Investment Rating - The investment rating for the company is "Buy-A" with a target price of 157.41 CNY, while the current stock price is 123.00 CNY as of August 28, 2024 [6][12]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 1.267 billion CNY, a year-on-year increase of 26.22%, and net profit of 129 million CNY, a year-on-year increase of 3.64% [4][5]. - In Q2 2024, the company achieved a revenue of 795 million CNY, a year-on-year increase of 32.22% and a quarter-on-quarter increase of 68.53%, with net profit reaching 119 million CNY, a year-on-year increase of 67.43% and a quarter-on-quarter increase of 1032.79% [4][5]. - The company has a strong order backlog, with contract liabilities increasing by 47% quarter-on-quarter to 2.038 billion CNY, indicating robust demand for its products [5][6]. Financial Performance Summary - For H1 2024, the company reported R&D expenses of 314 million CNY, accounting for 24.81% of revenue, reflecting a commitment to innovation and product development [6][12]. - The company expects revenue growth to continue, projecting revenues of 4.058 billion CNY, 5.275 billion CNY, and 6.593 billion CNY for 2024, 2025, and 2026 respectively, with net profits of 826.6 million CNY, 1.0076 billion CNY, and 1.3955 billion CNY for the same years [12][15]. - The company has maintained a high level of R&D investment, focusing on new products and processes, which have been validated by clients and are contributing to industrial applications [6][11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported significant growth in Q2, with a revenue increase of 32% year-on-year and a net profit increase of 67% year-on-year, indicating strong product acceptance and revenue conversion from machine deliveries [3][9] - New product introductions have slightly impacted profitability, with a gross margin of 47% in H1 2024, down 2.38 percentage points year-on-year, while R&D expenses continue to rise [11][18] - The company is expanding its PECVD field, achieving full coverage of PECVD dielectric film materials and successfully launching several new products, which opens up growth opportunities [4][17] Summary by Sections Financial Performance - In H1 2024, total revenue reached 1.267 billion yuan, up 26.2% year-on-year, while net profit was 129 million yuan, up 3.6% year-on-year [3][9] - Q2 revenue was 795 million yuan, reflecting a 32% year-on-year increase and a 68.4% quarter-on-quarter increase, with net profit of 119 million yuan, up 67% year-on-year and 1090% quarter-on-quarter [3][9] Profitability and Costs - The gross margin for H1 2024 was 47%, down 2.38 percentage points year-on-year, and the net profit margin was 9.7%, down 2.85 percentage points year-on-year [11][12] - The expense ratio increased to 44.83%, with R&D expenses accounting for 24.8% of total revenue, up 3.88 percentage points year-on-year [11][12] Inventory and Cash Flow - As of Q2 2024, the company's contract liabilities were 2.038 billion yuan, up 35% year-on-year, and inventory was 6.455 billion yuan, up 96% year-on-year, indicating strong order backlog [13][15] - The net cash flow from operating activities for H1 2024 was -900 million yuan, a decrease of 21.1% year-on-year, primarily due to increased material payments [13][15] Product Development and Market Expansion - The company has successfully industrialized various PECVD processes and continues to receive orders for new equipment, indicating a robust market position [4][17] - The introduction of new products in the ALD and SACVD segments has also shown positive customer validation and order growth [4][17] Earnings Forecast and Valuation - The company is projected to achieve net profits of 830 million yuan, 1.18 billion yuan, and 1.41 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 41, 29, and 24 [18]

Investment Rating - The report maintains a rating of "Buy" for the company [4] - The target price has been adjusted to 175.80 CNY from the previous 205.84 CNY [4] Core Insights - The company has experienced significant order growth and steady revenue increase, driven by downstream expansion and successful product integration [2][3] - The company is positioned for long-term growth due to the expansion of mature and advanced processes in the semiconductor industry [2] - The report highlights a substantial increase in orders and revenue for the first half of 2024, with a year-on-year revenue growth of 26.22% and a shipment value increase of 146.50% [9] Financial Summary - For the first half of 2024, the company reported a revenue of 1.267 billion CNY and a net profit attributable to shareholders of 129 million CNY, reflecting a year-on-year increase of 3.64% [9] - The company’s R&D expenses reached 314 million CNY, accounting for 24.8% of revenue, indicating a strong commitment to innovation [9] - The projected earnings per share (EPS) for 2024-2026 are revised to 2.93 CNY, 4.43 CNY, and 6.26 CNY respectively [9] Market Position - The company is recognized as a leader in thin film deposition equipment, with a diverse product range including PECVD, SACVD, HDPCVD, and ALD technologies [9] - The company has successfully developed hybrid bonding equipment, positioning itself at the forefront of wafer-level 3D integration applications [9] - The report notes that the company is expected to benefit from the growing demand for AI-driven high-performance computing [9]

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]

拓荆科技股份有限公司 - 1 - 报告期内，面向国内芯片制造技术的迭代创新和下游客户快速发展的需求， 公司持续突破核心技术，自主研发并推出了包括超高深宽比沟槽填充 CVD 设备、 PECVD Bianca 工艺设备、键合套准精度量测设备等新产品及新工艺，并持续进 行设备平台及反应腔的优化升级，包括新型设备平台（PF-300T Plus 和 PF-300M） 和新型反应腔（pX 和 Supra-D）等，进一步提升产品核心竞争力。 截至报告期末，公司推出的 PECVD、ALD、SACVD、HDPCVD 及超高深宽比沟槽 填充 CVD 等薄膜设备可以支撑逻辑芯片、存储芯片中所需的全部介质薄膜材料的 约 100 多种工艺应用。公司推出的高产能新型平台和高性能新型反应腔持续获得 客户订单并出货至客户端验证，截至报告期末，公司累计超过 180 个新型反应腔 （pX 和 Supra-D）获得客户订单，超过 130 个新型反应腔出货至客户端验证，持 续保持公司在先进产品方面的竞争优势。 关于 2024 年度提质增效重回报专项行动方案的 半年度评估报告 拓荆科技股份有限公司（以下简称"公司"）为践行以"投资者为本"的上 市公司 ...

2024 年半年度募集资金存放与实际使用情况的专项报告 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。 根据《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管 要求》《上海证券交易所科创板股票上市规则》和《上海证券交易所科创板上 市公司自律监管指引第 1 号——规范运作》等有关规定，拓荆科技股份有限公 司（以下简称"公司"）董事会编制了公司 2024 年半年度（以下简称"报告 期"）募集资金存放与实际使用情况专项报告如下： 证券代码：688072 证券简称：拓荆科技 公告编号：2024-047 拓荆科技股份有限公司 根据中国证券监督管理委员会于 2022 年 3 月 1 日出具的《关于同意拓荆科 技股份有限公司首次公开发行股票注册的批复》（证监许可[2022]424 号）， 公司首次向社会公众公开发行人民币普通股（A 股）股票 31,619,800 股，每股 面值为人民币 1 元。本次发行价格为每股人民币 71.88 元，募集资金总额为人 民币 227,283.12 万元，扣除发行费用人民币 14,523.4 ...

证券代码：688072 证券简称：拓荆科技 公告编号：2024-049 拓荆科技股份有限公司 第二届监事会第七次会议决议公告 本公司监事会及全体监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。 一、 监事会会议召开情况 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com.cn）的 1 / 3 《2024 年半年度报告》及《2024 年半年度报告摘要》。 （二）审议通过《关于公司 2024 年半年度募集资金存放与实际使用情况的 专项报告的议案》 拓荆科技股份有限公司（以下简称"公司"）第二届监事会第七次会议于 2024 年 8 月 26 日在公司会议室以现场结合通讯方式召开，本次会议通知已于 2024 年 8 月 16 日以电子邮件发出，本次会议应出席监事 3 人，实际出席监事 3 人，本次会议由公司监事会主席季拓先生主持。本次会议的召集、召开程序和方 式符合《中华人民共和国公司法》（以下简称"《公司法》"）等法律法规以及 《拓荆科技股份有限公司章程》（以下简称"《公司章程》"）的有关规定，会 议决议合法、有效。 二、监事会会 ...

招商证券股份有限公司 关于拓荆科技股份有限公司 使用超募资金用于在建项目的核查意见 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 科技股份有限公司（以下简称"拓荆科技"或"公司"）首次公开发行股票并上 市持续督导阶段的保荐机构，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》《上海证券交易所科创板上市公司自律监管指引 第 1 号——规范运作》等有关法律法规和规范性文件的要求，对拓荆科技使用 超募资金用于在建项目进行了专项核查，核查情况及意见如下： 一、募集资金基本情况 根据中国证券监督管理委员会于 2022 年 3 月 1 日出具的《关于同意拓荆科 技股份有限公司首次公开发行股票注册的批复》（证监许可[2022]424 号），同意 公司向社会公众公开发行人民币普通股（ A 股）股票 31,619,800 股，每股面值 为人民币 1 元。本次发行价格为每股人民币 71.88 元，募集资金总额为人民币 227,283.12 万元，扣除发行费用人民币 14,523.40 万元后，募集资金净额为人民 币 212,759.73 万元。 天健会计师事务所（特殊普通合伙）于 ...

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].

证券代码：688072 证券简称：拓荆科技 公告编号：2024-048 拓荆科技股份有限公司 关于使用超募资金用于在建项目的公告 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。 拓荆科技股份有限公司（以下简称"公司"）于 2024 年 8 月 26 日召开了第 二届董事会第七次会议和第二届监事会第七次会议，审议通过了《关于公司使 用超募资金用于在建项目的议案》，同意公司使用首次公开发行股票超募资金 用于公司在建项目"高端半导体设备产业化基地建设项目"（以下简称"新建沈 阳二厂项目"）。保荐机构招商证券股份有限公司（以下简称"招商证券"）对 上述事项出具了无异议的核查意见。上述议案无需提交公司股东大会审议，具 体情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会于 2022 年 3 月 1 日出具的《关于同意拓荆科 技股份有限公司首次公开发行股票注册的批复》（证监许可[2022]424 号），公 司首次向社会公众公开发行人民币普通股（A 股）股票 31,619,800 股，每股面 值为人民币 1 元。本次发行价格为 ...