近日，招商证券股份有限公司向中国证券监督管理委员会北京监管局提交辅导备案报告，正式启动北京华卓精科科技股份有限公司（以下简称"华卓精 科"）首次公开发行股票并上市的辅导工作。 华卓精科的资本市场之路并非首次。 据悉，公司曾于2015年12月在全国股转系统挂牌公开转让（证券简称：华卓精科，证券代码：834733），2019年2月终止挂牌；2020年6月，公司申报科创 板IPO并获受理，2021年9月通过上市委审议，后基于整体市场环境及自身资本运作发展规划，于2024年6月主动撤回IPO申请。 结合公司官网及公开信息披露，华卓精科由清华大学IC装备团队创立，是一家肩负重大科研成果产业化重任的高新技术企业，主营业务聚焦于集成电路制 造装备及关键零部件的研发和产业化，核心产品覆盖超精密运动平台、激光退火设备、晶圆键合设备、晶圆传输系统等，广泛应用于集成电路芯片制造、 先进封装、功率器件制造等产线，在电子制造、激光加工等高端技术领域也实现广泛应用。值得关注的是，公司是目前 国内唯一一家成功设计研制集成 电路光刻机双工件台的企业 ，也是 全球仅次于ASML的第二家研发出磁悬浮双工件台的企业 ，技术实力处于行业领先水平。 ...

Core Viewpoint - The company emphasizes that sustainable and stable shareholder returns are built on high-quality and sustainable development, focusing on core business, optimizing management, and enhancing profitability [1] Group 1: Company Overview - Dalian Bai'ao Chemical Co., Ltd. specializes in the research, production, and sales of isothiazolinone industrial biocide raw materials and has been in the industry for over 20 years, becoming the largest producer of such biocides in Asia [1] - In 2024, the company transitioned into the semiconductor equipment sector through its controlling stake in Suzhou Xinhuilian Semiconductor Technology Co., Ltd. and a stake in Xinhuilian New (Suzhou) Technology Co., Ltd., establishing a dual business model of industrial biocides and semiconductor equipment [1] Group 2: Financial Performance - In the first half of the year, the company reported revenue of 749 million yuan, a year-on-year increase of 28.42%, while net profit attributable to shareholders decreased by 44.22% to 91.79 million yuan [2] - The chemical business faced challenges due to external environmental factors, weak market demand, and continuously low prices, leading to sustained pressure on profitability [2] Group 3: Business Segments - The company’s industrial biocide products are primarily exported to Asia, Europe, the United States, and South America, with overall changes remaining stable [2] - Despite the pressure on profitability in the biocide segment, there are positive signs, such as a 7.69% increase in average sales prices of biocide products in the second quarter and a 21.37% decrease in the comprehensive procurement costs of key raw materials [2] - The semiconductor equipment business, led by the subsidiary Xinhuilian, remains a core strategic direction, focusing on technology development, market expansion, and operational stability [3]

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][11]. Core Views - The company achieved a revenue of 1.954 billion yuan in the first half of 2025, representing a year-on-year growth of 54.25%, while the net profit attributable to shareholders decreased by 26.96% to 94.288 million yuan [2][6]. - In Q2 2025, the company reported a revenue of 1.245 billion yuan, a year-on-year increase of 56.64%, and a net profit of 241 million yuan, which is a significant year-on-year growth of 103.37% [2][6]. - The improvement in Q2 gross margin to 38.82% reflects a recovery in profitability, following a lower margin of 19.89% in Q1 due to high costs associated with new product validation [6][7]. - The company is successfully optimizing its customer structure and increasing market penetration, with contract liabilities reaching 4.536 billion yuan, up 52.07% from the end of 2024, indicating a solid order backlog [6][7]. Financial Summary - Revenue projections for 2025-2027 are 5.590 billion yuan, 7.050 billion yuan, and 8.868 billion yuan, respectively, with year-on-year growth rates of 36.2%, 26.1%, and 25.8% [5][9]. - Net profit estimates for the same period are 958 million yuan, 1.357 billion yuan, and 1.824 billion yuan, with corresponding growth rates of 39.2%, 41.7%, and 34.5% [5][9]. - The company's gross margin is expected to improve from 44.0% in 2025 to 47.1% by 2027, while the net margin is projected to increase from 17.1% to 20.6% over the same period [5][9]. - The report highlights a strong competitive position in the semiconductor equipment sector, with a focus on advanced deposition and bonding equipment, indicating significant growth potential [7][9].