电子/半导体 公 司 研 拓荆科技（688072.SH） 薄膜沉积应用领域持续拓展，订单高增保障未来业绩 究 2024年05月06日 ——公司信息更新报告 投资评级：买入（维持） 罗通（分析师） 刘书珣（联系人） luotong@kysec.cn liushuxun@kysec.cn 日期 2024/5/6 证 书编号：S0790522070002 证书编号： S0790122030106 当前股价(元) 182.83  公司2024Q1营收同比增长，维持“买入”评级 公 一年最高最低(元) 462.00/146.50 公司发布 2023 年报及 2024 年一季报，公司 2023 年实现营收 27.05 亿元， 司 信 总市值(亿元) 344.06 YoY+58.6%；实现归母净利润6.63亿元，YoY+79.82%；扣非净利润3.12亿元， 息 流通市值(亿元) 190.29 YoY+75.29%；毛利率 51.01%，YoY+1.74pcts。此外，2024Q1 实现营收 4.72 亿 更 总股本(亿股) 1.88 元，YoY+17.25%，QoQ-52.94%；实现归母净利润 0.1 亿元，YoY- ...

[Table_Main] 证券研究报告 | 公司点评 拓荆科技(688072.SH) 2024年05月05日 拓荆科技(688072.SH)：在手订 买入（维持） 所属行业：电子/半导体 单充沛，24 年出货量创新高 当前价格(元)：181.67 证券分析师 投资要点 陈蓉芳 资格编号：S0120522060001 事件：4月30日，拓荆科技发布2023年年报和2024年一季度报告。2023年公  邮箱：chenrf＠tebon.com.cn 司实现营收 27.05 亿元，同比增长 58.60%；归母净利润 6.63 亿元，同比增长 陈瑜熙 79.82%；扣非归母净利润 3.12 亿元，同比增长 75.29%。2024 年第一季度公司 资格编号：S0120524010003 实现营收 4.72 亿元，同比增长 17.25%；归母净利润为 0.10 亿元，同比下滑 邮箱：chenyx5＠tebon.com.cn 80.51%；扣非归母净利润为-0.44亿元，同比下滑325.07%。 市场表现 产品结构变动及相关费用增长，公司业绩短期承压。2023年公司营收快速增长， 拓荆科技 沪深300  其中薄膜沉积设备 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved significant revenue growth in 2023, with total revenue reaching 2.705 billion yuan, a year-on-year increase of 58.6%. The net profit attributable to shareholders was 663 million yuan, up 79.8% year-on-year [3][9] - In Q1 2024, the company experienced a decline in net profit due to increased expenses and longer acceptance cycles for new products, resulting in a revenue of 472 million yuan, a year-on-year increase of 17.25%, but a net profit drop of 80.51% [3][9] - The company has a strong growth potential with its PECVD technology and a broad stock incentive plan aimed at long-term development [4][14] Summary by Sections Financial Performance - In 2023, the company reported total revenue of 2.705 billion yuan, with a 58.6% year-on-year growth. The revenue from thin film deposition equipment was 2.57 billion yuan, up 52.51% year-on-year [3][9] - The gross profit margin for 2023 was 51.01%, an increase of 1.74 percentage points year-on-year, while the net profit margin was 24.54%, up 3.19 percentage points [10][11] Inventory and Liabilities - As of Q1 2024, the company's contract liabilities were 1.386 billion yuan, a decrease of 15.1% year-on-year, while inventory increased to 5.613 billion yuan, up 106.59% year-on-year [4][11] Incentive Plans - The company announced a stock incentive plan for 2023, proposing to grant up to 3.75 million restricted shares to 701 employees, which represents 76% of the workforce. The revenue targets for 2024-2026 are set at 3.33 billion, 4.44 billion, and 5.29 billion yuan respectively [4][13] Growth Potential - The PECVD technology has shown continuous expansion potential, with 2023 revenue from PECVD reaching 2.32 billion yuan, a year-on-year increase of 48%. The company has also made significant progress in ALD and SACVD technologies [14][15] Profit Forecast - The profit forecasts for 2024 and 2025 have been adjusted to 830 million and 1.18 billion yuan respectively, with a projected net profit of 1.41 billion yuan for 2026. The current market value corresponds to dynamic P/E ratios of 44, 31, and 26 times for the respective years [4][15]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 2.705 billion yuan in 2023, representing a year-on-year growth of 58.60%, and a net profit of 663 million yuan, which is an increase of 79.82% year-on-year [3] - In Q1 2024, the company achieved a revenue of 472 million yuan, showing a year-on-year growth of 17.25%, but the net profit decreased by 80.51% year-on-year [3] - The semiconductor thin film deposition equipment business is steadily developing, with the company covering a full range of PECVD thin film materials and receiving bulk orders [3] - The company has launched new models of reaction chambers to meet the stringent requirements of chip technology [3] - The first quarter of 2024 faced challenges due to longer acceptance cycles for new products and increased costs associated with business expansion and R&D investments [3] - The company is advancing into the field of advanced packaging with its first wafer-to-wafer bonding product, which has passed customer validation and received repeat orders [3] - The forecast for net profit from 2024 to 2026 is 835 million yuan, 1.205 billion yuan, and 1.557 billion yuan, corresponding to PE ratios of 40.94, 28.37, and 21.96 respectively [3] Financial Data Summary - Revenue for 2022 was 1.706 billion yuan, with a projected revenue of 4.021 billion yuan for 2024, indicating a growth rate of 48.66% [2] - The net profit for 2022 was 368 million yuan, with a projected net profit of 835 million yuan for 2024, reflecting a growth rate of 26.02% [2] - The company's EPS for 2022 was 2.15 yuan, expected to rise to 4.44 yuan in 2024 [2] - The company's ROE is projected to increase from 14.42% in 2023 to 15.34% in 2024 [2] - The company's PB ratio is expected to decrease from 9.42 in 2023 to 6.28 in 2024 [2]

证券研究报告|公司点评报告 [Table2_0D2a4te年] 05月03日 [Table_Title] 2023 年&2024 年一季报点评：确认节奏影响 Q1 营收，24 年设备发货指引同比超+117% [拓Tab荆le_T科itle2技] (688072) [ 评T 级ab ：le _DataInfo] 增持 股票代码： 688072 上次评级： 增持 52 周最高价/最低价： 462.0/146.5 目标价格： 总市值(亿) 341.88 最新收盘价： 181.67 自由流通市值(亿) 189.08 自由流通股数(百万) 104.08 [事Ta件ble概_S述um mary] 公司发布2023 年报和2024 年一季报。 ► Q1 设备发货同比大幅增长，看好后续收入端表现加速向上 2023 年公司实现营业收入 27.05 亿元，同比+59%，公司营收端实现快速增长，主要系公司在 新工艺应用及新产品开发方面取得显著成效，PECVD、ALD、SACVD 设备持续拓展工艺，量产规模 不断扩大，加速确认收入。分产品来看：1）薄膜沉积设备：实现收入 25.7 亿元，同比+53%，其 中 PECVD 实现收入 2 ...

[Table_Page] 年报点评|半导体 证券研究报告 [拓Table_荆Title] 科技（688072.SH） [公Tab司le_I评nves级t] 买入 当前价格 181.67元 费用拖累 24Q1 业绩表现，24 全年出货有望创新高 合理价值 331.66元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-30 ⚫ 费用拖累24Q1业绩表现，24全年出货有望创新高。公司发布23年 [相Tab对le_P市icQ场uote表] 现 年报及24年一季报。23年，公司营收27.05亿元，YoY+58.6%；归 母净利润6.63亿元，YoY+79.82%；毛利率51.01%，YoY+1.74pct； 10% 0% 净利率 24.54%，YoY+3.19pct；23 年公司出货超过 460 个反应腔， 05/23 07/23 09/23 10/23 12/23 02/24 04/24 -11% 预计 24 年全年出货超过 1000 个反应腔，有望创历史新高。24Q1， -21% 公司营收4.72亿元，YoY+17.25%；归母净利润1047万元， -32% YoY- ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant growth in stock price relative to the benchmark index [6][10]. Core Insights - The company achieved a revenue of 2.705 billion yuan in 2023, representing a year-on-year increase of 58.60%, and a net profit of 663 million yuan, up 79.82% year-on-year [2][3]. - The company has a strong order backlog of 6.423 billion yuan at the end of 2023, which supports future revenue growth [3]. - The company is experiencing a decline in performance in Q1 2024, with a revenue of 472 million yuan, a year-on-year increase of 17.25%, but a net loss of 10 million yuan, down 80.51% year-on-year [2][3]. Financial Performance Summary - In 2023, the company reported a compound annual growth rate (CAGR) of 107.31% in revenue from 2018 to 2023 [3]. - The company’s R&D investment reached 576 million yuan in 2023, a 52.07% increase year-on-year, contributing to improved revenue and profitability [3][5]. - The projected revenues for 2024, 2025, and 2026 are 4.067 billion yuan, 5.395 billion yuan, and 7.016 billion yuan, respectively, with corresponding net profits of 856 million yuan, 1.105 billion yuan, and 1.458 billion yuan [6][8]. Product Development and Market Position - The company has expanded its product offerings in thin film technology, including PECVD, ALD, SACVD, and HDPCVD, which are essential for logic and memory chips [5]. - In 2023, the company shipped over 460 reaction chambers and aims to exceed 1,000 shipments in 2024, setting a new record [5]. - The company has successfully launched new equipment platforms and reaction chambers, enhancing production capacity and performance metrics [5]. Future Outlook - The company is expected to maintain a strong growth trajectory, with projected P/E ratios of 40x, 31x, and 23x for 2024, 2025, and 2026, respectively [6][8]. - The ongoing high R&D investment is anticipated to continue driving innovation and market penetration, further solidifying the company's competitive advantage [3][5].

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [4][14]. Core Insights - The company achieved a revenue of 2.705 billion yuan in 2023, representing a year-over-year increase of 58.60%. The gross margin was 51.01%, and the net profit attributable to shareholders was 663 million yuan, up 79.82% year-over-year [1][2]. - For Q1 2024, the company reported a revenue of 472 million yuan, a year-over-year increase of 17.25%, but a quarter-over-quarter decrease of 52.94%. The gross margin was 47.31%, with a net profit of 10 million yuan, down 80.51% year-over-year [1][2]. - The company is experiencing a positive trend in revenue and new orders, with a significant increase in R&D investment and new product validations, although short-term profits are under pressure due to high costs associated with new product launches [1][2]. - The company has a strong order backlog, with inventory at 5.61 billion yuan and contract liabilities at 1.386 billion yuan as of Q1 2024 [1][2]. - The company launched two new equipment platforms and two new reaction chambers in 2023, with over 130 new reaction chambers receiving customer orders and more than 460 units shipped [1][2]. - The company is positioned as a leader in the domestic semiconductor film deposition equipment market, with a strong focus on R&D and product innovation [1][2]. Financial Summary - The projected revenues for 2024, 2025, and 2026 are 4.081 billion yuan, 5.268 billion yuan, and 6.527 billion yuan, respectively, with expected growth rates of 50.9%, 29.1%, and 23.9% [2][8]. - The projected net profit for the same years is 823 million yuan, 1.103 billion yuan, and 1.375 billion yuan, with growth rates of 24.2%, 34.1%, and 24.7% [2][8]. - The company’s earnings per share (EPS) are expected to increase from 3.52 yuan in 2023 to 4.37 yuan in 2024, and further to 5.86 yuan in 2025 [2][8].

Investment Rating - The report maintains a "Recommend" rating for the company [2][6] Core Viewpoints - The company achieved significant revenue and profit growth in 2023, with revenue reaching 2.705 billion yuan, a year-on-year increase of 58.60%, and a net profit of 663 million yuan, up 79.82% [3][4] - The company has a strong order backlog of 6.423 billion yuan at the end of the reporting period, providing a solid foundation for future performance [4][6] - The company continues to invest heavily in R&D, with R&D expenses of 576 million yuan in 2023, representing 21.29% of revenue, leading to advancements in various product lines [4][6] Financial Summary - For 2024 Q1, the company reported revenue of 472 million yuan, a year-on-year increase of 17.25%, but net profit decreased by 80.51% to 10.47 million yuan due to increased costs and longer acceptance periods for new products [6][8] - The company expects continued revenue growth, with projected revenues of 4.125 billion yuan in 2024, 5.389 billion yuan in 2025, and 6.935 billion yuan in 2026, reflecting growth rates of 52.5%, 30.7%, and 28.7% respectively [5][11] - The company's net profit is projected to reach 970 million yuan in 2024, 1.342 billion yuan in 2025, and 1.753 billion yuan in 2026, with corresponding growth rates of 46.4%, 38.4%, and 30.7% [5][11] Market Position - The company is positioned as a leading domestic manufacturer of thin film deposition equipment, with a diverse product portfolio including PECVD, SACVD, ALD, and HDPCVD equipment, which enhances its competitive edge [6][8] - The company has successfully validated new products in various fields, including HDPCVD and bonding equipment, which have been well-received in the market [6][8]

拓荆科技（688072.SH）2023年年报&2024年一季报点评 2024 年展望出货高增 2024年04月30日 事件概述：4月29日，拓荆科技发布2023年年报和2024年一季报，公司2023 推荐 维持评级 年实现营收27.05亿元，同比增长58.60%；实现归母净利润6.63亿元，同比增 当前价格： 192.88元 长79.82%；实现扣非净利润 3.12 亿元，同比增长 75.29%。2024 年 Q1 公司 实现营收 4.72 亿元，同比增长 17.25%;实现归母净利润 0.10 亿元，同比下降 80.51%；实现扣非净利润-0.44亿元。 [Table_Author] ➢ 2023年业绩高增，收入确认节奏影响24Q1业绩短期承压。拓荆作为薄膜 设备国产替代龙头厂商，2023年实现了强劲的业绩增长，全年营收27.05亿元， 同比增长58.60%，其中薄膜设备收入25.70亿元，同比增长52.51%，2023年 末在手订单金额达64.23亿元，较2022年末增加18.21亿元。盈利端亦有较好 的增长表现，2023全年实现归母净利润6.63亿元，同比增长79.82%，综合毛 利率51.01%，同比 ...