拓荆科技（688072）：先进制程机台实现规模化量产，业绩同环比高增

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved significant revenue and profit growth in Q3 2025, with a year-over-year revenue increase of 124.15% and a net profit increase of 225.07% [5] - The advanced process equipment has entered large-scale production, exceeding expectations, which has led to an upward revision of the company's profit forecasts for 2025-2027 [5] - The company's gross margin has shown signs of recovery, with expectations for continued improvement as new products complete technical validation and enter mass production [4][5] Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 42.20 billion yuan, a year-over-year increase of 85.27% [4] - The gross margin for Q3 was 34.42%, with a quarter-over-quarter decline of 4.4 percentage points, attributed to high costs during the validation of new products [5] - The net profit attributable to the parent company for Q3 was 4.62 billion yuan, reflecting a year-over-year increase of 225.07% and a quarter-over-quarter increase of 91.60% [5] Revenue and Profit Forecast - The company is expected to achieve revenues of 64 billion yuan in 2025, 86 billion yuan in 2026, and 106 billion yuan in 2027, with corresponding net profits of 10.2 billion yuan, 20.2 billion yuan, and 27.3 billion yuan respectively [5] - The current stock price corresponds to a price-to-earnings ratio (P/E) of 90.1 for 2025, 45.4 for 2026, and 33.6 for 2027 [5] Product Development and Market Position - The company has successfully validated advanced process equipment, including PECVD Stack and ALD SiCO, which are now in large-scale production [6] - The company is positioned as a leader in the CVD field in China, with a diverse range of thin film deposition equipment [6] - The introduction of three-dimensional integration equipment aligns with trends in advanced packaging and is expected to contribute to long-term growth [6]