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研報掘金丨招商證券:維持拓荊科技“增持”評級,先進機臺逐步進入規模量產階段

招商證券研報指出,拓荊科技25Q2預計歸母淨利潤2.38-2.47億元,同比+100.6%-108.2%/環比增加3.85-3.94億元,大幅扭虧。公司整體市佔率持續提升,先進機臺逐步進入規模量產階段,維持“增持”評級。25Q2毛利率環比明顯改善,規模效應亦持續體現。25Q1公司確認收入的機臺中大部分爲α機等新品,驗證成本較高,進而拖累毛利率表現;隨着新品驗證機臺完成技術導入並實現量產突破,25Q2毛利率環比大幅改善;同時,公司收入規模效應提升帶來期間費用率同比下降,進一步釋放利潤空間。

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