Core Viewpoint - The company is experiencing increased demand for high-end PCB plating equipment due to the investment boom in Southeast Asia and the rapid development of AI-related big data storage sectors, leading to a significant rise in order volume [1] Group 1: Industry Trends - The PCB industry is benefiting from a surge in investment in Southeast Asia, which is driving demand for high-end plating equipment [1] - The growth in AI-related sectors is creating new opportunities for the company, particularly in big data storage [1] Group 2: Company Performance - The company has seen an increase in order volume due to the sustained improvement in industry conditions, resulting in a high overall capacity utilization rate [1] - Revenue recognition is somewhat delayed, primarily because the company's products are large-scale equipment [1] Group 3: Financial Metrics - The company anticipates a slight increase in gross margin, expected to be around 40%, due to improvements in production efficiency and quality of plating equipment [1] Group 4: Product Development - The company does not have direct customers in the solid-state battery sector, but its clients are providing samples to solid-state battery companies [1]

Core Viewpoint - Dongwei Technology (688700) has experienced a significant increase in orders due to the ongoing industry boom, with a notable rise in overseas revenue and a positive outlook for future growth in high-end PCB equipment demand [2][3][5]. Group 1: Company Performance - For the first half of 2025, Dongwei Technology reported a main revenue of 443 million yuan, a year-on-year increase of 13.07% [5]. - The net profit attributable to shareholders was 42.5 million yuan, down 23.66% year-on-year, while the net profit after deducting non-recurring gains and losses was 40.9 million yuan, a decrease of 16.65% [5]. - The second quarter of 2025 saw a single-quarter main revenue of 232 million yuan, up 19.14% year-on-year, with a net profit of 25.5 million yuan, an increase of 3.23% [5]. Group 2: Market Demand and Orders - The company has seen a significant increase in order volume, with overseas revenue rising from less than 10% in 2024 to over 20% currently, driven by the PCB investment boom in Southeast Asia [2][3]. - The average order confirmation cycle for PCB plating equipment is between 6 to 9 months, depending on order size [4]. Group 3: Product Development and Technology - Dongwei's three-in-one horizontal plating equipment has gained recognition and is being adopted by multiple clients, indicating a strong market demand for high-end PCB products [3][5]. - The company's dual-sided plating equipment can produce HVLP copper foil, with recent orders indicating expanding application areas [4][5]. Group 4: Financial Metrics and Forecasts - The company's gross profit margin stands at 32.49%, with a debt ratio of 42.24% [5]. - Recent institutional ratings show 2 buy ratings and 3 hold ratings, with an average target price of 45.00 yuan [6].

从东威科技十大流通股东角度 数据显示，中欧基金旗下1只基金位居东威科技十大流通股东。中欧阿尔法混合A（009776）二季度减 持73.91万股，持有股数394.09万股，占流通股的比例为1.32%。根据测算，今日浮亏损失约823.65万 元。 9月4日，东威科技跌5.04%，截至发稿，报39.41元/股，成交2.36亿元，换手率1.95%，总市值117.60亿 元。 资料显示，昆山东威科技股份有限公司位于江苏省昆山市巴城镇东定路505号，成立日期2005年12月29 日，上市日期2021年6月15日，公司主营业务涉及主要从事高端精密电镀设备及其配套设备的研发、设 计、生产及销售,主要产品包括应用于PCB电镀领域的垂直连续电镀设备、水平式表面处理设备,以及应 用于通用五金领域的龙门式电镀设备、滚镀类设备。主营业务收入构成为：垂直连续电镀设备 62.68%，龙门式电镀设备13.14%，其他9.73%，卷式水平膜材电镀设备6.14%，五金连续电镀设备 3.82%，水平式表面处理设备2.78%，其他(补充)0.99%，光伏镀铜设备0.40%，磁控溅射卷绕镀膜设备 0.33%。 责任编辑：小浪快报 截至发稿，彭炜累计任 ...

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 ...

格隆汇9月2日丨东威科技(688700.SH)在投资者互动平台表示，公司的双边夹设备可用于制备HVLP铜 箔，目前已接到客户订单。公司设备的优势有：1、低温低电流能够让表面更致密和平整，非接触式设 备，使产品具有更好的外观；2.一体式电镀，连续镀出铜层具有更可靠物理性能。 ...

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.