Piotech (SH:688072) Xin Lang Cai Jing·2025-09-26 07:31Industry Overview - Since 2025, the AI chip industry chain has seen a continuous improvement in market conditions, with high investment enthusiasm in the semiconductor equipment sector. Global semiconductor equipment company revenues are expected to grow by 12% year-on-year in 2025, with a 24% increase in Q2 2025 compared to the same period last year [1] - The demand for high-performance SoC testing machines and storage testing machines has significantly increased due to the high requirements for computing performance and power consumption in AI chips. Additionally, HBM technology has become standard for AI computing, driving demand for advanced packaging equipment [1] Market Performance - The overseas semiconductor equipment market has achieved a year-on-year growth of 40%, driven by AI-related investments, with notable growth in testing machines and packaging equipment [1] - In contrast, the Chinese market experienced a slight decline of 1% year-on-year in the first half of 2025, although the domestic semiconductor equipment localization rate increased by 6 percentage points to 21% [1] Company Performance - Among semiconductor equipment manufacturers, there is a notable performance divergence. Nine front-end equipment companies reported revenue growth, but some, such as Jingce Electronics and Tuo Jing Technology, saw significant declines in net profit despite revenue increases [2] - The companies with the highest net profit growth include Weidao Nano, Changchuan Technology, Huafeng Measurement and Control, and Zhongke Fei Measurement, with year-on-year net profit growth rates of 348.95%, 98.73%, 74.04%, and 73.01% respectively [3] - Tuo Jing Technology, despite having the highest revenue growth rate of 54.25%, experienced a significant net profit decline of 26.96% due to high costs associated with new product validation in Q1 2025 [3] Financial Metrics - Tuo Jing Technology's gross margin fluctuated significantly, dropping to 19.89% in Q1 2025 before recovering to 38.83% in Q2 2025 [4] - The company has shipped over 3,000 reaction chambers, including more than 340 new types, and has successfully passed customer certifications for advanced process equipment, indicating strong business growth [5] - As of the end of the reporting period, Tuo Jing Technology's contract liabilities reached 453,577.43 million yuan, a 52.07% increase compared to the end of 2024, reflecting a solid order backlog for future revenue growth [5]