【行业研究报告】东威科技-Initiation:Electroplating equipment leader steps up

CoreviewsCoreviewsLIUYiChiefThematicStrategistS1010520090002YUANJiancongChiefNEVAnalystS1010517080005WANGDanThematicStrategistS1010521110002WANGTaoThematicStrategistS1010521060002TIANPengThematicStrategistS1010521010003Thein-depthdevelopmentofapplicationscenarios,theshiftofthemid-to-high-endprintedcircuitboard(PCB)manufacturingbasesfromwesttoeast,alongsidetheupgradingofthePCBindustryandtherenewaloftraditionalelectroplatingequipment,arethetripledrivingforcestowarrantthemedium-andlong-termdemandforPCBelectroplatingequipment.Atpresent,thetechnicaladvantagesaccumulatedbylong-termR&DinvestmentsandflexibleproductionhavegiventheCompanyacorecompetitiveedgeinPCBelectroplatingequipment.Meanwhile,DongweiTechnologynaturallyventuredintonewenergyelectroplatingequipment,leveragingitsprofoundtechnologyreserves.Consideringthehightechnicalbarriersoflithiumelectroplatingequipment,theCompany,asthefirstmanufacturertomass-producehorizontalplatingequipment,willlaunchasecondgrowthcurvebasedonfirst-moveradvantagesasitgraduallyreleasestheproductioncapacityofprojectsfundedbyIPOproceeds.Takingintoaccountthehighearningsgrowthvisibility,theleadingpositioninelectroplatingequipment,strongfirst-moveradvantagesinlithiumelectroplatingplating,aswellastheoptionvalueinphotovoltaic(PV)equipment,weadopttheSOTPvaluationtoderiveatargetmarketcapofRmb15bnfor2022E,equivalenttoatargetpriceofRmb102.Weinitiatecoveragewitha“BUY”rating.▍Sectorleaderinelectroplatingequipment,venturedfromPCBtonewenergy.Sinceitsestablishment,DongweiTechnologyhasbeenengagedinelectroplatingequipment,withmorethanadecadeofexperienceintheR&D,design,productionandsalesofelectroplatingequipment.Ithasgrownintoafrontrunnerindomesticelectroplatingequipmentwithaleadingmarketshare.Atthispoint,theCompany'smainproductsincludeverticalcontinuouselectroplatingequipmentandhorizontalsurfacetreatmentequipmentforPCBelectroplating,gantryelectroplatingequipmentandhardwarecontinuouselectroplatingequipmentforspecialhardwaresurfacetreatment,etc.DongweiTechnologyboastsabroadcustomerbase,coveringmostofdomestictier-1PCBmanufacturers,andithassuccessfullyexportedproductstoJapan,SouthKorea,EuropeandSoutheastAsia,etc.Meanwhile,ithasnaturallyventuredintonewenergycoatingequipment,leveragingitsprofoundtechnologyreserves.Withthecommissioningoftheannualoutputof30roll-typehorizontalcoatingequipmentintheprojectsfundedbyIPOproceeds,theCompanyisontracktoventureintonewenergycoatingfromPCBcoppercoating.▍Tripledrivingforceswarrantthemedium-andlong-termdemandfor