证券研究报告 收入高增，聚焦新工艺新设备研发 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 5 月 | 02 日│中国内地 | 半导体 | 拓荆科技 1Q25 实现营收 7.09 亿元（yoy+50.22%、qoq-61.18%），归母净 利-1 亿元，同环比转亏。受益于新产品/新工艺在客户端实现批量验证，工 艺覆盖面不断扩大，产品性能及核心竞争力进一步增强，量产规模快速增长。 但因 24 年部分在研设备发到客户端验证，成本较高，25Q1 公司毛利率为 19.89%，环比下滑 19.42pct，同时公司持续加大新产品投入，一季度公司 归母净利润亏损。公司已实现全系列 PECVD 介质薄膜材料的覆盖， ALD 工艺覆盖率本土第一，先进键合设备（包括混合键合、熔融键合设备）及配 套使用的量检测设备处于加速增长阶段，我们预计后期公司新签订单及营收 延续高增势头，毛利率及净利率有望回升，维持买入。 回顾：营业收入高增，新产品收入成为主要拉力，毛利率阶段性承压 拓荆科技 (688072 CH) 1Q25 实现营业收入 7.09 亿元，同比大幅增长 50 ...

Core Viewpoint - The company is engaged in the research, production, and sales of high-end semiconductor equipment, focusing on maintaining core competitiveness through independent research and development, with a significant emphasis on the growth potential in the semiconductor equipment market driven by advancements in technology and increasing demand from emerging industries [3][4][8]. Company Overview - The company primarily operates in the high-end semiconductor equipment sector, developing products such as PECVD, ALD, SACVD, HDPCVD, and Flowable CVD equipment, which are widely used in the manufacturing of integrated circuits [3][4]. - The company has established a stable cooperation relationship with domestic semiconductor manufacturers, ensuring a steady flow of orders through direct sales and technical services [7][8]. Industry Situation - The semiconductor equipment industry is characterized by cyclical fluctuations, driven by technological advancements and demand from downstream applications, with a projected global semiconductor sales growth of 19% to $628 billion in 2024 [8][9]. - The global semiconductor manufacturing equipment sales are expected to reach $117.1 billion in 2024, reflecting a 10% increase from 2023, with China being the largest market for semiconductor equipment, projected to reach $49.6 billion in sales, a 35% year-on-year growth [9][10]. - The thin film deposition equipment market, a subset of the semiconductor equipment sector, is expected to reach approximately $23 billion in 2024, with the company focusing on CVD equipment, which holds a significant market share [10][12]. Technological Trends - The advancement of three-dimensional integration technology is becoming a key driver for market growth, with the global advanced packaging market expected to grow from $4.3 billion in 2023 to $28 billion by 2029, at a CAGR of 37% [12][13]. - The increasing complexity of chip manufacturing processes and the shift towards 3D chip designs are driving demand for advanced bonding equipment, which is essential for achieving high-density and high-performance chips [12][24]. Financial Data - The company plans to distribute a cash dividend of 2.70 yuan per 10 shares, amounting to a total of approximately 75.18 million yuan, which represents 10.93% of the net profit attributable to shareholders for the reporting period [1][2].