Core Viewpoint - Dongwei Technology (688700.SH) has announced that board member Mr. Shi Guowei has completed a share reduction plan, selling a total of 500,000 shares, which represents 0.17% of the company's total share capital as of January 28, 2026 [1] Summary by Category - Share Reduction - Mr. Shi Guowei has reduced his holdings by 500,000 shares through centralized bidding [1] - The share reduction plan has been fully implemented [1]

格隆汇1月29日丨东威科技(688700.SH)公布，近日，公司收到董事石国伟先生发来的书面告知函，截至 2026年1月28日，石国伟先生通过集中竞价方式累计减持公司股份50万股，占公司目前总股本的 0.17%，本次减持计划已实施完毕。 ...

证券代码：688700 证券简称：东威科技 公告编号：2026-002 昆山东威科技股份有限公司 董事减持股份结果公告 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： 董事持有的基本情况 本次减持计划实施前，昆山东威科技股份有限公司（以下简称"公司"）董 事石国伟先生直接持有公司 3,880,382 股股份，占公司总股本的 1.30%，其中， 2,118,182 股为公司首次公开发行并在科创板上市前的股份，1,762,200 股来源 于权益分派资本公积转增股本。 减持计划的实施结果情况 公司于 2025 年 12 月 9 日在上海证券交易所网站（www.sse.com.cn）披露了 《董事及核心技术人员减持股份计划公告》（公告编号：2025-047）。因自身资金 需求，董事石国伟先生拟于公告披露之日起 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，根据市场情况通过集中竞价方式减持其所直接 持有的公司股份 500,000 股。 近日，公司收到董事石国伟先生发来的书面告知函， ...

Investment Rating - The mechanical equipment industry is rated as "stronger than the market" based on its performance relative to the CSI 300 index, which decreased by 0.62% during the week while the mechanical equipment sector increased by 2.57% [5][6]. Core Insights - SpaceX is advancing its Starlink system upgrades and capitalizing on its operations, planning to launch a second-generation Starlink system by 2027, which will enhance satellite performance and network capacity. The company aims to reduce the cost of launching to below $100 per pound through full reusability of its Starship [2]. - The capital market is preparing for SpaceX's IPO, expected in Q3 2026, with a valuation around $800 billion based on recent internal equity transactions. The report suggests that the valuation uplift in China's private rocket companies will follow a similar trajectory as SpaceX, transitioning from project-based products to infrastructure and technology services [2]. - In the PCB equipment sector, companies such as Chipbond (688630), Dongwei Technology (688700), and Dazhu CNC (301200) are recommended, with a focus on the increasing demand for advanced packaging and fine line technology [3]. - The humanoid robot sector is highlighted with recommendations for companies like Inovance Technology (300124) and Sanhua Intelligent Control (002050), as the production of Tesla's Optimus V3 approaches, which is expected to catalyze the market [3]. - In the controlled nuclear fusion sector, Guoji Heavy Industry (601399) is recommended, with expectations of increased procurement activity related to fusion projects, potentially exceeding previous investment forecasts [4]. Summary by Sections Mechanical Equipment Sector - The mechanical equipment sector's PE-TTM valuation increased by 2.56%, with the best-performing sub-sector being abrasives, which rose by 8.58% [5][6]. - The report indicates that the mechanical equipment industry ranks 13th out of 31 in the Shenwan industry classification [5]. Commercial Aerospace - Companies such as Yingliu Co. (603308), Srey New Materials (688102), and West Materials (002149) are recommended for investment in the commercial aerospace sector [5]. PCB Equipment - The report emphasizes the transition towards thinner substrates and finer line requirements in PCB manufacturing, with specific recommendations for companies involved in advanced packaging technologies [3]. Humanoid Robots - The report suggests focusing on core enterprises in the humanoid robot sector, particularly as Tesla ramps up production of its Optimus V3 robot, which is expected to begin sales in 2027 [3]. Controlled Nuclear Fusion - The procurement pace for fusion projects is accelerating, with significant budget allocations expected for various projects, indicating a robust growth outlook for companies in this sector [4].

Core Viewpoint - The PCB industry is experiencing significant growth driven by the demand for AI computing infrastructure and the upgrade of consumer electronics, leading to positive earnings forecasts for related listed companies [1][4]. Company Summaries - **昊志机电 (Haozhi Electromechanical)**: The company expects a net profit of 128 million to 165 million yuan for 2025, representing a year-on-year increase of 54.4% to 99.03%. The growth is attributed to increased demand in the PCB market driven by AI computing infrastructure and consumer electronics upgrades, as well as accelerated domestic substitution and technological innovation [1]. - **胜宏科技 (Shenghong Technology)**: The company forecasts a net profit of 4.16 billion to 4.56 billion yuan for 2025, with a year-on-year growth of 260.35% to 295%. The growth is driven by the expansion of AI infrastructure and data center upgrades, with a focus on high-end products and global service capabilities [2][3]. - **金安国纪 (Jin'an Guoji)**: The company anticipates a net profit of 28 million to 36 million yuan for 2025, reflecting a year-on-year increase of 655% to 871%. The growth is due to improved market conditions for copper-clad laminates and increased sales volume and prices [3]. - **东威科技 (Dongwei Technology)**: The company expects its net profit to double in 2025, benefiting from the investment boom in Southeast Asia and the rapid development of AI and computing sectors [3]. Industry Insights - The rapid development of AI applications has significantly boosted the demand for high-end printed circuit boards (PCBs), pushing the industry into a high prosperity cycle. New fields such as AI servers and smart driving require higher standards for PCB layers, precision, and reliability, leading to increased demand for high-density interconnect (HDI) and multi-layer boards [4]. - According to Prismark, the global PCB market is projected to grow by approximately 5.8% in 2024 and 6.8% in 2025, with a compound annual growth rate of about 5.2% expected until 2029. The AI server-related HDI segment is predicted to grow at an average annual rate of 16.3% from 2023 to 2028, making it the fastest-growing category in the PCB market [5].

Group 1 - The core point of the news is that Dongwei Technology's stock price increased by 5.1%, reaching 40.00 CNY per share, with a trading volume of 361 million CNY and a turnover rate of 3.08%, resulting in a total market capitalization of 11.936 billion CNY [1] - Dongwei Technology, established on December 29, 2005, and listed on June 15, 2021, specializes in the research, design, production, and sales of high-end precision electroplating equipment and related devices [1] - The company's main business revenue composition is 99.39% from equipment and other main businesses, while other supplementary income accounts for 0.61% [1] Group 2 - According to data from the top ten heavy stocks of funds, one fund under China Merchants Fund holds a significant position in Dongwei Technology [2] - The fund, China Merchants Yutai Mixed Fund (016375), reduced its holdings by 99,200 shares in the third quarter, now holding 111,400 shares, which accounts for 3.53% of the fund's net value, ranking as the ninth largest heavy stock [2] - The fund has achieved a return of 6.27% this year, ranking 2855 out of 8844 in its category, and a return of 15.7% over the past year, ranking 5728 out of 8091 [2]

Summary of Company and Industry Insights Company: 东威科技 (Dongwei Technology) Key Financial Projections - The company forecasts a net profit attributable to shareholders of 120-140 million yuan for 2025, representing a year-on-year growth of 73.23%-102.10% [1] - The non-recurring net profit is expected to be 116-136 million yuan, with a year-on-year increase of 88.09%-120.63% [1] - For Q4 2025, the estimated net profit attributable to shareholders is projected to be 35-55 million yuan, compared to 1 million yuan in the same period of 2024 [1] Operational Highlights - In 2025, the company anticipates delivering over 200 VCP units, marking a historical high, with order intake also reaching a record high [1] - The overseas sales proportion is expected to exceed 20% [1] - The company is experiencing increased costs due to factory expansion, and some equipment delivery timelines have been extended, leading to higher actual production levels [1] Industry Dynamics - The current high demand for PCB equipment is driven by several factors, including overseas expansion, AIPCB, and equipment upgrades [1] - The investment boom in Southeast Asia, AI demand, and equipment upgrades from domestic clients are collectively boosting industry demand [1] Industry Insights High-End Product Developments - There is a continuous increase in procurement customers for high-end products, specifically in horizontal plating three-in-one technology [2] - Technologies such as horizontal plating, magnetron sputtering are being utilized in the production of HVLP5 copper foil, PI electronic copper foil, display copper foil, and shielding materials [2]

Group 1: Earnings Forecasts - Huabang Health expects a net profit of 660 million to 730 million yuan for 2025, recovering from a loss of 299 million yuan in the previous year, driven by improvements in its agricultural chemical materials sector and steady growth in its pharmaceutical and tourism segments [2] - Kangda New Materials anticipates a net profit of 125 million to 135 million yuan for 2025, compared to a loss of 246 million yuan last year, primarily due to significant sales growth in adhesive and specialty resin products, particularly in the wind power sector [2] - Longxin Technology forecasts a net profit of 100 million to 150 million yuan for 2025, recovering from a loss of 250 million yuan, with improvements in its energy digitalization business and reduced losses in its new energy sector [3] - Hualu Bio expects a net profit of 100 million to 130 million yuan for 2025, recovering from a loss of 47.57 million yuan, attributed to increases in both sales price and volume [3] - Jiuxi Software predicts a net profit of 40 million to 60 million yuan for 2025, recovering from a loss of 156 million yuan, supported by AI technology enhancements and market expansion strategies [3] Group 2: Major Corporate Developments - Liou Co. has completed its stock suspension review and will resume trading on January 21, 2026, confirming that its business operations remain normal and no significant undisclosed matters exist [4] - Hikvision reported total revenue of 92.518 billion yuan for 2025, a slight increase of 0.02%, with a net profit of 14.188 billion yuan, up 18.46%, driven by strategic adjustments and improved cash flow management [6] - JianTou Energy expects a net profit of approximately 1.877 billion yuan for 2025, a significant increase of about 253.38% from the previous year, due to optimized coal resource allocation and cost management [6] Group 3: Investment and Mergers - Aibo Medical plans to acquire at least 51% of Demai Medical to gain control, aiming to leverage its R&D advantages in the sports health sector [19] - Yifan Transmission intends to purchase 87.07% of Beijing Helishi Motor Technology Co., which will become a subsidiary upon successful completion of the transaction [16] - Guangdong Hongtu plans to invest up to 95 million yuan to establish a subsidiary in Thailand for automotive parts production and sales [20] Group 4: Stock Performance and Changes - Huicheng Environmental's major shareholder plans to increase their stake in the company by investing between 25 million and 50 million yuan within six months [22] - Liou Co. will resume trading after completing its stock suspension review, indicating stability in its operations [24] - Kailong High-Tech and Debang Co. have been suspended from trading, indicating potential issues or developments requiring further clarification [25]

Group 1: New Stock Offerings - Medela's new stock offering has a subscription code of 920119, with an issue price of 41.88 yuan per share and a price-to-earnings ratio of 14.99 times, allowing a maximum subscription limit of 720,000 shares per account [2] Group 2: Fiscal Policy and Economic Measures - The Ministry of Finance will continue to implement a more proactive fiscal policy, aiming for increased total spending, improved structure, better efficiency, and stronger momentum, with necessary levels of fiscal deficit, total debt, and spending maintained through 2026 [3] - The Ministry of Finance has optimized the personal consumption loan interest subsidy policy, including credit card installment payments, removing restrictions on certain consumption areas, allowing all consumer loans to enjoy interest subsidies [3] - Starting April 1, 2026, export tax rebates for photovoltaic products will be canceled, and electronic product export tax rebates will be phased out over two years, promoting efficient resource use and guiding rational industrial structure adjustments [3] - Tax and fee preferential policies for community services such as elderly care, childcare, and housekeeping will continue, benefiting institutions providing these services [3] Group 3: Commodity Market Adjustments - The Shanghai Futures Exchange will adjust margin ratios and price fluctuation limits for futures contracts of copper, gold, and other commodities starting January 22, 2026 [4] - Domestic gasoline and diesel prices will increase by 85 yuan per ton due to rising international oil prices, marking the first price hike in 2026, with an average increase of 0.07 yuan per liter for 92 and 95 gasoline and 0 diesel [4] - Shanghai has released an action plan to enhance the linkage between spot and futures markets for non-ferrous metals, aiming to expand the international influence of "Shanghai prices" [4] Group 4: Company Earnings Forecasts - Huicheng Environmental Protection plans to increase its shareholding by 25 million to 50 million yuan [7] - JianTou Energy expects a net profit increase of approximately 253.38% year-on-year for 2025 [7] - Hikvision's performance report indicates a year-on-year growth of 18.46% in net profit attributable to shareholders for 2025 [7] - Longzi Co. anticipates a net profit increase of 245.25% to 302.8% year-on-year for 2025 [7] - Zhaoyan New Drug expects a net profit increase of 214% to 371% year-on-year for 2025 [8] - Huachen Equipment forecasts a net profit increase of 193.64% to 242.04% year-on-year for 2025 [8] - Qianyuan Power anticipates a net profit increase of 160% to 190% year-on-year for 2025 [8] - Jin Fang Energy expects a net profit increase of 123.97% to 193.7% year-on-year for 2025 [8] - Other companies such as Zhongfu Industrial, Batian Co., and Dongwei Technology also project significant year-on-year profit increases for 2025, ranging from 50% to over 300% [8][9]

Core Viewpoint - Dongwei Technology forecasts a net profit attributable to shareholders of the parent company for 2025 to be between 120 million and 140 million yuan, representing an increase of 50.72 million to 70.72 million yuan compared to the previous year, which translates to a year-on-year growth of 73.23% to 102.10% [1] Financial Performance - The expected net profit range for 2025 is 120 million to 140 million yuan [1] - The anticipated increase in net profit compared to the previous year is between 50.72 million and 70.72 million yuan [1] - The projected year-on-year growth rate is between 73.23% and 102.10% [1]