重要内容提示： 证券代码：688603 证券简称：天承科技 公告编号：2025-054 上海天承科技股份有限公司 投资者可于 2025 年 09 月 03 日（星期三）至 09 月 09 日（星期二） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过 公司邮箱 public@skychemcn.com 进行提问。公司将在说明会上对投 资者普遍关注的问题进行回答。 关于召开 2025 年半年度科创板半导体设备及材料行 业集体业绩说明会的公告 上海天承科技股份有限公司（以下简称"公司"）已于 2025 年 8 月 20 日发布公司 2025 年半年度报告，为便于广大投资者更全面深 入地了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 09 月 10 日（星期三）15:00-17:00 举行 2025 年半年度科创板半 导体设备及材料行业集体业绩说明会，就投资者关心的问题进行交流。 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。 本次投资者说明会以网络互动形式召开，公司将针对 2025 年半 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [4][16]. Core Views - The company has shown steady revenue growth in the first half of 2025, benefiting from increased demand in the downstream PCB industry, particularly driven by AI PCB expansion [2][3]. - The gross margin for the first half of 2025 was 40.06%, reflecting a year-on-year increase of 1.55 percentage points, while the net margin was 17.23%, down 3.98 percentage points year-on-year [2]. - The company is actively expanding its production capacity, with plans to increase PCB specialty chemical production to 40,000 tons per year at its Shanghai facility, while also constructing factories in Zhuhai and Thailand [2][3]. Financial Summary - Revenue for 2023 is projected at 339 million yuan, with a year-on-year growth rate of -9.5%. By 2027, revenue is expected to reach 751 million yuan, with a growth rate of 25.2% [1]. - The net profit attributable to the parent company is forecasted to be 59 million yuan in 2023, increasing to 170 million yuan by 2027, with a significant growth rate of 41.7% in 2027 [1]. - The company's latest diluted EPS is projected to grow from 0.47 yuan in 2023 to 1.37 yuan in 2027, reflecting a strong upward trend in earnings per share [1][4]. Industry Context - The company is positioned as a leading player in the domestic PCB chemical industry, benefiting from the expansion of high-end PCB manufacturers driven by increased capital expenditures from cloud service providers [2][3]. - The report highlights the company's advancements in semiconductor packaging technologies, including TSV and RDL electroplating, which are crucial for meeting the rising demand for high-performance computing and AI applications [3][8].

Core Viewpoint - CCL (Copper Clad Laminate) is experiencing a price surge, with major manufacturers like 建滔积层板 issuing price increase notices, followed by second-tier companies such as 宏瑞兴 and 威利邦 [1] Group 1: Price Increases and Market Dynamics - 建滔积层板 announced a price increase of 10 yuan per sheet for products like CEM-1/22F/V0/HB/FR-4 starting August 15 [1] - 威利邦 and 宏瑞兴 also followed suit, with 威利邦 raising prices by 5 yuan per sheet due to rising copper prices, and 宏瑞兴 increasing prices by 10 yuan for various copper-clad laminates [1] Group 2: CCL and PCB Cost Structure - CCL is a core material for PCBs, accounting for 30% of the total PCB cost, with overall raw material costs making up 60% of PCB expenses [2] - The cost structure of CCL includes significant contributions from copper foil (42.1%), resin (26.1%), and fiberglass (19.1%) [3] Group 3: Demand Drivers and Supply Constraints - The rapid development of AI technology is driving strong demand for AI servers, which in turn boosts PCB demand [4] - The PCB industry is experiencing simultaneous increases in volume and price, leading to supply shortages in high-end materials such as LowDk electronic cloth and HVLP copper foil [5] Group 4: Key Material Suppliers - Recommended companies for AIPCB upstream materials include: - Electronic Cloth: 宏和科技 and 中材科技 [8] - Copper Foil: 铜冠铜箔, 德福科技, 隆扬电子, 嘉元科技, and 方邦股份 [8] - Electronic Resins: 东材科技, 圣泉集团, 宏昌电子, and 同宇新材 [8] - Functional Fillers: 联瑞新材 [8] - PCB-specific Electronic Chemicals: 天承科技 [9] - Copper Balls/Oxidized Copper Powder: 江南新材 [9]

Mergers and Acquisitions - Kaipu Cloud plans to acquire 70% equity of Nanning Taike Semiconductor Co., Ltd. through cash payment, with the transaction price yet to be determined. The counterparty, Shenzhen Jintaike, intends to transfer its operational assets related to storage products to Nanning Taike. The company's stock will resume trading on August 25 [1] Performance Disclosure - Juchip Technology reported a 60.12% year-on-year increase in revenue for the first half of 2025, reaching 449 million yuan, with a net profit attributable to shareholders of 91.3754 million yuan, up 123.19%. The company plans to distribute a cash dividend of 1 yuan per 10 shares (tax included) [2] - Zhonggang Tianyuan announced a revenue of 1.517 billion yuan for the first half of 2025, a 16.94% increase year-on-year, with a net profit attributable to shareholders of 147 million yuan, up 43.07%. The company plans to distribute a cash dividend of 0.6 yuan per 10 shares (tax included) [3] - Taihe Co., Ltd. reported a revenue of 2.413 billion yuan for the first half of 2025, a 23.15% year-on-year increase, with a net profit attributable to shareholders of 182 million yuan, up 72.2%. The company plans to distribute a cash dividend of 2 yuan per 10 shares (tax included) [4] Shareholding Changes - Juchip Technology announced that shareholders Xi'an Zhongke plan to reduce their holdings by no more than 300,000 shares, Xigao Investment by no more than 127,600 shares, and Wang Donghui by no more than 2.6958 million shares, totaling a maximum reduction of 3.48% of the company's total equity [5] - Ailon Technology announced that its controlling shareholder and chairman Zhang Yinhua plans to reduce his holdings by no more than 1 million shares, accounting for 1.30% of the total equity, while chairman and general manager Xu Li plans to reduce his holdings by no more than 300,000 shares, accounting for 0.39% of the total equity [6] - Tiancheng Technology announced that shareholder Qingxun Electronics plans to reduce its holdings by no more than 119,000 shares, accounting for 0.1% of the total equity [7] Risk Events - China Railway reported a construction accident at the Qianzhazhuang Yellow River Bridge, resulting in 12 fatalities and 4 missing persons. The incident occurred during the installation of auxiliary steel beams, and the cause is currently under investigation [8]

Major Events - China Railway announced an investigation into the construction accident at the Qianzhai Yellow River Bridge, which resulted in 12 fatalities and 4 missing persons. The bridge is 1596.2 meters long with a contract value of approximately 436 million yuan. The company stated that this incident will not have a significant impact on its operations and performance [4] - Greenme announced plans to issue H-shares and list on the main board of the Hong Kong Stock Exchange [5] - Jingwang Electronics plans to invest 5 billion yuan in the Zhuhai Jinwan base expansion project, focusing on high-growth areas such as AI computing power and automotive intelligence [6][7] - Mingtai Aluminum intends to sell a 2.5% stake in Sanmenxia Aluminum to Jiaozuo Wanfang, with the share price set at 5.39 yuan per share, expecting to receive 149 million shares [8] - Dingsheng New Materials also plans to sell a 0.57% stake in Sanmenxia Aluminum under similar terms [9] Performance Overview - Xiyu Co. reported a net profit of 1.062 billion yuan for the first half of 2025, a year-on-year increase of 32.76%, with total revenue of 21.093 billion yuan, up 12.35% [10] - Jintailang reported a net profit of 358 million yuan, a 3.95% increase, with revenue of 9.528 billion yuan, up 2.49% [11] - Huaxia Eye Hospital achieved a net profit of 282 million yuan, a 6.2% increase, with revenue of 2.139 billion yuan, up 4.31% [12] - Juxin Technology reported a net profit growth of 123.19%, reaching 91.375 million yuan, with revenue of 449 million yuan, up 60.12% [13][14] - Zhendong Pharmaceutical reported a net profit of 7.9313 million yuan, a decline of 74.13%, with revenue of 1.457 billion yuan, down 3.3% [15] - China Merchants South Oil reported a net profit decline of 53.28%, totaling 570 million yuan, with revenue of 2.772 billion yuan, down 21.43% [16] - Chongqing Construction reported a net loss of 249 million yuan, with revenue of 14.359 billion yuan, down 7.97% [17] - Huacan Optoelectronics reported a net loss of 115 million yuan, with revenue of 2.532 billion yuan, up 33.93% [18] - Digital Government reported a net loss of 18.6927 million yuan, with revenue of 321 million yuan, down 40.34% [19] Major Contracts - Zhonggong International signed a contract for an overseas road engineering project in Nicaragua, valued at approximately 513 million yuan, which represents 4.2% of the company's total revenue for 2024 [20] Shareholding Changes - Tiancheng Technology announced that shareholder Qingxun Electronics plans to reduce its stake by up to 119,000 shares, representing no more than 0.1% of the total share capital [22] - Ailong Technology's controlling shareholder plans to reduce its stake by up to 1.69% through various trading methods [23]

人民财讯8月24日电，天承科技(688603)8月24日晚间公告，公司持股3.26%的股东青珣电子计划通过集 中竞价交易的方式，减持公司股份不超过11.9万股，减持股份占公司总股本的比例不超过0.1%。 ...

证券代码：688603 证券简称：天承科技 公告编号：2025-053 上海天承科技股份有限公司 股东减持股份计划公告 本公司董事会、全体董事及相关股东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： 股东持股的基本情况 截至本公告披露日，股东上海青珣电子科技合伙企业（有限合伙）（以下简 称"青珣电子"）直接持有公司股份 4,070,190 股，占公司总股本比例为 3.26%， 其中 482,690 股为无限售条件股份。 减持计划的主要内容 上海天承科技股份有限公司（以下简称"天承科技"或"公司"）于 2025 年 8 月 22 日收到公司股东青珣电子发来的《关于股东减持计划的告知函》，因股 东自身资金需求，青珣电子计划自 2025 年 9 月 16 日起至 2025 年 12 月 15 日期 间，通过集中竞价交易的方式减持公司股份不超过 119,000 股，减持股份占公司 总股本的比例不超过 0.1%。 | 股东名称 | 青珣电子 | | | --- | --- | --- | | 股东身份 | 控股股东、实控人及一致行动人 ...

天承科技公告，股东青珣电子计划因自身资金需求，于2025年9月16日至2025年12月15日期间，通过集 中竞价交易方式减持公司股份不超过11.9万股，占公司总股本比例不超过0.1%。截至公告披露日，青珣 电子持有公司股份407.02万股，占公司总股本的3.26%。此次减持计划不会对公司治理结构及持续经营 产生重大影响，青珣电子将根据市场情况决定是否实施及如何实施减持计划。公司提醒投资者注意相关 风险。 ...

Investment Rating - The industry investment rating is "Overweight (Maintain)" [2] Core Viewpoints - CCL is experiencing a price increase trend, with major manufacturers like Jiantao and Hongruixing announcing price hikes for various products [5] - CCL is a core raw material for PCBs, accounting for 30% of PCB total costs, with raw material costs making up 60% of the total PCB cost [5][10] - The demand for PCBs is driven by the rapid growth of AI technology, leading to a strong demand for AI servers and an upward trend in PCB market conditions [5] - The supply of upstream materials for AIPCB is facing shortages, particularly in high-performance materials such as Low Dk electronic cloth and HVLP copper foil [5] - The report suggests focusing on companies like Honghe Technology, Tongguan Copper Foil, and Defu Technology, which are key players in the upstream materials for AIPCB [6] Summary by Sections Price Trends - Major manufacturers have announced price increases for CCL products, with Jiantao raising prices by 10 yuan per sheet and other manufacturers following suit due to rising copper prices [5] Cost Structure - CCL's cost structure shows that upstream raw materials account for approximately 90% of its costs, with copper foil, resin, and fiberglass being the primary components [5][12] Market Demand - The rapid development of AI technology is significantly boosting the demand for PCBs, particularly for high-performance materials required for AI server upgrades [5] Supply Constraints - The report highlights a tightening supply of high-end materials in the PCB industry, including Low Dk electronic cloth and HVLP copper foil, which are critical for meeting the growing demand [5] Investment Recommendations - The report recommends monitoring companies such as Honghe Technology, Tongguan Copper Foil, and Defu Technology for potential investment opportunities in the AIPCB upstream materials sector [6]

据证券之星公开数据整理，近期天承科技（688603）发布2025年中报。截至本报告期末，公司营业总收 入2.13亿元，同比上升23.37%，归母净利润3673.36万元，同比上升0.22%。按单季度数据看，第二季度 营业总收入1.12亿元，同比上升20.43%，第二季度归母净利润1776.03万元，同比下降5.08%。本报告期 天承科技公司应收账款体量较大，当期应收账款占最新年报归母净利润比达215.02%。 | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 1.73亿 | 2.13亿 | 23.37% | | 归母净利润(元) | 3665.22万 | 3673.36万 | 0.22% | | 扣非净利润(元) | 3067.87万 | 3174.02万 | 3.46% | | 货币资金(元) | 3.62亿 | 5.79亿 | 59.86% | | 应收账款 (元) | 1.37亿 | 1.61亿 | 17.32% | | 有息负债 (元) | 461.53万 | 491.37万 | 6.47% | | 毛利率 ...