Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown optimistic progress in advanced process equipment, with both gross margin and net profit recovering [1] - In the first half of 2025, the company achieved operating revenue of 1.954 billion yuan, a year-on-year increase of 54.25%, driven by breakthroughs in core technology and increased demand for domestic equipment [4][5] - The gross margin was 31.96%, down 15.09 percentage points year-on-year, primarily due to high costs associated with new products and processes in the first quarter [4] - The net profit attributable to the parent company was 94 million yuan, a year-on-year decrease of 26.96% [4] Financial Performance Summary - In Q2 2025, the company reported revenue of 1.245 billion yuan, a year-on-year increase of 56.64% and a quarter-on-quarter increase of 75.74% [5] - The gross margin for Q2 was 38.82%, an increase of 18.93 percentage points quarter-on-quarter [5] - The net profit attributable to the parent company for Q2 was 241 million yuan, reflecting a significant improvement due to the recovery in gross margin and reduced expense ratios [5] - The company maintains its previous profit forecasts, expecting revenues of 5.8 billion, 7.7 billion, and 9.5 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 970 million, 1.49 billion, and 1.95 billion yuan for the same years [5] Market and Product Development - The company’s advanced process equipment has successfully passed customer certification and is gradually entering large-scale production [6] - The company has optimized its customer structure, consolidating partnerships with leading domestic wafer manufacturers while successfully onboarding new clients, leading to a 52.07% increase in contract liabilities compared to the end of 2024 [6] - The company is expected to benefit from the growing trend of advanced packaging with its 3D integration equipment [6] Financial Projections - The company’s projected operating revenues for 2025, 2026, and 2027 are 5.812 billion, 7.654 billion, and 9.450 billion yuan respectively, with corresponding net profits of 973 million, 1.491 billion, and 1.951 billion yuan [7] - The gross margin is expected to improve to 45.2%, 48.8%, and 48.9% over the next three years [7] - The price-to-earnings ratio (P/E) is projected to decrease from 56.4 in 2025 to 28.1 in 2027 [7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [5]. Core Views - The company has experienced rapid revenue growth, with a reported revenue of 1.954 billion yuan for the first half of 2025, representing a year-on-year increase of 54.25%. However, the net profit attributable to shareholders decreased by 26.96% to 94 million yuan [1][3]. - The company's advanced process verification equipment has entered large-scale production, driving revenue growth. The competitive edge of its products continues to improve, with successful customer certifications and increasing production scale [2]. - The company has optimized its customer structure, consolidating partnerships with leading domestic wafer manufacturers while successfully onboarding new clients, leading to an increase in market penetration [2]. - The decline in net profit for the first half of 2025 was primarily due to a significant drop in Q1 profits, but Q2 showed a strong recovery with a net profit of 241 million yuan, a year-on-year increase of 103.37% [3]. - The company is projected to benefit from domestic production increases, with net profit forecasts for 2025, 2026, and 2027 at 1.044 billion yuan, 1.373 billion yuan, and 1.795 billion yuan, respectively [3]. Summary by Sections Financial Performance - Revenue for the first half of 2025 was 1.954 billion yuan, up 54.25% year-on-year. The net profit attributable to shareholders was 94 million yuan, down 26.96% year-on-year, while the non-recurring net profit increased by 91.35% to 38 million yuan [1]. - Q2 2025 saw a significant recovery in profitability, with net profit reaching 241 million yuan, a 103.37% increase year-on-year and a 3.88 billion yuan increase from Q1 [3]. Market Position and Growth - The company’s advanced process verification equipment has successfully passed customer certifications and is now in large-scale production, contributing to strong revenue growth [2]. - The company has improved its customer structure, enhancing market penetration and increasing contract liabilities to 4.536 billion yuan, a 52.07% increase from the end of 2024 [2]. Profitability Forecast - The report forecasts net profits of 1.044 billion yuan for 2025, 1.373 billion yuan for 2026, and 1.795 billion yuan for 2027, with corresponding PE ratios of 53x, 40x, and 31x [3].

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company's profitability has improved, and its product line has been further enriched. The gross margin in Q2 2025 increased significantly, indicating a steady recovery [12][10]. - The company has a substantial backlog of orders, with contract liabilities reaching 4.536 billion, a 52.07% increase compared to the end of 2024, laying a solid foundation for future revenue growth [12][10]. - The company is expanding its product line and enhancing its advanced packaging business, with several new products achieving customer certification and entering mass production [12][10]. Financial Performance Summary - In H1 2025, the company achieved revenue of 1.954 billion, a year-on-year increase of 54.25%. The net profit attributable to the parent company was 94 million, a decrease of 26.96%, while the non-recurring net profit increased by 91.35% to 38 million. The gross margin was 31.96%, down 15.1 percentage points year-on-year [6][12]. - In Q2 2025, the company reported revenue of 1.245 billion, a year-on-year increase of 56.64%, and a net profit attributable to the parent company of 241 million, an increase of 103.37%. The non-recurring net profit surged by 240.42% to 218 million, with a gross margin of 38.82%, down 8.1 percentage points year-on-year [6][12]. Future Profitability Forecast - The company is expected to achieve net profits attributable to the parent company of 950 million, 1.29 billion, and 1.67 billion for the years 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios are projected to be 55x, 41x, and 31x based on the current stock price [12][10].

Group 1 - The core viewpoint of the news highlights the performance and financial metrics of Tuojing Technology, including stock price movements, financing activities, and shareholder dynamics [1][2]. Group 2 - On August 28, Tuojing Technology's stock rose by 4.33%, with a trading volume of 1.477 billion yuan. The net financing purchase on that day was 3.8738 million yuan, with a total financing and securities balance of 1.008 billion yuan [1]. - As of June 30, the number of shareholders for Tuojing Technology was 14,100, a decrease of 4.69% from the previous period. The average number of circulating shares per person increased by 89.04% to 19,794 shares [2]. - For the first half of 2025, Tuojing Technology reported a revenue of 1.954 billion yuan, a year-on-year increase of 54.25%. However, the net profit attributable to shareholders decreased by 26.96% to 94.288 million yuan [2]. - Since its A-share listing, Tuojing Technology has distributed a total of 174 million yuan in dividends [2]. - Among the top ten circulating shareholders as of June 30, 2025, notable changes included a decrease in holdings by Huaxia SSE Sci-Tech Innovation Board 50 ETF and an increase in holdings by Hong Kong Central Clearing Limited [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has experienced rapid growth in Q2 2025, with significant increases in revenue and net profit driven by the successful mass production of new products [7][8] - The company's revenue for H1 2025 reached 1.954 billion yuan, a year-on-year increase of 54.2%, while the net profit attributable to shareholders was 0.94 billion yuan, a decrease of 27.0% due to high costs during the customer validation process [7] - The gross margin for H1 2025 was 31.9%, reflecting a year-on-year decrease of 15.1 percentage points, while the net profit margin was 4.2%, down 5.4 percentage points year-on-year [7] - The company has optimized its customer structure, leading to a significant increase in contract liabilities and inventory, with contract liabilities reaching 4.54 billion yuan, up 122.6% year-on-year [7] - The company has successfully delivered over 3,000 advanced reaction chambers, with its PECVD and ALD products gaining traction in the market [7] Financial Projections - The company is projected to achieve total revenue of 5.917 billion yuan in 2025, with a year-on-year growth rate of 44.2% [1][8] - The net profit attributable to shareholders is expected to reach 1.004 billion yuan in 2025, representing a year-on-year increase of 45.93% [1][8] - The earnings per share (EPS) is forecasted to be 3.59 yuan in 2025, with a dynamic P/E ratio of 53.40 [1][8]

EQUITY RESEARCH | August 28, 2025 | 2:34 AM HKT Global Semis CHIPS Act 3: China capex continues to grow; migration ongoing despite challenges We update our views on the semiconductor industry in China for the latest trends post our CHIPS Act 2 report in Oct 2024. In this report, we raise our estimates for China's semiconductor capex by 2%~6% to US$43bn-46bn in 2025-30E and introduce the analysis of Lithography demand in China. We are positive on China Semis development driven by large home market and ongoin ...

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据统计，8月27日，盘后中红医疗披露增持情况。包括科大智能、卫宁健康、精研科技、国芯科技、亚 联发展（维权）、东芯股份、新亚强、杭州园林、妙可蓝多、复旦张江、康辰药业、和辉光电、福莱 特、剑桥科技、拓荆科技、浩瀚深度、红星发展、望变电气、浙大网新、友发集团、恒银科技在内的21 家A股上市公司披露减持情况。 | | | 8.27上市公司盘后增持情况 | | --- | --- | --- | | 1 | 中红医疗 | 总经理杨浩拟增持不低于5万股公司股份 | | | | 8.27上市公司盘后减持情况 | | 1 | 科大智能 | 实控人黄明松8月26日至27日累计减持450万股公司股票 | | 2 | 卫宁健康 | 董事、高级管理人员王涛和王利计划减持公司股份 | | 3 | 国心科技 | 国家集成电路产业基金等股东计划合计减持不超5%公司股份 | | 4 | 精研科技 | 股东史娟华拟减持不超0.89%公司股份 | | 5 | 亚联发展 | 持股5%以上股东乾德精一计划减持不超过2.0000%公司股份 | | 6 | 新网号 | 红塔创新与孙秀杰拟合计减持不超过2%股份 | | 7 | 杭州园林 | 股东拟合 ...

每经AI快讯，拓荆科技8月27日晚间发布公告称，截至本公告披露日，公司股东CHANG HSIAO-YUNG （张孝勇）先生直接持有公司股份约39万股，占公司总股本的0.139%，其中持有公司首次公开发行前 股份约33万股，持有公司股权激励计划获得股份约6.02万股，均为无限售流通股。 （记者 王晓波） 公司董事、总经理刘静女士直接持有公司股份约12.05万股，占公司总股本的0.0431%；公司副总经理陈 新益先生直接持有公司股份约4.08万股，占公司总股本的0.0146%；公司副总经理宁建平女士直接持有 公司股份约3.83万股，占公司总股本的0.0137%；公司副总经理牛新平先生直接持有公司股份约3.29万 股，占公司总股本的0.0117%；公司副总经理许龙旭先生直接持有公司股份约3.94万股，占公司总股本 的0.0141%；公司副总经理、董事会秘书赵曦女士直接持有公司股份约6.43万股，占公司总股本的 0.023%；公司财务负责人杨小强先生直接持有公司股份约1.15万股，占公司总股本的0.0041%。相关董 事、高级管理人员所持股份均来源于公司股权激励计划，均为无限售流通股。 公司于近日收到张孝勇先生、刘静 ...

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