Kunshan Dongwei Technology (688700)2024-11-25 09:52Group 1: PCB Equipment Orders - The company has seen a significant recovery in PCB orders in 2024, surpassing the peak levels of 2021, with a notable increase compared to 2023 [3] - Key factors for the order recovery include rising demand for high-end products like HDI and multilayer boards due to changes in end-user needs, new production bases established by downstream clients in Southeast Asia, and effective destocking in the 3C electronics sector [3] Group 2: Composite Fluid Equipment Outlook - The company remains optimistic about the future of composite copper foil technology, despite current orders not meeting expectations [3] - The development of composite fluid equipment has been ongoing since 2017, with significant technological advancements leading to the sale of various models, indicating a commitment to innovation [3] Group 3: Revenue Recognition Timeline - The revenue recognition for PCB equipment typically takes 6-9 months due to the manufacturing and installation cycles, which can vary by customer [4] - The company is actively working on glass substrate plating equipment, with orders already received, reflecting the growing demand in the global electronics industry [4] Group 4: Photovoltaic Copper Plating Equipment - The photovoltaic copper plating equipment has entered the trial production phase at customer sites, with technical indicators meeting standards and gaining customer approval [4] - There are ongoing negotiations with potential clients for both BC and HJT battery technologies, indicating a positive market response [4]