事件: 拓荆科技4 月30 日公告2025 年一季报：2025Q1 实现收入7.09 亿元，同比增长50.22%；实现归母净利 润-1.47 亿元，上年同期为0.10 亿元；实现扣非归母净利润-1.80 亿元，上年同期为-0.44 亿元。 2024 年公司期间费用率为32.19%，同比减少2.15pct，其中销售费用为2.90 亿元，同比增长64.40%；管 理费用为2.10 亿元，同比增长11.25%；研发费用为7.56 亿元，同比增长31.26%；财务费用为0.65 亿 元，上年同期为-0.12 亿元。 薄膜沉积设备品类持续丰富，混合键合设备加速发展。1）产品进展方面，PECVD 系列产品是公司核 心产品，持续保持竞争优势；ALDSiCO、SiN、AlN 等工艺设备获得重复订单并已实现出货，持续扩大 量产规模；HDPCVD 系列产品自通过客户端验证后，逐步放量；SACVD 系列产品持续拓展应用领域， 量产规模不断扩大；FlowableCVD 系列产品取得突破性进展，2024 年实现首台产业化应用且复购设备 再次通过验证；晶圆对晶圆混合键合设备、芯片对晶圆键合前表面预处理设备获得重复订单并扩大产业 化应用， ...

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 gross profit margin for 2024 was 41.69%, a decrease of 9.32 percentage points compared to the previous year, primarily due to high verification costs associated with new products and processes [8] - The company has a strong order backlog of approximately 9.4 billion yuan at the end of 2024, a 46.35% increase from the previous year, indicating a solid foundation for future performance growth [8] Financial Performance Summary - Revenue projections for 2025-2027 are 5.590 billion yuan, 6.996 billion yuan, and 8.602 billion yuan, with respective year-on-year growth rates of 36.2%, 25.1%, and 23.0% [6][12] - Net profit estimates for the same period are 1.075 billion yuan, 1.368 billion yuan, and 1.728 billion yuan, with growth rates of 56.3%, 27.2%, and 26.3% respectively [6][12] - The company’s gross margin is expected to recover to 46.4% in 2025 and stabilize around 46.9% by 2027 [13] Product and Market Insights - The company’s film deposition equipment revenue reached 3.863 billion yuan in 2024, growing by 50.29%, with the PECVD product line maintaining a competitive edge [8][11] - Advanced bonding equipment for 3D integration generated revenue of approximately 95.67 million yuan, marking a 48.78% increase, with new products gaining traction in the market [11] - The company is well-positioned in the semiconductor equipment sector, with a comprehensive layout in CVD film deposition equipment and promising growth potential in wafer bonding equipment [11]

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]