Core Viewpoint - Dongwei Technology (688700) is experiencing significant growth in core equipment order revenue due to rapid developments in AI servers, data centers, high-end communication equipment, and cloud storage, leading to increased market attention as the company approaches a performance inflection point [2] Group 1: Company Overview - Dongwei Technology is the only pure precision electroplating equipment and technology service company listed on the Sci-Tech Innovation Board in China, and it is the first company in Jiangsu Province to issue GDRs and list on the Swiss Exchange [3] - The company has established a strong technological moat through continuous R&D, with its vertical continuous electroplating (VCP) equipment holding over 50% market share in China [3] - Dongwei Technology has successfully extended its technological advantages into the horizontal wet process field, achieving breakthroughs in high-end PCB markets [3][4] Group 2: Business Performance - The PCB business is experiencing a new round of high growth, driven by high-end and global market demands, with orders expected to exceed historical peaks in 2024 [5] - In the first half of 2025, the order amount for VCP equipment increased by over 100% year-on-year, contributing to a 49.93% quarter-on-quarter net profit growth in Q2 [5][6] - The company has secured significant orders from Taiwanese clients for pulse VCP equipment, indicating strong demand for AI server components [5][6] Group 3: Technological Innovations - Dongwei Technology is the only company globally to achieve large-scale production of composite copper foil electroplating equipment and is actively developing cutting-edge technologies in composite aluminum foil and photovoltaic copper electroplating [4] - The company has introduced innovative equipment such as the double-sided clamping horizontal film material electroplating equipment, which has received over 20 customer orders, marking a significant milestone in the new energy sector [8][9] Group 4: Market Expansion - The company is accelerating its globalization efforts, with overseas revenue increasing from less than 10% to over 20% in the first half of 2025, primarily from Southeast Asia and the EU [6][7] - The demand for high-end electronic materials is growing due to rapid developments in 5G, AI, and new energy sectors, providing new growth opportunities for the company [8]