Group 1: Revenue Growth - In 2024, the company achieved revenue of 4.103 billion yuan, a year-on-year increase of 51.70% [1] - Revenue from thin film deposition equipment reached 3.863 billion yuan, up 50.29% year-on-year, with PECVD maintaining its core advantage and achieving record sales [1] - The company continued to maintain high growth in Q1 2025, with revenue of 709 million yuan, a year-on-year increase of 50.22% [1] Group 2: Profitability and R&D Investment - In 2024, the company's net profit attributable to shareholders was 688 million yuan, a year-on-year increase of 3.86%, while the net profit after deducting non-recurring items was 356 million yuan, up 14.10% [2] - R&D expenses for the year were 756 million yuan, an increase of 31.26% year-on-year, contributing to a decrease in gross margin [2] - The gross margin for 2024 was 41.69%, down 5.43 percentage points year-on-year, primarily due to the higher costs associated with new products and processes [2] Group 3: Order Backlog and Inventory - As of the end of 2024, the company had an order backlog of approximately 9.4 billion yuan, indicating strong demand [2] - Inventory at the end of Q1 2025 was 7.812 billion yuan, a year-on-year increase of 39.18%, with a 94% increase in shipped goods [2] - Contract liabilities reached 3.752 billion yuan, up 170.65% year-on-year, reflecting a robust order backlog [2] Group 4: Profit Forecast and Valuation - The company forecasts revenues of 5.784 billion yuan, 7.812 billion yuan, and 9.596 billion yuan for 2025-2027, with net profits of 900 million yuan, 1.336 billion yuan, and 1.616 billion yuan respectively [3] - The projected PE ratio for 2025 is 49X, maintaining a "recommended" rating [3]

Core Viewpoint -拓荆科技 reported strong financial performance in Q1 2025, with significant revenue growth and positive cash flow, indicating robust business development and market competitiveness [1][2] Financial Performance - The company achieved operating revenue of 709 million yuan, a year-on-year increase of 50.22% [1] - The net cash flow from operating activities turned positive, increasing by 732 million yuan year-on-year [1] - The amount of orders on hand at the end of the reporting period grew compared to the end of 2024, along with significant increases in advance payments and sales collections [1] R&D Investment - In Q1 2025, the company invested 159 million yuan in R&D, accounting for 22.38% of its operating revenue [1] - From 2022 to 2024, total R&D investment reached 1.711 billion yuan, representing 20.09% of total operating revenue during the same period [1] Product Development and Market Position - The company focuses on high-end semiconductor equipment, including PECVD, ALD, SACVD, HDPCVD, and Flowable CVD products, as well as advanced bonding and detection equipment for 3D integration [1][2] - The company has maintained a compound annual growth rate (CAGR) of 74.83% in operating revenue from 2019 to 2024, showcasing strong market competitiveness [1] - The company has achieved breakthroughs in new products and processes, with successful batch validation of new products and expanded process coverage [2] - In the field of thin film deposition equipment, the company is advancing high-capacity and high-performance equipment for advanced storage and logic chips, entering large-scale production [2] - The company is actively promoting new generation advanced bonding products and detection equipment for the 3D integration field, aiming to provide comprehensive technical solutions [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 4.1 billion yuan in 2024, representing a year-over-year increase of 51.7%, driven by increased demand for domestic semiconductor equipment from wafer manufacturers [4][5] - The net profit attributable to shareholders for 2024 was 690 million yuan, with a year-over-year growth of 3.9% [5] - The gross margin for 2024 was 41.7%, a decrease of 9.3 percentage points compared to the previous year [5] - As of the end of 2024, the company had nearly 9.4 billion yuan in orders on hand, providing strong support for future performance [5] - In Q1 2025, the company continued to achieve high growth with a revenue of 710 million yuan, a year-over-year increase of 50.2% [5] - The company is expanding its film deposition process coverage and developing 3D integration equipment, which is expected to benefit from the expansion of advanced processes and packaging [5][6] Financial Summary and Valuation Indicators - The company is projected to achieve revenues of 5.8 billion yuan, 7.7 billion yuan, and 9.5 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 940 million yuan, 1.49 billion yuan, and 1.96 billion yuan [5][7] - The projected P/E ratios for 2025, 2026, and 2027 are 47, 31, and 23 times respectively [5][7] - The company’s gross margin is expected to recover to 45.2% in 2025 and further improve in subsequent years [7] - The company’s total assets are projected to reach 15.3 billion yuan in 2024 and 22.8 billion yuan in 2027 [9]

Core Viewpoint - The company reported a significant increase in revenue for Q1 2025, driven by rising demand for domestic semiconductor equipment and successful new product validations, despite a net loss. Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 709 million yuan, a year-on-year increase of 50.22% [1] - The net profit for the same period was -147 million yuan, with a basic earnings per share of -0.53 yuan [1] - The compound annual growth rate (CAGR) of revenue from 2019 to 2024 reached 74.83% [1] Group 2: Product Development and Market Position - The company focuses on semiconductor thin film deposition equipment and has established two product series: thin film deposition equipment and hybrid bonding equipment [1] - New products and processes accounted for nearly 70% of sales revenue during the reporting period, although gross margins declined due to high customer validation costs [2] - The company emphasizes independent innovation and has maintained high R&D investment, with R&D expenses of 159 million yuan in Q1 2025, representing 22.38% of revenue [2] Group 3: Operational Efficiency - The company reported a significant increase in net cash flow from operating activities, turning positive with an increase of 732 million yuan year-on-year [3] - The volume of goods shipped increased by 94% compared to the previous year, contributing to improved cash flow [2][3] - The company has seen a substantial increase in both advance payments and sales collections compared to the same period last year [3]

以下文章来源于橙子不糊涂 ，作者橙子 80后，集成电路背景，专注于AI硬科技、半导体领域的研究和投资。 申请入围"中国IC独角兽" 半导体高质量发展创新成果征集 25年Q1财报全部披露完，科技领域的财报值得重点关注，有一大批非常炸裂的，今天具体讨论3个 话题： 1，哪些领域 创了历史最佳； 2，哪些领域 接近，或者说"实际上最佳"； 3，未来哪些领域会 持续加速增长。 首先， 历史最佳财报 主要集中在3个领域： （1）AI芯片：国产AI推理芯片需求爆发 橙子不糊涂 . 主要代表是 寒武纪和海光信息 。Q1营收11.11亿元，同比增长42倍，净利润3.55亿元，最炸裂的是存货 和预付款，预示着Q2将环比几倍的增长。 海光信息， DCU3深算3号作为少数几款国产全精度卡，在一些顶尖应用比如 AI for science 上非常 出色。 （2）端侧 SoC芯片 ：受益于AI端侧设备的井喷 AIoT、自动驾驶、机器人，以及AI玩具、AI智能终端等新兴场景带动端侧算力芯片需求，国内一些巨 头已经有了质的突破，比如 瑞芯微 强悍的3588已经大量上车，明显的4nm的3688 性能会更加猛烈。 端侧SoC整个板块各个公司Q ...

Financial Performance - In Q1 2025, the company achieved revenue of 709 million RMB, a significant increase of 50.22% year-on-year[3] - The company reported a net loss attributable to shareholders of 147 million RMB, a decline of 1,503.33% compared to the same period last year[5] - Total revenue for Q1 2025 reached ¥708.70 million, a significant increase of 50.2% compared to ¥471.79 million in Q1 2024[20] - The company reported a net loss of ¥151.71 million in Q1 2025, compared to a net profit of ¥7.78 million in Q1 2024[21] - Operating profit for Q1 2025 was negative at ¥147.99 million, a decline from a profit of ¥7.76 million in Q1 2024[21] Cash Flow and Liquidity - The net cash flow from operating activities turned positive, reaching 10.93 million RMB, a substantial increase of 73.23 million RMB compared to the same period last year[3] - In Q1 2025, the cash inflow from operating activities was CNY 1,615,701,584.48, a significant increase from CNY 525,573,830.71 in Q1 2024, representing a growth of approximately 206.5%[24] - The net cash flow from operating activities was CNY 10,925,081.84, recovering from a negative cash flow of CNY -721,350,817.72 in the same quarter last year[24] - The ending cash and cash equivalents balance was CNY 2,335,535,172.01, slightly down from CNY 2,343,575,535.81 at the end of Q1 2024[25] Research and Development - R&D investment for Q1 2025 was 159 million RMB, accounting for 22.38% of revenue, a decrease of 10.09 percentage points from the previous year[4] - The company is advancing R&D in high-capacity, high-performance film deposition equipment and new generation bonding products for 3D integration applications[4] - Research and development expenses for Q1 2025 were ¥145.96 million, a decrease of 4.1% from ¥153.21 million in Q1 2024[20] Assets and Liabilities - The total assets at the end of Q1 2025 were 16.21 billion RMB, reflecting a growth of 5.86% from the end of the previous year[5] - Total liabilities rose to ¥10.99 billion, compared to ¥10.02 billion in the previous period, indicating a 9.7% increase[17] - The company's cash and cash equivalents decreased to ¥747.27 million from ¥662.06 million, reflecting a decline of 12.9%[16] Shareholder Information - The company has a major shareholder, the National Integrated Circuit Industry Investment Fund, holding 19.67% of shares, totaling 55,026,693 shares[11] - The top ten shareholders include various investment funds, with the largest being the National Integrated Circuit Industry Investment Fund and the Shanghai Investment Management Company, which collectively hold significant stakes[12] - There are no significant changes in the shareholding structure of the top ten shareholders due to securities lending activities[14] Inventory and Receivables - The company’s pre-receivable payments reached 3.75 billion RMB, an increase of 25.79% from the end of 2024[8] - Accounts receivable rose to approximately ¥1.61 billion, up from ¥1.47 billion, reflecting an increase of about 8.5%[15] - Inventory levels increased to approximately ¥7.81 billion from ¥7.22 billion, indicating a growth of about 7.8%[15] Market and Growth - The company’s revenue growth was driven by increased demand from domestic wafer manufacturers for semiconductor equipment[8] - The company has a strong focus on expanding its market presence and developing new technologies, as indicated by its substantial investments in trading financial assets and inventory[15] Financial Activities - Cash outflow for purchasing goods and services was CNY 1,276,997,364.96, compared to CNY 986,016,674.63 in Q1 2024, indicating an increase of about 29.4%[24] - The net cash flow from investing activities was CNY -639,000,343.19, worsening from CNY -118,786,643.13 in Q1 2024[25] - Cash inflow from financing activities totaled CNY 210,612,583.02, down from CNY 588,272,369.27 in the previous year, a decline of approximately 64.2%[25] Other Financial Metrics - The weighted average return on net assets was -2.81%, a decrease of 3.04 percentage points year-on-year[5] - The company’s basic earnings per share for Q1 2025 were -¥0.53, compared to ¥0.04 in Q1 2024[21] - The company reported cash and cash equivalents of approximately ¥2.50 billion as of March 31, 2025, down from ¥3.00 billion on December 31, 2024, representing a decrease of about 16.7%[15]

Core Insights - The semiconductor materials ETF has shown a positive performance, with a recent increase of 0.21% in the index and notable gains in constituent stocks [2] - The ETF has achieved a significant annual net value increase of 29.99%, ranking in the top 11.23% among equity funds [3] - The top ten weighted stocks in the semiconductor materials index account for 60.82% of the total index weight, indicating concentrated performance among leading companies [4] Performance Metrics - The semiconductor materials ETF has seen a one-week cumulative increase of 0.74% and a year-to-date average daily trading volume of 15.98 million yuan [2] - The ETF's highest single-month return since inception was 20.35%, with an average monthly return of 10.90% and a historical one-year profit probability of 97.04% [3] - The electronic sector's holdings in public funds reached a historical high of 18.90% in Q1 2025, reflecting strong investor interest [3] Top Holdings - The top ten stocks in the semiconductor materials index include North Huachuang, Zhongwei Company, and Hushi Silicon Industry, with North Huachuang holding the highest weight at 16.44% [4][6] - The performance of these top stocks varies, with some experiencing slight increases while others, like Hushi Silicon Industry, have seen a decrease [6]

多种薄膜新工艺设备实现批量出货，关键材料持续突破。 公司拓展了芯片沟槽填充用Flowable CVD设 备，多台通过客户验证；基于新平台、新反应腔的PECVD Stack（ONO叠层）、ACHM等先进工艺设备 实现了大批量出货，通过客户验证；ALD SiCO、SiN、AlN等工艺设备实现大批量出货。目前公司推出 的PECVD、ALD、SACVD、HDPCVD及Flowable CVD薄膜设备可以支撑全部介质薄膜材料的约100多 种工艺应用。 点击招商研究小程序查看PDF报告原文 拓荆科技发布2024年报，24Q4利润快速释放，在手订单同比高增长。公司多种薄膜新工艺设备实现批 量出货，3D IC领域混合键合设备获得重复订单。 24Q4利润快速释放，在手订单同比高增长。 1）2024全年： 公司收入41亿元，同比+51.7%；归母净利 润6.88亿元，同比+3.86%；扣非净利润3.56亿元，同比+14.1%；截至2024年底，公司在手订单约94亿 元，同比+46.3%； 2）24Q4： 公司收入18.26亿元，同比+82%/环比+81%；毛利率39.3%，同 比-12.8pcts/环比持平，同比承压主要系新品或 ...

Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The company achieved a revenue of 4.103 billion yuan in 2024, representing a year-on-year growth of 51.70%, and a net profit of 688 million yuan, with a year-on-year increase of 3.86% [4][8] - The gross profit margin for 2024 was 41.69%, a decrease of 9.32 percentage points compared to the previous year, primarily due to high verification costs associated with new products and processes [8] - The company has a strong order backlog of approximately 9.4 billion yuan at the end of 2024, a 46.35% increase from the previous year, indicating a solid foundation for future performance growth [8] Financial Performance Summary - Revenue projections for 2025-2027 are 5.590 billion yuan, 6.996 billion yuan, and 8.602 billion yuan, with respective year-on-year growth rates of 36.2%, 25.1%, and 23.0% [6][12] - Net profit estimates for the same period are 1.075 billion yuan, 1.368 billion yuan, and 1.728 billion yuan, with growth rates of 56.3%, 27.2%, and 26.3% respectively [6][12] - The company’s gross margin is expected to recover to 46.4% in 2025 and stabilize around 46.9% by 2027 [13] Product and Market Insights - The company’s film deposition equipment revenue reached 3.863 billion yuan in 2024, growing by 50.29%, with the PECVD product line maintaining a competitive edge [8][11] - Advanced bonding equipment for 3D integration generated revenue of approximately 95.67 million yuan, marking a 48.78% increase, with new products gaining traction in the market [11] - The company is well-positioned in the semiconductor equipment sector, with a comprehensive layout in CVD film deposition equipment and promising growth potential in wafer bonding equipment [11]

Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The company achieved a revenue of 4.103 billion yuan in 2024, representing a year-on-year growth of 51.70%, and a net profit of 688 million yuan, with a year-on-year increase of 3.86% [4][8] - The company plans to distribute a cash dividend of 2.70 yuan per 10 shares to all shareholders [4] - The company has a strong order backlog of approximately 9.4 billion yuan at the end of 2024, which is a 46.35% increase compared to the end of 2023 [8] Financial Performance Summary - Revenue for 2024 is projected at 4.103 billion yuan, with a growth rate of 51.7% [6][11] - Net profit for 2024 is expected to be 688 million yuan, with a growth rate of 3.9% [6][11] - Gross margin for 2024 is reported at 41.69%, a decrease of 9.32 percentage points year-on-year [8] - The company’s thin film deposition equipment revenue reached 3.863 billion yuan, growing by 50.29% [8] - The advanced bonding equipment revenue in the 3D integration field was approximately 95.67 million yuan, with a year-on-year growth of 48.78% [9] Future Projections - The company’s net profit is projected to reach 1.075 billion yuan in 2025, 1.368 billion yuan in 2026, and 1.728 billion yuan in 2027 [9][10] - The expected P/E ratios for 2025, 2026, and 2027 are 41.8X, 32.9X, and 26.0X respectively [9][11] Market Position and Competitive Advantage - The company has a comprehensive layout in CVD thin film deposition equipment, with strong competitiveness and significant positioning advantages [9] - The advanced bonding equipment in the 3D integration field is expected to become a key growth point for the company [9]