东威科技：PCB设备需求回暖，静待复合集流体设备放量

Investment Rating - The investment rating for the company is "Buy" and is maintained [8][18]. Core Views - The PCB industry is showing signs of recovery, and the company's VCP business is expected to improve, with new products likely to contribute to growth [5][18]. - The trend towards the industrialization of composite electrolytes is evident, and the company, as a leading manufacturer, is expected to benefit significantly from upcoming developments [5][18]. Financial Performance - In 2023, the company achieved revenue of 909 million yuan, a year-on-year decrease of 10.13%, and a net profit attributable to the parent company of 151 million yuan, down 29.01% [2]. - For Q4 2023, revenue was 178 million yuan, a decline of 45.83% year-on-year, with a net profit of 2 million yuan, down 96.5% [2]. - In Q1 2024, revenue was 197 million yuan, a decrease of 15.73% year-on-year, and net profit was 31 million yuan, down 38.72% [2]. Industry Trends - The demand for electroplating equipment is recovering due to the release of high-end PCB demand and the investment boom in Southeast Asia, with over 30 companies establishing operations in Thailand [3]. - The company is actively supporting downstream clients investing in Southeast Asia, enhancing its competitive position in the global electroplating equipment market [3]. Product Development - The company has successfully developed and verified new equipment, including the first horizontal three-in-one electroplating device and a vertical continuous electroplating line for silicon wafers [3]. - The industrialization of composite aluminum foil and PP composite copper foil is progressing, with expectations for mass application in domestic and international markets [4]. Capacity Expansion - The company has increased its production capacity with new facilities, including a PCB vertical continuous electroplating equipment expansion project and a new vacuum plant in Kunshan [4]. - A new high-end surface treatment equipment production base is under construction, expected to be operational by June 2024, which will enhance the company's ability to meet future order increases [4].