Investment Rating - The industry investment rating is "Overweight" [3] Core Viewpoints - The report emphasizes the significant growth potential in the humanoid robotics sector, with a projected cumulative global demand of approximately 2 million units by 2030, indicating a critical breakthrough phase from 0 to 1 [6][20] - The report highlights the acceleration of N-type penetration in photovoltaic equipment, strengthening the competitive edge of leading companies under the Matthew effect [21] - The energy storage sector is identified as essential for building a new type of power grid, with favorable policies enhancing industry prosperity [21] - The semiconductor equipment market is expected to reach $140 billion by 2030, with an increasing share from mainland China, although the domestic production rate remains low [21] - The automation market, particularly industrial consumables, is projected to grow from approximately 40 billion to 55.7 billion by 2026, benefiting from increased concentration and import substitution [22] - Hydrogen energy, particularly green hydrogen, aligns with carbon neutrality goals, supported by the rapid development of photovoltaic and wind energy [21] Summary by Sections Humanoid Robotics - Key companies recommended for investment include Huasheng Tiancai, Sanhui Electric, and Zhejiang Rongtai, among others [4] - The report discusses the recent humanoid robot sports event in Beijing, showcasing over 500 robots from 16 countries competing in various categories [15][20] - The introduction of the Genie Envisioner platform by Zhiyuan Robotics is noted as a significant advancement in the field, integrating video generation with robotic control [11][20] Photovoltaic Equipment - The report suggests focusing on leading companies like Maiwei and Jiejiacreating, which possess technological innovation and customer base advantages [21] - The overall price center of the photovoltaic industry chain is declining, with a focus on cost and efficiency improvements [21] Energy Storage - The report highlights the favorable policies for both generation-side and user-side energy storage, driving comprehensive development in the sector [21] - Companies like Xingyun and Kexin are identified as key players in the energy storage market [21] Semiconductor Equipment - The semiconductor equipment market is projected to double in the next decade, with a significant increase in demand for domestic production [22] - Companies such as Zhongwei and Beifang Huachuang are recommended for investment [22] Automation - The automation market is expected to grow significantly, with a focus on industrial consumables and the potential for leading companies to benefit from increased market concentration [22] Hydrogen Energy - The report emphasizes the importance of green hydrogen in achieving carbon neutrality, recommending companies like Longi Green Energy and Yihua Tong for investment [21]

最近三个交易日，13日-15日，东威科技分别获融资买入0.62亿元、1.00亿元、0.31亿元。 融券方面，当日融券卖出0.18万股，净买入0.77万股。 8月15日，沪深两融数据显示，东威科技获融资买入额0.31亿元，居两市第719位，当日融资偿还额0.86 亿元，净卖出5490.89万元。 ...

通过天眼查大数据分析，昆山东威科技股份有限公司共对外投资了5家企业，参与招投标项目117次，知 识产权方面有商标信息21条，专利信息348条，此外企业还拥有行政许可29个。 来源：金融界 东威科技最新一期业绩显示，截至2025一季报，公司营业总收入2.11亿元、同比增长7.08%，归属净利 润1700.58万元，同比减少45.11%，扣非净利润1635.21万元，同比减少43.21%，流动比率1.752、速动比 率1.075、资产负债率38.82%。 天眼查商业履历信息显示，昆山东威科技股份有限公司，成立于2005年，位于苏州市，是一家以从事通 用设备制造业为主的企业。企业注册资本29840.136万人民币，实缴资本29840.136万人民币。公司法定 代表人为刘建波。 金融界消息 截至2025年8月15日收盘，东威科技（688700）报收于47.01元，上涨4.19%，换手率 3.18%，成交量9.50万手，成交金额4.39亿元。 资金流向方面，今日主力资金净流出3003.72万元，占比成交额6.84%。其中，超大单净流出2741.08万 元、占成交额6.24%，大单净流出262.64万元、占成交额0.6% ...

Summary of Dongwei Technology Conference Call Company Overview - Dongwei Technology is the only vertically integrated electroplating equipment company listed in A-shares, with a domestic market share exceeding 50% [2][6] - The company benefits from the rising demand in the PCB industry driven by the AI wave, with expectations for PCB prosperity to last until at least 2027 [2][6] Financial Performance - PCB business accounts for approximately 66% of total revenue, projected to reach nearly 500 million yuan in 2024, with a gross margin of 33%-35% [2][5] - The company’s performance is closely tied to the PCB cycle, with signs of marginal recovery in the PCB industry expected in the second half of 2024 [2][13] - Revenue projections for 2025, 2026, and 2027 are 1.22 billion, 1.78 billion, and 2.13 billion yuan respectively, with net profit estimates of 170 million, 270 million, and 350 million yuan [4][25] Product and Market Dynamics - Main products include VCP equipment, with high-end products like pulse DC devices increasing to 50% of sales [2][20] - The company has a leading position in the composite copper foil equipment market, being the only one capable of mass production [2][10][23] - In the lithium battery sector, revenue is expected to account for about 7% in 2024, while the photovoltaic sector contributes less than 1% [2][10] Industry Trends - The PCB industry is experiencing a fundamental turning point, driven by increased capital expenditure from major North American cloud providers, with total investments reaching 57.8 billion yuan [4][17] - Equipment investments in 2025 and 2026 are expected to reach 46.2 billion yuan, primarily for high-layer and HDI board production [18][26] - The demand for electroplating equipment is projected to increase from 10% to potentially 12%-15% of total equipment value due to AI PCB requirements [19] Management and Corporate Structure - The management team has over 20 years of experience in manufacturing, with the chairman holding approximately 31% of shares [11][12] - An employee stock ownership plan is in place to align interests and retain key talent [11] Innovation and Development - The company has made significant technological advancements, including the development of new materials for lithium batteries and innovative electroplating equipment for semiconductors [22][24] - Dongwei Technology is actively pursuing partnerships and collaborations to enhance its product offerings and market reach [24] Investment Opportunities - The current market conditions present a favorable investment window for PCB specialized equipment, with expectations of continued growth driven by AI applications [26][27] - The company is positioned to benefit from the ongoing AI-driven expansion in the PCB sector, making it an attractive investment opportunity [6][9]

天眼查商业履历信息显示，昆山东威科技股份有限公司，成立于2005年，位于苏州市，是一家以从事通 用设备制造业为主的企业。企业注册资本29840.136万人民币，实缴资本29840.136万人民币。公司法定 代表人为刘建波。 通过天眼查大数据分析，昆山东威科技股份有限公司共对外投资了5家企业，参与招投标项目117次，知 识产权方面有商标信息21条，专利信息351条，此外企业还拥有行政许可29个。 来源：金融界 金融界消息 截至2025年8月14日收盘，东威科技（688700）报收于45.12元，下跌6.76%，换手率 4.79%，成交量14.28万手，成交金额6.55亿元。 资金流向方面，今日主力资金净流入2420.90万元，占比成交额3.7%。其中，超大单净流出303.03万 元、占成交额0.46%，大单净流入2723.93万元、占成交额4.16%，中单净流出流出1460.35万元、占成交 额2.23%，小单净流出960.56万元、占成交额1.47%。 东威科技最新一期业绩显示，截至2025一季报，公司营业总收入2.11亿元、同比增长7.08%，归属净利 润1700.58万元，同比减少45.11%，扣非净利润 ...

Core Viewpoint - The company, Dongwei Technology, is positioned as a leading player in the domestic electroplating equipment market, benefiting from the AI-driven expansion in the PCB industry and aiming for growth through innovative products and diversification into emerging sectors like lithium batteries and photovoltaics [1][2][4]. Group 1: Market Position and Growth Drivers - Dongwei Technology holds over 50% market share in the VCP segment, making it a key beneficiary of the AI PCB expansion wave [1][2]. - The company has seen a historical high in advance payments and contract liabilities amounting to 435 million yuan, with new order amounts increasing over 100% year-on-year for the first half of 2025 [2]. - The total investment in PCB expansion projects over the past three years reached 57.826 billion yuan, indicating strong industry growth and demand for electroplating equipment [2]. Group 2: Product Innovation and Technology - The company is introducing high-value electroplating equipment, including pulse electroplating and a three-in-one horizontal plating device, which are expected to enhance profitability and support domestic substitution [3]. - The pulse electroplating technology offers superior deep hole plating capabilities and surface uniformity, while the horizontal plating device is particularly advantageous for high-aspect-ratio through holes and micro-blind holes [3]. - The self-developed MVCP equipment is anticipated to benefit from innovations in PCB technology, particularly in CoWoP packaging [3]. Group 3: Diversification into Emerging Fields - In the lithium battery sector, the company is the only manufacturer capable of mass-producing water electroplating equipment, positioning itself to benefit from the commercialization of composite current collectors [4]. - The company has completed the production line for the third generation of silicon wafer vertical continuous electroplating (HJT), achieving a speed of 8000 wafers per hour, and is currently in trial production with partners [4]. - The company is actively exploring cost-reduction solutions in other technological paths such as TOPCon and BC in the photovoltaic sector [4]. Group 4: Financial Projections - Revenue projections for the company are 1.22 billion yuan, 1.775 billion yuan, and 2.163 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 62.64%, 45.50%, and 21.90% [5]. - Net profit forecasts are 171 million yuan, 268 million yuan, and 350 million yuan for the same years, with growth rates of 146.60%, 57.12%, and 30.25% respectively [5]. - The company is rated with a "buy" investment rating, reflecting its strong market position and potential for growth in both traditional and emerging sectors [5].

通过天眼查大数据分析，昆山东威科技股份有限公司共对外投资了5家企业，参与招投标项目117次，知 识产权方面有商标信息21条，专利信息351条，此外企业还拥有行政许可29个。 来源：金融界 东威科技最新一期业绩显示，截至2025一季报，公司营业总收入2.11亿元、同比增长7.08%，归属净利 润1700.58万元，同比减少45.11%，扣非净利润1635.21万元，同比减少43.21%，流动比率1.752、速动比 率1.075、资产负债率38.82%。 天眼查商业履历信息显示，昆山东威科技股份有限公司，成立于2005年，位于苏州市，是一家以从事通 用设备制造业为主的企业。企业注册资本29840.136万人民币，实缴资本29840.136万人民币。公司法定 代表人为刘建波。 金融界消息 截至2025年8月12日收盘，东威科技（688700）报收于47.5元，下跌1.19%，换手率3.36%， 成交量10.04万手，成交金额4.74亿元。 资金流向方面，今日主力资金净流出3307.93万元，占比成交额6.98%。其中，超大单净流出1871.77万 元、占成交额3.95%，大单净流出1436.16万元、占成交额3.0 ...

Core Viewpoint - The PCB industry is experiencing continuous expansion driven by the demand for AI computing infrastructure, with major companies increasing production capacity to meet this demand [1] Group 1: PCB Equipment Market - The expansion in PCB production is primarily focused on high-layer HDI boards, leading to increased requirements for aperture size and corresponding rises in equipment quantity and prices [1] - Exposure equipment accounts for 10%-15% of the PCB equipment value, with high-end PCB boards requiring higher precision and line width, benefiting leading companies that secure top-tier clients [2] - Drilling equipment constitutes about 25% of the PCB equipment value, with the demand for laser drilling equipment increasing due to the limitations of traditional mechanical drilling methods as PCB complexity grows [2] Group 2: Key Companies and Developments - Domestic companies benefiting from the expansion include Chipbond Technology (688630.SH), Dazhong CNC (301200.SZ), and Tianzhun Technology (688003.SH) [2] - Major players in the drilling needle sector, such as Dingtai High-tech and Jinzhou Precision, are expanding production capacity in response to the rising demand for high-end drilling needles driven by AI server PCB upgrades [3] - The PCB electroplating equipment market is also evolving, with vertical electroplating equipment dominating and companies like Dongwei Technology (688700.SH) seeing significant order growth [4]

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [2][9]. Core Insights - The PCB industry is experiencing continuous expansion driven by the demand for AI computing infrastructure, with major companies like Huadian and Shenghong investing significantly in new projects [3]. - The expansion is primarily focused on high-layer HDI boards, leading to increased requirements for equipment quantity and pricing [3]. - The exposure segment of PCB equipment, which accounts for 10%-15% of the total equipment value, is seeing higher demand for advanced exposure equipment due to stricter requirements from high-end PCB boards [3]. - The drilling segment, which constitutes about 25% of PCB equipment value, is benefiting from the increasing complexity of PCB designs, with a shift towards laser drilling technology [3]. - The PCB drill needle market is experiencing growth due to the surge in AI demand, prompting manufacturers to expand production capacity [3]. - The electroplating segment, which represents around 10% of PCB equipment value, is seeing increased demand for high-end equipment as AI applications require thicker copper and finer lines [3]. Summary by Sections PCB Expansion - Continuous expansion in the PCB sector is driven by AI computing needs, with significant investments from leading companies [3]. Exposure Equipment - Exposure equipment is critical for high-end PCB production, with domestic companies improving their capabilities to meet rising demands [3]. Drilling Equipment - The drilling process is evolving with a shift towards laser technology, driven by the need for smaller apertures and tighter tolerances in PCB manufacturing [3]. Drill Needles - The demand for high-quality drill needles is increasing, with manufacturers ramping up production to meet the needs of upgraded AI server PCBs [3]. Electroplating Equipment - The demand for advanced electroplating equipment is growing, particularly for high-end applications in the AI sector [3].

Summary of Conference Call on PCB Industry and Company Developments Industry Overview - The PCB industry is experiencing significant technological upgrades, transitioning from standard multilayer boards to HDI boards, advanced HDI, inner-layer boards, and narrow boards. The demand for high-density and high-precision PCBs is increasing due to applications like data centers, with current HDI board hole diameters around 50 microns, and inner-layer and narrow boards reaching 20 microns or even smaller [2][5][9]. Key Companies and Developments - Domestic companies such as Dazhu CNC are making progress in the drilling machine sector, gradually catching up with Japanese monopolies. Dazhu CNC has captured a significant market share in ordinary mechanical drilling machines and is expanding into high-precision fields [1][4]. - Other domestic manufacturers like Shenghong, Shennan, and Huidian are also increasing their market shares, with high-end mechanical drilling and laser drilling machines accounting for 25%-35% of the market [1][4]. Market Trends and Demand - The AI boom is driving rapid growth in PCB industry demand, prompting manufacturers like Shenghong, Shennan, Huidian, and Jingwang to expand production. This expansion is boosting demand for upstream supply chains, including raw materials and production equipment [5][6]. - The demand for high-value-added PCB products, such as advanced HDI and multilayer boards, is leading to a general price increase of 10%-30% for equipment, with some customized equipment prices rising by over 50% [6][9]. Equipment and Technology - Key processes in PCB production, including drilling, electroplating, and exposure, are critical and have high value. Technologies such as laser drilling and vertical electroplating are essential, with companies like Dongwei Technology excelling in vertical electroplating equipment [7][8]. - Dongwei Technology has improved production efficiency and profit margins from 30% to over 40% through innovations like VCP and three-in-one equipment [8]. Future Outlook - The PCB industry is expected to have a development cycle extending at least two years, potentially up to three years or longer. The domestic replacement process is accelerating, with companies like Dazhu CNC making breakthroughs in key technologies, likely replacing imported equipment from Japan, Europe, and Taiwan [9][10]. - The typical order-to-delivery time for PCB equipment is six months to three quarters, which is faster than semiconductor equipment, allowing for quicker market response and production expansion [10]. Investment Opportunities - Investors should focus on the growing demand for equipment and materials in the PCB industry, as these areas are expected to see significant growth and are worth exploring for investment opportunities [14]. Additional Insights - Other important processes in PCB manufacturing include testing, soldering, and lamination, which, while not as high in value as drilling, electroplating, and exposure, are still critical for overall production quality [11][12]. - Companies are also exploring advancements in soldering processes, with efforts to optimize material selection and process parameters to address thermal stress deformation issues [12][13]. This summary encapsulates the key points from the conference call regarding the PCB industry and its key players, highlighting technological advancements, market trends, and investment opportunities.