Investment Rating - The investment rating for the company is "Buy" and it is maintained [8] Core Views - The company achieved a revenue of 2.705 billion yuan in 2023, representing a year-on-year growth of 58.60%. The net profit attributable to shareholders was 663 million yuan, up 79.82% year-on-year. The non-recurring net profit was 312 million yuan, an increase of 75.29% year-on-year. The gross margin was 51.01%, up 1.74 percentage points year-on-year, while the net profit margin was 24.50%, an increase of 2.89 percentage points year-on-year [5][6] - In Q1 2024, the company reported a revenue of 472 million yuan, a year-on-year increase of 17.25%. However, the net profit attributable to shareholders dropped to 10 million yuan, down 80.51% year-on-year, and the non-recurring net profit was -44 million yuan, a decline of 325.07% year-on-year [5][6] - The company expects to achieve record high shipments in 2024, with over 1,000 reaction chambers anticipated to be shipped, representing a growth rate exceeding 117% [6][7] - The company has expanded its film process coverage, launching new equipment platforms and reaction chambers that enhance performance metrics such as film uniformity and granularity [6][7] - The company is positioned to benefit significantly from domestic substitution trends, with projected net profits of 800 million yuan, 1.1 billion yuan, and 1.46 billion yuan for 2025, 2026, and 2027 respectively, corresponding to current price-to-earnings ratios of 43x, 31x, and 23x [7] Financial Summary - In 2023, the company reported total revenue of 2.705 billion yuan, with a gross profit of 1.38 billion yuan, resulting in a gross margin of 51% [13] - The projected revenues for the next few years are as follows: 3.818 billion yuan in 2024, 5.054 billion yuan in 2025, 6.516 billion yuan in 2026 [13] - The company’s net profit for 2023 was 664 million yuan, with projections of 796 million yuan in 2024, 1.097 billion yuan in 2025, and 1.455 billion yuan in 2026 [13]

Investment Rating - The report maintains an "Accumulate-A" rating for the company, indicating a positive outlook for the stock [1][2]. Core Views - The company has a robust order backlog and is experiencing significant revenue growth, with a focus on the successful industrialization of new equipment [1][4]. - The revenue for 2023 reached 2.705 billion yuan, a year-on-year increase of 58.6%, while the net profit was 663 million yuan, up 79.82% year-on-year [3][4]. - The company is actively expanding its product offerings and has successfully validated new products, which are expected to contribute to future revenue growth [4]. Summary by Relevant Sections Financial Performance - In Q1 2024, the company reported revenue of 472 million yuan, a year-on-year increase of 17.25%, but net profit decreased by 80.51% to 10 million yuan due to longer verification cycles for new products and increased R&D expenses [3][4]. - The company’s revenue from its core PECVD equipment reached 2.321 billion yuan, a year-on-year increase of 48.6% [4]. Order Backlog and Future Projections - The company has a strong order backlog of 6.423 billion yuan, an increase of 39.57% year-on-year, which supports future performance [4]. - EPS projections for 2024-2026 are 4.63, 6.14, and 7.91 yuan, respectively, with corresponding PE ratios of 37.9, 28.6, and 22.2 [2][4]. R&D and Product Development - R&D expenses in Q1 2024 were 153 million yuan, a 78% increase year-on-year, reflecting the company's commitment to innovation [2][4]. - The company has successfully validated new products in the wafer-level 3D integration field, achieving international leading performance and capacity metrics [4].

第二届监事会第五次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 拓荆科技股份有限公司（以下简称"公司"）第二届监事会第五次会议于 2024 年 5 月 9 日以书面传签的方式召开会议并作出本次监事会决议，本次会议 通知已于 2024 年 4 月 29 日以电子邮件发出，本次会议应参与表决监事 3 人，实 际参与表决监事 3 人。本次会议的召开和表决程序符合《中华人民共和国公司法》 等法律法规以及《拓荆科技股份有限公司章程》的有关规定，会议决议合法、有 效。根据投票表决结果，会议通过了全部议案，决议如下： 一、审议通过《关于公司与关联人共同投资的偶发性关联交易的议案》 监事会认为：公司的全资子公司上海岩泉科技有限公司拟以人民币1,500.00 万元认购沈阳新松半导体设备有限公司新增注册资本人民币300.00万元，获得本 次增资后沈阳新松半导体设备有限公司1.0714%的股权，符合公司长期发展战略， 不会对公司现金流及经营业绩产生重大不利影响，本次对外投资暨关联交易的审 议及决策程序合法 ...

招商证券股份有限公司 关于拓荆科技股份有限公司 对外投资暨关联交易的核查意见 招商证券股份有限公司（以下简称"招商证券"或"保荐机构"）作为拓 荆科技股份有限公司（以下简称"拓荆科技"或"公司"）首次公开发行股票 并上市持续督导阶段的保荐机构，根据《中华人民共和国公司法》《中华人民 共和国证券法》《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》等有关规定，对拓荆科技本次对外投资暨关联交易事项进行了 核查，核查情况及意见如下： 一、对外投资暨关联交易概述 根据公司发展战略规划，为进一步增强上游供应链的稳定性及产业协同性， 公司的全资子公司上海岩泉科技有限公司（以下简称"岩泉科技"）拟以人民 币 1,500.00 万元认缴沈阳新松半导体设备有限公司（以下简称"新松半导体"） 新增注册资本人民币 300.00 万元，获得本次增资后新松半导体 1.0714%的股权。 本次投资涉及与关联方中微半导体（上海）有限公司（以下简称"中微上 海"）共同投资，构成关联交易。中微上海为公司持股 5%以上股东中微半导体 设备（上海）股份有限公司（以下简称"中微公司"）的全资子公司，公司董 事尹志尧（GERALD ...

证券代码：688072 证券简称：拓荆科技 公告编号：2024-034 拓荆科技股份有限公司 关于对外投资暨关联交易的公告 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： 投资标的名称：沈阳新松半导体设备有限公司（以下简称"新松半导 体"）。 本次对外投资概述：拓荆科技股份有限公司（以下简称"公司"）的全 资子公司上海岩泉科技有限公司（以下简称"岩泉科技"）拟以人民币 1,500.00 万元认购新松半导体新增注册资本人民币 300.00 万元，获得本次增资 后新松半导体 1.0714%的股权。 本次对外投资涉及与关联方中微半导体（上海）有限公司（以下简称 "中微上海"）共同投资，构成关联交易，但不构成《上市公司重大资产重组 管理办法》规定的重大资产重组。 本次交易实施不存在重大法律障碍。 本次交易事项已经公司第二届董事会第五次会议及第二届监事会第五次 会议审议通过，关联董事尹志尧先生已回避表决，本交易事项无需提交公司股 东大会审议。 相关风险提示：未来可能面临宏观经济环境、行业发展情况、市场需求 变化、企业 ...

证券代码：688072 证券简称：拓荆科技 公告编号：2024-033 拓荆科技股份有限公司 关于参加科创板2023 年度集体业绩说明会 一、 说明会类型 本次投资者说明会以视频和网络互动形式召开，公司将针对 2023 年的经营成 果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内 就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、方式 会议线上交流时间：2024 年 5 月 15 日(星期三) 下午 15:00-17:30 会议召开方式：视频和线上文字互动 召开平台：上海证券交易所上证路演中心（http://roadshow.sseinfo.com/） （一）会议线上交流时间：2024 年 5 月 15 日(星期三) 下午 15:00-17:30 （二）会议召开方式：视频和线上文字互动 第三期"提质增效重回报"专场的公告 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、准确性和完整性承担法律责任。 重要内容提示： 投资者可于 2024 年 5 月 14 日(星期二)16:00 前通过邮件、电话、传真等形 式将需要了解和关注的 ...

Investment Rating - The investment rating for the company is "Buy" [1][4][11] Core Views - The company has a full order book with expected shipments to exceed 1,000 reaction chambers in 2024, marking a historical high [1] - In Q1 2024, the company reported revenue of 472 million yuan, a year-on-year increase of 17.3%, but a quarter-on-quarter decrease of 52.9%, with net profit declining significantly due to delayed revenue recognition and increased expenses [1] - The company achieved revenue of 2.705 billion yuan in 2023, a year-on-year increase of 58.6%, driven by high R&D investment and significant technological breakthroughs [1][2] - The company has over 6.4 billion yuan in orders on hand, indicating strong demand and growth potential [1] - The domestic semiconductor manufacturing expansion is expected to sustain rapid growth for the company, supported by government incentives and policies promoting chip localization [1] Financial Summary - Revenue projections for 2024-2026 are 4.197 billion yuan, 5.457 billion yuan, and 6.876 billion yuan, respectively, with corresponding net profit estimates of 863 million yuan, 1.194 billion yuan, and 1.573 billion yuan [2][9] - The company’s net profit margin is projected to improve, with an EBIT margin increasing from 11.7% in 2023 to 16.1% in 2024 [2][9] - The company’s price-to-earnings ratio (PE) is currently at 39.6 for 2024, indicating a favorable valuation compared to historical levels [2][9]

证券代码：688072 证券简称：拓荆科技 公告编号：2024-032 2024 年 3 月，公司通过上海证券交易所交易系统以集中竞价交易方式累计回 购公司股份 191,540 股，占公司目前总股本 188,188,255 股的比例为 0.1018%，最 高成交价为 190.10 元/股，最低成交价为 183.55 元/股，成交总金额为 35,881,770.11 元（不含交易佣金等交易费用）。 关于以集中竞价交易方式回购公司股份的进展公告 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、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/3/2，由公司董事长吕光泉先生提议 | | --- | --- | | 回购方案实施期限 | 2024/3/18~2025/3/17 | | 预计回购金额 | 120,000,000.00 元~197,300,000.00 元 | | 回购用途 | 用于员工持股计划或股权激励 | | 累计已回购股数 | 股 352,940 | | 累计已回购股数占总股本比例 | 0.1875% | | 累 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Views - The company has shown significant revenue growth in 2023, with a year-on-year increase of 58.6%, reaching 2.705 billion yuan, and a net profit growth of 79.82%, amounting to 663 million yuan [4]. - The first quarter of 2024 saw a revenue of 472 million yuan, representing a year-on-year increase of 17.25%, although it experienced a quarter-on-quarter decline of 52.94% [4]. - The company is expected to benefit from a recovery in the industry cycle, with a substantial order backlog of 6.423 billion yuan at the end of 2023, which is a 39.57% increase year-on-year [6]. Financial Performance Summary - In 2023, the company's thin film deposition equipment revenue was 2.57 billion yuan, up 52.51% year-on-year, with a gross margin of 50.76% [5]. - The company has made significant advancements in new processes and product development, leading to a successful validation of its first wafer-to-wafer bonding product and subsequent repeat orders [5]. - The company expects to ship over 1,000 reaction chambers in 2024, which would set a new historical high [5]. Future Earnings Forecast - The earnings forecast for 2024-2026 has been revised upwards, with expected net profits of 822 million yuan, 1.126 billion yuan, and 1.416 billion yuan respectively [4]. - The projected earnings per share (EPS) for the same period are 4.37 yuan, 5.98 yuan, and 7.52 yuan respectively [4]. - The current stock price corresponds to price-to-earnings (PE) ratios of 41.8, 30.5, and 24.3 for 2024, 2025, and 2026 respectively [4].

[Table_Main] 证券研究报告 | 公司点评 拓荆科技(688072.SH) 2024年05月05日 拓荆科技(688072.SH)：在手订 买入（维持） 所属行业：电子/半导体 单充沛，24 年出货量创新高 当前价格(元)：181.67 证券分析师 投资要点 陈蓉芳 资格编号：S0120522060001 事件：4月30日，拓荆科技发布2023年年报和2024年一季度报告。2023年公  邮箱：chenrf＠tebon.com.cn 司实现营收 27.05 亿元，同比增长 58.60%；归母净利润 6.63 亿元，同比增长 陈瑜熙 79.82%；扣非归母净利润 3.12 亿元，同比增长 75.29%。2024 年第一季度公司 资格编号：S0120524010003 实现营收 4.72 亿元，同比增长 17.25%；归母净利润为 0.10 亿元，同比下滑 邮箱：chenyx5＠tebon.com.cn 80.51%；扣非归母净利润为-0.44亿元，同比下滑325.07%。 市场表现 产品结构变动及相关费用增长，公司业绩短期承压。2023年公司营收快速增长， 拓荆科技 沪深300  其中薄膜沉积设备 ...