证券代码：688072 证券简称：拓荆科技 公告编号：2024-051 拓荆科技股份有限公司股东及董监高集中竞价减持股份 结果公告 本公司董事会、全体董事及相关股东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： 股东及董监高持股的基本情况 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"）持股 5% 以上股东姜谦及其一致行动人（包括 CHIANG CHIEN（姜谦）、吕光泉、LIU YIJUN （刘忆军）、LING FUHUA（凌复华）、WU BIAO（吴飚）、ZHOU REN（周仁）、 SIAN CHE CYNTHIA CHANG（张先智）、CHANG HSIAO-YUNG（张孝勇）8 名 直接持有公司股份的自然人，以及共青城芯鑫和投资合伙企业（有限合伙）、共 青城芯鑫全投资合伙企业（有限合伙）、共青城芯鑫龙投资合伙企业（有限合伙）、 共青城芯鑫成投资合伙企业（有限合伙）、共青城芯鑫旺投资合伙企业（有限合 伙）、共青城芯鑫盛投资合伙企业（有限合伙）、共青城芯鑫阳投资合伙企业（有 限合伙）、沈阳盛腾投资管理中心（有限 ...

Investment Rating - Maintain "Overweight" rating with a target price raised to 190.8 RMB [3][5] - The company is a leader in thin-film deposition equipment, benefiting from both advanced and mature process expansions [3][13] Core Views - The company is expected to see sustained high growth in orders due to its leading position in thin-film deposition equipment [1][3] - The company's revenue is projected to grow significantly, with 2024-2026 revenue estimates of 37.47/52.89/72.08 billion RMB, representing YoY growth of 38.5%/41.1%/36.3% [3][14] - The company's net profit is expected to grow rapidly, with 2024-2026 net profit estimates of 821/1,296/1,910 million RMB, representing YoY growth of 23.9%/57.8%/47.4% [3][14] Financial Summary - Revenue for 2022 and 2023 was 1,706 and 2,705 million RMB, respectively, with YoY growth of 125.0% and 58.6% [2] - Net profit for 2022 and 2023 was 368 and 663 million RMB, respectively, with YoY growth of 438.0% and 79.8% [2] - EPS for 2022 and 2023 was 1.32 and 2.38 RMB, respectively, with ROE of 9.9% and 14.4% [2] Industry and Market Position - The company is the domestic leader in PECVD equipment, with a market share of over 33% in the thin-film deposition market [3][13] - The global thin-film deposition equipment market is expected to reach 296 billion USD by 2025, with PECVD being the largest segment at 33% [47][48] - The company is well-positioned to benefit from the expansion of both advanced and mature processes, with PECVD usage in advanced processes increasing by 30-50% compared to mature processes [3][13] Product and Technology - The company has a comprehensive product matrix, including PECVD, ALD, SACVD, and HDPCVD, with PECVD being the core product [3][20] - The company has made significant breakthroughs in advanced processes, with SACVD being the only domestic company to achieve industrialization, and HDPCVD and ALD equipment passing verification in 2023 [3][20] - The company is also expanding into hybrid bonding equipment, which is expected to open up new growth opportunities in 3D NAND and HBM markets [3][13] Orders and Growth Prospects - The company had 64.23 billion RMB in hand orders at the end of 2023, a 39.57% YoY increase [3][13] - New orders in 2024 are expected to exceed 70 billion RMB, driven by downstream wafer fab expansions [3][13] - The company's revenue from thin-film deposition equipment is expected to grow to 36.0/50.4/68.0 billion RMB in 2024-2026, with hybrid bonding equipment revenue projected to reach 0.64/1.50/2.85 billion RMB [14][15] Valuation - The company's 2024-2026 EPS is estimated at 2.95/4.66/6.86 RMB, with a target price of 190.8 RMB based on PE and PS valuation methods [3][13] - The company's PE ratio is expected to decrease from 105.58 in 2022 to 20.37 in 2026, reflecting strong earnings growth [2][3]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][6]. Core Views - The company is a leader in the domestic thin film deposition equipment sector, with continuous and stable growth in performance. In 2023, the company achieved a revenue of 2.705 billion yuan, a year-on-year increase of 58.60%, and a net profit of 663 million yuan, with a gross margin of 51.01% [1][16]. - The semiconductor equipment industry is expected to recover, with a projected market growth of 4% in 2024, driven by the demand for new technologies such as 5G and AI [2][26]. - The company is heavily investing in R&D to expand its product line, with significant advancements in PECVD, ALD, SACVD, and HDPCVD technologies, which are widely used in integrated circuit manufacturing [3][36]. Summary by Sections Company Overview - The company, established in 2010, has developed multiple core technologies with international standards, focusing on PECVD, ALD, SACVD, and HDPCVD equipment, widely applied in logic and memory chip manufacturing [1][10]. - The company has a diverse shareholder background, with the largest shareholder being the National Integrated Circuit Fund, holding 19.77% of shares, reflecting strong governmental support for semiconductor equipment development [12][14]. Market Outlook - The global semiconductor equipment market is projected to recover, with a market size of approximately 105.3 billion USD in 2024, following a decline in 2023 due to weak downstream chip cycles [2][26]. - The domestic semiconductor market is expanding rapidly, supported by government policies and increasing local production capabilities, with a significant growth opportunity for domestic manufacturers [28][33]. Product Development - The company maintains high R&D investment, with 576 million yuan spent in 2023, a 52.07% increase from the previous year, focusing on enhancing product performance and expanding the product range [16][19]. - The PECVD product line has achieved significant market penetration, with sales revenue reaching 2.321 billion yuan in 2023, a 48.46% increase year-on-year [16][18]. - The ALD series has also seen substantial growth, with the first Thermal-ALD device achieving industrial application, indicating successful innovation and market expansion [44][45]. Financial Projections - The company is expected to achieve revenues of 3.8 billion yuan, 4.942 billion yuan, and 6.209 billion yuan in 2024, 2025, and 2026, respectively, with corresponding net profits of 757 million yuan, 1.022 billion yuan, and 1.324 billion yuan [4][19]. - The company's P/E ratio is projected to decrease from 60.5 in 2023 to 30.3 by 2026, indicating potential for valuation improvement as earnings grow [4][19].

重要内容提示： 会议召开时间：2024 年 9 月 30 日（星期一）下午 15:00-16:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：网络文字互动问答 证券代码：688072 证券简称：拓荆科技 公告编号：2024-050 拓荆科技股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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。 投资者可于 2024 年 9 月 23 日（星期一）至 9 月 27 日（星期五）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@piotech.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 拓荆科技股份有限公司（以下简称"公司"）已于 2024 年 8 月 28 日发布 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半年度经 营成果、财务状况，公司计划于 2024 年 ...

Group 1: Financial Performance - In the first half of 2024, the company saw a significant increase in new signed sales orders and shipment amounts, with a year-on-year increase of 146.5% in shipment value, totaling 3.249 billion CNY [5] - The gross profit margin for the first half of 2024 was 47.05%, slightly down from the same period in 2023, primarily due to the increasing proportion of new products in revenue [7] - The company expects R&D expenses to remain above 20% of operating revenue in 2024, reflecting a commitment to continuous innovation [7] Group 2: Product Development and Market Expansion - The company has successfully launched new products, including ultra-high aspect ratio trench filling CVD and PECVD Bianca equipment, with over 50% of shipments in the first half of 2024 being new products [5][6] - As of the end of the first half of 2024, the company had shipped over 1,940 reaction chambers, entering more than 70 production lines [5] - The company established a wholly-owned subsidiary in Japan in 2024 and is actively expanding into other overseas markets [7] Group 3: Order and Revenue Outlook - The company maintains an optimistic outlook for new signed orders and operating revenue for the third quarter and the entire year of 2024, based on client validation and demand forecasts [4] - The product structure in new signed orders remains dominated by PECVD products, although the share of ALD, SACVD, and HDPCVD products is gradually increasing [4]

Investment Rating - The report maintains a "Buy" rating for the company with a market price of 120.5 CNY per share [1]. Core Insights - The company achieved a record high revenue of 1.267 billion CNY in H1 2024, representing a year-on-year increase of 26.22%. The net profit attributable to the parent company was 129 million CNY, up 3.64% year-on-year [3]. - The company has a strong order backlog, with a contract liability of 2.038 billion CNY as of H1 2024, reflecting a growth of 47.49% compared to the end of 2023, which lays a solid foundation for future revenue growth [3]. - The company is expanding its product offerings in the thin film deposition field and has successfully industrialized several new equipment platforms, which are receiving positive customer feedback [4][8]. Financial Performance Summary - **Revenue Forecasts**: - 2022A: 1,706 million CNY - 2023A: 2,705 million CNY - 2024E: 3,936 million CNY - 2025E: 5,372 million CNY - 2026E: 6,852 million CNY - Revenue growth rates are projected at 125% for 2022A, 59% for 2023A, and gradually decreasing to 27.5% by 2026E [1]. - **Net Profit Forecasts**: - 2022A: 369 million CNY - 2023A: 663 million CNY - 2024E: 780 million CNY - 2025E: 1,093 million CNY - 2026E: 1,479 million CNY - Net profit growth rates are expected to be 438% for 2022A, 80% for 2023A, and stabilizing around 35.3% by 2026E [1]. - **Earnings Per Share (EPS)**: - 2022A: 1.32 CNY - 2023A: 2.38 CNY - 2024E: 2.80 CNY - 2025E: 3.93 CNY - 2026E: 5.31 CNY [1]. - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio is projected to decrease from 91.0 in 2022A to 22.3 by 2026E [1]. - Price-to-Book (P/B) ratio is expected to decline from 9.0 in 2022A to 4.2 by 2026E [1]. Growth Drivers - The company is benefiting from increased domestic demand for semiconductor equipment, with a significant rise in shipment value of 32.49 billion CNY in H1 2024, up 146.50% year-on-year [3]. - The company has successfully industrialized new equipment in the PECVD and ALD processes, which are critical for the semiconductor manufacturing process [4][8].

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 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][4]. Core Views - The company has shown robust revenue growth in the first half of 2024, with a year-on-year increase of 26.22%, achieving a revenue of 1.267 billion yuan [2][3]. - The net profit attributable to shareholders increased by 3.64% year-on-year, reaching 129 million yuan, although the net profit after deducting non-recurring gains and losses decreased by 69.38% [2][3]. - The company has a strong order backlog and continues to receive new orders from downstream customers, particularly in the semiconductor equipment sector, with a significant increase in shipment value by 146.50% year-on-year [2][3]. Revenue and Profit Forecast - The company is expected to achieve revenues of 3.973 billion yuan, 5.307 billion yuan, and 6.730 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 2.81 yuan, 3.84 yuan, and 5.06 yuan [4][6]. - The projected P/E ratios for the next three years are 44.4, 32.4, and 24.6 times [4][6]. Product Development and Market Position - The company is actively expanding its PECVD product matrix and has successfully industrialized new equipment, including the PECVD Bianca process equipment, which has passed customer validation [2][3]. - The company has also made advancements in wafer-level 3D integration technology, with products like Dione 300 and Propus achieving industrialization and receiving repeat orders from customers [3][4]. - Continuous investment in R&D has led to a 49.61% increase in R&D expenses, reflecting the company's commitment to enhancing its product offerings and core competitiveness [2][4].

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].

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company reported a significant increase in revenue and profit for the first half of 2024, with total revenue reaching 1.267 billion yuan, a year-on-year growth of 26.22%, and a net profit attributable to shareholders of 129 million yuan, up 3.64% year-on-year [10][11] - The second quarter saw remarkable performance, with revenue of 795 million yuan, a year-on-year increase of 32.22% and a quarter-on-quarter increase of 68.53%. The net profit for Q2 was 119 million yuan, reflecting a year-on-year growth of 67.43% and a quarter-on-quarter growth of 1032.79% [11] - The company is experiencing strong demand for its semiconductor equipment, leading to a substantial increase in new orders and shipment amounts [11] - The company has made progress in new product development, particularly in ALD equipment and bonding equipment, which are expected to contribute to future growth [11][12] Financial Performance Summary - For the first half of 2024, the company achieved a gross margin of 47.05% and a net margin of 9.66%, with slight declines in both metrics compared to the previous year [11] - The company's earnings per share (EPS) for the first half of 2024 was 0.46 yuan [10] - The projected revenue for 2024-2026 is expected to be 3.967 billion yuan, 5.356 billion yuan, and 6.956 billion yuan, respectively, with year-on-year growth rates of 46.65%, 35.01%, and 29.88% [12][13] - The projected net profit for the same period is expected to be 771 million yuan, 1.133 billion yuan, and 1.427 billion yuan, with growth rates of 16.30%, 47.01%, and 25.95% respectively [12][13]