投资建议。公司25Q3 收入22.66 亿元，同比+124%/环比+82%；归母净利润4.6 亿元，同比+225%/环比 +91.6%。公司在手订单充沛，多款先进制程机台通过客户验证，进入规模化量产阶段。我们上修公司 2025/2026/2027 年收入至65.1/85.6/110.4 亿元，上修归母净利润至10.5/16.6/23.3 亿元，对应PE 为 81.4/51.6/36.8 倍，维持"增持"投资评级。 风险提示：下游晶圆厂扩产不及预期，宏观经济下滑的风险，新品研发不及预期，行业竞争加剧的风 险。 多款先进制程机台通过客户验证，进入规模化量产阶段。公司基于新型设备平台（PF-300T Plus 和PF- 300M）和新型反应腔（pX 和Supra-D）的PECVDStack（ONO 叠层）、ACHM 以及PECVD Bianca、 ALD SiCO 等先进制程的验证机台顺利通过客户认证，进入规模化量产阶段。 公司在手订单充沛，展望2026 年收入增长趋势向好。公司截至25Q3 末合同负债达48.94 亿元，较年初 增长64.0%，表明公司签单增长强劲。展望2026年，伴随国内头部存储产线扩产弹性，公 ...

多款先进制程机台通过客户验证，进入规模化量产阶段。 公司基于新型设备平台（PF-300T Plus和PF-300M）和新型反应腔（pX和Supra-D） 的PECVD Stack（ONO叠层）、ACHM以及PECVD Bianca、ALD SiCO等先进制程的验证机台顺利通过客户认证，进入规模化量产阶段。 公司在手订单充沛，展望2026年收入增长趋势向好。 公司截至25Q3末合同负债达48.94亿元，较年初增长64.0%，表明公司签单增长强劲。展望 2026年，伴随国内头部存储产线扩产弹性，公司订单规模和产品份额都有望得到进一步提升，同时ALD、键合等设备将持续放量，带动收入保持高 增长态势。 **"**"投资评级。 公司25Q3收入22.66亿元，同比+124%/环比+82%；归母净利润4.6亿元，同比+225%/环比+91.6%。公司在手订单充沛， 多款先进制程机台通过客户验证，进入规模化量产阶段。 我们最新预测25-27年营收为**/**/**亿，归母净利润为**/**/**亿，对应当前股价PE 为**/**/**倍，**"**"评级。 风险提示：下游晶圆厂扩产不及预期，宏观经济下滑的风险，新品研发不及 ...

Company Performance - In 2024, the company achieved a revenue of approximately 4.103 billion, representing a year-on-year growth of 51.7% [1] - The net profit attributable to shareholders was 688 million, with a year-on-year increase of 3.86% [1] - However, in the first quarter of this year, the company reported a net loss of 147 million, attributed to high costs associated with new products and processes [1] Order Backlog and Market Outlook - The company has a robust order backlog, with an order amount of approximately 9.4 billion as of the end of 2024, indicating a healthy operational trend for 2025 [1] - The main products include thin film deposition equipment and advanced bonding equipment for 3D integration [1] Industry Position and Competition - The thin film deposition equipment industry is characterized by monopolistic competition, dominated by international giants such as Applied Materials, Lam Research, and Tokyo Electron, which hold about 70% of the CVD market [2] - The company has established a significant first-mover advantage in the domestic semiconductor equipment industry through its technological accumulation and rapid development [2] Research and Development - In 2023, the company's R&D investment reached 756 million, and in the first quarter of this year, it totaled 157 million, accounting for 22.38% of revenue, one of the highest among domestic semiconductor equipment companies [3] - The company launched over 10 new products/processes in 2024, including various thin film deposition equipment and advanced bonding equipment for 3D integration [3] International Expansion - The company's revenue is primarily sourced from mainland China, but it has established subsidiaries in Japan and Singapore to facilitate overseas market expansion [4] - The company plans to actively seek opportunities in overseas markets to continue its growth trajectory [4]

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 ...