星标 ★ IPO日报 精彩文章第一时间推送 国内半导体薄膜设备龙头迎来市值高达195亿元的限售股的解禁。 4月21日，科创板上市公司拓荆科技（股票代码688072.SH）首次公开发行部分限售股上市流通。本次解禁股份数量多达 1.24亿股，占公司总股本的44.5%，涉及21名股东，包括国家集成电路基金、国投上海、公司员工持股平台等股东。 按照4月21日收盘价157.27元来计算，拓荆科技今日解禁市值高达195亿元，由此实现"全流通"。 那么，这波解禁会影响拓荆科技的股价走势？投资者应该关注哪些信号？ 制图：佘诗婕 近两月股价震荡下滑 拓荆科技成立于 2010年04月，主营业务为高端半导体薄膜设备的研发、生产、销售和技术服务，于2022年4月21日登陆科 创板。 此次首批21名限售股解禁股东中，国家集成电路基金是公司第一大股东，持有限售股55026693股，占公司总股本的 19.6714%；国投上海持有限售股3788.8万股，占公司总股本的13.5445%。 芯鑫和、芯鑫全、芯鑫龙、芯鑫成、芯鑫旺、芯鑫盛、芯鑫阳、沈阳盛腾、沈阳盛旺、沈阳盛全、沈阳盛龙作为拓荆科技股 东、员工持股平台、姜谦的一致行动人，共计持有限 ...

Core Viewpoint - The unlocking of 124 million restricted shares of Tuojing Technology, valued at 19.5 billion yuan, raises questions about its impact on stock price and investor sentiment [1]. Group 1: Share Unlocking Details - On April 21, 2023, Tuojing Technology (stock code 688072.SH) had its first batch of restricted shares unlocked, accounting for 44.5% of the total share capital [1]. - The major shareholders involved in this unlocking include the National Integrated Circuit Fund, which holds 55,026,693 shares (19.67% of total shares), and Guotou Shanghai with 37,888,000 shares (13.54% of total shares) [1]. - Other shareholders include various employee stock ownership platforms and individuals, collectively holding approximately 25,150,516 shares (8.99% of total shares) [1]. Group 2: Stock Performance - Tuojing Technology was listed at an issuance price of 71.88 yuan and saw a first-day increase of 28.41%, closing at 92.3 yuan [3]. - The stock reached a peak adjusted price of 475.1 yuan in November 2024, but has since declined to around 330 yuan, representing a drop of over 27% [5]. Group 3: Financial Performance - In 2024, Tuojing Technology achieved a revenue of 4.103 billion yuan, a year-on-year increase of 51.7%, with a net profit of 688 million yuan, up 3.91% [6]. - The company experienced significant growth in 2022, with revenue and net profit increasing by 125.02% and 438.09%, respectively, but growth rates have slowed in 2023 [6]. - Total assets reached 15.314 billion yuan, reflecting a year-on-year growth of 53.61%, primarily due to increased orders and inventory growth [6]. Group 4: R&D and Market Position - In the first three quarters of 2024, Tuojing Technology's R&D expenses amounted to 498 million yuan, representing 12.17% of revenue, with a capitalization rate of 44.57% [7]. - The company maintains a high market valuation with a total market cap of 43.99 billion yuan and a TTM P/E ratio of 63.9, indicating strong future growth expectations [7]. - Industry experts suggest that strategic investors like the National Integrated Circuit Fund are less likely to sell off their shares immediately after unlocking, while some short-term investors may choose to take profits [7].