东威科技（688700）：24年业绩承压，静候业绩拐点

Investment Rating - The report assigns a rating of "Accumulate" to the company, down from a previous "Buy" rating [1][4][6]. Core Views - The company's performance in 2024 was under pressure, with a revenue of 750 million RMB, a year-on-year decrease of 17.51%, and a net profit of 69 million RMB, down 54.25% year-on-year. However, the first quarter of 2025 showed signs of recovery with a revenue of 211 million RMB, up 7.08% year-on-year, although net profit still declined by 45.11% [4][9]. - The report highlights that the company's recent performance has been impacted by lower-than-expected demand for equipment in the downstream new energy sector. Future performance is expected to improve with a recovery in the PCB industry and breakthroughs in new products [4][9]. Financial Summary - For 2024, the company reported a revenue of 750 million RMB, with a significant decline in net profit to 69 million RMB. The gross margin decreased to 33.50%, down 8.22 percentage points year-on-year [10]. - The first quarter of 2025 showed a revenue of 211 million RMB, with a net profit of 17 million RMB. The gross margin for this quarter was 29.80%, down 9.31 percentage points year-on-year [11]. - The revenue projections for 2025-2027 are 995 million RMB, 1.174 billion RMB, and 1.299 billion RMB, respectively, with net profits expected to be 153 million RMB, 188 million RMB, and 237 million RMB [6][8]. Product Development and Market Position - The company is focusing on continuous product innovation, particularly in the PCB sector, with new products aimed at high-end semiconductor packaging and other applications. This includes the introduction of a horizontal TGV plating line and copper-plating equipment for photovoltaic applications [9][10]. - The report emphasizes that the successful development of new products will open up greater growth opportunities for the company [9].