平台化布局成效初显，打开第二成长曲线 公司公布25H1 业绩：收入33.79 亿元，同比-23.57%；归母净利3.08 亿元，同比-59.54%。业绩下滑主要 受光伏行业周期性调整，客户验收放缓影响。 其中Q2 收入18.45 亿元，同比-24.91%；归母净利1.66 亿元，同比/环比-61.08%/+17.80%，利润环比改 善。我们看好公司平台化布局下半导体与锂电业务的未来增长空间，维持"买入"评级。 光伏在手订单承压，海外占比持续提升 25H1 公司光伏设备收入26.65 亿元，同比-31.64%。截至25H1 期末，公司在手订单105.69 亿元，同 比-26.32%，主要系光伏行业产能出清导致订单有所下滑。公司积极开拓毛利率较高的海外市场，25H1 公司国内/海外市场毛利率25.11%/36.20%，其中海外市场收入7.92 亿元，同比+10.10%；海外收入占比 23.44%，同比+7.15pp。报告期内马来西亚基地已正式建成投产并实现设备出货，公司产品全球市场竞 争力有望持续提升。 25Q2 毛利率环比回升，经营性现金流大幅改善25H1 公司毛利率/净利率为27.71%/8.49%，同 比- ...

AOI、键合机等半导体设备布局加速 证券研究报告 奥特维 (688516 CH) 公司公布 25H1 业绩：收入 33.79 亿元，同比-23.57%；归母净利 3.08 亿元， 同比-59.54%。业绩下滑主要受光伏行业周期性调整，客户验收放缓影响。 其中 Q2 收入 18.45 亿元，同比-24.91%；归母净利 1.66 亿元，同比/环比 -61.08%/+17.80%，利润环比改善。我们看好公司平台化布局下半导体与锂 电业务的未来增长空间，维持"买入"评级。 光伏在手订单承压，海外占比持续提升 25H1 公司光伏设备收入 26.65 亿元，同比-31.64%。截至 25H1 期末，公 司在手订单 105.69 亿元，同比-26.32%，主要系光伏行业产能出清导致订 单有所下滑。公司积极开拓毛利率较高的海外市场，25H1 公司国内/海外市 场毛利率 25.11%/36.20%，其中海外市场收入 7.92 亿元，同比+10.10%； 海外收入占比 23.44%，同比+7.15pp。报告期内马来西亚基地已正式建成 投产并实现设备出货，公司产品全球市场竞争力有望持续提升。 25Q2 毛利率环比回升，经营性现金 ...

Core Viewpoint - The company reported a significant increase in revenue for 2024, but a decline in Q1 2025, indicating potential challenges ahead [1][2]. Revenue and Profit Summary - In 2024, the company achieved revenue of 9.2 billion, a year-on-year increase of 46%, with net profit attributable to shareholders at 1.27 billion, a slight increase of 1% [1][2]. - For Q1 2025, revenue dropped to 1.53 billion, a year-on-year decrease of 22%, and net profit fell to 140 million, down 58% year-on-year [1][2]. Order and Inventory Status - As of the end of 2024, the company had contract liabilities of 2.63 billion, a decrease of 33% year-on-year, and inventory of 5.34 billion, down 30% year-on-year [3]. - New orders signed in 2024 totaled 10.15 billion, a decline of 22% year-on-year, with a backlog of 11.83 billion, down 10% year-on-year [3]. Market and Product Development - The company is expanding its overseas presence, establishing a joint venture in Malaysia focused on automation equipment, expected to start production in 2025 [4]. - In the photovoltaic sector, the company holds over 70% global market share in module string welding machines and secured 1.3 billion in overseas orders for low-oxygen monocrystalline furnaces [4]. - In the lithium battery sector, the company received significant orders for module PACK lines, while in the semiconductor sector, new orders exceeded 100 million [4]. Future Outlook - Revenue projections for 2025-2027 are 8.35 billion, 7.95 billion, and 8.55 billion, with year-on-year growth rates of -9%, -5%, and +7% respectively [5]. - Net profit forecasts for the same period are 1.14 billion, 1.01 billion, and 1.13 billion, with year-on-year growth rates of -10%, -12%, and +12% respectively [5].