Financial Performance - The company's operating revenue for Q3 2024 reached ¥1,010,924,149.20, representing a year-on-year increase of 44.67%[2] - The net profit attributable to shareholders for Q3 2024 was ¥142,190,832.82, a decrease of 2.91% compared to the same period last year[2] - The net profit excluding non-recurring gains and losses for Q3 2024 was ¥45,527,520.87, a significant decrease of 58.79% year-on-year[2] - The net profit for Q3 2024 was CNY 259,911,231.65, a decrease from CNY 269,523,058.52 in Q3 2023, reflecting a decline of approximately 3.7%[23] - Operating profit for Q3 2024 was CNY 254,164,460.66, down from CNY 269,443,418.72 in the same period last year, indicating a decrease of about 5.7%[23] - The company reported a total comprehensive income of CNY 260,144,595.18 for Q3 2024, slightly down from CNY 269,521,528.52 in Q3 2023[24] - Earnings per share for Q3 2024 remained stable at CNY 0.98, unchanged from Q3 2023[24] Research and Development - The R&D investment totaled ¥166,215,145.17 in Q3 2024, an increase of 15.47% year-on-year, accounting for 16.44% of operating revenue[3] - Research and development expenses increased to CNY 480,528,570.16 in 2024, compared to CNY 354,029,824.11 in 2023, marking a 35.7% rise[22] - The company plans to continue expanding its product lines and enhancing R&D efforts, with a focus on new equipment platforms and reaction chambers[6] Assets and Liabilities - The total assets at the end of Q3 2024 amounted to ¥13,165,177,931.83, reflecting a growth of 32.06% compared to the end of the previous year[3] - Total liabilities increased to CNY 8,419,162,156.74 from CNY 5,377,702,351.65, representing a 56.8% increase year-over-year[20] - The equity attributable to shareholders of the parent company reached CNY 4,759,606,841.63, up from CNY 4,593,860,407.52, reflecting a 3.6% increase[21] Cash Flow and Investments - The cash flow from operating activities for the first three quarters was -¥999,017,913.83, showing an improvement from -¥1,363,000,000 in the same period last year[6] - The company's cash and cash equivalents as of September 30, 2024, amount to ¥1,925,116,582.89, a decrease from ¥2,675,647,284.83 at the end of 2023[15] - The total cash inflow from investment activities for the first three quarters of 2024 was CNY 992,095,923.14, compared to CNY 558,669,302.54 in the same period last year, marking an increase of approximately 77.5%[26] - The company incurred a total of CNY 1,717,888,003.38 in cash outflows from investment activities in the first three quarters of 2024, compared to CNY 1,022,427,571.99 in the same period last year[26] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 9,112[8] - The largest shareholder, National Integrated Circuit Industry Investment Fund, holds 55,026,693 shares, representing 19.77% of total shares[8] - The second-largest shareholder, Guotou (Shanghai) Venture Capital Management Co., Ltd., holds 37,888,000 shares, accounting for 13.61%[8] - The top ten shareholders include various institutional investors, with the largest being a state-owned entity[8] - The report indicates no significant changes in the shareholder structure due to margin trading activities[14] Market Strategy - The company plans to expand its market presence and invest in new technologies to drive future growth[19] - The company is focusing on enhancing its product offerings and exploring potential mergers and acquisitions to strengthen its market position[19] - The company has not disclosed any new product developments or market expansion strategies in this report[14]

招商证券股份有限公司 叶五毛先生，1961 年出生，加州大学伯克利分校博士。1990 年 9 月至 2013 年 9 月，先后任职于 Nashua Computer Products、Western Digital, Santa Clara, CA、 美国诺发、NegevTech, Inc.、Hitachi High-Technologies America、Honeywell International，先后任工艺工程师、产品经理等职务。2017 年 8 月至今就职于公 司，曾任资深技术总监、公司监事会主席，现任公司市场中心高级副总裁。 关于拓荆科技股份有限公司 调整核心技术人员的核查意见 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 律监管规则适用指引第 1 号——规范运作》等有关规定，对拓荆科技调整核心 技术人员的事项进行了核查，具体核查情况及意见如下： 一、核心技术人员调整的具 ...

关于调整核心技术人员的公告 证券代码：688072 证券简称：拓荆科技 公告编号：2024-052 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 重要内容提示： 拓荆科技股份有限公司（以下简称"公司"）根据战略发展规划，综合考 虑公司研发项目的管理和执行情况，经公司第二届董事会第八次会议审议通过， 对公司现有核心技术人员进行调整：原核心技术人员姜谦、叶五毛因工作内容调 整，不再认定为公司核心技术人员，仍继续在公司任职；新增牛新平、杨家岭为 公司核心技术人员。 公司一直重视自主知识产权的研发，建立了完善的研发管理体系和知识产 权保护管理体系。本次调整核心技术人员不会影响公司拥有的核心技术及其专利 权属完整性，亦不会对公司的核心竞争力、技术优势、业务及产品创新能力产生 重大不利影响。 公司本次新增认定的核心技术人员均为公司现有骨干人才，有助于高效推 进公司研发项目，并为公司核心产品的技术升级及产业化提供有力支撑。 1、核心技术人员的具体情况 姜谦先生，1952 年出生，美国布兰迪斯大学博士。1982 年 ...

拓荆科技：第三季度净利润1.42亿元 同比下降2.91% 《科创板日报》28日讯，拓荆科技发布2024年第三 季度报告，前三季度实现营业收入22.78亿元，同比增长33.79%；归属于上市公司股东的净利润2.71亿 元，同比增长0.10%；归属于上市公司股东的扣除非经常性损益的净利润6548.50万元，同比下降 62.72%。 第三季度实现营业收入10.11亿元，同比增长44.67%。 公司总资产较上年末增长32.06%，主要系公司业务规模扩大带来的存货增加。 查看公告原文 ...

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].