公司代码：688072 公司简称：拓荆科技 拓荆科技股份有限公司 拓荆科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 报告期内，不存在对公司生产经营产生实质性影响的重大风险。公司已在报告中详细描述可 能存在的相关风险，敬请查阅"第三节 管理层讨论与分析"之"四、风险因素"部分内容。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人刘静、主管会计工作负责人杨小强及会计机构负责人（会计主管人员）杨小强 声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺， 请投资者注意投资风险。 九、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 十、 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company is expected to achieve revenue of 29.84 billion yuan in 2024, representing a year-on-year growth of 35.14%, and a net profit attributable to shareholders of 5.62 billion yuan, up 44.17% year-on-year [2][9] - The company is accelerating its platform layout, with significant breakthroughs in key technologies for new products, leading to a steady increase in market share for mature products [2][3] - The company has announced its entry into the ion implantation equipment market and has launched several new products, enhancing its competitive position in the semiconductor equipment sector [3][4] Financial Performance - The company is projected to achieve revenues of 38.79 billion yuan, 48.71 billion yuan, and 58.74 billion yuan in 2025, 2026, and 2027 respectively, with corresponding net profits of 7.38 billion yuan, 9.72 billion yuan, and 12.15 billion yuan [7][9] - The company's earnings per share (EPS) is expected to grow from 10.52 yuan in 2024 to 22.75 yuan in 2027, reflecting strong profitability [9][12] - The price-to-earnings (P/E) ratio is projected to decrease from 41.50 in 2024 to 19.19 in 2027, indicating an attractive valuation over the forecast period [9][12] Market Position - The company has strengthened its market position by acquiring a 17.90% stake in Chip Source Micro, which will enhance its collaborative capabilities in semiconductor equipment [4][6] - The company has successfully launched high-end equipment in the integrated circuit equipment sector, with revenues from etching, film deposition, thermal treatment, and wet processing equipment expected to exceed 80 billion yuan, 100 billion yuan, 20 billion yuan, and 10 billion yuan respectively in 2024 [2][3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company is expected to achieve revenue of 29.84 billion yuan in 2024, representing a year-on-year growth of 35.14%, and a net profit attributable to shareholders of 5.62 billion yuan, up 44.17% year-on-year [2][9] - The company is accelerating its platform layout, with significant breakthroughs in key technologies for new products, leading to a steady increase in market share for mature products [2][3] - The company plans to enhance its competitive edge through the acquisition of a 17.90% stake in Chip Source Micro, aiming to leverage synergies in semiconductor equipment [4][6] Financial Performance - The company is projected to achieve revenues of 38.79 billion yuan, 48.71 billion yuan, and 58.74 billion yuan in 2025, 2026, and 2027 respectively, with corresponding net profits of 7.38 billion yuan, 9.72 billion yuan, and 12.15 billion yuan [7][9] - The earnings per share (EPS) are expected to grow from 10.52 yuan in 2024 to 22.75 yuan in 2027, reflecting a strong growth trajectory [9][12] - The price-to-earnings (P/E) ratio is projected to decrease from 41.50 in 2024 to 19.19 in 2027, indicating improving valuation metrics over time [9][12] Market Position - The company has successfully launched several high-end semiconductor equipment, including the dual Damascus CCP etching machine and HDPCVD equipment, which have achieved client mass production [2][3] - The company’s market share is expected to continue expanding due to its strong product, technology, and service advantages [2][3]