Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company has experienced significant revenue growth, benefiting from the expansion trend in storage. In Q3 2025, the company achieved revenue of 2.266 billion yuan, a year-on-year increase of 124.15%. The net profit attributable to the parent company was 462 million yuan, up 225.07% year-on-year, while the non-recurring net profit reached 420 million yuan, reflecting an increase of 822.50% year-on-year [2][6]. - The company's gross margin was 34.42%, a decrease of 4.85 percentage points year-on-year. For the first three quarters of 2025, the company reported total revenue of 4.220 billion yuan, a year-on-year increase of 85.27%, with a net profit of 557 million yuan, up 105.14% year-on-year [2][6]. Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 2.266 billion yuan, with a year-on-year growth of 124.15%. The net profit attributable to the parent company was 462 million yuan, marking a 225.07% increase year-on-year. The non-recurring net profit was 420 million yuan, reflecting an 822.50% increase year-on-year. The gross margin stood at 34.42%, down 4.85 percentage points year-on-year [2][6]. - For the first three quarters of 2025, the company achieved a total revenue of 4.220 billion yuan, a year-on-year increase of 85.27%. The net profit attributable to the parent company was 557 million yuan, up 105.14% year-on-year, while the non-recurring net profit was 458 million yuan, reflecting a 599.67% increase year-on-year. The gross margin was 33.28%, down 10.31 percentage points year-on-year [2][6]. Market Trends - The semiconductor equipment industry is expected to maintain a favorable outlook, with accelerated construction of advanced processes. From January to September 2025, the import value of semiconductor equipment in mainland China increased by 7.22% to reach 32.4 billion USD. Major semiconductor equipment companies reported revenues of 24.33 billion yuan, a year-on-year increase of 44.2% [12]. - The demand for semiconductor equipment remains strong due to the ongoing construction of domestic wafer fabs. The global semiconductor equipment market is projected to continue growing, with SEMI estimating that spending on 300mm wafer fab equipment will increase by 7% in 2025, reaching 107 billion USD [12]. Company Outlook - The company has accumulated deep expertise in technology, customer relationships, and brand recognition. It has continuously expanded its product framework and industrial application areas. The current order backlog is robust, and compared to other companies in the industry, its growth potential is more pronounced and certain. The projected net profits attributable to the parent company for 2025-2027 are 978 million yuan, 1.471 billion yuan, and 2.101 billion yuan, respectively, corresponding to price-to-earnings ratios of 89x, 59x, and 42x at the current stock price [12].

Core Viewpoint - The company reported strong financial performance in Q3 2025, with significant year-on-year and quarter-on-quarter growth in revenue and net profit, driven by robust order backlog and successful validation of advanced process equipment [1][2]. Financial Performance - Q3 2025 revenue reached 2.266 billion yuan, representing a year-on-year increase of 124% and a quarter-on-quarter increase of 82% [1][2]. - The net profit attributable to shareholders was 460 million yuan, showing a year-on-year growth of 225% and a quarter-on-quarter growth of 91.6% [1][2]. - The gross margin was 34.4%, which is a decrease of 4.8 percentage points year-on-year and 4.4 percentage points quarter-on-quarter, reflecting normal quarterly fluctuations [1]. - The net profit margin after deducting non-recurring items was 18.5%, up 14 percentage points year-on-year and 1 percentage point quarter-on-quarter [1]. Order Backlog and Future Outlook - As of the end of Q3 2025, the company's contract liabilities reached 4.894 billion yuan, a 64% increase from the beginning of the year, indicating strong order growth [2]. - The outlook for revenue growth in 2026 is positive, supported by the expansion of leading domestic storage production lines and expected increases in order scale and product share [2]. - The company has upgraded its revenue forecasts for 2025, 2026, and 2027 to 6.51 billion, 8.56 billion, and 11.04 billion yuan, respectively, and net profit forecasts to 1.05 billion, 1.66 billion, and 2.33 billion yuan, respectively [2]. Product Development and Production - Multiple advanced process equipment models have successfully passed customer validation and have entered the mass production phase [1][2]. - The company is leveraging new equipment platforms and reaction chambers to enhance its production capabilities, which are expected to drive continued revenue growth [1].

Core Viewpoint - The article highlights the strong financial performance of TuoJing Technology in Q3 2025, with significant year-on-year and quarter-on-quarter growth in revenue and net profit, driven by robust order backlog and successful validation of advanced process equipment [3][4]. Financial Performance - In Q3 2025, TuoJing Technology reported revenue of 2.266 billion yuan, representing a year-on-year increase of 124% and a quarter-on-quarter increase of 82% [3]. - The net profit attributable to shareholders reached 460 million yuan, showing a year-on-year growth of 225% and a quarter-on-quarter growth of 91.6% [3]. - The gross margin was 34.4%, which is a decrease of 4.8 percentage points year-on-year and 4.4 percentage points quarter-on-quarter, reflecting normal quarterly fluctuations [3]. - The company’s operating expenses as a percentage of revenue were 17.8%, down 16.5 percentage points year-on-year and 8.2 percentage points quarter-on-quarter [3]. - The non-recurring net profit was 420 million yuan, with a year-on-year increase of 822.5% and a quarter-on-quarter increase of 92.3%, resulting in a non-recurring net profit margin of 18.5%, up 14 percentage points year-on-year and 1 percentage point quarter-on-quarter [3]. Order Backlog and Future Outlook - As of the end of Q3 2025, the company had a contract liability of 4.894 billion yuan, an increase of 64% from the beginning of the year, indicating strong order growth [4]. - The outlook for revenue growth in 2026 is positive, supported by the expansion of leading domestic storage production lines, which is expected to enhance the company's order scale and product market share [4]. - The company anticipates continued growth in ALD and bonding equipment, contributing to sustained high revenue growth [4].

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 ...