盈利预测与估值：我们预计公司25-27 年收入为57.84/78.12/95.96 亿元，归母净利润为9.00/13.36/16.16 亿元，对应25 年PE 为49X，维持"推荐"评级。 风险提示：新产品导入进展不及预期风险、毛利率波动风险、地缘政治风险等。 成熟产品迭代叠加新品推出，公司收入规模迅速扩张。2024 年，公司实现收入41.03 亿元，同比增长 51.70%。1）薄膜沉积设备实现收入38.63 亿元，同比增长50.29%，其中PECVD 作为核心产品持续保持 核心优势，销售收入创历史新高。ALD 设备凭借国内工艺覆盖率领先的优势，ALD SiCO、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；Flowable CVD 系列产品取得 了突破性进展，2024 年实现首台的产业化应用且复购设备再次通过验证。2）键合设备：实现销售收入 0.96 亿元，同比增长48.78%，其中：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 ...

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 ...

拓荆科技(688072)4月30日披露2025年第一季度报告，报告期内，公司实现营业收入7.09亿元，同比增长 50.22%；实现净利润-1.47亿元；基本每股收益-0.53元。 拓荆科技是国内量产型PECVD(等离子体增强化学气相沉积)、ALD(原子层沉积)、SACVD(次常压化学 气相沉积)、HDPCVD(高密度等离子体增强化学气相沉积)、超高深宽比沟槽填充CVD等薄膜沉积设备 和混合键合设备的领军企业。 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。 2025年第一季度，公司研发投入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，公司围绕先进存储芯片、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。 另外，公司2025年第一季度经营活动产生 ...

拓荆科技股份有限公司2025 年第一季度报告 证券代码：688072 证券简称：拓荆科技 拓荆科技股份有限公司 2025 年第一季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示 拓荆科技股份有限公司（以下简称"公司"）新产品/新工艺在客户端实现批量验证，工艺覆盖面 不断扩大，产品性能及核心竞争力进一步增强，量产规模快速增长，2025 年第一季度实现营业收 入 7.09 亿元，同比大幅增长 50.22%。公司近年收入持续保持高速增长态势，2019 年至 2024 年营 业收入复合增长率达 74.83%，彰显公司良好的业务发展前景和强劲的市场竞争力。 公司 2025 年第一季度经营活动产生的现金流量净额实现由负转正，较上年同期大幅增加，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，公司预收货款及销售回款较上年同期均大幅增长。 公司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。 2025 年第一季度，公司研发 ...

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].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has experienced rapid revenue growth in Q4, with a year-on-year increase of 82.1% and a quarter-on-quarter increase of 80.6% [8] - The company is expanding its PECVD (Plasma-Enhanced Chemical Vapor Deposition) field, with a full range of PECVD dielectric film materials now in industrial application [3] - New products have slightly decreased the gross margin, which was 41.7% for 2024, down 9.3 percentage points year-on-year [8] Financial Performance - The total revenue for 2024 is projected to be 41.0 billion yuan, a year-on-year increase of 51.7% [8] - The net profit attributable to shareholders for 2024 is expected to be 6.9 billion yuan, a year-on-year increase of 3.9% [8] - The company’s R&D investment for 2024 is 7.6 billion yuan, an increase of 31.3% year-on-year, aimed at expanding new products and processes [8] Revenue and Profit Forecast - Revenue forecasts for the next few years are as follows: 2024 at 41.0 billion yuan, 2025 at 59.17 billion yuan, 2026 at 82.49 billion yuan, and 2027 at 107.13 billion yuan [1] - The net profit attributable to shareholders is forecasted to be 10.0 billion yuan in 2025, 15.5 billion yuan in 2026, and 22.1 billion yuan in 2027 [9] Market Position - The company is the leading domestic supplier in the ALD (Atomic Layer Deposition) process coverage, with its first PE-ALD SiN process successfully verified by customers [3] - The company’s advanced packaging equipment revenue for 2024 is expected to reach 95.67 million yuan, a year-on-year increase of 48.8% [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing rapid growth in Q4, with revenue reaching 4.1 billion yuan, a year-on-year increase of 51.7%. The net profit attributable to shareholders is 688.16 million yuan, up 3.9% year-on-year [8][9] - The company has achieved significant milestones in the PECVD field, with a full range of PECVD dielectric film materials now in industrial application. The company is also the leading domestic provider of ALD processes and advanced packaging equipment [3][9] - The company’s gross margin has slightly decreased to 41.7% due to new product introductions, while R&D investment has increased by 31.3% to 760 million yuan [8][9] Financial Performance - The total revenue for 2024 is projected to be 4.1 billion yuan, with a year-on-year growth rate of 51.7%. The net profit attributable to shareholders is expected to be 688.16 million yuan, reflecting a growth of 3.9% [1][8] - In Q4 alone, the company reported a revenue of 1.83 billion yuan, marking an impressive year-on-year increase of 82.1% and a quarter-on-quarter increase of 80.6% [8] - The company’s cash flow from operating activities turned positive for the first time since 2023, amounting to 720 million yuan in Q4 [8][9] Revenue and Profit Forecast - The company’s revenue forecast for 2025 is 5.92 billion yuan, with a projected net profit of 1 billion yuan, indicating a growth rate of 45.93% [1][9] - The estimated net profit for 2026 is 1.55 billion yuan, with a growth rate of 54.77% [1][9] - By 2027, the net profit is expected to reach 2.21 billion yuan, with a growth rate of 41.96% [1][9]