GLONGHUI July 26丨Dongwu Securities Research Report on the 25th pointed out that Dongwei Technology (688700.SH)'s 2023H1 performance was under pressure due to cost headway. In the future, it is expected that there will be a high increase in performance as the impact on revenue and expenses of composite copper foil equipment gradually weakens. Profitability remains stable, and we are optimistic about the scale effect of subsequent releases of composite copper foil equipment; contract liabilities & inventories have declined slightly, and net cash flow from operating activities has improved; composite copper foil equipment & photovoltaic copper plating equipment is expected to bring new growth points. As a leading equipment supplier, the company is expected to benefit from the industrialization of composite copper foil. Considering the progress of equipment acceptance, the company's net profit for 2023-2025 is expected to be 3.0 (original value 3.9, down 23%) /5.0 (original value 5.7, down 12%) /750 million yuan respectively. The current stock price corresponds to dynamic PE of 54/33/22 times, maintaining the “increase in holdings” rating.
研报掘金丨东吴证券：东威科技上半年业绩承压，看好后续复合铜箔设备放量的规模效应
Research Report Nuggets | Dongwu Securities: Dongwei Technology's performance in the first half of the year was under pressure, optimistic about the scale effect of the subsequent volume of composite copper foil equipment
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