Core Viewpoint - Dongwei Technology (688700.SH) forecasts a significant increase in net profit for the year 2025, driven by growth in the PCB sector and advancements in artificial intelligence and computing power [1] Financial Performance - The company expects net profit attributable to shareholders to be between 120 million to 140 million yuan for 2025, representing an increase of 50.7271 million to 70.7271 million yuan compared to the previous year [1] - This translates to a year-on-year growth rate of 73.23% to 102.10% [1] Industry Trends - The growth in orders for PCB plating equipment is attributed to the investment boom in Southeast Asia and the rapid development in artificial intelligence and computing power sectors [1] - These factors are contributing to a steady improvement in the company's overall performance, leading to substantial growth compared to the previous year's results [1]

Group 1 - The core viewpoint of the article is that Dongwei Technology (688700) expects to achieve a net profit attributable to shareholders of the parent company between 120 million and 140 million yuan in 2025, representing a year-on-year growth of 73.23% to 102.1% [1] - The company's performance is driven by the increasing orders for PCB plating equipment, fueled by the investment boom in Southeast Asia and rapid developments in artificial intelligence and computing power [1] - Overall, the company is experiencing steady performance improvement, significantly increasing its results compared to the previous year [1]

Core Viewpoint - Dongwei Technology (688700.SH) expects a significant increase in net profit for the fiscal year 2025, projecting a rise of 73.23% to 102.10% compared to the previous year [1] Financial Projections - The company anticipates a net profit attributable to shareholders of the parent company between 120 million to 140 million yuan for 2025, an increase of 50.7271 million to 70.7271 million yuan year-on-year [1] - The projected net profit, excluding non-recurring gains and losses, is expected to be between 115.6 million to 135.6 million yuan, reflecting a year-on-year increase of 54.1406 million to 74.1406 million yuan, or a growth of 88.09% to 120.63% [1]

Core Viewpoint - Dongwei Technology (688700.SH) expects a significant increase in net profit for the fiscal year 2025, projecting a rise of 73.23% to 102.10% compared to the previous year [1] Financial Projections - The company anticipates a net profit attributable to shareholders of the parent company to be between 120 million to 140 million yuan, an increase of 50.7271 million to 70.7271 million yuan year-on-year [1] - The projected net profit, excluding non-recurring gains and losses, is expected to be between 115.6 million to 135.6 million yuan, reflecting a year-on-year increase of 88.09% to 120.63% [1]

证券代码：688700 证券简称：东威科技 公告编号：2026-001 昆山东威科技股份有限公司 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。 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日。 （二）业绩预告情况 （1）经财务部门初步测算，昆山东威科技股份有限公司（以下简称"公司"） 预计 2025 年年度实现归属于母公司所有者的净利润为 12,000 万元到 14,000 万 元，与上年同期（法定披露数据）相比，将增加 5,072.71 万元到 7,072.71 万元， 同比增长 73.23%到 102.10%。 （2）预计公司 2025 年年度实现归属于母公司所有者的扣除非经常性损益的 净利润为 11,560 万元到 13,560 万元，与上年同期（法定披露数据）相比，将增 加 5,414.06 万元到 7,414.06 万元，同比增长 88.09%到 120.63%。 （3）本次业绩预告是公司财务部门初步测算的结果，未经注册会计师审计。 二、上年同期业绩情 ...

Core Viewpoint - Dongwei Technology (688700.SH) forecasts a net profit attributable to shareholders of the parent company for the year 2025 to be between 120 million and 140 million yuan, representing a year-on-year growth of 73.23% to 102.10% [1] Group 1: Financial Performance - The company expects significant growth in net profit for 2025, driven by favorable market conditions [1] - The projected net profit range indicates a strong recovery and performance improvement compared to the previous year [1] Group 2: Market Drivers - The growth in orders for PCB plating equipment is attributed to the investment boom in Southeast Asia and rapid developments in artificial intelligence and computing power [1] - These new opportunities in emerging sectors are contributing to the overall performance enhancement of the company [1]

Core Viewpoint - Dongwei Technology (688700.SH) forecasts a net profit attributable to shareholders of the parent company for the year 2025 to be between 120 million and 140 million yuan, representing a year-on-year growth of 73.23% to 102.10% [1] Group 1 - The company's performance is expected to significantly increase due to the ongoing investment boom in PCB in Southeast Asia and rapid developments in artificial intelligence and computing power [1] - The continuous growth in orders for PCB plating equipment is driving the overall performance improvement [1]

Core Viewpoint - Dongwei Technology expects a net profit attributable to shareholders of 120 million to 140 million yuan in 2025, representing a year-on-year growth of 73.23% to 102.10% driven by the continuous increase in orders for PCB plating equipment [1] Group 1 - The company's performance improvement is attributed to the sustained growth in orders for PCB plating equipment [1] - The overall performance of the company is steadily increasing, leading to significant growth compared to the previous year's performance [1]

Group 1 - The core viewpoint is that the demand for AI servers is significantly increasing, leading to a surge in high-end PCB product demand and driving up capital expenditures among leading domestic PCB manufacturers, which in turn boosts PCB equipment demand [1][2] - The global PCB specialized equipment market is projected to reach $10.8 billion by 2029, with a CAGR of 8.7% from 2024 to 2029, highlighting the growing importance of key equipment such as drilling (21%), exposure (17%), detection (15%), and plating (7%) [2] - The introduction of NVIDIA's Rubin architecture, which will utilize M9-grade copper-clad laminates, is expected to significantly increase the difficulty and cost of PCB processing, leading to a multi-fold increase in demand for AI PCB drilling needles [3] Group 2 - The demand for high-end PCB drilling equipment and needles is expected to rise sharply, with tungsten-cobalt alloy-coated drilling needles remaining the mainstream product for processing M9 materials in the short term [3] - Domestic manufacturers are likely to benefit from the increasing demand for high-end mechanical drilling equipment as they capture the domestic replacement demand for high-end products [2] - Investment recommendations include focusing on leading domestic PCB equipment and consumable suppliers, with specific companies highlighted for their growth potential in the PCB drilling, exposure, detection, and plating sectors [4]

Investment Rating - The report maintains a "Buy" rating for the PCB equipment and materials sector, particularly focusing on leading domestic suppliers [5]. Core Insights - The development of AI is driving high-end PCB demand, significantly increasing the need for PCB equipment. As AI computing power requirements expand, the demand for AI servers has surged, leading to a tight supply of high-end PCB products and prompting major domestic PCB manufacturers to increase capital expenditures, which directly boosts PCB equipment demand [1][6]. - The global PCB specialized equipment market is projected to reach USD 10.8 billion by 2029, with a CAGR of 8.7% from 2024 to 2029. Key equipment segments include drilling (21%), exposure (17%), inspection (15%), and plating (7%) [2][3]. Summary by Sections 1. Industry Overview - The rapid growth of markets such as servers, data centers, communication devices, consumer electronics, and automotive electronics has provided sustained growth momentum for the PCB industry, driving continuous progress and innovation in PCB specialized equipment [17]. - The demand for high-value, high-density PCBs has surged, particularly for multilayer boards with more than 18 layers and HDI boards [18]. 2. Equipment Market Analysis - The report emphasizes the importance of high-value equipment in PCB manufacturing, including drilling, exposure, plating, and inspection. The demand for drilling equipment is expected to grow significantly, with both mechanical and laser drilling technologies coexisting [2][3]. - The competition in the exposure equipment sector is concentrated among leading players, while domestic manufacturers are expected to gain an advantage in vertical continuous plating equipment [2][3]. 3. Investment Recommendations - The report recommends focusing on leading domestic PCB equipment and material suppliers, highlighting specific companies such as: 1. DingTai High-Tech: A global leader in PCB drilling needles, expected to benefit from increased AI PCB demand, rated "Buy" [3]. 2. Dazhu CNC: A leading global PCB equipment supplier with a strong market share in drilling equipment, rated "Buy" [3]. 3. Kaige Precision: A leader in solder paste printing equipment, benefiting from high-precision assembly demands from AI servers, rated "Buy" [3]. 4. Dongwei Technology: A domestic leader in plating equipment with a leading market share in vertical continuous plating, rated "Buy" [3]. 5. Tianzhun Technology: A leading industrial vision equipment company with imminent growth in PCB equipment business, rated "Buy" [3]. 4. Market Growth Projections - The global PCB output value is expected to reach USD 94.66 billion by 2029, with a CAGR of 5.2% from 2024 to 2029, driven by the rapid growth of AI servers and data storage infrastructure [38][39]. - The demand for high-value, high-multilayer boards and HDI boards is projected to significantly increase, with the output value of 18-layer and above multilayer boards expected to grow by 41.7% in 2025 [42].