on the evening of March 1, tuojing technology (688072) issued a notice to invest in the construction of "high-end semiconductor equipment industrialization base construction project" and change the use of some raised funds to invest in the project.

Specifically, the company's board of directors agreed to invest in the construction of the "High-end Semiconductor Equipment Industrialization Base Construction Project". The project is implemented by the company and its wholly-owned subsidiary Tuojing Chuangyi. The total investment of the project is about 1.1 billion yuan. The investment amount is about 0.38 billion yuan, and the investment amount of Tuojing Chuangyi is about 0.72 billion yuan. The company plans to reduce the total committed investment of the initial raised investment project "advanced semiconductor equipment technology research and development and improvement project" by 0.2 billion yuan, and at the same time reduce the total committed investment of the raised funds of the over-raised investment project "semiconductor advanced technology equipment research and development and industrialization project" by 50 million yuan, and invest the above-mentioned reduced raised funds into the "high-end semiconductor equipment industrialization base construction project" by 0.25 billion yuan ", the remaining project funds of 0.85 billion yuan were raised by the company and Tuojing Chuangyi.

According to the disclosure, the project construction period is expected to be 4 years. Talking about the necessity, Tuojing Technology believes that the project supports the future industrialization needs of the company's PECVD, SACVD, HDPCVD and other high-end semiconductor equipment products through the construction of a high-end semiconductor equipment industrialization base, and then meets the expansion needs of integrated circuit manufacturing lines. It is conducive to promoting the development of integrated circuit equipment technology and is of great significance for the implementation of the national development strategic plan. In addition, this project will provide support conditions for the existing research and development results and new processes and new products to be put into mass production, which will help enhance the company's core competitiveness and consolidate the company's leading position in the industry.

From an industry perspective, according to SEMI's forecast, global sales of semiconductor manufacturing equipment are expected to reach $100 billion billion in 2024. Throughout the history of the semiconductor industry, although the industry shows obvious cyclical fluctuations, the overall growth trend has not changed. Driven by the rapid development of emerging fields such as artificial intelligence, big data, intelligent driving, and new energy, fabs will continue to make capital expenditures and expand production capacity, which will drive the growth of market demand for semiconductor equipment. As the core equipment of integrated circuit wafer manufacturing, thin film deposition equipment has a large market demand and growth space.

According to public information, Tuojing Technology has been focusing on the technical research and development of high-end semiconductor special equipment. Since its establishment, the company has always adhered to independent research and development. At present, it has formed a series of thin film equipment products such as PECVD, ALD, SACVD, HDPCVD, etc., which are widely used in domestic integrated circuit logic chips, memory chips and other manufacturing production lines, and has accumulated a number of international advanced core technologies in the field of semiconductor thin film deposition equipment, A research and development platform with the ability of equipment type and process model extension development is constructed.

The previous performance bulletin disclosed that the company achieved operating income of 2.705 billion billion yuan in 2023, an increase of 58.60 year-on-year; the net profit attributable to the owner of the parent company was 0.665 billion billion yuan during the same period, an increase of 80.38 year-on-year; the performance growth was mainly due to the company's continuous high-intensity R & D investment, breaking through core technologies, and achieving important results in the process of promoting industrialization and iterative upgrading of various product series, and product competitiveness.

"The company's new project can further promote the continuous growth of the company's business scale by increasing the production capacity of the company's semiconductor thin film deposition equipment, thereby increasing the company's market share of thin film deposition equipment, seizing market opportunities, and rapidly expanding the scale of the company." Tuojing Technology believes.

On the same day, the company also disclosed a repurchase plan. The Company intends to repurchase shares at 0.12 billion yuan to 0.197 billion yuan for equity incentive or employee shareholding plan, and the repurchase price shall not exceed 270 yuan/share (inclusive).