Financial Performance - The basic earnings per share for 2024 is 2.48 yuan, an increase of 3.77% compared to 2023's 2.39 yuan [1] - The net profit for 2024 is 688 million yuan, reflecting a 3.77% increase from 663 million yuan in 2023 [1] - The operating revenue for 2024 is 4.103 billion yuan, showing a significant increase of 51.68% from 2.705 billion yuan in 2023 [1] - The return on equity for 2024 is 14.11%, down 12.31% from 16.09% in 2023 [1] - The net asset per share decreased by 22.65% to 18.88 yuan in 2024 from 24.41 yuan in 2023 [1] - The undistributed profits per share increased by 8.53% to 5.85 yuan in 2024 from 5.39 yuan in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 6.06838 million shares, accounting for 39.47% of the circulating shares, a decrease of 478.08 thousand shares from the previous period [2] - Among the top shareholders, Zhongwei Semiconductor Equipment (Shanghai) Co., Ltd. holds 2.05163 million shares, representing 13.34% of the total share capital, with no change [3] - The Huaxia SSE STAR 50 ETF decreased its holdings by 188.03 thousand shares to 920.36 thousand shares, representing 5.98% of the total share capital [3] - New entrants in the top ten shareholders include the Jiashi SSE STAR Chip ETF with 299.89 thousand shares (1.95%) and the Agricultural Bank of China - Dongfang Artificial Intelligence Theme Mixed Fund with 273.17 thousand shares (1.78%) [3] Dividend Distribution - The company has announced a dividend distribution plan of 2.7 yuan per share (including tax) [4]

星标 ★ IPO日报 精彩文章第一时间推送 国内半导体薄膜设备龙头迎来市值高达195亿元的限售股的解禁。 4月21日，科创板上市公司拓荆科技（股票代码688072.SH）首次公开发行部分限售股上市流通。本次解禁股份数量多达 1.24亿股，占公司总股本的44.5%，涉及21名股东，包括国家集成电路基金、国投上海、公司员工持股平台等股东。 按照4月21日收盘价157.27元来计算，拓荆科技今日解禁市值高达195亿元，由此实现"全流通"。 那么，这波解禁会影响拓荆科技的股价走势？投资者应该关注哪些信号？ 制图：佘诗婕 近两月股价震荡下滑 拓荆科技成立于 2010年04月，主营业务为高端半导体薄膜设备的研发、生产、销售和技术服务，于2022年4月21日登陆科 创板。 此次首批21名限售股解禁股东中，国家集成电路基金是公司第一大股东，持有限售股55026693股，占公司总股本的 19.6714%；国投上海持有限售股3788.8万股，占公司总股本的13.5445%。 芯鑫和、芯鑫全、芯鑫龙、芯鑫成、芯鑫旺、芯鑫盛、芯鑫阳、沈阳盛腾、沈阳盛旺、沈阳盛全、沈阳盛龙作为拓荆科技股 东、员工持股平台、姜谦的一致行动人，共计持有限 ...

Core Viewpoint - The unlocking of 124 million restricted shares of Tuojing Technology, valued at 19.5 billion yuan, raises questions about its impact on stock price and investor sentiment [1]. Group 1: Share Unlocking Details - On April 21, 2023, Tuojing Technology (stock code 688072.SH) had its first batch of restricted shares unlocked, accounting for 44.5% of the total share capital [1]. - The major shareholders involved in this unlocking include the National Integrated Circuit Fund, which holds 55,026,693 shares (19.67% of total shares), and Guotou Shanghai with 37,888,000 shares (13.54% of total shares) [1]. - Other shareholders include various employee stock ownership platforms and individuals, collectively holding approximately 25,150,516 shares (8.99% of total shares) [1]. Group 2: Stock Performance - Tuojing Technology was listed at an issuance price of 71.88 yuan and saw a first-day increase of 28.41%, closing at 92.3 yuan [3]. - The stock reached a peak adjusted price of 475.1 yuan in November 2024, but has since declined to around 330 yuan, representing a drop of over 27% [5]. Group 3: Financial Performance - In 2024, Tuojing Technology achieved a revenue of 4.103 billion yuan, a year-on-year increase of 51.7%, with a net profit of 688 million yuan, up 3.91% [6]. - The company experienced significant growth in 2022, with revenue and net profit increasing by 125.02% and 438.09%, respectively, but growth rates have slowed in 2023 [6]. - Total assets reached 15.314 billion yuan, reflecting a year-on-year growth of 53.61%, primarily due to increased orders and inventory growth [6]. Group 4: R&D and Market Position - In the first three quarters of 2024, Tuojing Technology's R&D expenses amounted to 498 million yuan, representing 12.17% of revenue, with a capitalization rate of 44.57% [7]. - The company maintains a high market valuation with a total market cap of 43.99 billion yuan and a TTM P/E ratio of 63.9, indicating strong future growth expectations [7]. - Industry experts suggest that strategic investors like the National Integrated Circuit Fund are less likely to sell off their shares immediately after unlocking, while some short-term investors may choose to take profits [7].

Group 1: Market Overview - US stock index futures fell on Monday, and the US dollar index dropped below 99.00 for the first time since April 2022 [2] - Trump hinted at a desire to lower tariffs on China, suggesting a potential agreement within a month [2] - The domestic stock market is being supported by government efforts to stabilize the market and promote healthy development in the real estate sector [5][11] Group 2: Company Developments - MP Materials has ceased exporting rare earth concentrates to China, which may lead to a tightening of domestic supply and a potential increase in overseas rare earth prices [4][12] - Tesla's production of the low-cost Model Y may be delayed until next year, with significant sales declines reported in Europe, particularly in Germany, Denmark, and Sweden, where sales fell over 50% [3] - The first quarter saw significant profit increases for several companies, including: - Cambrian Technology with a net profit of 355 million yuan, turning a profit year-on-year [16] - Zhongji Xuchuang with a net profit of 1.583 billion yuan, up 56.83% year-on-year [16] - Zhengdan Co. with a net profit of 389 million yuan, a 558.59% increase year-on-year [16] Group 3: Industry Trends - The consumer electronics industry is experiencing a recovery, driven by demand for passive components like MLCCs, with prices rising due to increased orders and low inventory levels [13] - The humanoid robot industry is gaining traction, with the first humanoid robot half-marathon held in Beijing, showcasing advancements in robotics and potential market expansion [14] - The AI sector is driving demand for passive components, with projections indicating that the demand for MLCCs in AI applications will grow at an annual rate exceeding 30% by 2030 [13]

Investment Rating - Industry investment rating: Outperform the market (expected to outperform the market by more than 5% in the next 6 months) [34] Core Insights - RISC-V architecture is driving diverse demand in the chip ecosystem under AI influence, with a projected CAGR of 75% from 2020 to 2024 and an expected annual growth rate of nearly 50% until 2030 [2][9] - International market changes are expected to increase the contract price growth of memory products in Q2 2025, with both DRAM and NAND Flash prices anticipated to rise more than previously expected due to heightened trading momentum [4][5] - The global smartphone market showed a modest growth of only 1% in Q1 2025, with Samsung leading at 20% market share, followed by Apple at 18% [12][13] - QD-OLED displays are projected to account for 73% of OLED display shipments in 2025, up from 68% in 2024, indicating strong competitiveness in high-end display technology [18][19] Summary by Sections RISC-V and AI - RISC-V is recognized for its innovative architecture, offering better performance and smaller chip sizes, making it suitable for AI accelerator designs [2][9] - The market for processors utilizing RISC-V technology is expected to grow significantly, with a 10-year CAGR of approximately 57% from 2020 to 2030 [2][9] Memory Market Outlook - The memory market is experiencing a shift in supply and demand strategies due to international circumstances, leading to increased contract price expectations for DRAM and NAND Flash in Q2 2025 [4][5] - Price forecasts indicate a potential increase in memory prices, with DRAM and NAND Flash expected to rise by 3-8% in Q2 2025 after a decline in Q1 2025 [6] Smartphone Market Analysis - The smartphone market's growth remains sluggish, with a mere 1% increase in Q1 2025, attributed to macroeconomic challenges and consumer confidence issues [12][13] - Major players like Samsung and Apple continue to dominate the market, with Xiaomi, vivo, and OPPO following [12][13] Display Technology Trends - The rise of QD-OLED technology is expected to enhance the quality and performance of displays, catering to high-end users and gamers [18][19] Investment Recommendations - The report suggests focusing on semiconductor manufacturing and equipment due to the clear trend of domestic substitution, with specific companies recommended for investment [29][33]

Investment Rating - The report assigns an "Accumulate" rating for the semiconductor equipment industry, indicating a positive outlook for the sector [2][17]. Core Insights - The report highlights that hybrid bonding solutions are becoming a critical breakthrough for AI chips and advanced packaging, with significant developments expected in the coming years [3][4]. - Applied Materials (AMAT) has acquired a 9% stake in Besi, viewing hybrid bonding as a strategic long-term investment, and both companies will collaborate on developing hybrid bonding solutions [3][4]. - The demand for hybrid bonding technology is projected to surge, particularly in the logic process field starting in 2022, with a second wave of demand anticipated in 2024 [4]. Summary by Sections Industry Overview - Hybrid technology is expected to begin mass production in the logic process field in 2022, with further adoption in the memory sector by 2025-2026 and in advanced packaging (AP) by 2027-2028 [4]. - By 2030, the demand for hybrid bonding equipment is estimated to reach around 1,400 units [4]. Company Developments - AMAT's acquisition of Besi shares is part of a long-standing partnership aimed at developing the industry's first fully integrated equipment solution for wafer-based hybrid bonding [4]. - Besi's equipment orders are expected to increase significantly in 2024, driven primarily by demand from AI applications [4]. Financial Performance - Besi is projected to achieve revenues of €607.5 million in 2024, reflecting a year-on-year increase of 4.9%, with a gross margin of 65.2% [4]. - The company's order intake is expected to rise to €586.7 million, a 7.0% increase year-on-year, largely due to the growing demand for AI application equipment [4]. Recommended Companies - The report recommends companies such as Tuojing Technology and Northern Huachuang for investment, highlighting their potential benefits from the hybrid bonding technology [4][9].

Core Viewpoint - The announcement details the upcoming listing and circulation of restricted shares for拓荆科技股份有限公司, with a total of 124,480,525 shares set to be released on April 21, 2025, representing 44.5004% of the company's total share capital [1][25]. Group 1: Listing Details - The type of shares being listed is the initial public offering (IPO) restricted shares, with a total of 124,480,525 shares to be listed [1]. - The shares will be available for circulation starting on April 21, 2025 [1][25]. - The total share capital of the company after the IPO was 126,478,797 shares, with 100,308,044 shares subject to restrictions [1]. Group 2: Shareholder Information - The restricted shares involve 21 shareholders, with a lock-up period of 36 months from the date of the company's IPO [2]. - The number of restricted shares held by these shareholders was initially 56,830,042 shares, which increased to 124,480,525 shares after a capital reserve increase in 2023 [2]. - The company completed a capital reserve increase in 2023, resulting in an additional 60,709,823 shares, raising the total share capital to 187,188,620 shares [2]. Group 3: Lock-up Commitments - Major shareholders, including国家集成电路产业投资基金 and国投（上海）科技成果转化创业投资基金, have committed to not transferring or managing their shares for 36 months post-IPO [5][6]. - Shareholders are required to adhere to the regulations set by the China Securities Regulatory Commission regarding share reduction [6][9]. - The commitments include conditions for share reduction after the lock-up period, ensuring compliance with market regulations [12][20]. Group 4: Verification by Intermediaries - The underwriting institution,招商证券股份有限公司, has verified that the shareholders have adhered to their lock-up commitments and that the listing of restricted shares complies with relevant laws and regulations [26].

重要内容提示： 本次股票上市类型为首发限售股份；股票认购方式为网下，上市股数为 124,480,525 股。 本次股票上市流通总数为 124,480,525 股。 本次股票上市流通日期为 2025 年 4 月 21 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会作出《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），同意拓荆科技股 份有限公司（以下简称"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的限售股，涉及限售股股东数量 为 21 名，限售期为自公司股票上市之日起 36 个月，该部分限售股股东上市时持 有的公司首发限售股数量为 56,830,042 股，经公司 2023 年半年度及 ...

关于拓荆科技股份有限公司 首次公开发行部分限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"、"发行人"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《首次公开发行股票注册 管理办法》、《证券发行上市保荐业务管理办法》及《上海证券交易所科创板 股票上市规则》（以下简称"《股票上市规则》"）等有关规定，对拓荆科技 首次公开发行部分限售股上市流通事项进行了审慎核查，具体核查情况及意见 如下： 本次上市流通的限售股为公司首次公开发行的限售股，涉及限售股股东数 量为 21 名，限售期为自公司股票上市之日起 36 个月，该部分限售股股东上市 时持有的公司首发限售股数量为 56,830,042 股，经公司 2023 年半年度及 2023 年年度资本公积转增股本后持股数量变为 124,480,525 股，占公司股份总数的 44.5004%，将于 2025 年 4 月 21 日解除限售并上市流通。 招商证券股份有限公司 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会作出《关于同意拓荆科技股份 ...

证券代码：688072 证券简称：拓荆科技 公告编号：2025-020 特此公告。 关于拟与沈阳市人民政府国有资产监督管理委员会共同发 起设立辽宁省集成电路装备及零部件创新中心的公告 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。 拓荆科技股份有限公司（以下简称"公司"） 拟与沈阳市人民政府国有资 产监督管理委员会（以下简称"沈阳市国资委"）及其他产业合作方共同发起 设立辽宁省集成电路装备及零部件创新中心（暂定名，最终名称以登记部门核 准的名称为准，以下简称"创新中心"）。 本次创新中心的设立，将充分整合多方优势资源共同发挥积极作用。一方 面，沈阳市国资委发挥统筹协调作用，依托其丰富的资源，帮助创新中心对接 投资人，为创新中心的发展提供资金支持并营造良好环境；另一方面，公司与 其他产业方凭借在半导体设备领域的突出行业地位和深厚的技术优势，为创新 中心的发展提供有力支撑。创新中心将基于这些资源和优势的整合，积极响应 国家战略发展规划，围绕半导体产业发展趋势布局前沿技术，进一步推动整机 装备和零部件企业集聚发展，不断增强产业协 ...