Investment Rating - The investment rating for the company is "Buy" [1][4][11] Core Views - The company has a full order book with expected shipments to exceed 1,000 reaction chambers in 2024, marking a historical high [1] - In Q1 2024, the company reported revenue of 472 million yuan, a year-on-year increase of 17.3%, but a quarter-on-quarter decrease of 52.9%, with net profit declining significantly due to delayed revenue recognition and increased expenses [1] - The company achieved revenue of 2.705 billion yuan in 2023, a year-on-year increase of 58.6%, driven by high R&D investment and significant technological breakthroughs [1][2] - The company has over 6.4 billion yuan in orders on hand, indicating strong demand and growth potential [1] - The domestic semiconductor manufacturing expansion is expected to sustain rapid growth for the company, supported by government incentives and policies promoting chip localization [1] Financial Summary - Revenue projections for 2024-2026 are 4.197 billion yuan, 5.457 billion yuan, and 6.876 billion yuan, respectively, with corresponding net profit estimates of 863 million yuan, 1.194 billion yuan, and 1.573 billion yuan [2][9] - The company’s net profit margin is projected to improve, with an EBIT margin increasing from 11.7% in 2023 to 16.1% in 2024 [2][9] - The company’s price-to-earnings ratio (PE) is currently at 39.6 for 2024, indicating a favorable valuation compared to historical levels [2][9]

证券研究报告 | 公司动态点评 2024 年 05月 06日 拓荆科技（688072.SH） 24Q1 出货金额同比增超 130%，24 年全年出货量将创历史新高 财务指标 2022A 2023A 2024E 2025E 2026E 增持（维持评级） 营业收入（百万元） 1,706 2,705 3,855 5,057 6,426 股票信息 增长率yoy（%） 125.0 58.6 42.5 31.2 27.1 归母净利润（百万元） 368 663 801 1,079 1,441 行业 电子 增长率yoy（%） 438.0 79.8 21.0 34.6 33.6 2024年4月30日收盘价（元） 181.67 ROE（%） 9.8 14.5 15.1 17.1 18.8 总市值（百万元） 34,188.16 EPS最新摊薄（元） 1.96 3.52 4.26 5.73 7.66 流通市值（百万元） 18,908.18 P/E（倍） 92.8 51.6 42.7 31.7 23.7 总股本（百万股） 188.19 P/B（倍） 9.2 7.4 6.4 5.4 4.5 流通股本（百万股） 104.08 资料来源：公 ...

证券代码：688072 证券简称：拓荆科技 公告编号：2024-032 2024 年 3 月，公司通过上海证券交易所交易系统以集中竞价交易方式累计回 购公司股份 191,540 股，占公司目前总股本 188,188,255 股的比例为 0.1018%，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）。 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： | 回购方案首次披露日 | 2024/3/2，由公司董事长吕光泉先生提议 | | --- | --- | | 回购方案实施期限 | 2024/3/18~2025/3/17 | | 预计回购金额 | 120,000,000.00 元~197,300,000.00 元 | | 回购用途 | 用于员工持股计划或股权激励 | | 累计已回购股数 | 股 352,940 | | 累计已回购股数占总股本比例 | 0.1875% | | 累 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Views - The company has shown significant revenue growth in 2023, with a year-on-year increase of 58.6%, reaching 2.705 billion yuan, and a net profit growth of 79.82%, amounting to 663 million yuan [4]. - The first quarter of 2024 saw a revenue of 472 million yuan, representing a year-on-year increase of 17.25%, although it experienced a quarter-on-quarter decline of 52.94% [4]. - The company is expected to benefit from a recovery in the industry cycle, with a substantial order backlog of 6.423 billion yuan at the end of 2023, which is a 39.57% increase year-on-year [6]. Financial Performance Summary - In 2023, the company's thin film deposition equipment revenue was 2.57 billion yuan, up 52.51% year-on-year, with a gross margin of 50.76% [5]. - The company has made significant advancements in new processes and product development, leading to a successful validation of its first wafer-to-wafer bonding product and subsequent repeat orders [5]. - The company expects to ship over 1,000 reaction chambers in 2024, which would set a new historical high [5]. Future Earnings Forecast - The earnings forecast for 2024-2026 has been revised upwards, with expected net profits of 822 million yuan, 1.126 billion yuan, and 1.416 billion yuan respectively [4]. - The projected earnings per share (EPS) for the same period are 4.37 yuan, 5.98 yuan, and 7.52 yuan respectively [4]. - The current stock price corresponds to price-to-earnings (PE) ratios of 41.8, 30.5, and 24.3 for 2024, 2025, and 2026 respectively [4].

[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]

Investment Rating - The report assigns a rating of "Buy" for the company [2] Core Views - The company has shown significant revenue growth, with a 59% year-on-year increase in 2023, reaching 2.705 billion yuan, driven by advancements in new processes and product development [3] - The company expects to deliver over 1,000 reaction chambers in 2024, with a year-on-year growth rate exceeding 117% [3] - Despite high R&D expenses impacting short-term profitability, the company maintains strong market competitiveness and growth potential [4][7] Summary by Sections Financial Performance - In 2023, the company achieved a net profit of 663 million yuan, up 80% year-on-year, with a sales net profit margin of 24.54% [4] - For Q1 2024, the company reported a net profit of 10.47 million yuan, a decrease of 80.51% year-on-year, primarily due to increased R&D expenses [4] - The company’s revenue for Q1 2024 was 472 million yuan, reflecting a 17% year-on-year increase [3] Product Development - The company has expanded its thin film deposition equipment offerings, including PECVD, ALD, SACVD, and HDPCVD, supporting over 100 process applications [6] - New product platforms and reaction chambers have been successfully developed and validated, enhancing the company's competitive edge [6] Revenue and Profit Forecast - The revenue forecast for 2024 and 2025 has been adjusted to 4.125 billion yuan and 5.636 billion yuan, respectively, with a projected net profit of 819 million yuan for 2024 [7] - The expected earnings per share (EPS) for 2024 is 4.35 yuan, with a price-to-earnings (PE) ratio of 42 times based on the latest stock price [7]

[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].