Group 1: Revenue Growth - In 2024, the company achieved revenue of 4.103 billion yuan, a year-on-year increase of 51.70% [1] - Revenue from thin film deposition equipment reached 3.863 billion yuan, up 50.29% year-on-year, with PECVD maintaining its core advantage and achieving record sales [1] - The company continued to maintain high growth in Q1 2025, with revenue of 709 million yuan, a year-on-year increase of 50.22% [1] Group 2: Profitability and R&D Investment - In 2024, the company's net profit attributable to shareholders was 688 million yuan, a year-on-year increase of 3.86%, while the net profit after deducting non-recurring items was 356 million yuan, up 14.10% [2] - R&D expenses for the year were 756 million yuan, an increase of 31.26% year-on-year, contributing to a decrease in gross margin [2] - The gross margin for 2024 was 41.69%, down 5.43 percentage points year-on-year, primarily due to the higher costs associated with new products and processes [2] Group 3: Order Backlog and Inventory - As of the end of 2024, the company had an order backlog of approximately 9.4 billion yuan, indicating strong demand [2] - Inventory at the end of Q1 2025 was 7.812 billion yuan, a year-on-year increase of 39.18%, with a 94% increase in shipped goods [2] - Contract liabilities reached 3.752 billion yuan, up 170.65% year-on-year, reflecting a robust order backlog [2] Group 4: Profit Forecast and Valuation - The company forecasts revenues of 5.784 billion yuan, 7.812 billion yuan, and 9.596 billion yuan for 2025-2027, with net profits of 900 million yuan, 1.336 billion yuan, and 1.616 billion yuan respectively [3] - The projected PE ratio for 2025 is 49X, maintaining a "recommended" rating [3]

Core Viewpoint -拓荆科技 reported strong financial performance in Q1 2025, with significant revenue growth and positive cash flow, indicating robust business development and market competitiveness [1][2] Financial Performance - The company achieved operating revenue of 709 million yuan, a year-on-year increase of 50.22% [1] - The net cash flow from operating activities turned positive, increasing by 732 million yuan year-on-year [1] - The amount of orders on hand at the end of the reporting period grew compared to the end of 2024, along with significant increases in advance payments and sales collections [1] R&D Investment - In Q1 2025, the company invested 159 million yuan in R&D, accounting for 22.38% of its operating revenue [1] - From 2022 to 2024, total R&D investment reached 1.711 billion yuan, representing 20.09% of total operating revenue during the same period [1] Product Development and Market Position - The company focuses on high-end semiconductor equipment, including PECVD, ALD, SACVD, HDPCVD, and Flowable CVD products, as well as advanced bonding and detection equipment for 3D integration [1][2] - The company has maintained a compound annual growth rate (CAGR) of 74.83% in operating revenue from 2019 to 2024, showcasing strong market competitiveness [1] - The company has achieved breakthroughs in new products and processes, with successful batch validation of new products and expanded process coverage [2] - In the field of thin film deposition equipment, the company is advancing high-capacity and high-performance equipment for advanced storage and logic chips, entering large-scale production [2] - The company is actively promoting new generation advanced bonding products and detection equipment for the 3D integration field, aiming to provide comprehensive technical solutions [2]

半导体设备国产化浪潮中，南京晶升装备股份有限公司(688478.SH，下称"晶升股份")作为国内晶体生 长设备领域的行业龙头，其2024年财报备受关注。 在半导体行业周期波动与国产替代提速的双重背景下，公司交出了一份"营收稳增、利润承压"的成绩 单。4月29日发布的公司年报显示，2024年全年营收4.25亿元，同比增长4.78%；归母净利润5374.71万 元，同比下滑24.32%。 众所周知，在半导体级单晶硅炉领域，尤其是12英寸大尺寸设备市场，长期由少数几家国际巨头主导技 术标准和市场份额，如PVA TePla AG(德国)，KAYEX(美国)。而晶升股份通过自主研发实现12英寸半导 体级单晶硅炉国产化，尤其是公司SCG300系列单晶硅炉实现COP-FREE硅片量产，可满足19nm存储芯 片需求，且解决了晶体直径控制、液面距离测量、工艺窗口优化等核心问题，其设备已在国内多家硅片 厂商实现产业化应用，打破了海外垄断，逐步替代进口设备。 据悉，公司12英寸单晶硅炉已通过沪硅产业、立昂微等客户验收。机构分析，该类产品市场占有率已从 2023年的9%-15%提升至约20%，国产替代逻辑持续强化。 从政策角度讲，《 ...

今年12月16-21日 ，芯片超人将组织为期 6天的日本商务考察活动 ，重点参加 SEMICON Japan 2025，并 实地走访日本当地知名半导体企业与高校，挖掘日本半导体产业芯机会！ 扫描下方 二维码 咨询 并报名 日本 商务考察 领100+设备、材料企业汇总pdf 半导体 设备 东京精密（ACCRETECH） 综合性集团企业，在半导体和工业领域均有布局。半导体产品线包括量测设备、封测设备以及衬底 加工设备等，为半导体制造提供多样化的解决方案。 爱德万（Advantest） 专注于自动测试设备（ATE），广泛应用于半导体封装、测试和品质控制，与泰瑞达共同主导高端 测试设备市场。 天谷制作所（AMAYA） APCVD设备和半导体光掩模清洁剂的制造、销售和服务提供商，2019年收购TOMCO MFG的设 备业务，继承了相应的光掩模清洗设备的制造和销售业务。 山田尖端（APIC YAMADA） 半导体制造设备（成型设备、自动化设备）等。 朝日工程（ASAHI ENGINEERING） 制造半导体制造设备、封装设备、精密模具等。 ASAP 制造和销售半导体制造过程中的光刻工艺（涂层、曝光和显影）加工设备。专注于 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has maintained rapid revenue growth, benefiting from the increased volume of digital testing machines [2][3] - The company's revenue for 2024 reached 3.642 billion yuan, a year-on-year increase of 105%, and for Q1 2025, revenue was 815 million yuan, up 45.7% year-on-year [3] - The company is expected to continue to see strong demand in the semiconductor testing equipment market, particularly for SoC and storage testing machines [6][8] Revenue and Profitability Summary - The company achieved a net profit attributable to shareholders of 458 million yuan in 2024, a year-on-year increase of 915% [4] - The sales net profit margin for 2024 was 12.82%, up 9.4 percentage points year-on-year [4] - For Q1 2025, the net profit attributable to shareholders was 111 million yuan, a staggering increase of 2624% year-on-year [5] Financial Forecasts - Revenue forecasts for 2025 and 2026 have been adjusted to 4.920 billion yuan and 6.375 billion yuan, respectively, representing year-on-year growth of 35% and 30% [8] - The forecasted net profit for 2025 is 911 million yuan, with a year-on-year growth of 99% [8] - The earnings per share (EPS) for 2025 is projected to be 1.44 yuan [8] Industry Outlook - The demand for semiconductor testing equipment is expected to continue recovering, driven by AI applications [6] - The company is focusing on expanding its product offerings, including CIS testing machines and other high-end equipment [6][7]

事件概述 公司发布2024 年报、2025 年一季报。 数字测试机等持续放量，2025 年收入端保持高速增长2024 年公司实现营收36.42 亿元，同比+105%，符 合市场预期；2025Q1 公司实现营收8.15 亿元，同比+45.7%，延续高速增长势头，主要系行业需求持续 旺盛，同时公司产品线不断丰富，大客户战略得到深化。分产品来看：1）测试机：24 年收入为20.63 亿元，同比+205%，我们判断SoC 数字测试机放量是收入端高速增长的核心驱动力，其他领域新品逐步 放量；2）分选机：24年收入为11.90 亿元，同比+45.2%，主要系三温测试分选机需求增长。截至25Q1 末，公司存货/合同负债为24.76/0.57 亿元，分别同比+14.69%/+927%，在手订单饱满。公司SOC、存储 等高端数字测试机竞争优势明显，叠加三温分选机、探针台等新品放量，我们判断新接订单增速较好， 有力保障2025 年收入端持续高增。 盈利水平大幅修复，投资收益显著增厚25Q1 利润2024 年公司实现归母净利润/扣非归母净利润分别为 4.58/4.14 亿元，分别同比+915%/+641%，符合预告值。2024 年 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][21]. Core Views - The company achieved record high operating performance in 2024, with revenue reaching 3.406 billion yuan, a year-on-year increase of 35.82%, and a net profit of 1.023 billion yuan, up 41.40% year-on-year [5][6]. - The company is actively advancing new product and business layouts, particularly in the AI-driven advanced packaging market, which is projected to grow significantly [5][6]. - The company has successfully increased its market share and sales scale in CMP products, enhancing its core competitiveness through increased R&D investment and production capacity [5][6]. Financial Performance - In 2024, the company reported total revenue of 34.06 billion yuan, with a year-on-year growth of 35.82%, and a net profit attributable to shareholders of 10.23 billion yuan, reflecting a year-on-year increase of 41.40% [5][6]. - For Q1 2025, the company achieved revenue of 9.12 billion yuan, a year-on-year increase of 34.14%, and a net profit of 2.33 billion yuan, up 15.47% year-on-year [5][6]. - The company’s earnings per share (EPS) are projected to be 5.70 yuan in 2025, 7.15 yuan in 2026, and 8.36 yuan in 2027 [6][7]. Market Position and Strategy - The company is focusing on the development of new products and technologies, achieving significant results in CMP equipment, thinning equipment, and other product lines [5][6]. - The company has completed the construction of new production bases to support its platform strategy, enhancing its production scale and competitiveness [5][6]. - The global advanced packaging market is expected to grow from 37.8 billion USD in 2023 to 69.5 billion USD by 2029, with a compound annual growth rate of 10.7%, presenting significant opportunities for the company [5][6].

Group 1 - The core viewpoint is that the logic of domestic substitution in the semiconductor equipment sector is strengthening, which may boost the industry chain, as evidenced by the increase of over 1.7% in the consumer electronics ETF (561310) [1] - In the semiconductor equipment field, the clearance of low-end capacity allows for domestic DRAM to have more room for growth, while the high-end market is opening up pathways for domestic HBM breakthroughs [1] - March data on semiconductor equipment imports shows that thin film deposition, etching, and stripping equipment experienced both volume and price increases, indicating significant potential for domestic substitution [1] Group 2 - The global semiconductor market continues to grow, with February global semiconductor sales increasing by 20.73% year-on-year, driven primarily by advanced processes [1] - The consumer electronics ETF (code: 561310) tracks the consumer electronics index (code: 931494), which is compiled by China Securities Index Co., covering A-share listed companies related to the manufacturing, sales, and services of consumer electronics products [1] - The index focuses on leading companies in sectors such as smartphones, home appliances, and wearable devices, reflecting the overall performance of China's consumer electronics industry [1]

Core Viewpoint - The company reported a significant increase in revenue for Q1 2025, driven by rising demand for domestic semiconductor equipment and successful new product validations, despite a net loss. Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 709 million yuan, a year-on-year increase of 50.22% [1] - The net profit for the same period was -147 million yuan, with a basic earnings per share of -0.53 yuan [1] - The compound annual growth rate (CAGR) of revenue from 2019 to 2024 reached 74.83% [1] Group 2: Product Development and Market Position - The company focuses on semiconductor thin film deposition equipment and has established two product series: thin film deposition equipment and hybrid bonding equipment [1] - New products and processes accounted for nearly 70% of sales revenue during the reporting period, although gross margins declined due to high customer validation costs [2] - The company emphasizes independent innovation and has maintained high R&D investment, with R&D expenses of 159 million yuan in Q1 2025, representing 22.38% of revenue [2] Group 3: Operational Efficiency - The company reported a significant increase in net cash flow from operating activities, turning positive with an increase of 732 million yuan year-on-year [3] - The volume of goods shipped increased by 94% compared to the previous year, contributing to improved cash flow [2][3] - The company has seen a substantial increase in both advance payments and sales collections compared to the same period last year [3]

Summary of the Conference Call for New Yuan Technology Company Overview - **Company**: New Yuan Technology - **Industry**: Semiconductor Equipment Manufacturing Key Financial Performance - **2024 Revenue**: 17.54 billion RMB, a year-on-year increase of 2.13% [3] - **2024 Gross Profit**: 2 billion RMB, a year-on-year decrease of 19% due to increased R&D and personnel costs [5] - **2024 Operating Cash Flow**: 4.4 billion RMB, a significant improvement from -5.6 billion RMB the previous year, attributed to better sales collection and government subsidies [6] - **Q1 2025 Revenue**: 2.75 billion RMB, a year-on-year increase of 13%, but net profit down 70% due to rising costs [7] Product and Market Insights - **New Product Development**: Rapid growth in new products like front-end chemical cleaning machines and bonding machines, with high-temperature sulfuric acid cleaning equipment breaking foreign monopolies [2][3] - **Order Growth**: New signed orders totaled 24 billion RMB in 2024, a 10% increase year-on-year [2][3] - **Market Expansion**: Benefiting from overseas clients' expansion, with expectations for 2025 overseas orders to be at least equal to 2024 [4][15] Collaboration and Synergies - **Partnership with Northern Huachuang**: Strong complementary advantages in dry and wet equipment sectors, focusing on shared resources and joint technology development to reduce costs and improve efficiency [8] R&D and Product Launches - **New Generation Coating and Developing Machine**: Development on schedule, expected to be sent for client validation in Q3 2025 [9] - **Chemical Vapor Cleaning Equipment**: Strong order signing performance in Q1 2025, with expectations to exceed annual targets [10] Financial Adjustments and Challenges - **Gross Margin Impact**: Adjustments in accounting policies have affected reported gross margins, which are expected to stabilize around 40% [11][21] - **Cost Pressures**: New product launches are exerting pressure on margins, particularly for high-end products [16] Future Outlook - **2025 Expectations**: Overall order growth is expected to remain stable, with significant growth anticipated in chemical cleaning machines and bonding machines [24] - **Market Strategy**: Focus on high-temperature sulfuric acid and supercritical cleaning equipment to drive sales in the front-end market, which is seen as a blue ocean opportunity [19][25] Conclusion - **Strategic Positioning**: New Yuan Technology is well-positioned to leverage its R&D capabilities and partnerships to navigate market challenges and capitalize on growth opportunities in the semiconductor equipment sector. The company aims to maintain operational stability while enhancing its competitive edge through innovation and collaboration.