Kunshan Dongwei Technology (688700)2024-11-04 07:24Investment Rating - Maintain "Buy" rating [2][5] Core Views - PCB industry demand is recovering, with improved equipment orders [3] - Composite current collector industrialization is progressing, with potential for future growth [4] - Photovoltaic copper plating technology is advancing, expected to become a new profit growth point [4] Financial Performance - 2024 Q3 revenue: 188 million yuan, down 19.13% YoY and 3.67% QoQ [2] - 2024 Q3 net profit: 13 million yuan, down 72.85% YoY and 48.49% QoQ [2] - 2024-25 estimated net profit: 150 million yuan and 251 million yuan, with PE ratios of 56x and 33x respectively [5] Industry and Market Trends - PCB industry benefits from Southeast Asia investment wave, AI servers, and automotive electrification [3] - Composite aluminum foil has achieved vehicle application, with market orders converting [4] - Composite copper foil is advancing, with potential for mass production [4] Company Developments - Kunshan vacuum division factory completed and operational in early 2024 [3] - New energy equipment expansion project started construction in April 2024 [3] - Actively developing wide-width water electroplating equipment [4] Future Outlook - PCB industry bottoming out, VCP business improving [5] - New products expected to bring incremental growth [5] - Photovoltaic copper plating equipment in trial production, with potential for marketization [4]