近日，拓荆键科（海宁）半导体设备有限公司（以下简称"拓荆键科"）完成新一轮融资，本次融资由国投集新（北京）股权投 资基金（有限合伙）（以下简称"国投集新"）领投，引进多名知名投资人，融资金额约10亿元。 领投方国投集新的唯一有限合伙人为国家集成电路产业投资基金三期股份有限公司（以下简称"大基金三期"）；本项目系大基 金三期自2024年成立以来投资的首个标的，彰显了国家级资本对拓荆键科技术实力与发展前景的认可。 拓荆键科为拓荆科技的控股子公司，主要聚焦应用于三维集成领域先进键合设备（包括混合键合、熔融键合设备）及配套使用 的量检测设备（以下统称"三维集成设备"）的研发与产业化应用，拓荆键科现已先后推出了晶圆对晶圆混合键合设备、晶圆对 晶圆熔融键合设备、芯片对晶圆键合前表面预处理设备、芯片对晶圆混合键合设备、键合套准精度量测产品、键合套准精度量 测设备、永久键合后晶圆激光剥离设备等产品，并已出货至先进存储、逻辑、图像传感器等客户，致力于为三维集成领域提供 全面的技术解决方案。 中伦律师事务所为拓荆键科本次融资提供了全流程法律服务。本项目由合伙人都伟负责，项目组成员包括律师姚腾越、谢莹 等。 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [6][21]. Core Insights - The company reported a significant revenue increase of 124.15% year-on-year and 81.94% quarter-on-quarter, reaching 2.266 billion yuan in Q3 2025. The net profit attributable to shareholders was 462 million yuan, reflecting a year-on-year growth of 225.07% and a quarter-on-quarter increase of 91.60% [6][7]. - The company is actively seizing opportunities in domestic semiconductor equipment replacement, enhancing product innovation and industrial application. R&D expenses reached 184 million yuan in Q3 2025, up 10.87% year-on-year, with a research expense ratio of 8.13% [6][7]. - The company has become a leading domestic manufacturer in the integrated circuit field, with comprehensive coverage of hard mask processes and the highest market share in ALD equipment thin film processes [6][7]. Financial Performance Summary - For 2024A, total revenue is projected at 4.103 billion yuan, with a year-on-year growth rate of 51.7%. By 2025E, revenue is expected to reach 6.531 billion yuan, growing by 59.2% [6][7]. - The net profit attributable to shareholders is forecasted to be 688 million yuan in 2024A, increasing to 1.035 billion yuan in 2025E, representing a growth rate of 50.4% [6][7]. - The company’s gross margin for Q3 2025 was 34.42%, with a net profit margin of 20.00%, showing an improvement in profitability despite a slight decline in gross margin due to new product costs [6][7].

Core Viewpoint -拓荆科技 is expanding its semiconductor equipment business through a capital increase in its subsidiary,拓荆键科, with significant participation from external investors, including国投集新, which will become the second-largest shareholder after the investment [1][2]. Group 1: Investment and Shareholding Structure - The capital increase involves six entities, with拓荆科技 and国投集新 each contributing up to 450 million yuan, while employee shareholding platforms and other investors contribute smaller amounts [2]. - After the capital increase,拓荆科技's ownership in拓荆键科 will decrease to approximately 53.57%, while国投集新 will hold about 12.71% [2]. Group 2: Financial Performance and Valuation - As of mid-2025,拓荆科技's overall revenue is projected to be around 1.954 billion yuan, while拓荆键科's revenue is only 114,550 yuan, with a net loss of approximately 37.47 million yuan [2]. - The pre-investment valuation for this financing round is set at 2.5 billion yuan, reflecting a substantial increase of 4427.36% from the net asset value of 55.22 million yuan [3]. Group 3: Expansion Plans and Projects -拓荆科技 plans to invest 1.768 billion yuan in a high-end semiconductor equipment industrialization base to enhance production capacity and efficiency [4]. - The company also intends to allocate 2 billion yuan for a cutting-edge technology research and development center to optimize existing thin film deposition equipment [4]. - The construction of the industrialization base is expected to take five years, addressing future capacity bottlenecks and supporting sustainable growth [4].

Group 1 - The National Integrated Circuit Industry Investment Fund's third phase has initiated its first project by investing up to 450 million RMB in the registered capital of Tuojing Jianke, which is a subsidiary of Tuojing Technology [1][5] - Tuojing Technology plans to raise up to 4.6 billion RMB through a private placement to enhance its main business [3][12] - The investment by Guotou Jixin will account for approximately 12.71% of Tuojing Jianke's registered capital after the capital increase [1][5] Group 2 - Tuojing Jianke focuses on advanced bonding equipment for three-dimensional integration, including hybrid bonding and fusion bonding devices [8] - The company has launched several products, including wafer-to-wafer hybrid bonding equipment and precision measurement devices, which are already being shipped to clients in advanced storage and logic sectors [8][10] - The market for hybrid bonding equipment is expected to grow significantly, with projections indicating a market size increase from 46.1 million USD in 2024 to over 150 million USD by 2027 [10] Group 3 - Tuojing Technology's financial data shows projected revenues of 97.3 million RMB and a net loss of 2.1 million RMB for 2024 [11] - The company aims to use the funds raised from the private placement for the construction of a high-end semiconductor equipment industrialization base and a cutting-edge technology research center [12][13] - The global investment in 300mm wafer fab equipment is expected to grow significantly, with China leading the investment scale [12][14]