拓荆科技股份有限公司 关于 2025 年度"提质增效重回报"专项行动方案的 半年度评估报告 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，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。2025 年上半年（以下简称"报告期"），该专 项行动方案主要举措的实施情况及效果如下： 一、聚焦主业，优化运营，创新引领公司高质量发展 报告期内，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，保持公司在国内半导体设备行业的领先地位。具体包括以下方面： （一）持续深耕主业，提高核心竞争力 报告期内，公司持续专注薄膜沉积设备和三维集成领域设备的研发与产业化， 不断拓展和提升 PECVD、ALD、SACVD、HDPCVD、Flowable CVD 等薄膜沉 积设备及三维集成领域设备（包括先进键合设备和配套量检测设备） ...

Core Viewpoint - The emergence of Tuojing Technology marks a significant step towards domestic production in the high-end semiconductor manufacturing sector, particularly in the film deposition equipment market, which has been dominated by international giants [2]. Group 1: Market Overview - The film deposition equipment sector accounts for over 20% of the wafer manufacturing equipment market, with Tuojing Technology capturing approximately 12% of the market share, translating to a revenue of 4.1 billion yuan in a market projected to reach 9.7 billion USD in 2024 [2]. - Tuojing Technology focuses on PECVD, ALD, and Gap Fill technologies, supporting over 100 types of medium film materials required for logic and memory chips [2]. Group 2: Technological Advancements - Chinese companies, represented by Tuojing Technology, are rapidly catching up in terms of process coverage and production equipment performance, achieving levels comparable to international counterparts [3]. - Tuojing Technology has undertaken 11 national major projects and has filed 1,640 patents, with 507 granted, showcasing its commitment to innovation and technology breakthroughs in the semiconductor film deposition field [3]. Group 3: Future Prospects - The company is preparing for future product generations, with 70% of its products being new or advanced process technologies, indicating a strong focus on innovation [4]. - The demand for semiconductor equipment in the three-dimensional integration field is expected to drive Tuojing Technology's growth, with existing orders for wafer-to-wafer hybrid bonding equipment and successful industrial applications of developed detection equipment [3].

Core Viewpoint - The emergence of Tuojing Technology represents a significant step towards domestic production in the monopolized thin film deposition equipment market, which is crucial for high-end semiconductor manufacturing [2][3]. Market Overview - The thin film deposition equipment accounts for over 20% of the wafer manufacturing equipment market, with the Chinese market for this equipment projected to reach approximately $9.7 billion in 2024 [2]. - Tuojing Technology's product market size is estimated at $4.85 billion, with the company generating revenue of 4.1 billion yuan, capturing about 12% market share [2]. Technological Advancements - Tuojing Technology focuses on the research and industrial application of PECVD, ALD, and Gap Fill technologies, supporting over 100 types of medium film materials required for logic and memory chips [2]. - The company has made significant technological breakthroughs, evidenced by its 1,640 patent applications (including PCT) and 507 authorized patents [3]. Future Prospects - The demand for semiconductor equipment in the three-dimensional integration field is expected to drive Tuojing Technology's future growth, with existing orders for wafer-to-wafer hybrid bonding equipment and successful industrial applications of developed detection equipment [3]. - The company is proactively developing technologies for the next two to three generations of products, with 70% of its products being required for new and advanced processes [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 4.1 billion yuan in 2024, representing a year-over-year increase of 51.7%, driven by increased demand for domestic semiconductor equipment from wafer manufacturers [4][5] - The net profit attributable to shareholders for 2024 was 690 million yuan, with a year-over-year growth of 3.9% [5] - The gross margin for 2024 was 41.7%, a decrease of 9.3 percentage points compared to the previous year [5] - As of the end of 2024, the company had nearly 9.4 billion yuan in orders on hand, providing strong support for future performance [5] - In Q1 2025, the company continued to achieve high growth with a revenue of 710 million yuan, a year-over-year increase of 50.2% [5] - The company is expanding its film deposition process coverage and developing 3D integration equipment, which is expected to benefit from the expansion of advanced processes and packaging [5][6] Financial Summary and Valuation Indicators - The company is projected to achieve revenues of 5.8 billion yuan, 7.7 billion yuan, and 9.5 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 940 million yuan, 1.49 billion yuan, and 1.96 billion yuan [5][7] - The projected P/E ratios for 2025, 2026, and 2027 are 47, 31, and 23 times respectively [5][7] - The company’s gross margin is expected to recover to 45.2% in 2025 and further improve in subsequent years [7] - The company’s total assets are projected to reach 15.3 billion yuan in 2024 and 22.8 billion yuan in 2027 [9]