Market Overview - The market experienced a pullback after reaching a high, with all three major indices closing lower and a trading volume of 2.52 trillion yuan, an increase of 83.2 billion yuan from the previous trading day [1] - Over 3,300 stocks declined, while sectors such as non-ferrous metals, storage chips, and film and television saw gains, contrasting with declines in large financials, liquor, and gaming sectors [1] Economic Indicators - As of the end of August, the total social financing increased by 26.56 trillion yuan in the first eight months, which is 4.66 trillion yuan more than the same period last year [1] - The M2 money supply reached 331.98 trillion yuan, reflecting an 8.8% year-on-year growth [1] - In the same timeframe, RMB loans increased by 13.46 trillion yuan, and RMB deposits rose by 20.5 trillion yuan [1] Industry Insights - CITIC Securities suggests that more listed companies are shifting from domestic exposure to global exposure, particularly in manufacturing, indicating a need to evaluate market fundamentals from a global perspective rather than solely domestic economic cycles [2] - The current market trend is driven by "smart money" and structural opportunities, with a recommendation to focus on resource sectors, consumer electronics, innovative pharmaceuticals, chemicals, gaming, and military industries [2] Semiconductor Sector - The National Integrated Circuit Industry Investment Fund's third phase has initiated its first project, with a commitment of up to 450 million yuan for the registered capital of Tuojing Technology's subsidiary [3] - Domestic semiconductor equipment has shown strong growth, outpacing the overall market, with a long-term market size expectation of over 40 billion USD, benefiting domestic semiconductor equipment manufacturers [3] Market Sentiment - The market is expected to continue its upward trend, particularly in light of anticipated interest rate cuts by the Federal Reserve, with potential opportunities in sectors like non-ferrous metals, smart driving, energy storage, and solid-state batteries [4]

Group 1 - Company plans to issue A-shares to no more than 35 specific investors, with a maximum of 83.92 million shares and total fundraising not exceeding 4.6 billion yuan, aimed at high-end semiconductor equipment industrialization, advanced technology R&D center construction, and working capital supplementation [1] - Company will increase capital in its subsidiary, with a total financing amount not exceeding 1.04 billion yuan from six participants, including a major investment from Guotou Jixin [1] - After the capital increase, the company's shareholding in its subsidiary will decrease to 53.57%, while Guotou Jixin will become the second-largest shareholder with approximately 12.71% [1] Group 2 - Three-dimensional integration technology is a frontier area in the semiconductor industry, offering significant development potential through vertical stacking of chips to enhance packaging efficiency and reduce power consumption [2] - The subsidiary has launched several products, including wafer-to-wafer hybrid bonding equipment and surface pre-treatment equipment, targeting advanced storage and logic customers [2] - Despite the potential, the subsidiary is still in the early stages of development, with projected revenue of 97.30 million yuan and a net loss of 21.36 million yuan for 2024, and zero revenue in the first quarter of the current year [2]

Core Viewpoint -拓荆科技 announced a series of financing plans, including a capital increase to its subsidiary拓荆键科, aiming to raise up to 4.6 billion yuan to support the rapid development of three-dimensional integration equipment [1][4] Group 1: Financing Details - The financing plan includes a total of no more than 10.4 billion yuan for拓荆键科, with a pre-investment valuation of 2.5 billion yuan [1] - 大基金三期 plans to participate in the capital increase with no more than 450 million yuan, marking its first public investment since its establishment in May 2024 [1][2] - 国投集新 also intends to invest up to 450 million yuan, resulting in a 12.71% stake in拓荆键科 after the capital increase [1][2] Group 2: Company Overview - 拓荆键科, established in September 2020, focuses on the research and industrial application of advanced bonding equipment for three-dimensional integration [2] - The company has launched various products, including wafer-to-wafer bonding equipment and measurement devices, serving clients in advanced storage, logic, and image sensor sectors [2] Group 3: Market Context - Three-dimensional integration aims to overcome the physical limitations of traditional two-dimensional integration by stacking chips vertically, enhancing packaging efficiency and transistor density [3] - The technology is essential for maintaining the momentum of Moore's Law and addressing increasing market demands [3] Group 4: Financial Performance - In 2024, 拓荆键科 reported revenues of 97.3 million yuan and a net loss of 2.1 million yuan [4] - The company has experienced rapid revenue growth, with revenues of 1.706 billion yuan, 2.705 billion yuan, and 4.103 billion yuan in 2022, 2023, and 2024, respectively, reflecting a compound annual growth rate of 55.08% [4] Group 5: Project Implementation - The implementation of the projects will significantly enhance the production capacity of high-end semiconductor equipment and improve production efficiency through intelligent facilities [5] - The company plans to allocate 20 billion yuan for the construction of a cutting-edge technology research and development center, focusing on advanced thin film deposition equipment [6]

Group 1 - The US and China held talks in Madrid on September 14 regarding trade issues, including US unilateral tariff measures and export controls [4] - The Ministry of Industry and Information Technology and seven other departments issued the "Automobile Industry Stabilization Growth Work Plan (2025-2026)" [2][11] - The Shanghai Stock Exchange announced the candidate list for the third Technology Innovation Advisory Committee, including notable entrepreneurs [2][5] Group 2 - The broad money supply (M2) increased by 8.8% year-on-year in August, with non-bank financial institutions' deposits increasing by 550 billion yuan [5] - The National Internet Information Office released a draft for public consultation on promoting and regulating electronic document applications, proposing the exploration of digital RMB for cross-border payments [5] - The film market's box office for 2025 has surpassed 40 billion yuan as of September 13, 2025, 76 days ahead of 2024 [5] Group 3 - The first project of the third phase of the National Integrated Circuit Industry Investment Fund targets semiconductor equipment, with a capital increase of 4.5 billion yuan for Tuojing Technology [10] - Domestic semiconductor equipment has shown strong growth trends, with the market expected to maintain a long-term scale of over 40 billion USD [10] Group 4 - The "Automobile Industry Stabilization Growth Work Plan" aims to promote the industrial application of intelligent connected technology, with a projected industry value increase of 725.9 billion yuan by 2025 [11] - The plan encourages the development of new business models using data and supports the production of L3-level vehicles [11][13] Group 5 - The "New Energy Storage Scale Construction Special Action Plan (2025-2027)" aims for a new energy storage installation scale of over 180 GW by 2027, driving direct investment of about 250 billion yuan [14][15] - Companies like Haibo Technology and Sungrow Power have reported significant revenue growth in their energy storage systems [15] Group 6 - TCL Technology plans to invest approximately 29.5 billion yuan to build an 8.6-generation printed OLED production line [17] - Haizheng Pharmaceutical has received a CEP certificate for its Tigecycline raw materials, marking a significant step for international market expansion [19] - Zhongchao Holdings signed a strategic cooperation agreement with Hefei Intelligent Robot Research Institute to promote applications in intelligent robotics [20]

4、储能 | 近日，国家发展改革委、国家能源局印发《新型储能规模化建设专项行动方案(2025-2027年)》。方案提出的总体目标为:2027年，全国新型储能装 机规模达到1.8亿千瓦(即180吉瓦)以上，带动项目直接投资约2500亿元。 点评：分析认为，从政策变动的趋势来看，储能行业在经历取消强制配储后的低迷期后，正在重建一条更加商业化、可持续的发展之路。伴随着政策调整， 储能行业在发生一轮洗牌，真正能够提供市场收益的企业优势越发凸显。中信建投证券认为，新能源全面入市后，电价水平可能下降，峰谷价差拉大，通过 自发配储有望提升收益。 宏观、行业新闻 行情回顾 明日主题前瞻 1、无人驾驶 | 9月12日，工业和信息化部等八部门发布关于《汽车行业稳增长工作方案（2025—2026年）》的通知。《方案》提到，推进智能网联汽车准入 和上路通行试点，有条件批准L3级车型生产准入，推动道路交通安全、保险等法律法规完善。《方案》称，深入开展智能网联汽车"车路云一体化"应用试 点，加快网联基础设施和云控平台建设，鼓励汽车前装V2X、5G等高性能通信模块，加快推进北斗系统规模化应用，促进物流、环卫、出行服务等多场景 应用，鼓励重 ...

Core Viewpoint - The article highlights the significant revenue growth and profitability turnaround of Tuojing Technology in the first half of 2025, driven by advancements in their manufacturing processes and strong order backlog [2][4]. Group 1: Financial Performance - In H1 2025, the company's revenue reached 1.954 billion yuan, a year-on-year increase of 54.3%, while the net profit attributable to shareholders was 94.3 million yuan, down 27% year-on-year [2]. - In Q2 2025, revenue was 1.25 billion yuan, reflecting a year-on-year growth of 56.6% and a quarter-on-quarter increase of 75.7%. The gross margin was 38.8%, down 8.1 percentage points year-on-year but up 19 percentage points quarter-on-quarter [2]. - The net profit attributable to shareholders in Q2 2025 was 240 million yuan, a year-on-year increase of 103.4% and a quarter-on-quarter increase of 390 million yuan. The non-recurring net profit was 218 million yuan, up 240% year-on-year and an increase of 400 million yuan quarter-on-quarter [2]. Group 2: Product Development and Market Position - The company has successfully shipped multiple PECVD (Plasma-Enhanced Chemical Vapor Deposition) devices for advanced storage production lines, achieving comprehensive coverage of various hard mask processes [3]. - The PE-ALD (Plasma-Enhanced Atomic Layer Deposition) equipment has seen rapid growth, with multiple units passing customer validation, indicating full coverage of dielectric film materials [3]. - The company has received repeat orders for its wafer-to-wafer hybrid bonding equipment, and the new generation of high-speed, high-precision bonding products has been shipped for client validation [3]. Group 3: Investment Outlook - The company is expected to maintain high revenue growth in 2025, with a strong order backlog and continuous improvement in process coverage [4]. - The investment rating is maintained at "Accumulate," reflecting confidence in the company's future performance based on its current trajectory and market position [4].

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 company reported significant revenue growth in 2024, but faced challenges in Q1 2025 due to high customer validation costs and increased operating expenses, leading to a net loss. Financial Performance - In Q1 2025, the company achieved revenue of 709 million yuan, a year-on-year increase of 50.22%, but reported a net loss of 147 million yuan compared to a profit of 10 million yuan in the same period last year [1] - For the full year 2024, the company reported revenue of 4.103 billion yuan, a year-on-year increase of 51.70%, and a net profit of 688 million yuan, up 3.86% [1] Business Segments - The semiconductor equipment segment generated revenue of 3.958 billion yuan in 2024, a year-on-year increase of 50.25%, while other businesses achieved revenue of 145 million yuan, a growth of 105.84% [2] - The film deposition equipment segment contributed 3.863 billion yuan in revenue, up 50.29%, and advanced bonding equipment and related testing equipment generated 96 million yuan, an increase of 48.78% [2] Order Backlog and Future Outlook - As of the end of 2024, the company had an order backlog of approximately 9.4 billion yuan, providing a solid foundation for continued growth [2] - The company plans to enhance its product offerings and has made significant investments in R&D, with R&D expenses reaching 756 million yuan in 2024, a year-on-year increase of 31.26% [3] Product Development - The company continues to expand its product line in film deposition equipment, with key products like PECVD maintaining a competitive edge and achieving repeat orders [4] - The company has completed the construction of its semiconductor advanced process equipment R&D and industrialization project, which is expected to be operational by June 2025 [4] Profitability Metrics - The company's gross margin for 2024 was 41.69%, a decrease of 5.42 percentage points, primarily due to the high proportion of new product revenues and customer validation costs [3] - The net profit margin for 2024 was 16.75%, down 7.79 percentage points [3]

多种薄膜新工艺设备实现批量出货，关键材料持续突破。 公司拓展了芯片沟槽填充用Flowable CVD设 备，多台通过客户验证；基于新平台、新反应腔的PECVD Stack（ONO叠层）、ACHM等先进工艺设备 实现了大批量出货，通过客户验证；ALD SiCO、SiN、AlN等工艺设备实现大批量出货。目前公司推出 的PECVD、ALD、SACVD、HDPCVD及Flowable CVD薄膜设备可以支撑全部介质薄膜材料的约100多 种工艺应用。 点击招商研究小程序查看PDF报告原文 拓荆科技发布2024年报，24Q4利润快速释放，在手订单同比高增长。公司多种薄膜新工艺设备实现批 量出货，3D IC领域混合键合设备获得重复订单。 24Q4利润快速释放，在手订单同比高增长。 1）2024全年： 公司收入41亿元，同比+51.7%；归母净利 润6.88亿元，同比+3.86%；扣非净利润3.56亿元，同比+14.1%；截至2024年底，公司在手订单约94亿 元，同比+46.3%； 2）24Q4： 公司收入18.26亿元，同比+82%/环比+81%；毛利率39.3%，同 比-12.8pcts/环比持平，同比承压主要系新品或 ...

Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The company achieved a revenue of 4.103 billion yuan in 2024, representing a year-on-year growth of 51.70%, and a net profit of 688 million yuan, with a year-on-year increase of 3.86% [4][8] - The company plans to distribute a cash dividend of 2.70 yuan per 10 shares to all shareholders [4] - The company has a strong order backlog of approximately 9.4 billion yuan at the end of 2024, which is a 46.35% increase compared to the end of 2023 [8] Financial Performance Summary - Revenue for 2024 is projected at 4.103 billion yuan, with a growth rate of 51.7% [6][11] - Net profit for 2024 is expected to be 688 million yuan, with a growth rate of 3.9% [6][11] - Gross margin for 2024 is reported at 41.69%, a decrease of 9.32 percentage points year-on-year [8] - The company’s thin film deposition equipment revenue reached 3.863 billion yuan, growing by 50.29% [8] - The advanced bonding equipment revenue in the 3D integration field was approximately 95.67 million yuan, with a year-on-year growth of 48.78% [9] Future Projections - The company’s net profit is projected to reach 1.075 billion yuan in 2025, 1.368 billion yuan in 2026, and 1.728 billion yuan in 2027 [9][10] - The expected P/E ratios for 2025, 2026, and 2027 are 41.8X, 32.9X, and 26.0X respectively [9][11] Market Position and Competitive Advantage - The company has a comprehensive layout in CVD thin film deposition equipment, with strong competitiveness and significant positioning advantages [9] - The advanced bonding equipment in the 3D integration field is expected to become a key growth point for the company [9]