Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for investment [6]. Core Insights - The company is a leading manufacturer of front-end thin film deposition equipment in China, with core products including PECVD, ALD, SACVD, and HDPCVD, which are widely used in integrated circuit manufacturing and advanced packaging [9][14]. - The global thin film deposition equipment market is expected to reach $34 billion by 2025, with a CAGR of 13.3% from 2020 to 2025, driven by the continuous evolution of advanced logic processes and the increasing complexity of storage devices [6][43]. - The company has a clear layout in three-dimensional integration and is transitioning from a single deposition equipment focus to a dual-engine platform that includes both deposition and bonding technologies [6][9]. Financial Data and Profit Forecast - The company’s total revenue is projected to grow from 2,705 million yuan in 2023 to 10,817 million yuan in 2027, with a CAGR of 54.4% [5]. - The net profit attributable to the parent company is expected to increase from 663 million yuan in 2023 to 2,522 million yuan in 2027, reflecting a growth rate of 40.4% [5]. - The gross margin is forecasted to stabilize around 41.1% by 2027, after experiencing fluctuations due to new product introductions and validation costs [29]. Company and Industry Situation - The company has established a strong competitive position in the PECVD segment, which accounts for approximately 33% of the thin film deposition market value, and is the only domestic manufacturer to achieve stable mass production of PECVD equipment [47][59]. - The thin film deposition equipment is a core component of the semiconductor front-end equipment system, with a stable market share of about 22% in wafer manufacturing equipment [47]. - The company is well-positioned to benefit from the ongoing expansion of domestic wafer fabs and the trend towards domestic substitution in semiconductor equipment [6][43]. Product and Technology Development - The company’s product lineup includes advanced bonding equipment and supporting measurement devices, which have already achieved mass production in fields such as advanced storage and image sensors [19][21]. - The PECVD series products have maintained a competitive advantage, with significant production scale expansion, while ALD products have also begun to receive repeat orders due to their leading domestic process coverage [19][20]. - The company’s new product introductions, including ALD and SACVD, are expected to enhance profitability as they transition from validation to mass production [21][25].

格隆汇12月17日丨拓荆科技(688072.SH)公布，截至2025年12月17日，本次减持计划时间区间届满， CHANGHSIAO-YUNG(张孝勇)先生通过集中竞价交易方式合计减持股份2.5万股，占公司当前总股本的 比例约为0.0089%；刘静女士通过集中竞价交易方式合计减持股份3万股，占公司当前总股本的比例约 为0.0107%；陈新益先生通过集中竞价交易方式合计减持股份1.02万股，占公司当前总股本的比例约为 0.0036%；宁建平女士通过集中竞价交易方式合计减持股份9580股，占公司当前总股本的比例约为 0.0034%；牛新平先生通过集中竞价交易方式合计减持股份8000股，占公司当前总股本的比例约为 0.0028%；许龙旭先生通过集中竞价交易方式合计减持股份9856股，占公司当前总股本的比例约为 0.0035%；赵曦女士通过集中竞价交易方式合计减持股份1.6万股，占公司当前总股本的比例约为 0.0057%；杨小强先生通过集中竞价交易方式合计减持股份2880股，占公司当前总股本的比例约为 0.0010%。本次减持符合相关法律法规的规定，不存在违规减持的情况。 ...

每经AI快讯，拓荆科技（SH 688072，收盘价：337元）12月17日晚间发布公告称，截至2025年12月17 日，本次减持计划时间区间届满，CHANG HSIAO-YUNG（张孝勇）先生通过集中竞价交易方式合计 减持股份约2.5万股，占公司当前总股本的比例约为0.0089%；刘静女士通过集中竞价交易方式合计减持 股份3万股，占公司当前总股本的比例约为0.0107%；陈新益先生通过集中竞价交易方式合计减持股份 约1.02万股，占公司当前总股本的比例约为0.0036%；宁建平女士通过集中竞价交易方式合计减持股份 9580股，占公司当前总股本的比例约为0.0034%；牛新平先生通过集中竞价交易方式合计减持股份8000 股，占公司当前总股本的比例约为0.0028%；许龙旭先生通过集中竞价交易方式合计减持股份9856股， 占公司当前总股本的比例约为0.0035%；赵曦女士通过集中竞价交易方式合计减持股份约1.6万股，占公 司当前总股本的比例约为0.0057%；杨小强先生通过集中竞价交易方式合计减持股份2880股，占公司当 前总股本的比例约为0.001%。本次减持计划实施完毕。 每经头条（nbdtoutiao）—— ...

证券代码：688072 证券简称：拓荆科技 公告编号：2025-088 重要内容提示： 股东及董事、高级管理人员持股的基本情况 本次减持计划实施前，拓荆科技股份有限公司（以下简称"公司"）股东 CHANG HSIAO-YUNG（张孝勇）先生直接持有公司股份 388,796 股，占公司当 前总股本的 0.1383%，其中持有公司首次公开发行前股份 328,560 股，持有公司 股权激励计划获得股份 60,236 股，均为无限售流通股； 本次减持计划实施前，公司董事、总经理刘静女士直接持有公司股份 120,472 股，占公司当前总股本的 0.0428%；公司副总经理陈新益先生直接持有公司股份 40,808 股，占公司当前总股本的 0.0145%；公司副总经理宁建平女士直接持有公 司股份 38,332 股，占公司当前总股本的 0.0136%；公司副总经理牛新平先生直接 持有公司股份 32,856 股，占公司当前总股本的 0.0117%；公司副总经理许龙旭先 生直接持有公司股份 39,427 股，占公司当前总股本的 0.0140%；公司副总经理、 董事会秘书赵曦女士直接持有公司股份 64,290 股，占公司当前总股本 ...

拓荆科技公告，截至2025年12月17日，公司股东及董监高减持计划时间区间届满。张孝勇通过集中竞价 减持25000股，占总股本的0.0089%；刘静减持30000股，占总股本的0.0107%；陈新益减持10200股，占 总股本的0.0036%；宁建平减持9580股，占总股本的0.0034%；牛新平减持8000股，占总股本的 0.0028%；许龙旭减持9856股，占总股本的0.0035%；赵曦减持16000股，占总股本的0.0057%；杨小强 减持2880股，占总股本的0.0010%。本次减持符合相关法律法规的规定，不存在违规减持的情况。 ...

摘要 存储需求预计 2026 年超供，2025 年 9 月现货价已大幅上涨，四季度 合约价涨幅预期上修，行业维持供不应求状态，2026 年 Q1 合约价预计 持续超预期，CSP 服务器存储器需求增速预计至少 30%。 存储行业大缺货背景下，长鑫存储和长江存储等国内企业扩产有望超预 期，逻辑先进制程扩产亦将受益，设备厂商如拓荆科技将受益于扩产带 来的额外订单，国产化率提升带来相应收益。 半导体设备指数今年以来增长显著，拓荆科技和微导纳米涨幅居前。9 月初以来，存储涨价催化及产品上市预期强化，相关公司股价进一步上 涨，预计长鑫和长江 2026 年扩产量约为 10-11 万片。 存储设备板块未来几年有望保持较高增速，订单确定性较高，对营收和 利润预测准确性提升。北方华创等公司 PE 较低，有望通过 EPS 增长推 动市值上升，年初设备板块胜率较高。 晶合集成主业稳健，各领域处于满载状态。CBA 和 CFA 技术发展有望 推动 DRAM 阵列与 CMOS 外围电路分离制造，产生外包需求，为晶合 集成等公司带来巨大机会，如 28 纳米节点代工可带来显著营收增量。 Q&A 2025 年存储行业的市场表现和未来预期如何？ ...

拓荆科技股份有限公司 2025 年第五次临时股东会会议资料 证券代码：688072 证券简称：拓荆科技 拓荆科技股份有限公司 2025 年第五次临时股东会会议资料 2025 年 12 月 拓荆科技股份有限公司 2025 年第五次临时股东会会议资料 拓荆科技股份有限公司 拓荆科技股份有限公司 2025 年第五次临时股东会会议资料 2025 年第五次临时股东会会议须知 目 录 为维护全体股东的合法权利，确保股东会的正常秩序和议事效率，保证股东 会的顺利进行，根据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司股东会规则》以及《拓荆科技股份有限公司章程》《拓荆科技股份有限公 司股东会议事规则》等相关规定，拓荆科技股份有限公司（以下简称"公司"）特 制定 2025 年第五次临时股东会会议须知： | 拓荆科技股份有限公司 | 年第五次临时股东会会议须知 1 2025 | | --- | --- | | 拓荆科技股份有限公司 | 2025 年第五次临时股东会会议议程 3 | | 拓荆科技股份有限公司 | 2025 年第五次临时股东会会议议案 5 | | 议案一：关于公司与关联方共同投资暨关联交易的议案 5 | ...

Group 1 - The electronic industry index increased by 1.36% during the week of December 8-12, 2025, with semiconductors leading the gain at 3.30% [1][2] - Optical optoelectronics and consumer electronics sectors experienced declines of 1.23% and 1.39% respectively [1][2] - The Federal Reserve announced a 25 basis point interest rate cut, lowering the federal funds rate target range to 3.50%-3.75%, aligning with market expectations [1][2] Group 2 - Major tech companies like Oracle and Broadcom reported earnings that fell short of expectations, leading to significant declines in the overseas tech market [1][2] - The Philadelphia Semiconductor Index dropped by 3.58%, with notable declines in stocks such as Nvidia (down 4.05%), Broadcom (down 7.77%), and Meta (down 4.33%) [1][2] - Tesla's stock increased by 0.87%, while Apple's stock saw a slight decline of 0.18% [1][2] Group 3 - The U.S. is expected to allow Nvidia to sell H200 chips to China, with a fee imposed on each chip [3] - Oracle's Q2 FY2026 earnings were below market expectations, prompting an increase in the company's full-year capital expenditure guidance by approximately $15 billion [3] - Broadcom reported Q4 revenue of $18.02 billion, a year-over-year increase of 28%, with AI semiconductor revenue projected to double to $8.2 billion [3] Group 4 - The supply-demand imbalance in the storage chip market continues, with forecasts indicating significant price increases for various types of memory chips in early 2026 [3][4] - CFM predicts that server DDR5 prices will rise over 40%, with notable increases for 96GB and above modules, and eSSD prices expected to rise by 20%-30% [3] Group 5 - The IPO progress of Changxin and the expansion of advanced logic manufacturers are highlighted as investment opportunities in semiconductor equipment [5] - Beneficiary companies include Northern Huachuang, Zhongwei Company, and others involved in semiconductor equipment [5]

Core Insights - The semiconductor equipment sector is experiencing significant attention and performance, with stocks like Tuojing Technology and Zhongke Feice rising over 10% during a recent market rebound, and the sector index increasing by 3.26% [1][2]. Market Dynamics - The surge in the semiconductor equipment sector is attributed to three main factors: the explosion of AI computing power, the upward cycle of storage, and the acceleration of domestic substitution, positioning the sector for substantial earnings realization [2][3]. - The global semiconductor industry is entering a recovery phase, with the global semiconductor market expected to reach $346 billion in the first half of 2025, marking an 18.9% year-on-year increase, and an annual growth of 15.4% to $728 billion [3]. Equipment Market Growth - The semiconductor equipment market is projected to see explosive growth, with global equipment shipments expected to reach nearly $100 billion by 2025 and $138.1 billion by 2026, driven primarily by high-performance demands from AI and HBM technologies [3][5]. Capital Expenditure Trends - Major overseas storage manufacturers, including Samsung, SK Hynix, and Micron, are significantly increasing their capital expenditures, with expected year-on-year growth exceeding 80% by 2025 [5]. Domestic Market Developments - In China, the semiconductor equipment market is projected to reach $21.62 billion by mid-2025, accounting for 33.2% of the global market, making it the largest single market globally [8]. - Domestic companies like Changxin Storage and Yangtze Memory Technologies are accelerating their expansion efforts, with significant investments in production capacity [11]. Supply and Demand Dynamics - The demand for storage is being driven by AI models, with AI servers requiring significantly more DRAM and NAND capacity compared to regular servers, leading to a super cycle in the storage industry [9][11]. - The domestic storage market faces a rigid supply gap, with a long-standing trade deficit in storage chips, necessitating urgent expansion efforts [11]. Equipment Procurement and Localization - The expansion of domestic storage manufacturers will not only fill local gaps but also enable participation in the global market, with significant investments in equipment procurement expected to exceed $10 billion [11]. - The current low localization rates of core semiconductor equipment present substantial opportunities for domestic manufacturers to increase their market share [12]. Long-term Industry Outlook - The semiconductor equipment industry is expected to be driven by both technological iterations and domestic substitution, with continuous demand for new equipment arising from advancements in AI and storage technologies [13]. - Key investment areas include wafer manufacturing equipment, particularly etching, lithography, and thin-film deposition equipment, which collectively account for over 60% of the equipment market [14]. Investment Opportunities - The core equipment sector is identified as having the strongest growth certainty, with companies like Zhongwei and Tuojing Technology leading in market share for etching and thin-film deposition equipment [16]. - Platform leaders that offer comprehensive product lines for one-stop procurement are positioned to benefit from increased customer loyalty and growth potential [17]. - Niche markets with low localization rates present "small but beautiful" growth opportunities, particularly in measurement equipment [18]. Conclusion - The semiconductor equipment sector is transitioning from short-term pressures to a phase of growth certainty, with significant structural opportunities emerging as the global equipment market is expected to surpass $130 billion by 2026 [19].

Investment Rating - The industry investment rating is "Buy" with a previous rating of "Buy" as well [2]. Core Viewpoints - The storage sector is crucial for AI inference, driving rapid growth in storage demand, particularly for HBM, DRAM, and SSD, characterized by decreasing costs and increasing capacities [5][13]. - AI-driven storage demand is expected to surge, with projections indicating a need for hundreds of exabytes (EB) of storage capacity in the near future [5][24]. - The report emphasizes the broad space within the industry chain, highlighting opportunities in eSSD, MRDIMM, SPD, and VPD chips, as well as CXL storage pooling [5][79]. Summary by Sections 1. Storage as Tokens for AI Inference - AI servers utilize various storage types, including HBM, DRAM, and SSD, with a focus on high bandwidth and large capacity to support efficient data processing [13][17]. - The demand for SSD and HDD is projected to grow significantly, with estimates suggesting a requirement of 49 EB for ten Google-level inference applications by 2026 [24]. 2. AI-Driven Storage Demand Growth - eSSD is identified as a core demand area for AI and storage servers, with increasing needs for high bandwidth and large capacity due to long-context inference and RAG databases [25][26]. - The market for AI server eSSD is expected to expand, with theoretical maximum capacities of 59 EB, 89 EB, and 120 EB for 2024, 2025, and 2026 respectively [27][34]. 3. MRDIMM Applications - MRDIMM is anticipated to enhance performance in large model inference, providing significant bandwidth improvements and capacity expansions [38][39]. 4. SPD and VPD Chip Opportunities - The transition to DDR5 memory modules presents growth opportunities for SPD and VPD chips, driven by increased specifications and demand [45][46]. 5. CXL Storage Pooling - CXL technology facilitates storage pooling, enhancing computational efficiency and enabling better resource allocation for AI applications [53][54]. - The report notes significant TCO advantages in KV Cache performance when utilizing CXL in high-concurrency, long-context workloads [56][59]. 6. Investment Recommendations - The report suggests focusing on storage industry chain-related entities, as AI-driven storage prices are expected to rise, leading to improved profit margins for manufacturers [79].