精智达和拓荆科技深度

Summary of Conference Call on Jingzhida and Tuojin Technology Company Overview Jingzhida - Jingzhida is a well-known manufacturer of display testing equipment in China, established in 2011, and has expanded into storage testing equipment and HBM (High Bandwidth Memory) devices [3][4][5] - The company has a history of developing testing technologies for various display types, including LCD and OLED, and has recently focused on semiconductor storage product testing [5][6] Tuojin Technology - Tuojin Technology, established around the same time as Jingzhida, specializes in thin film deposition equipment and has expanded into hybrid bonding equipment [33][34] - The company has developed several types of equipment, including PCVD (Plasma Chemical Vapor Deposition) and ALD (Atomic Layer Deposition) systems, and is recognized as a leading domestic supplier in this field [35][36] Key Points and Arguments Jingzhida's Business Segments - The company operates primarily in two segments: display testing equipment and semiconductor storage testing equipment [3][4] - The display testing segment includes optical detection and calibration systems, aging systems, and signal generators, while the storage testing segment includes aging repair systems and various testing machines [9][10][11] Financial Performance - Jingzhida's revenue has shown rapid growth since 2019, with a significant increase in the proportion of semiconductor testing products from 3.5% in 2020 to 12.79% in 2021 [16][17] - The gross margin for 2023 was reported at 40.37%, with a net profit margin of 17.87%, indicating stable profitability despite recent pressures from increased R&D expenses [17][18] Market Dynamics - The DRAM market in China accounted for 30% of global demand in 2022, but the domestic supply rate is below 15%, indicating significant potential for domestic manufacturers [20][21] - The company is positioned to benefit from the increasing demand for domestic testing equipment due to geopolitical pressures and the need for local supply chains [22][23] Tuojin Technology's Market Position - Tuojin Technology has seen rapid growth, with revenues increasing from 250 million in 2019 to over 2.7 billion in 2023, reflecting a CAGR of 81.14% [49] - The company is focusing on expanding its product offerings in thin film deposition and hybrid bonding, with a projected shipment of over 1,000 reaction chambers in 2024 [35][36] Industry Trends - The thin film deposition equipment market is expected to reach $34 billion globally by 2025, with significant growth opportunities in China, where the market is currently valued at approximately $8.8 billion [53][54] - The demand for thin film deposition equipment is increasing due to advancements in semiconductor manufacturing processes, particularly in 3D NAND technology [57][58] Additional Important Information - Both companies emphasize the importance of R&D, with Jingzhida allocating 27% of its revenue to R&D in 2023, focusing on AMOLED and micro-display technologies [19][28] - Tuojin Technology's management team is composed of industry veterans with extensive experience in semiconductor equipment, enhancing the company's competitive edge [47][48] - The competitive landscape for thin film deposition equipment is dominated by foreign companies, but domestic players like Tuojin are gaining market share due to increased localization efforts [59][60] Investment Recommendations - Analysts recommend a "buy" rating for Jingzhida based on its growth potential in the semiconductor testing market and the recovery of the display testing segment [32] - Tuojin Technology is also viewed favorably due to its strong growth trajectory and expanding product portfolio in a high-demand market [33][34]