Financial Performance - In Q1 2025, the company achieved revenue of 709 million RMB, a significant increase of 50.22% year-on-year[3] - The company reported a net loss attributable to shareholders of 147 million RMB, a decline of 1,503.33% compared to the same period last year[5] - Total revenue for Q1 2025 reached ¥708.70 million, a significant increase of 50.2% compared to ¥471.79 million in Q1 2024[20] - The company reported a net loss of ¥151.71 million in Q1 2025, compared to a net profit of ¥7.78 million in Q1 2024[21] - Operating profit for Q1 2025 was negative at ¥147.99 million, a decline from a profit of ¥7.76 million in Q1 2024[21] Cash Flow and Liquidity - The net cash flow from operating activities turned positive, reaching 10.93 million RMB, a substantial increase of 73.23 million RMB compared to the same period last year[3] - In Q1 2025, the cash inflow from operating activities was CNY 1,615,701,584.48, a significant increase from CNY 525,573,830.71 in Q1 2024, representing a growth of approximately 206.5%[24] - The net cash flow from operating activities was CNY 10,925,081.84, recovering from a negative cash flow of CNY -721,350,817.72 in the same quarter last year[24] - The ending cash and cash equivalents balance was CNY 2,335,535,172.01, slightly down from CNY 2,343,575,535.81 at the end of Q1 2024[25] Research and Development - R&D investment for Q1 2025 was 159 million RMB, accounting for 22.38% of revenue, a decrease of 10.09 percentage points from the previous year[4] - The company is advancing R&D in high-capacity, high-performance film deposition equipment and new generation bonding products for 3D integration applications[4] - Research and development expenses for Q1 2025 were ¥145.96 million, a decrease of 4.1% from ¥153.21 million in Q1 2024[20] Assets and Liabilities - The total assets at the end of Q1 2025 were 16.21 billion RMB, reflecting a growth of 5.86% from the end of the previous year[5] - Total liabilities rose to ¥10.99 billion, compared to ¥10.02 billion in the previous period, indicating a 9.7% increase[17] - The company's cash and cash equivalents decreased to ¥747.27 million from ¥662.06 million, reflecting a decline of 12.9%[16] Shareholder Information - The company has a major shareholder, the National Integrated Circuit Industry Investment Fund, holding 19.67% of shares, totaling 55,026,693 shares[11] - The top ten shareholders include various investment funds, with the largest being the National Integrated Circuit Industry Investment Fund and the Shanghai Investment Management Company, which collectively hold significant stakes[12] - There are no significant changes in the shareholding structure of the top ten shareholders due to securities lending activities[14] Inventory and Receivables - The company’s pre-receivable payments reached 3.75 billion RMB, an increase of 25.79% from the end of 2024[8] - Accounts receivable rose to approximately ¥1.61 billion, up from ¥1.47 billion, reflecting an increase of about 8.5%[15] - Inventory levels increased to approximately ¥7.81 billion from ¥7.22 billion, indicating a growth of about 7.8%[15] Market and Growth - The company’s revenue growth was driven by increased demand from domestic wafer manufacturers for semiconductor equipment[8] - The company has a strong focus on expanding its market presence and developing new technologies, as indicated by its substantial investments in trading financial assets and inventory[15] Financial Activities - Cash outflow for purchasing goods and services was CNY 1,276,997,364.96, compared to CNY 986,016,674.63 in Q1 2024, indicating an increase of about 29.4%[24] - The net cash flow from investing activities was CNY -639,000,343.19, worsening from CNY -118,786,643.13 in Q1 2024[25] - Cash inflow from financing activities totaled CNY 210,612,583.02, down from CNY 588,272,369.27 in the previous year, a decline of approximately 64.2%[25] Other Financial Metrics - The weighted average return on net assets was -2.81%, a decrease of 3.04 percentage points year-on-year[5] - The company’s basic earnings per share for Q1 2025 were -¥0.53, compared to ¥0.04 in Q1 2024[21] - The company reported cash and cash equivalents of approximately ¥2.50 billion as of March 31, 2025, down from ¥3.00 billion on December 31, 2024, representing a decrease of about 16.7%[15]

Core Insights - The semiconductor materials ETF has shown a positive performance, with a recent increase of 0.21% in the index and notable gains in constituent stocks [2] - The ETF has achieved a significant annual net value increase of 29.99%, ranking in the top 11.23% among equity funds [3] - The top ten weighted stocks in the semiconductor materials index account for 60.82% of the total index weight, indicating concentrated performance among leading companies [4] Performance Metrics - The semiconductor materials ETF has seen a one-week cumulative increase of 0.74% and a year-to-date average daily trading volume of 15.98 million yuan [2] - The ETF's highest single-month return since inception was 20.35%, with an average monthly return of 10.90% and a historical one-year profit probability of 97.04% [3] - The electronic sector's holdings in public funds reached a historical high of 18.90% in Q1 2025, reflecting strong investor interest [3] Top Holdings - The top ten stocks in the semiconductor materials index include North Huachuang, Zhongwei Company, and Hushi Silicon Industry, with North Huachuang holding the highest weight at 16.44% [4][6] - The performance of these top stocks varies, with some experiencing slight increases while others, like Hushi Silicon Industry, have seen a decrease [6]

多种薄膜新工艺设备实现批量出货，关键材料持续突破。 公司拓展了芯片沟槽填充用Flowable CVD设 备，多台通过客户验证；基于新平台、新反应腔的PECVD Stack（ONO叠层）、ACHM等先进工艺设备 实现了大批量出货，通过客户验证；ALD SiCO、SiN、AlN等工艺设备实现大批量出货。目前公司推出 的PECVD、ALD、SACVD、HDPCVD及Flowable CVD薄膜设备可以支撑全部介质薄膜材料的约100多 种工艺应用。 点击招商研究小程序查看PDF报告原文 拓荆科技发布2024年报，24Q4利润快速释放，在手订单同比高增长。公司多种薄膜新工艺设备实现批 量出货，3D IC领域混合键合设备获得重复订单。 24Q4利润快速释放，在手订单同比高增长。 1）2024全年： 公司收入41亿元，同比+51.7%；归母净利 润6.88亿元，同比+3.86%；扣非净利润3.56亿元，同比+14.1%；截至2024年底，公司在手订单约94亿 元，同比+46.3%； 2）24Q4： 公司收入18.26亿元，同比+82%/环比+81%；毛利率39.3%，同 比-12.8pcts/环比持平，同比承压主要系新品或 ...

Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The company achieved a revenue of 4.103 billion yuan in 2024, representing a year-on-year growth of 51.70%, and a net profit of 688 million yuan, with a year-on-year increase of 3.86% [4][8] - The gross profit margin for 2024 was 41.69%, a decrease of 9.32 percentage points compared to the previous year, primarily due to high verification costs associated with new products and processes [8] - The company has a strong order backlog of approximately 9.4 billion yuan at the end of 2024, a 46.35% increase from the previous year, indicating a solid foundation for future performance growth [8] Financial Performance Summary - Revenue projections for 2025-2027 are 5.590 billion yuan, 6.996 billion yuan, and 8.602 billion yuan, with respective year-on-year growth rates of 36.2%, 25.1%, and 23.0% [6][12] - Net profit estimates for the same period are 1.075 billion yuan, 1.368 billion yuan, and 1.728 billion yuan, with growth rates of 56.3%, 27.2%, and 26.3% respectively [6][12] - The company’s gross margin is expected to recover to 46.4% in 2025 and stabilize around 46.9% by 2027 [13] Product and Market Insights - The company’s film deposition equipment revenue reached 3.863 billion yuan in 2024, growing by 50.29%, with the PECVD product line maintaining a competitive edge [8][11] - Advanced bonding equipment for 3D integration generated revenue of approximately 95.67 million yuan, marking a 48.78% increase, with new products gaining traction in the market [11] - The company is well-positioned in the semiconductor equipment sector, with a comprehensive layout in CVD film deposition equipment and promising growth potential in wafer bonding equipment [11]

Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The company achieved a revenue of 4.103 billion yuan in 2024, representing a year-on-year growth of 51.70%, and a net profit of 688 million yuan, with a year-on-year increase of 3.86% [4][8] - The company plans to distribute a cash dividend of 2.70 yuan per 10 shares to all shareholders [4] - The company has a strong order backlog of approximately 9.4 billion yuan at the end of 2024, which is a 46.35% increase compared to the end of 2023 [8] Financial Performance Summary - Revenue for 2024 is projected at 4.103 billion yuan, with a growth rate of 51.7% [6][11] - Net profit for 2024 is expected to be 688 million yuan, with a growth rate of 3.9% [6][11] - Gross margin for 2024 is reported at 41.69%, a decrease of 9.32 percentage points year-on-year [8] - The company’s thin film deposition equipment revenue reached 3.863 billion yuan, growing by 50.29% [8] - The advanced bonding equipment revenue in the 3D integration field was approximately 95.67 million yuan, with a year-on-year growth of 48.78% [9] Future Projections - The company’s net profit is projected to reach 1.075 billion yuan in 2025, 1.368 billion yuan in 2026, and 1.728 billion yuan in 2027 [9][10] - The expected P/E ratios for 2025, 2026, and 2027 are 41.8X, 32.9X, and 26.0X respectively [9][11] Market Position and Competitive Advantage - The company has a comprehensive layout in CVD thin film deposition equipment, with strong competitiveness and significant positioning advantages [9] - The advanced bonding equipment in the 3D integration field is expected to become a key growth point for the company [9]

Investment Rating - The report maintains an "Accumulate" investment rating for the company [1][3]. Core Insights - The company has experienced significant growth in its order backlog, with a year-on-year increase of 46.3%, amounting to approximately 9.4 billion yuan by the end of 2024 [7]. - The company reported a rapid profit release in Q4 2024, with revenue reaching 1.826 billion yuan, representing an 82% year-on-year increase [7]. - The company has successfully launched multiple new film process equipment, achieving bulk shipments and receiving repeat orders in the 3D IC field [7]. - The projected revenue for the company is expected to grow significantly, with estimates of 5.411 billion yuan in 2025, 6.862 billion yuan in 2026, and 8.513 billion yuan in 2027 [2][7]. Financial Data and Valuation - Total revenue for 2023 is reported at 2.705 billion yuan, with a year-on-year growth of 59% [2][10]. - The net profit attributable to the parent company for 2024 is projected at 688 million yuan, reflecting a 4% increase compared to the previous year [2][10]. - The company's PE ratio is expected to decrease from 67.9 in 2023 to 25.7 by 2027, indicating improving valuation metrics over time [11]. Performance Metrics - The company's gross margin for Q4 2024 was reported at 39.3%, with a year-on-year decrease of 12.8 percentage points [7]. - The return on equity (ROE) for 2023 was 13.0%, with projections indicating an increase to 21.4% by 2027 [3][10]. - The company's total assets are expected to grow from 9.969 billion yuan in 2023 to 23.470 billion yuan by 2027 [9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has experienced rapid revenue growth in Q4, with a year-on-year increase of 82.1% and a quarter-on-quarter increase of 80.6% [8] - The company is expanding its PECVD (Plasma-Enhanced Chemical Vapor Deposition) field, with a full range of PECVD dielectric film materials now in industrial application [3] - New products have slightly decreased the gross margin, which was 41.7% for 2024, down 9.3 percentage points year-on-year [8] Financial Performance - The total revenue for 2024 is projected to be 41.0 billion yuan, a year-on-year increase of 51.7% [8] - The net profit attributable to shareholders for 2024 is expected to be 6.9 billion yuan, a year-on-year increase of 3.9% [8] - The company’s R&D investment for 2024 is 7.6 billion yuan, an increase of 31.3% year-on-year, aimed at expanding new products and processes [8] Revenue and Profit Forecast - Revenue forecasts for the next few years are as follows: 2024 at 41.0 billion yuan, 2025 at 59.17 billion yuan, 2026 at 82.49 billion yuan, and 2027 at 107.13 billion yuan [1] - The net profit attributable to shareholders is forecasted to be 10.0 billion yuan in 2025, 15.5 billion yuan in 2026, and 22.1 billion yuan in 2027 [9] Market Position - The company is the leading domestic supplier in the ALD (Atomic Layer Deposition) process coverage, with its first PE-ALD SiN process successfully verified by customers [3] - The company’s advanced packaging equipment revenue for 2024 is expected to reach 95.67 million yuan, a year-on-year increase of 48.8% [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing rapid growth in Q4, with revenue reaching 4.1 billion yuan, a year-on-year increase of 51.7%. The net profit attributable to shareholders is 688.16 million yuan, up 3.9% year-on-year [8][9] - The company has achieved significant milestones in the PECVD field, with a full range of PECVD dielectric film materials now in industrial application. The company is also the leading domestic provider of ALD processes and advanced packaging equipment [3][9] - The company’s gross margin has slightly decreased to 41.7% due to new product introductions, while R&D investment has increased by 31.3% to 760 million yuan [8][9] Financial Performance - The total revenue for 2024 is projected to be 4.1 billion yuan, with a year-on-year growth rate of 51.7%. The net profit attributable to shareholders is expected to be 688.16 million yuan, reflecting a growth of 3.9% [1][8] - In Q4 alone, the company reported a revenue of 1.83 billion yuan, marking an impressive year-on-year increase of 82.1% and a quarter-on-quarter increase of 80.6% [8] - The company’s cash flow from operating activities turned positive for the first time since 2023, amounting to 720 million yuan in Q4 [8][9] Revenue and Profit Forecast - The company’s revenue forecast for 2025 is 5.92 billion yuan, with a projected net profit of 1 billion yuan, indicating a growth rate of 45.93% [1][9] - The estimated net profit for 2026 is 1.55 billion yuan, with a growth rate of 54.77% [1][9] - By 2027, the net profit is expected to reach 2.21 billion yuan, with a growth rate of 41.96% [1][9]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 192.67 CNY per share [6]. Core Views - The company has a strong order backlog of 9.4 billion CNY, which supports long-term growth. The revenue growth in 2024 is primarily driven by the ramp-up of new products and processes [2]. - The company achieved a revenue of 4.103 billion CNY in 2024, representing a year-on-year increase of 51.7%. The net profit attributable to shareholders was 688 million CNY, up 3.86% year-on-year [1][2]. - The gross margin for 2024 was 41.69%, down 9.32 percentage points year-on-year, indicating short-term pressure on profitability due to increased R&D investments and high costs associated with new product validation [2]. Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 1.826 billion CNY, a year-on-year increase of 82.11%, and a net profit of 417 million CNY, up 6.46% year-on-year [1]. - The company’s R&D expenses reached 756 million CNY in 2024, a 31.26% increase year-on-year, reflecting a commitment to innovation [2]. Product Development - The company’s thin film deposition equipment generated revenue of 3.863 billion CNY in 2024, a 50.29% increase year-on-year, with significant production stability [3]. - Advanced bonding equipment and related detection devices contributed 96 million CNY in revenue, up 48.78% year-on-year, with successful customer validations for new products [4]. Future Projections - Revenue projections for 2025, 2026, and 2027 are 5.417 billion CNY, 6.933 billion CNY, and 8.458 billion CNY, respectively, with net profits expected to be 998 million CNY, 1.413 billion CNY, and 1.947 billion CNY [9][10].

Market Overview - The net inflow of main funds in the Shanghai and Shenzhen markets reached 4.975 billion yuan, with the Sci-Tech Innovation Board experiencing a net outflow of 773 million yuan [1] - A total of 252 stocks saw net inflows, while 330 stocks experienced net outflows [1] Sci-Tech Innovation Board Performance - On the Sci-Tech Innovation Board, 275 stocks rose while 299 stocks fell [1] - Among the stocks with significant net inflows, Lanke Technology led with a net inflow of 114 million yuan, followed by TuoJing Technology and DaMeng Data with net inflows of 65.78 million yuan and 47.04 million yuan respectively [1] Continuous Fund Flow - There are 48 stocks that have seen continuous net inflows for more than three trading days, with MaiXinLin leading at 13 consecutive days of inflow [1] - Conversely, 137 stocks have experienced continuous net outflows, with ZhuoYue New Energy and AiKe GuangDian both seeing 11 consecutive days of outflow [1] Top Stocks by Net Inflow - The top stocks by net inflow include: - Lanke Technology: 113.92 million yuan, 9.72% inflow rate, 1.35% increase [1] - TuoJing Technology: 65.78 million yuan, 11.69% inflow rate, 4.72% increase [1] - DaMeng Data: 47.04 million yuan, 8.83% inflow rate, 7.01% increase [1] Stocks with Significant Outflows - The stocks with the highest net outflows include: - SMIC: 246 million yuan outflow, 0.76% decrease [1] - HengXuan Technology: 108 million yuan outflow [1] - Chip Origin Technology: 73.09 million yuan outflow [1]