技术护城河：以创新驱动高端电镀设备国产化 持续的投入支撑着技术创新。2025年上半年，公司新增专利35项，研发人员占比超12%，近年来，年均 研发费用均超8000万元。 PCB业务订单为业绩反弹奠定基础 PCB业务作为公司的基本盘，正迎来新一轮高增长，高端化与全球化正成为业务的双轮驱动。 据公开信息，东威科技是目前国内唯一一家纯精密电镀设备及技术服务的科创板上市公司，也是江苏省 科创板第一家发行GDR并在瑞士交易所上市流通的公司。 作为国内稀缺的精密电镀设备龙头，东威科技凭借持续研发构筑了深厚的技术壁垒。公司的垂直连续电 镀设备（VCP）在国内市场占有率超50%，服务多数一线PCB厂商，是AI服务器、大数据中心、高端通 讯设备、云储存等领域发展关键的"幕后推手"。通过颠覆性创新，新一代PCB (VCP、水平三合一、 MSAP、二流体蚀刻线、TGV等)设备在各项关键指标上显著提升，为客户进行价值赋能。 经过几年技术沉淀及客户验证，公司成功将技术优势延伸至水平湿制程领域，水平镀三合一、DES线等 设备已在厚铜、细线路、高阶HDI板市场取得突破，精准匹配AI、智能汽车对高端PCB的结构性需求。 东莞子公司专注于IC ...

Core Viewpoint - Dongwei Technology (688700) has experienced a significant increase in orders due to the ongoing industry boom, with a notable rise in overseas revenue and a positive outlook for future growth in high-end PCB equipment demand [2][3][5]. Group 1: Company Performance - For the first half of 2025, Dongwei Technology reported a main revenue of 443 million yuan, a year-on-year increase of 13.07% [5]. - The net profit attributable to shareholders was 42.5 million yuan, down 23.66% year-on-year, while the net profit after deducting non-recurring gains and losses was 40.9 million yuan, a decrease of 16.65% [5]. - The second quarter of 2025 saw a single-quarter main revenue of 232 million yuan, up 19.14% year-on-year, with a net profit of 25.5 million yuan, an increase of 3.23% [5]. Group 2: Market Demand and Orders - The company has seen a significant increase in order volume, with overseas revenue rising from less than 10% in 2024 to over 20% currently, driven by the PCB investment boom in Southeast Asia [2][3]. - The average order confirmation cycle for PCB plating equipment is between 6 to 9 months, depending on order size [4]. Group 3: Product Development and Technology - Dongwei's three-in-one horizontal plating equipment has gained recognition and is being adopted by multiple clients, indicating a strong market demand for high-end PCB products [3][5]. - The company's dual-sided plating equipment can produce HVLP copper foil, with recent orders indicating expanding application areas [4][5]. Group 4: Financial Metrics and Forecasts - The company's gross profit margin stands at 32.49%, with a debt ratio of 42.24% [5]. - Recent institutional ratings show 2 buy ratings and 3 hold ratings, with an average target price of 45.00 yuan [6].

证券研究报告·公司点评报告·专用设备 东威科技（688700） 2025 年中报点评：Q2 业绩环比改善，有望充 分受益于高端 PCB 电镀设备需求增长 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） | 84.81 | 185.40 | 87.34 | ...

Core Viewpoint - The company, Dongwei Technology, is positioned as a leading player in the domestic electroplating equipment market, benefiting from the AI-driven expansion in the PCB industry and aiming for growth through innovative products and diversification into emerging sectors like lithium batteries and photovoltaics [1][2][4]. Group 1: Market Position and Growth Drivers - Dongwei Technology holds over 50% market share in the VCP segment, making it a key beneficiary of the AI PCB expansion wave [1][2]. - The company has seen a historical high in advance payments and contract liabilities amounting to 435 million yuan, with new order amounts increasing over 100% year-on-year for the first half of 2025 [2]. - The total investment in PCB expansion projects over the past three years reached 57.826 billion yuan, indicating strong industry growth and demand for electroplating equipment [2]. Group 2: Product Innovation and Technology - The company is introducing high-value electroplating equipment, including pulse electroplating and a three-in-one horizontal plating device, which are expected to enhance profitability and support domestic substitution [3]. - The pulse electroplating technology offers superior deep hole plating capabilities and surface uniformity, while the horizontal plating device is particularly advantageous for high-aspect-ratio through holes and micro-blind holes [3]. - The self-developed MVCP equipment is anticipated to benefit from innovations in PCB technology, particularly in CoWoP packaging [3]. Group 3: Diversification into Emerging Fields - In the lithium battery sector, the company is the only manufacturer capable of mass-producing water electroplating equipment, positioning itself to benefit from the commercialization of composite current collectors [4]. - The company has completed the production line for the third generation of silicon wafer vertical continuous electroplating (HJT), achieving a speed of 8000 wafers per hour, and is currently in trial production with partners [4]. - The company is actively exploring cost-reduction solutions in other technological paths such as TOPCon and BC in the photovoltaic sector [4]. Group 4: Financial Projections - Revenue projections for the company are 1.22 billion yuan, 1.775 billion yuan, and 2.163 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 62.64%, 45.50%, and 21.90% [5]. - Net profit forecasts are 171 million yuan, 268 million yuan, and 350 million yuan for the same years, with growth rates of 146.60%, 57.12%, and 30.25% respectively [5]. - The company is rated with a "buy" investment rating, reflecting its strong market position and potential for growth in both traditional and emerging sectors [5].

4月26日，东威科技发布2024年年报，公司全年实现营业总收入7.50亿元，同比下降17.51%；归属净利 润为0.69亿元，同比大幅下降54.25%；扣非净利润为6,145.94万元，同比下降54.59%。尽管公司在研发 创新、品牌建设和市场布局方面取得了一定进展，但新能源领域设备收入的下滑成为拖累业绩的主要因 素。 研发创新成果显著，但未能有效转化为业绩增长 东威科技在2024年持续加大研发投入，研发费用达到8,264.11万元，占营业收入的11.02%。公司新增专 利72项，其中发明专利24项，实用新型专利48项。此外，公司的"光伏电池表面金属化高效垂直连续镀 铜装备"项目成功立项为苏州重大科技成果转化"揭榜挂帅"攻关项目，获得政府支持资金1,000万元。广 德子公司的"印制电路板的电化学蚀刻装备及工艺研发"也获批安徽省科技创新攻坚计划项目立项，获得 省市支持经费1,200万元。 尽管研发投入和成果显著，但这些创新并未能有效转化为业绩增长。公司2024年的营收和利润均出现大 幅下滑，尤其是新能源设备收入同比下降，成为拖累整体业绩的主要因素。这表明公司在技术成果的产 业化方面仍存在一定瓶颈，未能及时将研发 ...