Investment Rating - The report maintains an "Accumulate" investment rating for the company [4][7]. Core Insights - The company reported a significant increase in revenue and profit for Q3 2025, with revenue reaching 2.266 billion yuan, up 124% year-on-year and 82% quarter-on-quarter, and net profit of 460 million yuan, up 225% year-on-year and 91.6% quarter-on-quarter [1][7]. - The company has a strong order backlog, with multiple advanced process machines entering mass production after customer validation [1][7]. - The outlook for 2026 is positive, with a substantial increase in contract liabilities indicating strong order growth [1][7]. Financial Data and Valuation - Revenue projections for 2025, 2026, and 2027 have been revised upwards to 6.511 billion, 8.561 billion, and 11.035 billion yuan respectively, with corresponding net profit estimates of 1.053 billion, 1.661 billion, and 2.327 billion yuan [3][7]. - The company’s PE ratios for 2025, 2026, and 2027 are projected to be 81.4, 51.6, and 36.8 respectively [3][7]. - The company’s total assets are expected to grow from 9.969 billion yuan in 2023 to 30.380 billion yuan by 2027 [9][10].

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].

Core Insights - The company reported significant growth in Q3 2025, with revenue reaching 4.22 billion yuan, a year-on-year increase of 85.27%, driven by an expanded product process coverage and enhanced core competitiveness [1] - The gross profit margin was 33.28%, down 10.31 percentage points year-on-year, primarily due to high costs associated with new product validation [1] - The net profit attributable to shareholders was 557 million yuan, up 105.14% year-on-year, benefiting from increased revenue and reduced expense ratios due to scale effects [1] Financial Performance - For Q3 2025, the company achieved revenue of 2.27 billion yuan, a year-on-year increase of 124.15% and a quarter-on-quarter increase of 81.94% [1] - The gross profit margin for Q3 was 34.42%, a decrease of 4.4 percentage points quarter-on-quarter [1] - The net profit attributable to shareholders for Q3 was 462 million yuan, reflecting a year-on-year increase of 225.07% and a quarter-on-quarter increase of 91.60% [1] Production and Market Position - The company began large-scale production of advanced process machines in Q3 2025, exceeding expectations, leading to an upward revision of profit forecasts for 2025-2027 [2] - Revenue projections for 2025-2027 are now set at 6.4 billion, 8.6 billion, and 10.6 billion yuan, respectively, with net profit forecasts of 1.02 billion, 2.02 billion, and 2.73 billion yuan [2] - The company maintains a leading position in the CVD field, with a diverse range of deposition equipment, and is expected to strengthen its competitive edge as various advanced process machines enter mass production [2] Technological Advancements - The company has launched multiple W2W and D2W bonding equipment, aligning with the trend of advanced packaging and expected to contribute to long-term growth [3] - The new generation of memory devices, such as the next-generation 4F2 DRAM, will utilize CBA technology, increasing demand for bonding equipment [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved significant revenue and profit growth in Q3 2025, with a year-over-year revenue increase of 124.15% and a net profit increase of 225.07% [5] - The advanced process equipment has entered large-scale production, exceeding expectations, which has led to an upward revision of the company's profit forecasts for 2025-2027 [5] - The company's gross margin has shown signs of recovery, with expectations for continued improvement as new products complete technical validation and enter mass production [4][5] Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 42.20 billion yuan, a year-over-year increase of 85.27% [4] - The gross margin for Q3 was 34.42%, with a quarter-over-quarter decline of 4.4 percentage points, attributed to high costs during the validation of new products [5] - The net profit attributable to the parent company for Q3 was 4.62 billion yuan, reflecting a year-over-year increase of 225.07% and a quarter-over-quarter increase of 91.60% [5] Revenue and Profit Forecast - The company is expected to achieve revenues of 64 billion yuan in 2025, 86 billion yuan in 2026, and 106 billion yuan in 2027, with corresponding net profits of 10.2 billion yuan, 20.2 billion yuan, and 27.3 billion yuan respectively [5] - The current stock price corresponds to a price-to-earnings ratio (P/E) of 90.1 for 2025, 45.4 for 2026, and 33.6 for 2027 [5] Product Development and Market Position - The company has successfully validated advanced process equipment, including PECVD Stack and ALD SiCO, which are now in large-scale production [6] - The company is positioned as a leader in the CVD field in China, with a diverse range of thin film deposition equipment [6] - The introduction of three-dimensional integration equipment aligns with trends in advanced packaging and is expected to contribute to long-term growth [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown optimistic progress in advanced process equipment, with both gross margin and net profit recovering [1] - In the first half of 2025, the company achieved operating revenue of 1.954 billion yuan, a year-on-year increase of 54.25%, driven by breakthroughs in core technology and increased demand for domestic equipment [4][5] - The gross margin was 31.96%, down 15.09 percentage points year-on-year, primarily due to high costs associated with new products and processes in the first quarter [4] - The net profit attributable to the parent company was 94 million yuan, a year-on-year decrease of 26.96% [4] Financial Performance Summary - In Q2 2025, the company reported revenue of 1.245 billion yuan, a year-on-year increase of 56.64% and a quarter-on-quarter increase of 75.74% [5] - The gross margin for Q2 was 38.82%, an increase of 18.93 percentage points quarter-on-quarter [5] - The net profit attributable to the parent company for Q2 was 241 million yuan, reflecting a significant improvement due to the recovery in gross margin and reduced expense ratios [5] - The company maintains its previous profit forecasts, expecting revenues of 5.8 billion, 7.7 billion, and 9.5 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 970 million, 1.49 billion, and 1.95 billion yuan for the same years [5] Market and Product Development - The company’s advanced process equipment has successfully passed customer certification and is gradually entering large-scale production [6] - The company has optimized its customer structure, consolidating partnerships with leading domestic wafer manufacturers while successfully onboarding new clients, leading to a 52.07% increase in contract liabilities compared to the end of 2024 [6] - The company is expected to benefit from the growing trend of advanced packaging with its 3D integration equipment [6] Financial Projections - The company’s projected operating revenues for 2025, 2026, and 2027 are 5.812 billion, 7.654 billion, and 9.450 billion yuan respectively, with corresponding net profits of 973 million, 1.491 billion, and 1.951 billion yuan [7] - The gross margin is expected to improve to 45.2%, 48.8%, and 48.9% over the next three years [7] - The price-to-earnings ratio (P/E) is projected to decrease from 56.4 in 2025 to 28.1 in 2027 [7]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [5][16]. Core Views - The company's profitability has significantly rebounded in Q2 2025, driven by successful product validation and increased revenue scale, leading to a substantial improvement in gross margin [6][7]. - The company has successfully introduced new products that have passed customer validation, contributing to revenue growth and enhancing market penetration [8][10]. - The increase in contract liabilities indicates a strong order backlog, which supports future revenue growth [8]. Financial Performance Summary - In Q2 2025, the company reported revenue of 1.245 billion yuan, a year-on-year increase of 56.6% and a quarter-on-quarter increase of 75.7% [7]. - The net profit attributable to the parent company reached 241 million yuan, a year-on-year increase of 103%, marking a turnaround from a loss of 147 million yuan in Q1 2025 [7]. - The gross margin for Q2 2025 was 38.8%, showing a year-on-year decrease of 8.1 percentage points but a quarter-on-quarter increase of 18.9 percentage points [7]. - The net profit margin improved to 19.4%, up 4.4 percentage points year-on-year [7]. Revenue and Profit Forecast - The revenue forecast for 2023A is 2.705 billion yuan, with projected growth rates of 59% for 2023, 52% for 2024, and 31% for 2025 [5]. - The net profit forecast for 2025E is 978 million yuan, with a growth rate of 42% compared to 2024 [5]. - The earnings per share (EPS) is projected to be 3.50 yuan for 2025E, increasing to 5.06 yuan in 2026E [5]. Market Position and Trends - The company is expanding its coverage in thin film deposition equipment and has achieved comprehensive coverage of various hard mask processes, positioning itself as a leading equipment manufacturer in the domestic integrated circuit field [10][11]. - The company has received repeat orders for its wafer-to-wafer hybrid bonding equipment, indicating strong demand in advanced storage and logic sectors [11].

Performance Forecast - The company forecasts a net profit of between 238 million and 247 million yuan for the second quarter of 2025, representing a year-on-year increase of 101% to 108% [1] - The net profit attributable to the parent company, after deducting non-recurring gains and losses, is expected to be between 215 million and 224 million yuan, showing a year-on-year increase of 235% [1] Previous Year Performance - In the second quarter of 2024, the company achieved an operating income of 795.10 million yuan [1] - The net profit attributable to the parent company was 118.62 million yuan [1] - The net profit after deducting non-recurring gains and losses was 64.17 million yuan [1] - The net cash flow from operating activities was -178.46 million yuan [1] Reasons for Performance Changes - The significant growth in operating income for the second quarter of 2025 is attributed to the company's strategic focus on domestic substitution in semiconductor equipment, leveraging its advanced technology in thin film deposition equipment and three-dimensional integration bonding equipment [1] - The company’s advanced process verification machines have successfully passed customer certification and are entering large-scale production [2] - The gross profit margin for the second quarter is expected to improve significantly compared to the previous quarter, indicating a steady recovery [2] - The net cash flow from operating activities is expected to increase significantly year-on-year due to a substantial rise in advance payments and sales collections [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 4.1 billion yuan in 2024, representing a year-over-year increase of 51.7%, driven by increased demand for domestic semiconductor equipment from wafer manufacturers [4][5] - The net profit attributable to shareholders for 2024 was 690 million yuan, with a year-over-year growth of 3.9% [5] - The gross margin for 2024 was 41.7%, a decrease of 9.3 percentage points compared to the previous year [5] - As of the end of 2024, the company had nearly 9.4 billion yuan in orders on hand, providing strong support for future performance [5] - In Q1 2025, the company continued to achieve high growth with a revenue of 710 million yuan, a year-over-year increase of 50.2% [5] - The company is expanding its film deposition process coverage and developing 3D integration equipment, which is expected to benefit from the expansion of advanced processes and packaging [5][6] Financial Summary and Valuation Indicators - The company is projected to achieve revenues of 5.8 billion yuan, 7.7 billion yuan, and 9.5 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 940 million yuan, 1.49 billion yuan, and 1.96 billion yuan [5][7] - The projected P/E ratios for 2025, 2026, and 2027 are 47, 31, and 23 times respectively [5][7] - The company’s gross margin is expected to recover to 45.2% in 2025 and further improve in subsequent years [7] - The company’s total assets are projected to reach 15.3 billion yuan in 2024 and 22.8 billion yuan in 2027 [9]

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 ...