证券代码：688072 证券简称：拓荆科技 公告编号：2024-054 拓荆科技股份有限公司 关于调整 2023 年限制性股票激励计划相关事项的公告 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。 拓荆科技股份有限公司（以下简称"公司"）于 2024 年 11 月 14 日召开了 第二届董事会第九次会议及第二届监事会第九次会议，审议通过了《关于调整公 司 2023 年限制性股票激励计划相关事项的议案》。现将有关事项说明如下： 一、本次股权激励计划已履行的相关审批程序 1、2023 年 10 月 27 日，公司召开第一届董事会第二十八次会议，审议通过 了《关于公司<2023 年限制性股票激励计划（草案）>及其摘要的议案》《关于公 司<2023 年限制性股票激励计划实施考核管理办法>的议案》以及《关于提请公 司股东大会授权董事会办理股权激励相关事宜的议案》等议案。公司独立董事就 2023 年限制性股票激励计划（以下简称"本激励计划"）相关事项发表了同意的 独立意见。 同日，公司召开第一届监事会第十七次会议，审议通过了《关于公司 ...

拓荆科技股份有限公司 2023 年限制性股票激励计划预留授予激励对象名单 2、本激励计划激励对象不包括独立董事、监事、单独或合计持有上市公司 5%以上股份的股东、上市 公司实际控制人及其配偶、父母、子女。 3、上表中部分合计数与各明细数直接相加之和在尾数上如有差异，是由于四舍五入所造成。 拓荆科技股份有限公司 2023 年限制性股票激励计划预留授予部分限制性股 票的分配情况如下表： | 姓名 | 国籍 | 职务 | 获授限制 性股票数 | 占授予限制 性股票总数 | 占授予时股本 | | --- | --- | --- | --- | --- | --- | | | | | | | 总额比例 | | | | | 量(万股) | 比例 | | | 一、高级管理人员、核心技术人员 | | | | | | | 陈新益 | 中国 | 副总经理、核心技术人员 | 0.35 | 0.3153% | 0.0013% | | 宁建平 | 中国 | 副总经理、核心技术人员 | 0.35 | 0.3153% | 0.0013% | | 牛新平 | 中国 | 副总经理、核心技术人员 | 0.35 | 0.3153% | 0.001 ...

Investment Rating - The investment rating for the company is maintained at "Accumulate-A" [1][4] Core Views - The company achieved record-high revenue in Q3 2024, with significant breakthroughs in new products and processes [1] - Revenue for Q3 2024 reached 1.011 billion yuan, representing a year-on-year increase of 44.67% and a quarter-on-quarter increase of 27.14% [1] - The company continues to benefit from high R&D investment, leading to breakthroughs in new products and processes validated by clients [1][4] Financial Performance - The company reported a net profit attributable to shareholders of 142 million yuan in Q3 2024, a decrease of 2.91% year-on-year but an increase of 19.87% quarter-on-quarter [1] - The gross profit margin for Q3 2024 was 39.27%, down 12.40 percentage points year-on-year and 7.62 percentage points quarter-on-quarter, primarily due to the high costs associated with new products and processes [1] - The company expects revenues of 3.870 billion, 5.250 billion, and 6.615 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 43.1%, 35.6%, and 26.0% [4][5] Product Development - The company has achieved full coverage of PECVD dielectric film materials, with multiple new products in mass production [4] - New equipment platforms (PF-300M and PF-300T Plus) and new reaction chambers (Supra-D) have been developed and are receiving orders from multiple clients [1][3] - The company’s SACVD equipment has seen increased application in domestic integrated circuit manufacturing lines [1][3] Market Position - The company’s equipment performance and capacity have reached international leading levels, with significant orders and repeat orders from clients [1][3] - The company is well-positioned to benefit from the rapid development of advanced packaging technologies [4]

Investment Rating - The investment rating for the company is "Outperform the Market" [3][9]. Core Views - The company has achieved a revenue growth of 33.79% year-on-year in the first three quarters, with total revenue reaching 2.278 billion yuan and a net profit of 271 million yuan, reflecting a slight increase of 0.1% year-on-year [1]. - The third quarter saw a significant revenue increase of 44.67% year-on-year, amounting to 1.011 billion yuan, although net profit decreased by 2.74% year-on-year [1]. - The company's gross margin has decreased to 43.59%, down 6.75 percentage points year-on-year, primarily due to the high costs associated with the validation of new products and processes [1]. - The company continues to invest heavily in research and development, with R&D expenses increasing by 35.75% year-on-year to 481 million yuan [1]. Financial Summary - Revenue projections for 2024-2026 are adjusted to 3.809 billion yuan, 5.170 billion yuan, and 6.635 billion yuan, respectively, with corresponding net profit estimates of 552 million yuan, 916 million yuan, and 1.230 billion yuan [1][2]. - The company's earnings per share (EPS) for 2024 is projected at 1.98 yuan, with a price-to-earnings (P/E) ratio of 78.2 [2][7]. - The gross margin for the third quarter was reported at 39.27%, reflecting a quarter-on-quarter decline of 7.62 percentage points [1][5].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [5]. Core Insights - The company reported a revenue of 1.011 billion yuan in Q3 2024, representing a year-on-year increase of 44.67%. However, the net profit attributable to the parent company decreased by 2.91% to 142 million yuan, and the net profit after deducting non-recurring gains and losses fell by 58.79% to 46 million yuan. The gross margin was 39.27%, down 12.4 percentage points year-on-year [5][6]. - For the first three quarters of 2024, the company achieved a revenue of 2.278 billion yuan, an increase of 33.79% year-on-year, with a net profit attributable to the parent company of 271 million yuan, a slight increase of 0.10%. The net profit after deducting non-recurring gains and losses was 65 million yuan, down 62.72%, and the gross margin was 43.59%, down 6.8 percentage points year-on-year [5][6]. Summary by Sections R&D and Product Development - The company has significantly increased its R&D investment, reaching 480 million yuan in the first three quarters of 2024, a year-on-year growth of approximately 36%, accounting for 21.1% of revenue, which is an increase of 0.3 percentage points. This investment is aimed at expanding new products and processes, as well as optimizing equipment platforms and reaction chambers [5][6]. - The introduction of new products and processes has led to a temporary decline in gross margin due to higher costs during the customer validation phase. However, as these new products achieve scale, the gross margin is expected to stabilize and recover [5][6]. Order Growth and Market Position - The company has seen strong order growth, with its main product PECVD and other products like ALD, SACVD, and HDPCVD contributing to increased orders. The company has upgraded its HDPCVD product to a new hexagonal platform, achieving industry-leading performance [6]. - As of August 2024, the cumulative installation of reaction chambers exceeded 70 units, with expectations to surpass 100 units by the end of 2024. The company is well-positioned to benefit from domestic substitution trends and downstream capacity expansion, leading to sustained high growth in orders and performance [6]. Financial Projections - The company is projected to achieve net profits of 540 million yuan, 970 million yuan, and 1.36 billion yuan for the years 2024, 2025, and 2026, respectively. The corresponding price-to-earnings ratios are expected to be 79x, 43x, and 31x [6].

Investment Rating - The report maintains a rating of "Buy" for the company [1]. Core Views - The company has accelerated the pace of new product acceptance, leading to a quarter-on-quarter revenue increase of 27% in Q3 2024, although gross margins are under short-term pressure due to new product impacts [1][2]. - For the first three quarters of 2024, the company reported revenue of 2.278 billion yuan, a year-on-year increase of 33.79%, while net profit attributable to shareholders was 271 million yuan, showing a slight year-on-year growth of 0.10% [4][5]. Financial Summary - **Revenue (Million Yuan)**: - 2022A: 1,706 - 2023A: 2,705 - 2024E: 3,855 - 2025E: 5,057 - 2026E: 6,426 - **Year-on-Year Growth Rate (%)**: - 2022A: 125.0 - 2023A: 58.6 - 2024E: 42.5 - 2025E: 31.2 - 2026E: 27.1 [1][10]. - **Net Profit (Million Yuan)**: - 2022A: 368 - 2023A: 663 - 2024E: 664 - 2025E: 963 - 2026E: 1,331 - **Year-on-Year Growth Rate (%)**: - 2022A: 438.0 - 2023A: 79.8 - 2024E: 0.2 - 2025E: 45.0 - 2026E: 38.3 [1][10]. - **Key Financial Ratios**: - ROE (%): - 2022A: 9.8 - 2023A: 14.5 - 2024E: 12.8 - 2025E: 15.9 - 2026E: 18.2 [1][10]. - **Earnings Per Share (Latest Diluted)**: - 2022A: 1.32 - 2023A: 2.38 - 2024E: 2.39 - 2025E: 3.46 - 2026E: 4.78 [1][10]. Quarterly Financial Performance - In Q3 2024, the company achieved a revenue of 1.011 billion yuan, representing a quarter-on-quarter growth of 27.14%, with a net profit of 142 million yuan, reflecting a quarter-on-quarter increase of 19.87% [2][3]. - The gross margin for Q3 2024 was reported at 39.27%, down 7.62 percentage points from the previous quarter, indicating a temporary decline due to new product impacts [2][3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant revenue increase of 44.67% year-on-year for Q3 2024, achieving revenue of 1.011 billion yuan, while net profit decreased by 2.91% year-on-year to 142 million yuan [3][4] - The company is experiencing a temporary decline in gross margin due to increased costs associated with new product validation, but gross margin is expected to recover as these products transition to mass production [4][6] - The company has a strong order backlog, with a shipment value of 3.249 billion yuan in the first half of 2024, representing a year-on-year growth of 146.5% [4][5] Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 1.011 billion yuan, a 44.67% increase year-on-year, while net profit was 142 million yuan, down 2.91% [3][4] - For the first half of 2024, the company reported a shipment value of 3.249 billion yuan, up 146.5% year-on-year, with a significant increase in contract liabilities and inventory levels [4][5] Research and Development - The company invested 481 million yuan in R&D in the first three quarters of 2024, a 35.73% increase year-on-year, focusing on new products and process optimizations [4] - The gross margin for the first three quarters of 2024 was 43.59%, down 6.75% year-on-year, primarily due to the high costs associated with new product validation [4][6] Product Development - The company has expanded its product matrix significantly, achieving full coverage of PECVD materials and successfully validating new ALD and SACVD equipment [5] - The company has received over 25 orders for its PECVD Bianca process equipment and has made progress in client validation for its new products [5] Future Projections - Revenue projections for 2024-2026 are 3.953 billion yuan, 5.633 billion yuan, and 7.215 billion yuan, respectively, with net profits expected to be 656 million yuan, 1.081 billion yuan, and 1.484 billion yuan [6][8] - The company is expected to maintain a strong growth trajectory, with anticipated revenue growth rates of 46.2% in 2025 and 42.5% in 2026 [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported strong revenue growth in Q3 2024, with a year-over-year increase of 44.67% and a quarter-over-quarter increase of 27.14% [3][4] - Despite the revenue growth, the gross margin has seen a temporary decline due to high R&D costs and new process validation expenses [3][4] - The company is expected to lead the domestic equipment market as demand from downstream wafer fabs continues to grow [4] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 2.278 billion yuan, representing a year-over-year increase of 33.79% [3] - The net profit attributable to shareholders for the same period was 271 million yuan, a slight increase of 0.1% year-over-year, while the non-recurring net profit decreased by 62.72% year-over-year [3] - The gross margin for Q3 2024 was 43.59%, down 6.75 percentage points year-over-year, and the net margin was 11.41%, down 4.42 percentage points year-over-year [3] - The company has maintained high R&D investment, totaling 481 million yuan for the first three quarters of 2024, an increase of 35.73% year-over-year [4] Revenue and Profit Forecast - The company forecasts net profits for 2024-2026 to be 675 million, 1.064 billion, and 1.344 billion yuan respectively, with corresponding EPS of 2.42, 3.82, and 4.83 yuan [3][6] - The projected P/E ratios for 2024-2026 are 62.5, 39.6, and 31.4 times respectively [3][6] Product Development and Market Position - The company has made significant progress in the development of new products and processes, including PECVD, ALD, SACVD, and HDPCVD, which are now being mass-produced [4] - The introduction of new equipment platforms and reaction chambers has contributed to revenue recognition in Q3 2024 [4]

公 司 报 告 公 司 季 报 点 评 证 券 研 究 报 告 拓荆科技(688072.SH) 收入稳定增长，利润阶段性承压 推荐 ( 维持) 事项： 股价:152.92元 | --- | --- | |------------------------|----------------------------------| | 行业 | 电子 | | 公司网址 | www.piotech.cn | | 大股东 / 持股 | 国家集成电路产业投资基金股份有限 | | | 公司 /19.77% | | 实际控制人 | | | 总股本 ( 百万股 ) | 278 | | 流通 A 股 ( 百万股 ) | 154 | | 流通 B/H 股 ( 百万股 ) | | | 总市值 ( 亿元 ) | 426 | | 流通 A 股市值 ( 亿元 ) | 235 | | 每股净资产 ( 元 ) | 17.10 | | 资产负债率 (%) | 64.0 | | 行情走势图 | | 证券分析师 | --- | --- | --- | |--------|-------|-------------------------------- ...

2024 年 10 月 30 日 拓荆科技(688072.SH) 公司快报 24Q3 营收延续高增长，混合键合有望 打开成长空间 事件： 1. 公司发布 2024 第三季度报告，前三季度实现营收 22.78 亿元，同 比增长 33.79%；归母净利润 2.71 亿元，同比增长 0.10%；扣非归 母净利润 0.65 元，同比下降 62.72%。 2. 从 Q3 单季度业绩来看，24Q3 实现营业收入 10.11 亿元，同比增 长 44.67%；实现归母净利润 1.42 亿元，同比减少 2.91%；实现扣 非归母净利润 0.46 亿元，同比减少 58.79%。 新产品验证获突破性进展，24Q3 营收延续高增长： 2024 前三季度公司营收达 22.78 亿元，同比增长 33.79%；归母净利 润为 2.71 亿元，同比增长 0.10%；公司收入保持大幅增长，净利润 同比增速低于收入同比增速，主要因为：1）新产品及新工艺的收入 占比增加导致毛利率阶段性下降 6.75 个百分点，为 43.59%;2)持续 高强度的研发投入，2024 年 1-9 月研发投入 4.81 亿元，同比增长 35.73%。从 24Q3 单季 ...