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]

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 ...