Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][6] Core Insights - The company has abundant orders on hand, with a significant increase in revenue and net profit in both the 2023 annual report and the 2024 Q1 report. The revenue for Q1 2024 reached 1.964 billion yuan, a year-on-year increase of 89.06%, while the net profit attributable to shareholders was 333 million yuan, up 50.44% year-on-year [2][3] - The company has achieved substantial growth in its photovoltaic equipment, lithium battery equipment, and semiconductor businesses, with new orders signed amounting to 13.094 billion yuan in 2023, reflecting a year-on-year growth of 77.57% [3][4] - The company is advancing its product development in the photovoltaic sector, particularly with the 0BB technology, and has secured significant orders from leading clients [4][6] Financial Performance Summary - For 2023, the company reported total revenue of 6.302 billion yuan, a year-on-year increase of 78.05%, and a net profit of 1.256 billion yuan, up 76.10% year-on-year [2][5] - The company expects to achieve revenues of 9.503 billion yuan, 12.516 billion yuan, and 14.626 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.835 billion yuan, 2.408 billion yuan, and 2.913 billion yuan [4][5] - The company's gross margin for 2023 was 36.55%, with a slight decrease compared to the previous year, while the net profit margin was 19.93% [3][4] Market Position and Strategy - The company is strategically positioned in the photovoltaic, lithium battery, and semiconductor sectors, with a focus on technological advancements and market expansion [4][6] - The company has a strong order backlog, with total orders on hand amounting to 13.204 billion yuan as of December 31, 2023, reflecting a year-on-year increase of 80.33% [3][4] - The company is expected to maintain a solid position in the string welding machine market and continue to push forward with new product developments [4][6]

奥特维（688516） 公司研究/公司点评 Q 1 业绩符合预期，订单持续增长，平台化持续推进 投资评级：买 入（维持） 主要观点： 报告日期： 2024-4-24  事件概况 收盘价（元） 102.31 奥特维于 2024 年 4 月 22 日发布 2024 年第一季度报告：2024 年一 近12个月最高/最低（元）1 35.87/68.38 季度实现营业收入为19.64亿元，同比增长89.06%，主要原因是公司产 总股本（百万股） 224.09 品技术优势进一步体现，客户加大了对公司产品的采购量，从而使公司 流通股本（百万股） 206.81 销售收入持续稳定增长；归母净利润为3.33亿元，同比增长50.44%。 流通股比例（%） 92.29%  订单保持充沛，保障高速增长 总市值（亿元） 229.27 2024 年第一季度，公司签署销售订单 34.45 亿元，2023 年同期为 流通市值（亿元） 211.59 26.20 亿元，同比增长 31.50%；截止 2024 年 3 月 31 日，公司在手订单 公司价格与 沪深300走势比较 143.51亿元，2023年同期为87.45亿元，同比增长64.11 ...

[Table_Page] 季报点评|专用设备 证券研究报告 [奥Table_特Title] 维（688516.SH） [公Tab司le_I评nves级t] 买入 当前价格 102.31元 业绩符合预期，设备订单依然高增 合理价值 168.79元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-23 ⚫ 业绩持续高增。公司于 4 月 22 日发布一季报，24Q1 公司实现营收 [相Tab对le_P市icQ场uote表] 现 19.64 亿元，同比+89.06%，归母净利润 3.33 亿元，同比+50.44%， 扣非归母净利润 3.39 亿元，同比+61.25%；毛利率 34.52%，同比 30 % 16% -2.08pct，环比-1.68pct，净利率18.31%，同比-2.50pct，环比-0.99pct。 2% ⚫ 订单依然高增。24Q1 公司签署销售订单 34.45 亿元（含税），同比 04/23 06/23 08/23 10/23 12/23 02/24 04/24 -12% +31.50%；截止 2024年3月31日，公司在手订单143.51亿元（含 -2 ...

证券研究报告·公司点评报告·光伏设备 奥特维（688516） 2024 年一季报点评：业绩持续高增，平台化 2024年 04月 23日 布局下新签订单增长 30%+ 证券分析师 周尔双 买入（维持） 执业证书：S0600515110002 021-60199784 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E zhouersh@dwzq.com.cn 研究助理 李文意 营业总收入（百万元） 3,540 6,302 9,213 12,060 14,892 执业证书：S0600122080043 同比（%） 72.94 78.05 46.19 30.90 23.48 liwenyi@dwzq.com.cn 归母净利润（百万元） 713.11 1,255.82 1,837.73 2,350.23 2,989.43 同比（%） 92.36 76.10 46.34 27.89 27.20 股价走势 EPS-最新摊薄（元/股） 3.18 5.60 8.20 10.49 13.34 奥特维 沪深300 P/E（现价&最新摊薄） 32.15 18.26 12.4 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [6][7]. Core Insights - The company reported Q1 2024 revenue of 1.964 billion RMB, a year-on-year increase of 89.06%, and a net profit of 333 million RMB, up 50.44% year-on-year, aligning with expectations [2]. - The company has a strong order backlog of 14.351 billion RMB, reflecting a 64.11% year-on-year growth, with new orders in Q1 amounting to 3.445 billion RMB, a 31.5% increase year-on-year [2]. - R&D investment in Q1 2024 reached 86.3826 million RMB, a 35.53% increase year-on-year, focusing on advancing 0BB welding technology [2]. - The company has established strong partnerships in the semiconductor sector, which is expected to lead to a significant increase in orders [2]. Summary by Sections Financial Performance - Q1 2024 revenue: 1.964 billion RMB, up 89.06% YoY, down 4.8% QoQ [2]. - Q1 2024 net profit: 333 million RMB, up 50.44% YoY, down 17.7% QoQ [2]. - Gross margin for Q1 2024 was 34.52%, a decrease of 2.08 percentage points YoY [2]. Order and Market Position - The company has a current order backlog of 14.351 billion RMB, a 64.11% increase YoY [2]. - The company signed new orders worth 3.445 billion RMB in Q1 2024, a 31.5% increase YoY [2]. - The company holds over 70% market share in string welding equipment, positioning it well for the upcoming 0BB technology updates [2]. Research and Development - R&D expenditure in Q1 2024 was 86.3826 million RMB, a 35.53% increase YoY [2]. - The company has been developing 0BB welding technology since mid-2020 and launched a mass production welding process in March 2024 [2]. Profit Forecast and Valuation - The profit forecasts for 2024-2026 have been slightly adjusted to 1.75 billion RMB, 2.626 billion RMB, and 2.866 billion RMB respectively [2]. - Corresponding EPS for these years are projected at 7.79 RMB, 11.69 RMB, and 12.76 RMB, with current PE ratios of 13, 9, and 8 times [2].

证券代码：688516 证券简称：奥特维 公告编号：2024-047 转债代码：118042 转债简称：奥维转债 无锡奥特维科技股份有限公司 部分募投项目变更实施主体及实施地点的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整 性依法承担法律责任。 重要内容提示： 无锡奥特维科技股份有限公司（以下简称"公司"或"奥特维"） 拟以募集资金 5,000.00 万元向全资子公司普乐新能源（蚌埠）有限 公司（以下简称"普乐新能源"）提供借款，募集资金 3,000.00 万 向控股子公司无锡普乐新能源有限公司（以下简称"无锡普乐"）提 供借款，以实施向特定对象发行股票募集资金投资项目"高端智能装 备研发及产业化之半导体封装测试核心设备之 TOPCon 电池设备"。 上述借款将由公司根据项目实施进展情况分次汇给全资子公司普乐 新能源和控股子公司无锡普乐，由各子公司根据投资项目实际情况自 行管理、使用该笔借款，借款期限为自实际借款之日不超过 3 年，到 期前可提前偿还。 根据公司披露的《无锡奥特维科技股份有限公司 2021 年度向特 定对象发行 A 股 ...

平安证券股份有限公司 拟投入以下项目的建设： 单位：万元 关于无锡奥特维科技股份有限公司部分募投项目 变更实施主体和实施地点的核查意见 平安证券股份有限公司（以下简称平安证券或保荐机构）作为无锡奥特维科 技股份有限公司（以下简称奥特维、上市公司或公司）向不特定对象发行可转换 公司债券的保荐机构，履行持续督导职责，根据《证券发行上市保荐业务管理办 法》《上海证券交易所科创板股票上市规则》《上海证券交易所科创板上市公司 自律监管指引第1号——规范运作》等有关法律法规和规范性文件的要求，对无锡 奥特维科技股份有限公司部分募投项目变更实施主体及实施地点的事项进行了核 查，具体情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会"证监许可【2022】1250号"文《关于同意无锡 奥特维科技股份有限公司向特定对象发行股票注册的批复》的核准，并经上海证 券交易所同意，公司向特定投资者葛志勇发行人民币普通股（A股）7,704,608.00 股，每股面值1.00元，每股发行价格为68.79元。本次公开发行募集资金总额为人 民币53,000.00万元，扣除本次发行费用人民币552.83万元，募集资金净额为人民 币52,4 ...

Financial Performance - The company's operating revenue for Q1 2024 reached ¥1,964,338,188.57, representing an increase of 89.06% compared to the same period last year[4] - Net profit attributable to shareholders was ¥332,826,703.19, marking a 50.44% increase year-over-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥338,642,289.34, up 61.25% from the previous year[4] - The total revenue for Q1 2024 was approximately ¥1,964.34 million, a significant increase from ¥1,039.02 million in Q1 2023, representing an increase of 89%[18] - Net profit for Q1 2024 reached ¥359.66 million, compared to ¥216.25 million in Q1 2023, marking a growth of 66%[19] - The earnings per share (EPS) for Q1 2024 was ¥1.48, slightly up from ¥1.43 in Q1 2023[20] - The company reported a significant increase in commission income, which rose to ¥1,529.23 million from ¥822.54 million, an increase of 86%[18] - The company reported a gross profit margin of approximately 37% for Q1 2024, up from 40% in Q1 2023, reflecting increased costs[27] Research and Development - R&D investment totaled ¥86,382,559.67, reflecting a 35.53% increase compared to the same period last year[4] - The R&D expenditure as a percentage of operating revenue was 4.40%, down 1.73 percentage points from the previous year[5] - Research and development expenses increased to ¥37,963,184.93 in Q1 2024, up from ¥32,399,925.17 in Q1 2023, highlighting the company's commitment to innovation[27] Assets and Liabilities - Total assets at the end of the reporting period were ¥15,564,989,660.63, a slight decrease of 0.34% from the end of the previous year[5] - Shareholders' equity attributable to shareholders reached ¥4,016,209,541.61, representing a 9.61% increase compared to the end of the previous year[5] - The total liabilities amounted to ¥11,436.61 million, a decrease from ¥11,873.50 million in the previous year[17] - The company reported a total current liabilities of RMB 9.679 billion, compared to RMB 9.823 billion in the previous period[15] - The company’s non-current assets totaled RMB 2.020 billion, an increase from RMB 1.858 billion[15] - The total assets were reported at ¥15,564.99 million, slightly down from ¥15,617.49 million[17] - The company’s total assets as of March 31, 2024, were CNY 10,937,182,876.20, a slight decrease from CNY 11,031,532,661.13 at the end of 2023[24] - The total liabilities decreased to CNY 6,722,782,034.10 in Q1 2024 from CNY 7,148,436,500.68 in the previous year[25] Cash Flow - The cash flow from operating activities was negative at -¥204,158,511.97, indicating a significant cash outflow[4] - In Q1 2024, the company reported cash inflows from operating activities totaling CNY 1,460,880,265.62, compared to CNY 996,458,034.81 in Q1 2023, representing a year-over-year increase of approximately 46.5%[21] - The net cash flow from operating activities for Q1 2024 was negative CNY 204,158,511.97, a decline from a positive CNY 74,784,249.96 in Q1 2023[22] - The total cash and cash equivalents at the end of Q1 2024 stood at CNY 1,472,291,654.13, down from CNY 782,242,309.54 at the end of Q1 2023[23] - The company’s cash outflows from investing activities in Q1 2024 amounted to CNY 1,364,378,356.15, compared to CNY 2,069,288,521.82 in Q1 2023, indicating a reduction of approximately 34%[22] - The cash inflows from financing activities in Q1 2024 were CNY 186,713,546.00, significantly higher than CNY 70,172,382.00 in Q1 2023[22] - The company’s cash flow from investing activities showed a net outflow of CNY 5,681,567.61 in Q1 2024, contrasting with a net inflow of CNY 299,732,821.30 in Q1 2023[22] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[18] - The company aims to enhance its operational efficiency and reduce costs in the upcoming quarters to improve profitability[27]

| 证券代码：688516 | 证券简称：奥特维 | 公告编号：2024-046 | | --- | --- | --- | | 转债代码：118042 | 转债简称：奥维转债 | | 无锡奥特维科技股份有限公司 关于 2022 年限制性股票激励计划首次授予部分 第二个归属期归属结果暨股份上市公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 如有董事对临时公告内容的真实性、准确性和完整性无法保证或存在异议 的，公司应当在公告中作特别提示。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市 股数为 502,906 股。 本次股票上市流通总数为 502,906 股。 本次股票上市流通日期为 2024 年 4 月 24 日。 根据中国证券监督管理委员会、上海证券交易所、中国证券登记结算有限责 任公司上海分公司有关业务规则的规定，无锡奥特维科技股份有限公司（以下简 称"公司"）于近日收到中国证券登记结算有限责任公司上海分公司出具的《证券 变更登记证明》，公司已完成 2022 年限制性股票激励计划（以下简 ...

证券代码：688516 证券简称：奥特维 无锡奥特维科技股份有限公司 投资者关系活动记录表 投资者 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 关系活 □新闻发布会 □路演活动 □现场参观 √电话会议 动类别 参与单 富国基金、嘉实基金、南方基金、汇添富基金、鹏华基金、景顺长城基金、国泰基金、华泰柏 位名称 瑞基金、中欧基金、银河基金、摩根基金、睿远基金 时间 2024年4月15日 11:00-12:00 地点 公司会议室 上市公 司 董事会秘书周永秀女士、证券部李翠芬、陶敏燕、张秋仪、缪子健 接待人 员姓名 投资者关系活动主要内容 Q: 2024年公司如何看待单晶炉设备的订单竞争格局？ A: 2024年单晶炉的竞争将更加激烈。公司低氧单晶炉设备具备较高的性价比。根据公司 低氧单晶炉设备在客户端良好的量产数据表现，2024年公司将努力争取在单晶炉市场获得 良好的业绩。 Q: 公司的订单回款情况是否会受到组件厂商现金流吃紧的影响？ A: 目前公司的资金回款尚处于正常状态。公司核心产品串焊机的下游客户主要是组件厂 商。个别客户由于资金紧张，会延缓供应商的款项支付。公司2024年将会通过多渠道加强 ...