拓荆科技(688072.SH)/电子 证券研究报告/公司点评 2024 年 9 月 10 日 [Table_Title] 评级：买入（维持） 市场价格：120.5 元/股 [Table_Industry] 分析师：王芳 执业证书编号：S0740521120002 Email：wangfang02@zts.com.cn 分析师：杨旭 执业证书编号：S0740521120001 Email：yangxu01@zts.com.cn 分析师：游凡 执业证书编号：S0740522120002 Email：youfan@zts.com.cn | --- | --- | |---------------------------|--------| | | | | [Table_Profit] 基本状况 | | | 总股本 ( 百万股 ) | 278 | | 流通股本 ( 百万股 ) | 154 | | 市价 ( 元 ) | 120.50 | | 市值 ( 百万元 ) | 33,538 | | 流通市值 ( 百万元 ) | 18,538 | [Table_QuotePic] 股价与行业-市场走势对比 拓荆科技 沪深300 - ...

招商证券股份有限公司 关于拓荆科技股份有限公司 2024 年半年度持续督导跟踪报告 拓荆科技股份有限公司（以下简称"拓荆科技"或"公司"）于 2022 年 4 月 20 日在上海证券交易所科创板上市。招商证券股份有限公司（以下简称"招商证 券"或"保荐机构"）作为拓荆科技持续督导工作的保荐机构，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》《科创板首次 公开发行股票注册管理办法（试行）》等相关规定，负责拓荆科技上市后的持续 督导工作，持续督导期为 2022 年 4 月 20 日至 2025 年 12 月 31 日。 2024 年上半年度，招商证券对拓荆科技的持续督导工作情况总结如下： | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并针对具 体的持续督导工作制定相应的工作计划。 | 保荐机构已建立健全并有效执 | | | | 行了持续督导制度，并制定了 | | | | 相应的工作计划。 | | 2 | 根据中国证监会相关规定，在持续督导工作开始 | 保荐机构已与拓荆科技签订 | | | 前，与上市 ...

证 券 2024 年 09 月 05 日 研 报 告 公 司 研 究 -40 -30 -20 -10 0 10 20 (%) 拓荆科技 沪深300 投资要点 ▌ 营收稳健增长，全年在手订单充足 市场表现 ▌ 不断拓展 PECVD 产品矩阵，客户验证持续推进 | --- | --- | |-----------------------|---------------| | | | | 基本数据 | 2024-09-05 | | 当前股价（元） | 124.55 | | 总市值（亿元） | 347 | | 总股本（百万股） | 278 | | 流通股本（百万股） | 154 | | 52 周价格范围（元） | 111.92-368.13 | | 日均成交额（百万元） | 386.3 | 究 上半年营收稳健增长，强研发拓品打造新增长极 —拓荆科技（688072.SH）公司事件点评报告 买入(首次) 事件 拓荆科技发布 2024 年半年度业绩报告：2024 年上半年公司 实现营业收入 12.67 亿元，同比增长 26.22%；实现归属于上 市公司股东净利润 1.29 亿元，同比增长 3.64%；实现归属于 上市公司股 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][4]. Core Insights - The company achieved significant revenue growth in Q2 2024, with a revenue of 795 million yuan, representing a year-on-year increase of 32.22% and a quarter-on-quarter increase of 68.53% [3]. - The company continues to expand its product offerings, which opens up long-term growth potential [3]. - The gross margin has faced some pressure, with a gross margin of 47.05% in H1 2024, down 2.38 percentage points year-on-year [3]. Financial Performance Summary - In H1 2024, the company reported a total revenue of 1.267 billion yuan, a year-on-year increase of 26.22%, and a net profit attributable to shareholders of 129 million yuan, up 3.64% year-on-year [3]. - The company’s net profit margin for H1 2024 was 9.66%, down 2.84 percentage points year-on-year [3]. - The company’s R&D expenses increased by 49.61% year-on-year to 314 million yuan in H1 2024, indicating a strong commitment to innovation [3]. Product Development Summary - The company has successfully validated its first PECVD equipment and continues to receive orders for new equipment platforms and reaction chambers [3]. - The company’s ALD products have also seen successful customer validation and repeat orders [3]. - The introduction of high aspect ratio trench filling CVD products has led to multiple customer orders and successful validations [3].

证券研究报告 非金融公司|公司点评|拓荆科技（688072） 2024 年半年报点评： Q2 业绩高增长，新品进展顺利 glzqdatemark1 证券研究报告 |报告要点 公司发布 2024 年半年度业绩公告，上半年公司实现营业收入 12.67 亿元，同比增长 26.22%； 归母净利润 1.29 亿元，同比增长 3.64%；基本每股收益 0.46 元/股。 |分析师及联系人 熊军 王海 SAC：S0590522040001 SAC：S0590524070004 拓荆科技(688072) 2024 年半年报点评： Q2 业绩高增长，新品进展顺利 | --- | --- | |-------------------------|---------------| | 行 业： | 电子/半导体 | | 投资评级： | 买入（维持） | | 当前价格： | 123.00 元 | | 基本数据 | | | 总股本/流通股本(百万股) | 278.32/153.84 | | 流通 A 股市值(百万元) | 18,922.36 | | 每股净资产(元) | 16.39 | | 资产负债率(%) | 63.51 | | ...

2024 年 08 月 28 日 拓荆科技(688072.SH) 公司快报 足 事件： 1. 公司发布 2024 半年度报告，2024H1 实现营收 12.67 亿元，同比 增加 26.22%；实现归母净利润 1.29 亿元，同比增加 3.64%；实现 扣非归母净利润 0.20 亿元，同比减少 69.38%。 24Q2 营收环比大幅提高： 2024 年上半年，公司实现营业收入 12.67 元，同比增长 26.22%；实 现净利润 1.29 亿元，同比增长 3.64%；公司收入保持稳健增长，净 利润同比增速低于收入同比增速，主要因为：1）持续进行高强度研 发投入，并持续进行设备平台及反应腔的优化升级，研发费用达 3.14 亿元，同比增长 49.61%；2）为支持业务规模的高速增长及快速响应 客户需求，销售人员薪酬等费用有所增加，销售费用达 1.6 亿元，同 比增长 39.24%。从 24Q2 单季度来看，公司业绩改善显著，24Q2 营收 7.95 亿元，同比增加 32.22%，环比增加 68.53%；归母净利润 1.19 亿 元，同比增加 67.43%，环比增加 1032.79%。 合同负债环比大幅提高，在手订 ...

证券研究报告·公司点评报告·半导体 拓荆科技（688072） 2024 年半年报点评：Q2 业绩高增，平台化延 展打开成长空间 2024 年 08 月 29 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|--------|--------|--------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 1706 | 2705 | 3939 | 5112 | 6125 | | 同比（%） | 125.02 | 58.60 | 45.62 | 29.79 | 19.80 | | 归母净利润（百万元） | 368.47 | 662.58 | 827.75 | 1,181.16 | 1,410.65 | | 同比（%） | 438.02 | 79.82 | 24.93 | 42.69 | 19.43 | | EPS-最新摊薄（元/股） | 1.32 | 2 ...

——拓荆科技半年度业绩点评 | --- | |------------------------| | 文越(分析师) | | 021-38038032 | | wenyue029694@gtjas.com | | S0880524050001 | 本报告导读： 公司发布半年度业绩报告，受下游积极扩产，公司产品导入顺利，订单高速增长。 跟随成熟及先进制程扩产，公司长期发展可期。 投资要点： 股票研究 /[Table_Date] 2024.08.28 | --- | --- | --- | |-----------------------------|-----------|--------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 175.80 | | | 上次预测: | 205.84 | | [当前价格： Table_CurPrice] | | 123.00 | [Table_Market] 交易数据 | --- | --- | |--------------------------|--------- ...

Investment Rating - The report maintains a "Recommend" rating for Tuojing Technology (688072 SH) [2] Core Views - Tuojing Technology's Q2 2024 performance showed strong recovery with significant growth in orders and shipments [2] - The company's CVD product line is becoming more comprehensive with continuous improvement in process coverage [2] - Tuojing Technology is expected to achieve revenue of 4 056 5 689 and 7 320 billion yuan in 2024 2025 and 2026 respectively with corresponding net profits of 745 1 213 and 1 715 billion yuan [2] Financial Performance - In Q2 2024 Tuojing Technology achieved revenue of 7 95 billion yuan a YoY increase of 32 22% and a QoQ increase of 68 53% [2] - The company's net profit attributable to the parent company in Q2 2024 was 0 64 billion yuan a YoY increase of 40 90% [2] - As of Q2 2024 the company's contract liabilities reached 6 52 billion yuan indicating a significant increase in orders on hand [2] Product Line Development - The company has a complete product line in the field of thin film equipment including PECVD ALD SACVD and HDPCVD [2] - In PECVD the company covers advanced dielectric film materials such as ACHM LoKⅠ and LoKⅡ and has introduced new processes for wafer backside film deposition and SiC [2] - In ALD the company's first PE ALD SiN equipment has passed verification and received repeat orders [2] - In HDPCVD the company has received repeat orders with cumulative shipments exceeding 70 reaction chambers as of the mid year report [2] Future Outlook - The company is expected to ship over 1 000 reaction chambers in 2024 laying the foundation for sustained high revenue growth [2] - Tuojing Technology is projected to maintain its leading position in the semiconductor thin film equipment field with a PE ratio of 46 28 and 20 times for 2024 2025 and 2026 respectively [2] Financial Forecast - The company's revenue is expected to grow at rates of 49 9% 40 3% and 28 7% in 2024 2025 and 2026 respectively [4] - Net profit attributable to the parent company is forecasted to grow by 12 5% 62 7% and 41 5% in 2024 2025 and 2026 respectively [4] - The company's EPS is projected to be 2 68 4 36 and 6 16 yuan in 2024 2025 and 2026 respectively [4]

Financial Performance - The company reported a significant increase in revenue for the first half of 2024, reaching RMB 500 million, representing a 25% growth compared to the same period last year[1]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion in the first half of 2024, representing a 15% year-over-year growth[12]. - The company achieved operating revenue of CNY 1,266,890,685.67 in the first half of 2024, representing a year-on-year increase of 26.22%[16]. - The net profit attributable to shareholders was CNY 12,909,400, reflecting a growth of 3.64% compared to the same period last year[18]. - The gross margin for the first half of 2024 improved to 45%, up from 40% in the same period last year[12]. - The second quarter of 2024 saw a net profit of CNY 11,862,230, a year-on-year increase of 67.43%[19]. - The company’s total assets increased by 25.11% year-on-year, reaching CNY 12,473,072,407.66[16]. - The company reported a significant increase in shipment value, reaching CNY 3.249 billion, which is a 146.50% year-on-year growth[18]. User Growth and Market Expansion - User data showed a 30% increase in active users, with the total number reaching 1.2 million by the end of June 2024[1]. - User data indicates that the number of active users has reached 500,000, up from 400,000 in the previous period, marking a 25% increase[12]. - The company is expanding its market presence in Southeast Asia, targeting a 15% market share by the end of 2025[1]. - The company is expanding its market presence in Asia, targeting a 20% increase in market share by the end of 2024[12]. Research and Development - Research and development expenses increased by 10% to RMB 50 million, reflecting the company's commitment to innovation and technology advancement[1]. - The company is investing 200 million in R&D for advanced packaging technologies, aiming to lead in the 3D packaging market[12]. - Research and development expenses amounted to CNY 314,313,400, marking a 49.61% increase year-on-year, representing 24.81% of operating revenue[18][17]. - The company has achieved industrial application for its PECVD and ALD series products, with ongoing expansion in process applications[62]. - The company has applied for a total of 1,279 patents, with 402 patents granted, including 74 new applications and 45 new grants during the reporting period[58][59]. Product Development and Innovation - New product launches are expected to contribute an additional RMB 100 million in revenue, with a focus on advanced semiconductor equipment[1]. - New product development includes the launch of the NF-300H platform, which can process up to 18 wafers simultaneously, enhancing production efficiency[11]. - The company has successfully launched a series of hybrid bonding equipment for wafer-level 3D integration, which can achieve interconnect spacing of less than 1μm, enhancing chip communication speed[28]. - The company has developed a smart hardware and software system (Smart Machine) to improve equipment installation and debugging efficiency, further enhancing product competitiveness[29]. - The company’s PECVD series products are core to chip manufacturing, utilizing RF electromagnetic waves to create low-temperature plasma for solid film formation on silicon wafers[30]. Financial Guidance and Future Outlook - The company provided a positive outlook for the second half of 2024, projecting a revenue growth of 20% to 30% based on current market trends and demand[1]. - The company has provided guidance for the next quarter, expecting revenue to grow by 10% to 1.32 billion[12]. Cost Management and Operational Efficiency - The company has successfully implemented cost control measures, resulting in a 5% reduction in operational expenses[1]. - The company’s cash flow from operating activities in Q2 2024 improved significantly to CNY -17,846,170, compared to CNY -72,135,080 in Q1 2024[20]. - The company’s average uptime of the company's equipment exceeded 90%, matching international standards for similar devices[72]. Corporate Governance and Risk Management - The management highlighted the importance of maintaining strong corporate governance and risk management practices to mitigate potential challenges[1]. - No significant risks were identified that could impact the company's operations during the reporting period[1]. - The company is closely monitoring industry dynamics and macroeconomic conditions to mitigate potential adverse impacts on operations[102]. Environmental and Sustainability Efforts - The company has implemented comprehensive environmental management systems and has obtained ISO14001 certification, ensuring compliance with national environmental regulations[131]. - The company reduced carbon emissions by 456.69 tons through the purchase of wind power, contributing to environmental protection and sustainability efforts[133]. - The company actively participates in national "carbon peak" and "carbon neutrality" strategies, integrating environmental considerations into its operational strategies[132]. Shareholder Commitments and IPO Regulations - The company commits to not transferring or managing its shares for 36 months post-IPO, ensuring stability in shareholding[140]. - Major shareholders, including the National Integrated Circuit Fund, have pledged to adhere to lock-up periods and not reduce their holdings during this time[146]. - The company will notify and announce any intended share reductions after the lock-up period, ensuring transparency in the process[147]. Related Transactions and Guarantees - The total amount of guarantees provided by the company to its wholly-owned subsidiaries is RMB 135,354.94 million, which accounts for 29.48% of the company's net assets[188]. - The company has committed to fair market pricing in all related transactions, ensuring no preferential treatment is given[176]. - The company has completed its share repurchase program as of the end of the reporting period, fulfilling its commitment to support the buyback[177].