Investment Rating - The investment rating for the company is "Buy - A" with a target price of 241.45 CNY [5]. Core Views - The company achieved a revenue of 2.705 billion CNY in 2023, a year-on-year increase of 58.60%, and a net profit attributable to the parent company of 663 million CNY, up 79.82% year-on-year [2][9]. - The company expects to double its shipment of reaction chambers in 2024, with over 1,000 units projected to be shipped [2][9]. - The decline in net profit in Q1 2024 is attributed to longer acceptance cycles for new products and increased expenses due to business scale growth and heightened R&D investment [2][9]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 2.705 billion CNY, with a significant contribution from thin-film deposition equipment, which generated 2.570 billion CNY, a 52.51% increase year-on-year [2]. - The Q4 2023 performance showed a revenue of 1.002 billion CNY, a 40.39% increase year-on-year and a 43.46% increase quarter-on-quarter [1]. - For Q1 2024, the company reported a revenue of 472 million CNY, a 17.25% year-on-year increase but a significant quarter-on-quarter decrease of 86.39% [1][2]. Product Development - The company successfully passed customer verification for its first wafer-to-wafer bonding product, Dione 300, and received repeat orders [3]. - The newly launched chip-to-wafer hybrid bonding pre-treatment product, Propus, also achieved customer verification and industrial application [8]. Future Projections - Revenue projections for 2024 to 2026 are 4.058 billion CNY, 5.275 billion CNY, and 6.593 billion CNY, respectively, with net profits expected to be 826 million CNY, 1.007 billion CNY, and 1.396 billion CNY [9][12]. - The company anticipates a significant increase in equipment shipments, contributing to revenue growth [9].

Dividend and Capital Structure - The company plans to distribute a cash dividend of 3.5 RMB per 10 shares, totaling approximately 65.8 million RMB, which represents 9.93% of the net profit attributable to shareholders[4]. - The company will increase its total share capital to 278,426,678 shares after a capital reserve conversion plan, distributing 90,238,423 shares based on the current total share capital[5]. - The cash dividend distribution is based on a total share capital of 187,996,715 shares after accounting for treasury shares[4]. Financial Performance - The company reported a significant increase in revenue, achieving a total of $X million for the fiscal year, representing a Y% growth compared to the previous year[13]. - The company's operating revenue for 2023 reached ¥2,704,974,035.48, representing a 58.60% increase compared to ¥1,705,562,723.82 in 2022[22]. - Net profit attributable to shareholders for 2023 was ¥662,583,836.09, a 79.82% increase from ¥368,470,797.91 in 2022[22]. - The net profit after deducting non-recurring gains and losses was ¥312,119,681.34, up 75.29% from ¥178,057,348.30 in 2022[22]. - The company's total assets as of the end of 2023 were ¥9,969,345,254.15, a 36.31% increase from ¥7,313,735,941.18 in 2022[22]. - The net assets attributable to shareholders increased to ¥4,593,860,407.52, reflecting a 23.77% growth from ¥3,711,485,492.51 in 2022[22]. - Basic earnings per share for 2023 were ¥3.54, a 64.65% increase compared to ¥2.15 in 2022[23]. - The net cash flow from operating activities for 2023 was negative at -¥1,657,342,652.77, a significant decrease from ¥247,625,867.82 in 2022[22]. Corporate Governance and Compliance - The company has not reported any significant risks that could materially affect its operations during the reporting period[3]. - The company has received a standard unqualified audit report from Tianjian Accounting Firm[3]. - The company has not experienced any non-operating fund occupation by controlling shareholders or related parties[6]. - The company has not violated any decision-making procedures for providing guarantees[6]. - The company’s board of directors and supervisory board members have all attended the board meetings, ensuring governance compliance[3]. - The company has not disclosed any special arrangements for corporate governance during the reporting period[5]. - The company has conducted 5 shareholder meetings and 12 board meetings during the reporting period, enhancing governance and decision-making processes[82]. - The company received an "A" rating for its information disclosure practices, reflecting its commitment to transparency and investor relations[83]. Research and Development - The company is investing in R&D, allocating E million towards the development of advanced technologies and innovative solutions[13]. - The company’s R&D investment reached 57,594.89 million yuan, an increase of 52.07% year-on-year, accounting for 21.29% of operating revenue[48]. - The company applied for a total of 350 new patents during the reporting period, including 183 invention patents and 141 utility model patents[119]. - The company has accumulated a total of 1,240 patent applications, with 395 patents granted as of the end of the reporting period[119]. - The company has developed advanced thin film deposition equipment, enhancing production capacity and reducing particle contamination[117]. - The company has achieved significant advancements in core technologies, addressing key challenges in semiconductor manufacturing, such as uniformity and stability of nano-thin films[115]. Market Expansion and Strategy - Market expansion efforts are underway, with plans to enter F new markets by the end of the fiscal year[14]. - The company is exploring potential acquisitions to enhance its market position and expand its product offerings[13]. - The company is focused on expanding its product offerings in advanced dielectric films and enhancing chip performance through innovative materials[22]. - The company is exploring strategic partnerships to enhance its distribution channels and market reach[182]. - The company plans to expand its market presence and is focusing on new product development, particularly in the technology sector[182]. Operational Challenges and Risks - The company faced risks related to market competition, particularly from international semiconductor equipment manufacturers, which could impact its market share and operational performance[136]. - The company is focused on reducing the verification cycle of new products and processes, which is currently longer than that of mature products, to improve cash flow and financial stability[135]. - The company is actively monitoring the semiconductor industry cycle to align its operations with market demand and mitigate risks associated with customer expansion plans[137]. - The company reported a 53.16% increase in operating costs to ¥1,325,247,379.98, driven by the expansion of production capacity and increased operational activities[142]. Employee and Talent Management - The company’s workforce has grown to 1,070 employees, with 484 in R&D, representing 45.23% of total staff[66]. - The average salary of R&D personnel is ¥37.04 million, with total salaries amounting to ¥17,926.03 million, up from ¥12,539.84 million in the previous year[125]. - The company is enhancing its talent development strategy by implementing competitive compensation policies and equity incentive systems to attract high-level talent[172]. - The company has implemented a dual-station product design that can process up to 6 wafers at a time, improving efficiency[116]. Future Outlook - The company provided guidance for the next fiscal year, projecting revenue growth of B% and an expected operating margin of C%[13]. - The company anticipates a growth rate of 20% in the upcoming fiscal year, driven by increased demand for its products[183]. - The company plans to continue expanding its product lines and enhancing competitiveness through ongoing R&D investments[144]. - The company is exploring potential acquisitions to strengthen its portfolio, with a budget of $500 million allocated for strategic investments[185].

Financial Performance - The company's operating revenue for Q1 2024 was ¥471,789,687.75, representing a year-on-year increase of 17.25%[4]. - The net profit attributable to shareholders decreased by 80.51% to ¥10,471,659.86, primarily due to longer acceptance cycles for new products and increased costs associated with business scale growth[8]. - The net profit attributable to shareholders after deducting non-recurring gains and losses fell by 325.07% to -¥44,209,267.86[4]. - The diluted earnings per share decreased by 79.31% to ¥0.06[6]. - Net profit for Q1 2024 was ¥7,781,183.91, a decrease of 85.2% from ¥52,253,170.19 in Q1 2023[22]. - The company reported a basic earnings per share of ¥0.06 for Q1 2024, down from ¥0.29 in Q1 2023[23]. - Comprehensive income attributable to shareholders of the parent company for Q1 2024 was ¥10,470,591.09, down from ¥53,718,794.24 in Q1 2023[23]. Research and Development - Research and development expenses totaled ¥153,211,354.50, an increase of 78.09%, accounting for 32.47% of operating revenue, up 11.09 percentage points year-on-year[6]. - Research and development expenses for the quarter were approximately CNY 90 million, reflecting a commitment to innovation and technology advancement[19]. - Research and development expenses increased significantly to ¥153,211,354.50 in Q1 2024, compared to ¥86,031,727.15 in Q1 2023, reflecting a growth of 78.3%[21]. Cash Flow and Liquidity - The net cash flow from operating activities was -¥721,350,817.72, indicating a significant cash outflow due to increased material purchases and reduced sales collections[4][8]. - In Q1 2024, the net cash flow from operating activities was -721,350,817.72 RMB, a significant decline compared to -139,601,409.34 RMB in Q1 2023[25]. - Total cash inflow from operating activities was 525,573,830.71 RMB, down from 833,584,156.03 RMB in the same period last year, representing a decrease of approximately 37%[25]. - Cash outflow from operating activities totaled 1,246,924,648.43 RMB, an increase of about 28% from 973,185,565.37 RMB in Q1 2023[25]. - The company reported a cash flow from investing activities of -118,786,643.13 RMB, compared to -682,397,784.23 RMB in Q1 2023, indicating a reduced investment outflow[25]. - Cash inflow from financing activities was 588,272,369.27 RMB, significantly higher than 300,000,000.00 RMB in Q1 2023, marking a 96% increase[25]. - The net cash flow from financing activities was 516,841,291.26 RMB, compared to 294,371,693.51 RMB in the previous year, reflecting a 76% increase[25]. - The ending balance of cash and cash equivalents was 2,343,575,535.81 RMB, down from 3,297,713,287.65 RMB at the end of Q1 2023[26]. Assets and Liabilities - The company's total assets increased by 9.62% to ¥10,928,121,486.95 compared to the end of the previous year[6]. - As of March 31, 2024, the company's total assets reached approximately CNY 10.93 billion, an increase from CNY 9.97 billion as of December 31, 2023, representing a growth of about 9.66%[18]. - The company's current assets totaled approximately CNY 9.34 billion, up from CNY 8.46 billion, indicating an increase of around 10.41%[18]. - The company's total liabilities increased to approximately CNY 9.34 billion, up from CNY 8.45 billion, indicating a growth of about 10.52%[19]. - Total liabilities as of Q1 2024 amounted to ¥6,312,728,802.37, an increase of 17.3% from ¥5,377,702,351.65 in Q1 2023[20]. - The company's total equity reached ¥4,615,392,684.58 in Q1 2024, slightly up from ¥4,591,642,902.50 in Q1 2023[20]. - The company experienced a significant increase in long-term borrowings, which rose to ¥2,423,655,816.68 in Q1 2024 from ¥1,870,800,000.00 in Q1 2023[20]. Operational Highlights - The company reported a net profit margin of approximately 15% for the first quarter of 2024, consistent with the previous quarter[14]. - The company plans to expand its market presence through new product launches and strategic partnerships in the upcoming quarters[14]. - Total operating costs for Q1 2024 were ¥508,036,399.24, up 37.9% from ¥368,008,281.80 in Q1 2023[21]. - The company had a total of 9,495 common shareholders at the end of the reporting period[9]. - Inventory increased significantly to approximately CNY 5.61 billion, compared to CNY 4.56 billion, marking a rise of approximately 23.05%[18]. - The company's short-term borrowings rose to approximately CNY 105.42 million from CNY 69.98 million, an increase of about 50.67%[19]. - Accounts payable increased to approximately CNY 1.32 billion from CNY 985.63 million, representing a growth of around 34.00%[19]. Employee Compensation and Tax - The company paid 201,333,015.10 RMB in employee compensation, up from 134,321,414.93 RMB in Q1 2023, representing a 50% increase[25]. - Tax payments decreased to 3,596,377.60 RMB from 37,338,172.56 RMB in Q1 2023, a reduction of approximately 90%[25]. - The company reported a decrease in tax expenses to ¥-19,758.49 in Q1 2024, compared to ¥20,808,244.44 in Q1 2023[22]. - Other cash payments related to operating activities increased to 55,978,581.10 RMB from 28,044,871.39 RMB, indicating a rise of about 100%[25].

招商证券股份有限公司 关于拓荆科技股份有限公司 首次公开发行部分战略配售股上市流通的核查意见 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》等有关规定，对拓荆科技首次公开发 行部分战略配售股上市流通事项进行了核查，核查情况如下： 一、本次上市流通的限售股类型 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 司获准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，并于 2022 年 4 月 20 日在上海证券交易所科创板挂牌上市。公司首次公开发行股票完 成后，总股本为 126,478,797股，其中有限售条件流通股 100,308,044股，无限售 条件流通股 26,170,753 股。 本次上市流通的限售股为公司首次公开发行战略配售限售股，涉及战略配 售限售股股东数量为 1 名，为招 ...

证券代码：688072 证券简称：拓荆科技 公告编号：2024-024 拓荆科技股份有限公司 关于首次公开发行部分战略配售股上市流通的公告 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。 重要内容提示： 本次股票上市类型为首发战略配售股份（限售期 24 月）；股票认购方式为 网下，上市股数为 1,403,919 股。本公司确认，上市流通数量等于该限售期的全部 战略配售股份数量。 本次股票上市流通总数为 1,403,919 股。 本次股票上市流通日期为 2024 年 4 月 22 日。 一、本次上市流通的限售股类型 2022 年 3 月 1 日，中国证券监督管理委员作出《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），同意公司首次公 开发行股票的注册申请，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，并于 2022 年 4 月 20 日在上海证券交易所科创板挂牌上市。公司首 次公开发行股票完成后，总股本为 126,478,797 股，其中有限售条 ...

拓荆科技股份有限公司投资者关系活动记录表 | --- | --- | --- | |--------------|-------------------------|------------------------------------------------------------| | | √ | 特定对象调研 √分析师会议 | | 投资者关系活 | □ | 媒体采访 □业绩说明会 | | 动类别 | □ 新闻发布会 □路演活动 | | | | √ 现场参观 | √ 其他（电话交流、反路演、策略会等形式） | | 参与单位名称 | | 易方达基金、东方基金、银华基金、华西证券、民生证券、国联基 | | | | 金、华创证券、泰康保险、东方红资产管理、摩根大通基金、招商 | | | | 基金、汇添富基金、浦银安盛、兴全基金、国泰基金、华安基金、 | | | | 中银基金、富国基金、安信证券、财通证券、睿远基金、永赢基 | | | | 金、诺德基金、盘京投资、天弘基金、华富基金、博时基金、长城 | | | | 基金、交银基金、德邦基金、国泰君安证券、华商基金、和谐汇一 | | | | 资产管理、国盛证券、创 ...

证券代码：688072 证券简称：拓荆科技 公告编号：2024-023 拓荆科技股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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、准确性和完整性承担法律责任。 重要内容提示： 公司于 2024 年 3 月 1 日召开第二届董事会第三次会议，并于 2024 年 3 月 18 日召开 2024 年第二次临时股东大会，审议通过了《关于以集中竞价交易方式回购 公司股份方案的议案》，同意公司使用首次公开发行人民币普通股取得的部分超募 资金以集中竞价交易方式回购公司股份。本次回购资金总额不低于人民币 12,000.00 万元（含），不超过人民币 19,730.00 万元（含），回购价格不超过人民币 270元/股（含），回购的股份拟在未来适宜时机用于公司股权激励或员工持股计划。 回购期限为自股东大会审议通过本次回购股份方案之日起 12 个月内。具体内容详 见公司分别于 2024 年 3 月 2 日在上海证券交易所网站（www.sse.com.cn）披露的 《关于以集中竞价交易方式回购公司股份方案的公告》（公告编号 ...

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。 重要内容提示： 2024年3月29日，拓荆科技股份有限公司（以下简称"公司"）通过上海 证券交易所交易系统以集中竞价交易方式首次回购公司股份191,540股，占公司 总股本188,188,255股的比例为0.1018%，首次回购股份的最高成交价为190.10元/ 股，最低成交价为183.55元/股，成交总金额为35,881,770.11元（不含交易佣金等 交易费用）。 证券代码：688072 证券简称：拓荆科技 公告编号：2024-022 拓荆科技股份有限公司 关于以集中竞价交易方式首次回购公司股份的公告 一、回购股份的基本情况 公司于2024年3月1日召开第二届董事会第三次会议，并于2024年3月18日召 开2024年第二次临时股东大会，审议通过了《关于以集中竞价交易方式回购公司 股份方案的议案》，同意公司使用首次公开发行人民币普通股取得的部分超募资 金以集中竞价交易方式回购公司股份。本次回购资金总额不低于人民币12,000.00 万元（含），不超过人民币19,730.00 ...

证券代码：688072 证券简称：拓荆科技 公告编号：2024-021 拓荆科技股份有限公司 关于以集中竞价交易方式回购公司股份的回购报告书 回购股份的用途：本次回购的股份拟在未来适宜时机用于公司股权激励 或员工持股计划，并在股份回购结果暨股份变动公告日后3年内予以转让；若公 司未能在本次股份回购实施结果暨股份变动公告日后3年内转让完毕，尚未转让 的回购股份将予以注销。如国家对相关政策作调整，则本回购方案按调整后的政 策实行。 回购股份的资金总额：不低于人民币12,000.00万元（含），不超过人民 币19,730.00万元（含），具体回购资金总额以实际使用的资金总额为准。 回购期限：自股东大会审议通过本次回购方案之日起12个月内。 回购价格：不超过人民币270元/股（含）。该价格不高于公司董事会通 过回购决议前30个交易日公司股票交易均价的150%。 回购资金来源：公司首次公开发行人民币普通股取得的部分超募资金。 相关股东是否存在减持计划 公司持股5%以上的股东及全体董事、监事、高级管理人员在董事会通过回 购决议之日的未来3个月、未来6个月暂无减持公司股份的计划或所持公司股份尚 在限售期内。若未来拟实施股份 ...

证券代码：688072 证券简称：拓荆科技 公告编号：2024-020 拓荆科技股份有限公司 2024 年第二次临时股东大会决议公告 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2024 年 3 月 18 日 （二） 股东大会召开的地点：辽宁省沈阳市浑南区水家 900 号拓荆科技股份有 限公司会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 83 | | --- | --- | | 普通股股东人数 | 83 | | 2、出席会议的股东所持有的表决权数量 | 118,077,737 | | 普通股股东所持有表决权数量 | 118,077,737 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 62.7445 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 62.7445 ...