公司 2024 年有哪些新产品推出？预计哪些产品可以在未来 2 至 3 年贡献成长 力量？ Q&A 2024 年，公司继续加大研发力度，自主研发并推出了十余款新产品和新工艺， 包括 flowable CVD、PECVD Bionica、PECVD Super DON Stack、PECVD a CHM、ALD SICO、ALD SIN 等薄膜沉积设备，以及应用 于 3D 集成领域的先进键合设备和配套量检测设备，包括晶圆对晶圆混合键合、 晶圆对晶圆熔融键合设备、芯片对晶圆键合预处理设备、芯片对晶圆混合键合 设备以及键合套准精度量测和键合强度检测设备。这些新产品已经实现大量出 货，预计将在未来两到三年内为公司贡献明显的成长动力。 公司 2024 年营业收入大幅增长的原因是什么？ 公司 2024 年营业收入同比增长 51.70%，主要原因是公司持续拓展产品布局， 加快产品迭代并推出具有市场竞争力的新产品，业务规模不断扩大。PECVD 系 列作为公司的核心产品，保持竞争优势，扩大量产规模，销售收入创历史新高。 ALD 系列凭借国内工艺覆盖率领先的优势，多款新工艺设备获得重复订单并出 货，持续扩大量产规模。HDP CV ...

作为国产薄膜沉积设备龙头，拓荆科技(688072)受益于国内下游晶圆制造厂对国内半导体设备的需求增 加，营业收入维持高增长趋势。在5月27日2025年第一季度业绩说明会上，公司高管表示，目前公司在 手订单充足，今年整体经营性趋势非常健康，并将拓展海外市场。 据介绍，拓荆科技通过在薄膜沉积设备及三维集成领域的先进键合设备及配套的量检测设备的技术积累 和快速发展，拓荆科技较国内竞争对手形成显著先发优势，已经成为国内半导体设备行业的领军企业。 其中，在应用于三维集成领域的先进键合设备及配套量检测设备方面，去年公司实现产品销售收入 9566.85万元，同比增长48.78%，应用于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，新推出的键合套准精度量测设备及键合强度检测设备通过客户验证。 去年拓荆科技研发投入就达到7.56亿元；今年一季度，拓荆科技研发投入合计1.57亿元，在营业收入占 比达到22.38%，占比在国内半导体设备上市公司中居前。 2024年，公司自主研发并推出了10余款新产品/新工艺设备，包括Flowable CVD(流动性化学气相沉 积)、PECVD Bianca、 ...

值得一提的是，拓荆科技始终将自主创新视为发展的核心驱动，并持续进行高强度的研发投入，保持核 心竞争优势。今年一季度，公司研发投入为1.59亿元，占营业收入的比例为22.38%。公司2022年至2024 年研发投入合计达到17.11亿元，占同期营业收入总额的20.09%。 在薄膜沉积设备方面，拓荆科技围绕先进存储芯片、先进逻辑芯片等制造领域的需求，持续推进多种型 号高产能、高性能薄膜设备的研发与产业化应用，并取得突破性进展，逐步进入规模量产阶段。在三维 集成领域设备方面，公司积极推进新一代先进键合产品及配套量检测产品的出货、验证，致力于为三维 集成领域提供全面的技术解决方案。 中证报中证网讯(王珞)拓荆科技4月29日晚发布2025年一季报。报告期内，公司实现营业收入7.09亿元， 同比增长50.22%；经营活动产生的现金流量净额实现由负转正，同比增加7.32亿元，主要由于报告期内 公司发货量同比增加，报告期末在手订单金额较2024年年末增长，预收货款及销售回款同比均大幅增 长。 拓荆科技通过高强度的研发投入，保持细分领域内产品技术领先，同时，不断丰富薄膜沉积设备及三维 集成设备产品的品类，拓宽工艺应用覆盖面，在 ...

电子/半导体 拓荆科技（688072.SH） 业绩持续高增，新机台&新工艺实现批量验证 2025 年 04 月 30 日 投资评级：买入（维持） | 日期 | 2025/4/29 | | --- | --- | | 当前股价(元) | 163.80 | | 一年最高最低(元) | 216.52/101.40 | | 总市值(亿元) | 458.20 | | 流通市值(亿元) | 458.20 | | 总股本(亿股) | 2.80 | | 流通股本(亿股) | 2.80 | | 近 3 个月换手率(%) | 90.55 | 股价走势图 数据来源：聚源 -24% 0% 24% 48% 72% 96% 2024-04 2024-08 2024-12 拓荆科技 沪深300 相关研究报告 《多款新品确收助力营收增长，工艺 覆盖度加速提升—公司信息更新报 告》-2024.10.30 《单季度业绩表现亮眼，新品类设备 研发成果显现—公司信息更新报告》 -2024.8.29 《薄膜沉积应用领域持续拓展，订单 高增保障未来业绩—公司信息更新报 告》-2024.5.6 陈蓉芳（分析师） 陈瑜熙（分析师） chenrongfang ...

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 ...

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]

Investment Rating - The report maintains an "Accumulate" investment rating for the company [1][3]. Core Insights - The company has experienced significant growth in its order backlog, with a year-on-year increase of 46.3%, amounting to approximately 9.4 billion yuan by the end of 2024 [7]. - The company reported a rapid profit release in Q4 2024, with revenue reaching 1.826 billion yuan, representing an 82% year-on-year increase [7]. - The company has successfully launched multiple new film process equipment, achieving bulk shipments and receiving repeat orders in the 3D IC field [7]. - The projected revenue for the company is expected to grow significantly, with estimates of 5.411 billion yuan in 2025, 6.862 billion yuan in 2026, and 8.513 billion yuan in 2027 [2][7]. Financial Data and Valuation - Total revenue for 2023 is reported at 2.705 billion yuan, with a year-on-year growth of 59% [2][10]. - The net profit attributable to the parent company for 2024 is projected at 688 million yuan, reflecting a 4% increase compared to the previous year [2][10]. - The company's PE ratio is expected to decrease from 67.9 in 2023 to 25.7 by 2027, indicating improving valuation metrics over time [11]. Performance Metrics - The company's gross margin for Q4 2024 was reported at 39.3%, with a year-on-year decrease of 12.8 percentage points [7]. - The return on equity (ROE) for 2023 was 13.0%, with projections indicating an increase to 21.4% by 2027 [3][10]. - The company's total assets are expected to grow from 9.969 billion yuan in 2023 to 23.470 billion yuan by 2027 [9].

Core Viewpoint - The company is engaged in the research, production, and sales of high-end semiconductor equipment, focusing on maintaining core competitiveness through independent research and development, with a significant emphasis on the growth potential in the semiconductor equipment market driven by advancements in technology and increasing demand from emerging industries [3][4][8]. Company Overview - The company primarily operates in the high-end semiconductor equipment sector, developing products such as PECVD, ALD, SACVD, HDPCVD, and Flowable CVD equipment, which are widely used in the manufacturing of integrated circuits [3][4]. - The company has established a stable cooperation relationship with domestic semiconductor manufacturers, ensuring a steady flow of orders through direct sales and technical services [7][8]. Industry Situation - The semiconductor equipment industry is characterized by cyclical fluctuations, driven by technological advancements and demand from downstream applications, with a projected global semiconductor sales growth of 19% to $628 billion in 2024 [8][9]. - The global semiconductor manufacturing equipment sales are expected to reach $117.1 billion in 2024, reflecting a 10% increase from 2023, with China being the largest market for semiconductor equipment, projected to reach $49.6 billion in sales, a 35% year-on-year growth [9][10]. - The thin film deposition equipment market, a subset of the semiconductor equipment sector, is expected to reach approximately $23 billion in 2024, with the company focusing on CVD equipment, which holds a significant market share [10][12]. Technological Trends - The advancement of three-dimensional integration technology is becoming a key driver for market growth, with the global advanced packaging market expected to grow from $4.3 billion in 2023 to $28 billion by 2029, at a CAGR of 37% [12][13]. - The increasing complexity of chip manufacturing processes and the shift towards 3D chip designs are driving demand for advanced bonding equipment, which is essential for achieving high-density and high-performance chips [12][24]. Financial Data - The company plans to distribute a cash dividend of 2.70 yuan per 10 shares, amounting to a total of approximately 75.18 million yuan, which represents 10.93% of the net profit attributable to shareholders for the reporting period [1][2].