东威科技（688700） 证券研究报告·公司点评报告·专用设备 CoWoP 搭配 HDI 带动高端电镀设备需求， 设备龙头有望充分受益 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 909.23 | 750.00 | 964.38 | 1,136.30 | 1,266.38 | | 同比（%） | (10.13) | (17.51) | 28.59 | 17.83 | 11.45 | | 归母净利润（百万元） | 151.43 | 69.27 | 147.05 | 184.69 | 224.36 | | 同比（%） | (29.01) | (54.25) | 112.28 | 25.60 | 21.48 | | EPS-最新摊薄（元/股） | 0.51 | 0.23 | 0.49 | 0.62 | 0.75 | | P/E（现价&最新摊薄） | 94.25 | 206.03 | 97.06 | 77.28 | ...

[Table_Summary] 投资要点 2025 年 08 月 19 日 证券研究报告·公司点评报告·光伏设备 帝尔激光（300776） CoWoP 搭配 HDI 带动激光微孔设备需求， 设备龙头有望充分受益 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,609 | 2,014 | 2,514 | 2,889 | 3,177 | | 同比（%） | 21.49 | 25.20 | 24.80 | 14.92 | 9.96 | | 归母净利润（百万元） | 461.19 | 527.61 | 642.54 | 720.22 | 760.31 | | 同比（%） | 12.16 | 14.40 | 21.78 | 12.09 | 5.57 | | EPS-最新摊薄（元/股） | 1.69 | 1.93 | 2.35 | 2.63 | 2.78 | | P/E（现价&最新摊薄） | 43.19 | 37.76 ...

东吴证券发布研报称，根据IDC数据，2025Q1全球服务器销售额达到952亿美元，同比+134.1%，预计 2025年全球服务器市场规模将达3660亿美元，同比+44.6%。算力缺口带动PCB行业需求上行，根据 Prismark数据，2024年全球PCB市场规模为735.65亿元，同比+5.8%，预计2025年市场规模增长至785.62 亿元，同比+6.8%，增速进一步提高。 建议关注PCB生产核心钻孔、曝光、电镀环节：其中钻孔环节建议关注设备端大族数控（301200） (301200.SZ)(机械钻孔+激光钻孔均有布局)以及耗材端鼎泰高科（301377）(301377.SZ)、中钨高新 （000657）(000657.SZ)，曝光建议关注芯碁微装、天准科技，电镀环节建议关注东威科技，锡膏印刷 环节建议关注凯格精机（301338）。 东吴证券主要观点如下： 算力需求上行，带动PCB产业资本开支上行 根据IDC数据，2025Q1全球服务器销售额达到952亿美元，同比+134.1%，预计2025年全球服务器市场 规模将达3660亿美元，同比+44.6%。算力缺口带动PCB行业需求上行，根据Prismark数据，2 ...

Investment Rating - The report maintains an "Overweight" rating for the PCB equipment industry [1] Core Insights - The demand for computing power is increasing, driving capital expenditure in the PCB industry. According to IDC, global server sales are expected to reach $95.2 billion in Q1 2025, a year-on-year increase of 134.1%. The global server market is projected to grow to $366 billion in 2025, up 44.6% year-on-year. This demand is expected to boost the PCB market, which is forecasted to reach 73.565 billion yuan in 2024, a 5.8% increase, and 78.562 billion yuan in 2025, a 6.8% increase [1][2] - The core processes in PCB production include drilling, exposure, and testing, which are critical for high-end board processing. The value of drilling equipment accounts for approximately 20% of the entire industry chain, while exposure and testing equipment account for 17% and 15%, respectively. The increasing demand for multilayer boards and HDI boards is driving the need for high-precision drilling and exposure technologies [2][3] - The emergence of CoWoP technology simplifies the packaging process by allowing chips to be directly packaged onto PCB boards, requiring high-density wiring and precision. This shift towards high-density and high-precision PCBs will increase the value of related equipment in drilling, exposure, and plating processes [3] Summary by Sections - **Market Demand**: The PCB market is expected to grow significantly due to the rising demand for servers, with a notable increase in the production value of server/storage applications [1][2] - **Production Processes**: Key production processes such as drilling, exposure, and testing are becoming more complex, necessitating advancements in equipment and technology [2] - **Investment Recommendations**: The report suggests focusing on companies involved in core PCB production processes, particularly in drilling (e.g., Dazhu CNC), exposure (e.g., Chipbond), and plating (e.g., Dongwei Technology) [4]