Investment Rating - The report maintains an "Accumulate" investment rating for the company [1][3]. Core Insights - The company has experienced significant growth in its order backlog, with a year-on-year increase of 46.3%, amounting to approximately 9.4 billion yuan by the end of 2024 [7]. - The company reported a rapid profit release in Q4 2024, with revenue reaching 1.826 billion yuan, representing an 82% year-on-year increase [7]. - The company has successfully launched multiple new film process equipment, achieving bulk shipments and receiving repeat orders in the 3D IC field [7]. - The projected revenue for the company is expected to grow significantly, with estimates of 5.411 billion yuan in 2025, 6.862 billion yuan in 2026, and 8.513 billion yuan in 2027 [2][7]. Financial Data and Valuation - Total revenue for 2023 is reported at 2.705 billion yuan, with a year-on-year growth of 59% [2][10]. - The net profit attributable to the parent company for 2024 is projected at 688 million yuan, reflecting a 4% increase compared to the previous year [2][10]. - The company's PE ratio is expected to decrease from 67.9 in 2023 to 25.7 by 2027, indicating improving valuation metrics over time [11]. Performance Metrics - The company's gross margin for Q4 2024 was reported at 39.3%, with a year-on-year decrease of 12.8 percentage points [7]. - The return on equity (ROE) for 2023 was 13.0%, with projections indicating an increase to 21.4% by 2027 [3][10]. - The company's total assets are expected to grow from 9.969 billion yuan in 2023 to 23.470 billion yuan by 2027 [9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has experienced rapid revenue growth in Q4, with a year-on-year increase of 82.1% and a quarter-on-quarter increase of 80.6% [8] - The company is expanding its PECVD (Plasma-Enhanced Chemical Vapor Deposition) field, with a full range of PECVD dielectric film materials now in industrial application [3] - New products have slightly decreased the gross margin, which was 41.7% for 2024, down 9.3 percentage points year-on-year [8] Financial Performance - The total revenue for 2024 is projected to be 41.0 billion yuan, a year-on-year increase of 51.7% [8] - The net profit attributable to shareholders for 2024 is expected to be 6.9 billion yuan, a year-on-year increase of 3.9% [8] - The company’s R&D investment for 2024 is 7.6 billion yuan, an increase of 31.3% year-on-year, aimed at expanding new products and processes [8] Revenue and Profit Forecast - Revenue forecasts for the next few years are as follows: 2024 at 41.0 billion yuan, 2025 at 59.17 billion yuan, 2026 at 82.49 billion yuan, and 2027 at 107.13 billion yuan [1] - The net profit attributable to shareholders is forecasted to be 10.0 billion yuan in 2025, 15.5 billion yuan in 2026, and 22.1 billion yuan in 2027 [9] Market Position - The company is the leading domestic supplier in the ALD (Atomic Layer Deposition) process coverage, with its first PE-ALD SiN process successfully verified by customers [3] - The company’s advanced packaging equipment revenue for 2024 is expected to reach 95.67 million yuan, a year-on-year increase of 48.8% [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing rapid growth in Q4, with revenue reaching 4.1 billion yuan, a year-on-year increase of 51.7%. The net profit attributable to shareholders is 688.16 million yuan, up 3.9% year-on-year [8][9] - The company has achieved significant milestones in the PECVD field, with a full range of PECVD dielectric film materials now in industrial application. The company is also the leading domestic provider of ALD processes and advanced packaging equipment [3][9] - The company’s gross margin has slightly decreased to 41.7% due to new product introductions, while R&D investment has increased by 31.3% to 760 million yuan [8][9] Financial Performance - The total revenue for 2024 is projected to be 4.1 billion yuan, with a year-on-year growth rate of 51.7%. The net profit attributable to shareholders is expected to be 688.16 million yuan, reflecting a growth of 3.9% [1][8] - In Q4 alone, the company reported a revenue of 1.83 billion yuan, marking an impressive year-on-year increase of 82.1% and a quarter-on-quarter increase of 80.6% [8] - The company’s cash flow from operating activities turned positive for the first time since 2023, amounting to 720 million yuan in Q4 [8][9] Revenue and Profit Forecast - The company’s revenue forecast for 2025 is 5.92 billion yuan, with a projected net profit of 1 billion yuan, indicating a growth rate of 45.93% [1][9] - The estimated net profit for 2026 is 1.55 billion yuan, with a growth rate of 54.77% [1][9] - By 2027, the net profit is expected to reach 2.21 billion yuan, with a growth rate of 41.96% [1][9]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 192.67 CNY per share [6]. Core Views - The company has a strong order backlog of 9.4 billion CNY, which supports long-term growth. The revenue growth in 2024 is primarily driven by the ramp-up of new products and processes [2]. - The company achieved a revenue of 4.103 billion CNY in 2024, representing a year-on-year increase of 51.7%. The net profit attributable to shareholders was 688 million CNY, up 3.86% year-on-year [1][2]. - The gross margin for 2024 was 41.69%, down 9.32 percentage points year-on-year, indicating short-term pressure on profitability due to increased R&D investments and high costs associated with new product validation [2]. Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 1.826 billion CNY, a year-on-year increase of 82.11%, and a net profit of 417 million CNY, up 6.46% year-on-year [1]. - The company’s R&D expenses reached 756 million CNY in 2024, a 31.26% increase year-on-year, reflecting a commitment to innovation [2]. Product Development - The company’s thin film deposition equipment generated revenue of 3.863 billion CNY in 2024, a 50.29% increase year-on-year, with significant production stability [3]. - Advanced bonding equipment and related detection devices contributed 96 million CNY in revenue, up 48.78% year-on-year, with successful customer validations for new products [4]. Future Projections - Revenue projections for 2025, 2026, and 2027 are 5.417 billion CNY, 6.933 billion CNY, and 8.458 billion CNY, respectively, with net profits expected to be 998 million CNY, 1.413 billion CNY, and 1.947 billion CNY [9][10].

Market Overview - The net inflow of main funds in the Shanghai and Shenzhen markets reached 4.975 billion yuan, with the Sci-Tech Innovation Board experiencing a net outflow of 773 million yuan [1] - A total of 252 stocks saw net inflows, while 330 stocks experienced net outflows [1] Sci-Tech Innovation Board Performance - On the Sci-Tech Innovation Board, 275 stocks rose while 299 stocks fell [1] - Among the stocks with significant net inflows, Lanke Technology led with a net inflow of 114 million yuan, followed by TuoJing Technology and DaMeng Data with net inflows of 65.78 million yuan and 47.04 million yuan respectively [1] Continuous Fund Flow - There are 48 stocks that have seen continuous net inflows for more than three trading days, with MaiXinLin leading at 13 consecutive days of inflow [1] - Conversely, 137 stocks have experienced continuous net outflows, with ZhuoYue New Energy and AiKe GuangDian both seeing 11 consecutive days of outflow [1] Top Stocks by Net Inflow - The top stocks by net inflow include: - Lanke Technology: 113.92 million yuan, 9.72% inflow rate, 1.35% increase [1] - TuoJing Technology: 65.78 million yuan, 11.69% inflow rate, 4.72% increase [1] - DaMeng Data: 47.04 million yuan, 8.83% inflow rate, 7.01% increase [1] Stocks with Significant Outflows - The stocks with the highest net outflows include: - SMIC: 246 million yuan outflow, 0.76% decrease [1] - HengXuan Technology: 108 million yuan outflow [1] - Chip Origin Technology: 73.09 million yuan outflow [1]

Group 1 - The semiconductor materials ETF (562590) has shown a recent increase of 0.18%, with a latest price of 1.09 yuan, and a cumulative increase of 1.30% over the past two weeks [3][4] - The trading volume for the semiconductor materials ETF was 841.55 million yuan, with a turnover rate of 2.7% [3] - Over the past year, the semiconductor materials ETF has seen a significant growth in scale by 271 million yuan and an increase in shares by 238 million [3] Group 2 - As of April 24, 2025, the net value of the semiconductor materials ETF has increased by 30.20%, ranking it in the top 10.67% among index equity funds [4] - The highest monthly return since inception for the semiconductor materials ETF was 20.35%, with an average monthly return of 10.90% and a historical one-year profit probability of 97.01% [4] - The global semiconductor market is projected to reach a sales figure of 687.4 billion USD in 2025, reflecting a year-on-year growth of 12.5% [4] Group 3 - The top ten weighted stocks in the semiconductor materials index (931743) account for 60.82% of the index, with North Huachuang (002371) having the highest weight at 16.44% [5][7] - Other significant stocks include Zhongwei Company (688012) at 13.55% and Hushi Silicon Industry (688126) at 5.61% [5][7] - The overall performance of these stocks varies, with some showing positive growth while others have slight declines [7]

Core Viewpoint - The company is engaged in the research, production, and sales of high-end semiconductor equipment, focusing on maintaining core competitiveness through independent research and development, with a significant emphasis on the growth potential in the semiconductor equipment market driven by advancements in technology and increasing demand from emerging industries [3][4][8]. Company Overview - The company primarily operates in the high-end semiconductor equipment sector, developing products such as PECVD, ALD, SACVD, HDPCVD, and Flowable CVD equipment, which are widely used in the manufacturing of integrated circuits [3][4]. - The company has established a stable cooperation relationship with domestic semiconductor manufacturers, ensuring a steady flow of orders through direct sales and technical services [7][8]. Industry Situation - The semiconductor equipment industry is characterized by cyclical fluctuations, driven by technological advancements and demand from downstream applications, with a projected global semiconductor sales growth of 19% to $628 billion in 2024 [8][9]. - The global semiconductor manufacturing equipment sales are expected to reach $117.1 billion in 2024, reflecting a 10% increase from 2023, with China being the largest market for semiconductor equipment, projected to reach $49.6 billion in sales, a 35% year-on-year growth [9][10]. - The thin film deposition equipment market, a subset of the semiconductor equipment sector, is expected to reach approximately $23 billion in 2024, with the company focusing on CVD equipment, which holds a significant market share [10][12]. Technological Trends - The advancement of three-dimensional integration technology is becoming a key driver for market growth, with the global advanced packaging market expected to grow from $4.3 billion in 2023 to $28 billion by 2029, at a CAGR of 37% [12][13]. - The increasing complexity of chip manufacturing processes and the shift towards 3D chip designs are driving demand for advanced bonding equipment, which is essential for achieving high-density and high-performance chips [12][24]. Financial Data - The company plans to distribute a cash dividend of 2.70 yuan per 10 shares, amounting to a total of approximately 75.18 million yuan, which represents 10.93% of the net profit attributable to shareholders for the reporting period [1][2].

拓荆科技股份有限公司 2025 年度"提质增效重回报"专项行动方案 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 公司发展理念，维护公司全体股东利益，基于对公司未来发展前景的信心及价值 的认可，于 2024 年 4 月制定了《2024 年度"提质增效重回报"专项行动方案》。 通过切实实践"提质增效重回报"行动方案，公司在持续优化公司经营、增强投 资者回报、加快创新发展、强化投资者沟通、规范公司治理等方面取得了良好成 效。为进一步提高公司发展质量，切实关注投资者回报，公司特制定了《2025 年度"提质增效重回报"专项行动方案》，在总结 2024 年度行动方案成效的基 础上，积极深入挖掘公司"提质增效"创新路径和举措，助力资本市场健康、稳 定发展。公司 2024 年度行动方案的执行情况和 2025 年行动方案包括以下方面： 一、聚焦主业，优化运营，创新引领公司高质量发展 2024 年度，公司继续聚焦主业，做深做精主营产品，坚持自主创新，增强 公司产品的市场竞争力，并持续强化公司运营管理，促进公司高质量、稳健、快 速的发展，保持公司在国内高端半导体设备行业的领先地位。具体包括以下方面： （一 ...

公司于 2024 年 5 月 20 日召开 2023 年年度股东大会，审议通过了《关于公 司续聘 2024 年度审计机构的议案》。 拓荆科技股份有限公司 董事会审计委员会 2024 年度对会计师事务所履行监督职责 情况报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理准 则》《国有企业、上市公司选聘会计师事务所管理办法》《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》和《拓荆科技股份有限公司章程》 《董事会审计委员会工作细则》等规定和要求，拓荆科技股份有限公司（以下简 称"公司"）董事会审计委员会本着勤勉尽责的原则，恪尽职守，认真履职。现 将董事会审计委员会对 2024 年度会计师事务所履行监督职责的情况汇报如下： 一、聘任会计师事务所履行的程序 公司于 2024 年 4 月 28 日召开第二届董事会审计委员会第二次会议及第二 届董事会第四次会议，审议通过了《关于公司续聘 2024 年度审计机构的议案》， 同意继续聘任天健会计师事务所（特殊普通合伙）（以下简称"天健"）为公司 2024 年度财务报告及内部控制审计机构，并将本议案提交公司 2023 年年度股东大会 审议 ...