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 ...

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 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： 特定股东的基本情况 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"）于 2024 年9月12日收到公司特定股东谢玉龙先生提交的《减持告知函》。截止本公告日， 谢玉龙先生持有公司 6,534,807 股份，占公司总股本的 2.19%。其中 4,565,363 股为公司首次公开发行并在科创板上市前的股份，已于 2021 年 6 月 15 日起上市 流通；461,412 股为增持股份；1,508,032 股为权益分派资本公积转增股本。 减持计划的主要内容 因股东自身财务需求及安排，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的 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。 证券代码：6 ...

Group 1: Business Performance and Projections - The company's PCB electroplating equipment orders have seen significant growth, driven by investment trends in Southeast Asia, AI servers, and the electrification and intelligence of vehicles. The company expects record-high orders in 2025 for this sector [2] - The company completed a share buyback of 400,800 shares in February 2024, with future buyback plans dependent on financial conditions [2] - The demand for HDI boards has surged, leading to increased orders for the company's horizontal plating three-in-one equipment, which has successfully replaced overseas equipment and gained customer recognition [3] Group 2: Product Development and Market Trends - The company is currently developing wide-width double-sided clamping electroplating equipment, aiming to maintain production speed while increasing width, with a verification period of 3-4 months [3] - Despite underperformance in the composite fluid industry, the company remains optimistic about its new energy membrane equipment expansion project, which is expected to lay a solid foundation for future growth [3] - The company is actively sampling for over a dozen clients regarding glass substrate electroplating equipment, with promising results and upcoming contracts anticipated [2]

证券代码：688700 证券简称：东威科技 公告编号：2024-028 昆山东威科技股份有限公司 关于自愿披露签订日常经营合同的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 对上市公司业绩的影响：受具体交货批次及验收时间的影响，预计本合 同将对公司 2025 年经营业绩产生积极的影响，实际影响可能因市场环境变 化、 生产能力限制、技术更新等因素而有所差异，具体影响数以各年度经审 计的财务报告为准。 风险提示：合同各方均具有良好的履约能力，但在合同履行期间，如遇 不 可抗力或其他因素将影响最终执行情况。 一、审议程序情况 本次签订合同为日常经营相关合同，无需董事会、股东大会审议，也不 需独立董事和律师发表意见。公司已履行了签署该合同相应的内部审批程 序。 二、合同标的和对方当事人情况 1、合同标的情况 近日，公司与珠海市深联电路有限公司签订了《设备购销合同》，合同标的 为 VCP 垂直连续电镀线及其配套软件，合同金额分别为 6350 万元及 6714 万元， 合计人民币 1.3064 亿元。 合同类型 ...

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 ...