Group 1 - The core viewpoint of the news highlights the recent research conducted by the private equity firm Xiangju Capital on Dongwei Technology, emphasizing the company's strong market position and growth potential in the PCB electroplating equipment sector [1] - Dongwei Technology's VCP equipment has achieved over 50% market share since its successful development in 2009 and application in the iPhone 4 in 2010, indicating its competitive advantage [1] - The company anticipates increased demand for high-end electroplating equipment driven by the Southeast Asian PCB investment trend and the growth of big data storage devices [1] Group 2 - The profit margin for pulse-type equipment is approximately 40%, with expectations for higher margins through large-scale production [1] - Orders for PCB electroplating equipment typically take 6 to 9 months from customer order to receipt, with smaller orders taking around 6 months and larger orders potentially extending to 1 to 1.5 years [1] - The company has seen over 100% year-on-year growth in order amounts for vertical continuous electroplating equipment in the first half of this year [1]

市场表现上，基金调研股中，近5日上涨的有5只，涨幅居前的有威尔高、优宁维、科士达等，涨幅为 5.59%、2.10%、1.54%；下跌的有1只，跌幅居前的有中旗新材等，跌幅为4.35%。 业绩方面，基金调研公司中，公布上半年业绩预告的共有2家，业绩预告类型来看，预增有1只。以净利 润增幅中值来看，净利润增幅最高的是威尔高，预计净利润中值为4650.00万元，同比增幅为21.71%。 （数据宝） 8月4日基金调研公司一览 昨日基金共对6家公司进行调研，扎堆调研东威科技、泰恩康等。 证券时报·数据宝统计，8月4日共8家公司被机构调研，按调研机构类型看，基金参与6家公司的调研活 动。东威科技最受关注，参与调研的基金达59家；泰恩康、威尔高等分别获38家、3家基金集体调研。 基金参与调研的公司中，按所属板块统计，深市主板公司有2家，创业板公司有3家，科创板公司有1 家。 从基金调研公司的A股总市值统计，总市值不足100亿元的有3家，分别是优宁维、威尔高、中旗新材 等。 | 代码 | 简称 | 基金家数 | 最新收盘价（元） | 近5日涨跌幅（%） | 行业 | | --- | --- | --- | --- | --- ...

Investment Rating - The report maintains a "Positive" investment rating for the PCB industry [3][11]. Core Insights - The PCB industry is experiencing growth driven by strong demand from AI applications and technological upgrades, leading to increased capital expenditures in downstream sectors [8][21]. - The global PCB market is expected to see differentiated growth across product segments, with high-density interconnect (HDI) boards benefiting from AI server demand, projected to grow by 18.8% year-on-year to reach $12.5 billion in 2024 [11][12]. - The report highlights a trend towards high-density, high-performance PCB products, with the combined market share of HDI and packaging substrates exceeding 34% [11][12]. Summary by Sections PCB Product Overview - PCB products are categorized into rigid boards, flexible boards, rigid-flex boards, and packaging substrates, with HDI boards widely used in consumer electronics and high-frequency boards for 5G communication [8][9]. Market Segmentation and Growth - In 2024, the global PCB market is projected to reach $73.57 billion, with multilayer boards holding the largest share at 38.1% [11][12]. - The smartphone sector accounts for 19% of the PCB market, with a projected value of $13.89 billion, while the server/storage sector is expected to grow by 33.1% year-on-year to $10.92 billion [15][16]. Regional Market Dynamics - China is expected to dominate the PCB market, with its share increasing from 54.4% in 2023 to 56.0% in 2024, reflecting its significant role in global PCB production [22][23]. Technological Advancements - The report emphasizes the need for PCB manufacturers to adapt to higher complexity and performance requirements driven by AI and high-speed networking, necessitating advancements in design and manufacturing processes [21][24]. Equipment and Supply Chain - The report outlines the production processes and key equipment used in PCB manufacturing, highlighting the importance of drilling equipment, which holds the highest market share in the PCB production process [31][34]. - The global drilling equipment market is projected to grow from $1.17 billion in 2020 to $1.47 billion in 2024, with a compound annual growth rate (CAGR) of 10.3% expected from 2024 to 2029 [38][43]. Market Trends and Future Outlook - The PCB industry is expected to continue evolving with the increasing demand for high-density and high-layer count boards, particularly in AI server applications, which are pushing the boundaries of PCB technology [27][28].

Core Viewpoint - The major shareholder, Li Yangzhao, has completed a share reduction plan, selling 2,000,000 shares of Dongwei Technology, which represents 0.6702% of the company's total share capital, due to personal funding needs [1][2]. Shareholder and Management Holdings - Before the reduction plan, Li Yangzhao held 10,263,509 shares, accounting for 3.4395% of the total share capital, with 5,334,464 shares acquired before the IPO and 4,929,045 shares from capital reserve conversion [1][3]. Reduction Plan Implementation Results - The reduction plan was first disclosed on May 6, 2025, and was completed by July 31, 2025, with the total number of shares reduced being 2,000,000 [2][3]. - The shares were sold through centralized bidding, with a price range of 35.01 to 47.47 CNY per share, resulting in a total amount of 80,843,017.14 CNY [3][4]. - After the reduction, Li Yangzhao now holds 8,263,509 shares, which is 2.7693% of the total share capital [3][4].

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。 证券代码：688700 证券简称：东威科技 公告编号：2025-037 昆山东威科技股份有限公司 董事减持股份结果公告 重要内容提示： 大股东及董监高持有的基本情况 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、副总经理李阳照持有公司 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。 减持计划的实施结果情况 公司于 2025 年 5 月 6 日在上海证券交易所网站（www.sse.com.cn）披露了 《董事及特定股东减持股份计划公告》（公告编号：2025-028），因自身资金需求， 李阳照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和大宗交易方式减持其所直接 持有的公司股份 2,000,000 股。 近日，公司收到李阳照先生发 ...

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113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。 金融界消息 截至2025年7月31日收盘，东威科技（688700）报收于47.69元，上涨6.93%，换手率 7.59%，成交量22.65万手，成交金额10.68亿元。 来源：金融界 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。 资金流向方面，今日主力资金净流入3624.75万元，占比成交额3.39%。其中，超大单净流入4603.16万 元、占成交额4.31%，大单净流出978.41万元、占成交额0.92%，中单净流出流出6346.28万元、占成交 额5.94%，小单净流入2721.53万元、占成交额2.55%。 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 ...

Investment Rating - Overweight (Maintain) on new lithium battery materials, with expectations for accelerated industrialization [1] Core Viewpoints - Composite current collectors are a new type of material for lithium batteries, offering advantages in cost and performance compared to traditional copper and aluminum foils [4][18] - The transition from traditional copper foils to composite copper foils is expected to be the largest cost reduction segment in battery materials over the next 2-3 years [28] - The industrialization of composite current collectors is anticipated to accelerate, benefiting leading companies in the sector [66] Summary by Sections 1. Introduction to Composite Current Collectors - Composite current collectors differ from traditional materials by using a "metal-polymer substrate-metal" sandwich structure [15] - They are designed to reduce costs and improve safety, with composite copper foils reducing raw material costs by over 50% compared to traditional copper foils [19][23] 2. Advantages of Composite Current Collectors - Composite current collectors provide lower manufacturing costs, enhanced safety, lightweight properties, improved energy density, and extended cycle life [18][29][33] - The material's structure helps mitigate risks of thermal runaway in batteries, thus enhancing safety [29] 3. Application in Solid-State Batteries - The industrialization of solid-state batteries is accelerating, with composite current collectors being increasingly integrated into their applications [36][37] - Solid-state batteries have stringent requirements for current collectors, which composite materials can meet effectively [37] 4. Market Growth Potential - The market for composite current collectors is projected to grow significantly, with estimates suggesting a market size of 140 billion yuan by 2025 and over 700 billion yuan by 2030 [38] - The penetration rate of PET composite copper foils is expected to reach 25% by 2030, indicating strong demand [38] 5. Industry Chain Analysis - The industry chain includes upstream materials like PET and PP, core equipment for manufacturing, and downstream applications in various battery types [41][43] - The main manufacturing process for composite copper foils is the two-step method, which is currently the most mature and cost-effective [49][66] 6. Industrialization Acceleration - The production cost of composite copper foils is approaching that of traditional copper foils, with significant improvements in yield rates expected [66] - New national standards for battery safety are likely to create further opportunities for the adoption of composite current collectors in the market [67]

Core Viewpoint - The report from Kaiyuan Securities indicates that the sustained high capital expenditure from overseas AI giants is driving strong demand for high-end AI server PCBs, leading to supply tightness in the market [1] Group 1: Industry Expansion - The PCB industry is entering a period of intensive expansion, with several PCB manufacturers announcing new expansion projects, including notable projects from Huadian Co., Shenzhen South Circuit, and Guanghe Technology [2] - The capital expenditure for PCB manufacturers is expected to increase significantly, with Pengding Holdings guiding a capital expenditure of 5 billion yuan for 2025, a year-on-year increase of 51.5% [2] - The acceleration of expansion and increased capital expenditure reflect the current high prosperity of the industry and indicate sustainable future growth [2] Group 2: Supply Chain Dynamics - Some upstream PCB equipment suppliers are experiencing supply tightness due to the active expansion plans of downstream manufacturers [2] - The rapid growth in global AI computing power demand is accelerating the technological upgrades and capacity expansions of high-layer PCBs and high-end HDI boards [2] - Chip Quik's order delivery schedule has extended to the third quarter of 2025, with its capacity running at full load and optimistic business development prospects [2] Group 3: Technological Upgrades - AI's requirements for PCB performance are driving upgrades in layers, materials, and processes, with AI server PCBs typically having over 20 layers, compared to traditional servers which have 6-16 layers [3] - Advanced manufacturing processes such as back drilling and resin-filled holes are necessary to enhance the reliability and stability of AI server PCBs [3] - The complexity of high-layer HDI board structures is increasing, necessitating upgrades in related equipment, such as the introduction of advanced testing machines and drilling technologies by companies like Dazhu CNC [3] Group 4: Beneficiary Companies - Recommended beneficiaries in the PCB exposure equipment sector include Chip Quik [4] - Dazhu CNC is highlighted as a beneficiary in PCB drilling, exposure, forming, and testing equipment [4] - Dongwei Technology is identified as a beneficiary in PCB electroplating equipment, while Ding Tai Gao Ke is noted for PCB drilling needles [4]

Company Performance - Dongwei Technology (688700) reported a closing price of 44.32 yuan as of July 29, 2025, with an increase of 7.47% and a turnover rate of 4.77% [1] - The company achieved total operating revenue of 211 million yuan in Q1 2025, representing a year-on-year growth of 7.08%, while net profit attributable to shareholders was 17.01 million yuan, a decrease of 45.11% year-on-year [1] - The company's current ratio is 1.752, quick ratio is 1.075, and debt-to-asset ratio stands at 38.82% [1] Capital Flow - Main capital inflow for Dongwei Technology was 38.92 million yuan, accounting for 6.3% of the total transaction amount [1] - Large orders saw a net inflow of 12.73 million yuan, representing 2.06% of the transaction amount, while small orders experienced a net outflow of 39.58 million yuan, or 6.4% of the transaction amount [1] Company Background - Dongwei Technology Co., Ltd. was established in 2005 and is located in Suzhou, primarily engaged in the manufacturing of general equipment [2] - The company has a registered capital of 2.984 billion yuan and has made investments in five enterprises, participated in 112 bidding projects, and holds 21 trademarks and 351 patents [2]

Investment Rating - The industry investment rating is "Overweight" indicating an expectation for the industry to outperform the overall market [13]. Core Insights - The demand for AI PCBs is driving a tight supply situation, leading to an acceleration in capacity expansion among downstream PCB manufacturers, which is positively impacting the upstream PCB equipment sector [3][4]. - Significant capital expenditure from overseas AI giants is sustaining high demand for high-end AI server PCBs, prompting downstream manufacturers to actively expand production [3][4]. - The current expansion cycle is expected to result in a notable increase in equipment order volumes and an upgrade in high-end PCB production lines, which will enhance the average selling price (ASP) of equipment [3][4]. Summary by Sections Industry Expansion - The PCB industry is entering a period of intensive capacity expansion, with several PCB manufacturers announcing new projects, including notable expansions by companies such as Huadian and Shenghong [4][10]. - Capital expenditures are increasing, with Pengding Holdings indicating a capital expenditure of 5 billion yuan in 2025, a year-on-year increase of 51.5% [4]. Supply Chain Dynamics - Some upstream PCB equipment suppliers are experiencing supply tightness due to the rapid growth in global AI computing demand, which is accelerating the technological upgrades and capacity expansions of high-layer PCBs and high-end HDI boards [5]. - Chip equipment manufacturers like Xinqi Microelectronics are reporting full capacity operations and optimistic business prospects, with order delivery schedules extending into the third quarter of 2025 [5]. Technological Upgrades - AI's requirements for PCB performance are driving upgrades in related equipment, necessitating advancements in layers, materials, and manufacturing processes [6]. - The complexity of structures in high-layer HDI boards is increasing, which is pushing equipment manufacturers to enhance their technology and precision [7]. Beneficiary Companies - Recommended beneficiaries in the PCB equipment market include Xinqi Microelectronics for exposure equipment, Dazhu CNC for drilling and testing equipment, Dongwei Technology for plating equipment, and Dingtai Gaoke for drilling needles [8][10].