1. *ST万方(000638.SZ)：持股5%以上股东双阳农商行计划在2025年5月27日至8月25日通过集中竞价或 大宗交易减持不超过9,341,596股，占公司总股本的3%。 2. 艾罗能源(688717.SH)：股东青岛金石、长峡金石及上海中电投计划在2025年5月27日至8月26日通过 集中竞价或大宗交易分别减持不超过800,000股、800,000股和1,600,000股，占公司总股本的0.50%、 0.50%和1%。 3. 安奈儿(002875.SZ)：持股5%以上股东浙江永禧及晋江乾集计划在2025年5月27日至8月26日通过集中 竞价或大宗交易分别减持不超过3,186,159股，各占剔除回购专用账户股份数量后公司总股本的1.5%。 4. 楚环科技(001336.SZ)：持股5%以上股东浙楚投资计划在2025年5月27日至8月26日通过集中竞价或大 宗交易减持不超过2,395,605股，占剔除公司回购专用证券账户股份后的总股本的3%。 13. 华测导航(300627.SZ)：持股5%以上股东上裕创投计划在2025年5月28日至8月27日通过大宗交易或集 中竞价减持不超过2,000,000股，占 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The report indicates that 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 company has experienced a decline in revenue and net profit, primarily due to the impact of new energy electroplating equipment [7] - The report highlights the company's strong growth potential in the PCB electroplating and new energy electroplating equipment sectors, with successful product breakthroughs and increased technical capabilities [7] Financial Summary - Total revenue for 2023 was 909.23 million, projected to decline to 750 million in 2024, before rebounding to 964.39 million in 2025, representing a year-on-year growth of 28.59% [1][8] - The net profit attributable to the parent company is expected to drop from 151.43 million in 2023 to 69.27 million in 2024, but is forecasted to recover to 147.05 million in 2025, reflecting a significant year-on-year increase of 112.28% [1][8] - The report projects a dynamic P/E ratio of 69 for 2025, decreasing to 44.95 by 2027, indicating a favorable valuation outlook as earnings improve [1][8] Operational Insights - The company's PCB electroplating business saw a revenue increase of 37.7% year-on-year, contributing 65% to total revenue in Q1 2025 [7] - The report notes a significant increase in contract liabilities and inventory, with contract liabilities growing by 148.3% year-on-year as of Q1 2025, indicating strong demand and pre-sales activity [7] - The company is the only one globally to achieve large-scale production of new energy lithium electroplating film equipment, showcasing its competitive edge in the market [7]

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]

海上风电迎来密集开工，英联股份持续拓宽复合集流体合作版图 光伏：硅料价格继续下跌，成交价环比下降 2.6~2.7%。根据硅料分会报道， 随着 5、6 月下游排产开始下调，本周硅料价格继续下跌。n 型复投料成交价 格区间为 3.70-4.50 万元/吨，成交均价为 3.92 万元/吨，环比下降 2.73%；n 型颗粒硅成交价格区间为 3.60-3.80 万元/吨，成交均价为 3.70 万元/吨，环比 下降 2.63%；p 型多晶硅成交价格区间为 3.10-3.50 万元/吨，成交均价为 3.23 万元/吨，环比下降 2.12%。目前预计 5 月硅料排产在 10 万吨左右，关注后 续降排产情况。核心关注两大方向：1）供给侧偏刚性、后续需求复苏后价格 弹性更大的硅料和玻璃，核心关注协鑫科技、通威股份、福莱特等。2）新技 术背景下带来的中长期成长性机会，核心关注爱旭股份、聚和材料等。 风电&电网：海上风电迎来密集开工。包括华能山东半岛北 L 场址海上风电项 目、浙江舟山普陀 2#海上风电场项目开工、瑞安 2 号 600MW。风电板块， 关注海缆：东方电缆、中天科技、亨通光电、起帆电缆，桩基：天顺风能、海 力风电、大金 ...

电力设备 海上风电迎来密集开工，英联股份持续拓宽复合集流体合作版图 光伏：硅料价格继续下跌，成交价环比下降 2.6~2.7%。根据硅料分会报道， 随着 5、6 月下游排产开始下调，本周硅料价格继续下跌。n 型复投料成交价 格区间为 3.70-4.50 万元/吨，成交均价为 3.92 万元/吨，环比下降 2.73%；n 型颗粒硅成交价格区间为 3.60-3.80 万元/吨，成交均价为 3.70 万元/吨，环比 下降 2.63%；p 型多晶硅成交价格区间为 3.10-3.50 万元/吨，成交均价为 3.23 万元/吨，环比下降 2.12%。目前预计 5 月硅料排产在 10 万吨左右，关注后 续降排产情况。核心关注两大方向：1）供给侧偏刚性、后续需求复苏后价格 弹性更大的硅料和玻璃，核心关注协鑫科技、通威股份、福莱特等。2）新技 术背景下带来的中长期成长性机会，核心关注爱旭股份、聚和材料等。 风电&电网：海上风电迎来密集开工。包括华能山东半岛北 L 场址海上风电项 目、浙江舟山普陀 2#海上风电场项目开工、瑞安 2 号 600MW。风电板块， 关注海缆：东方电缆、中天科技、亨通光电、起帆电缆，桩基：天顺风能、海 力 ...

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 ...

2025 年 4 月 30 日 公司研究 2024 年业绩承压，看好 PCB 电镀设备成长性 ——东威科技（688700.SH）2024 年年报点评 要点 事件： 4 月 26 日东威科技发布 2024 年年报。2024 年公司实现营业收入 7.50 亿元，同比下降 17.5%；实现归母净利润 0.69 亿元，同比下降 54.3%；实现扣 非归母净利润 0.61 亿元，同比下降 54.6%。2024 年综合毛利率为 33.0%，同 比下降 5.6pct。单季度来看，2024Q4 公司实现营业收入 1.7 亿元，同比下降 4.5%，降幅有所收窄；实现归母净利润 0.01 亿元，同比下降 63.0%；实现扣非 归母净利润 0.02 亿元，同比扭亏为盈。 2024 年业绩整体承压，但合同负债同比大幅增长。 公司 2024 年业绩整体不及预期，主要是由于下游新能源领域设备需求不及预期。 分行业来看：①高端印制电路(PCB)电镀专用设备实现营业收入 4.91 亿元，同比 增长 37.7%；毛利率为 34.3%，同比下降 2.1pct。②五金表面处理专用设备实 现营业收入 1.27 亿元，同比减少 18.6%；毛利率为 ...

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 ...