations, particularly in the new energy sector, where revenue from optimized equipment did not significantly increase [5]. Group 4: Market Position and Global Expansion - Dongwei Technology maintained a leading position in the domestic vertical continuous electroplating equipment market, achieving record-high order amounts in the PCB sector [6]. - The company is expanding its global footprint, with a production base in Thailand serving numerous Southeast Asian clients [6]. - However, the overseas operations have yet to make a significant contribution to overall performance, and the company faces challenges in enhancing its brand influence and sales capabilities in international markets [6].

证券代码：688700 证券简称：东威科技 公告编号：2025-019 昆山东威科技股份有限公司 关于使用闲置资金进行现金管理的公告 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。 昆山东威科技股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召开 第二届董事会第二十一次会议、第二届监事会第十八次会议，审议通过了《关于 使用闲置资金进行现金管理的议案》，本议案无需提交股东大会审议，具体内容 如下： 一、使用暂时闲置资金进行现金管理的概况 （一）现金管理目的 为提高公司资金使用效率，增加公司收益和股东回报，在确保不影响公司主 营业务正常开展，保证运营资金需求和风险可控的前提下，公司拟使用闲置资金 进行现金管理。 （二）资金来源 本次公司拟进行现金管理的资金来源为公司暂时闲置的自有资金及 GDR 募 集资金，不影响公司正常经营。 （三）额度及期限 使用额度不超过 10 亿元的闲置资金进行现金管理，使用期限自本次董事会 审议通过之日起 12 个月内。在前述额度及使用期限内，公司可以循环滚动使用。 （四）投资品种 公司 ...