Ge Long Hui A P P·2025-10-17 08:19Core Viewpoint - The report from Everbright Securities indicates that as of September 29, 2025, Shengmei Shanghai has an order backlog of 9.072 billion yuan, representing a year-on-year growth of 34.10% [1] Industry Summary - Since 2025, the demand for semiconductor equipment in China has remained strong, driven by technological advantages, product maturity, and market recognition [1] - The company continues to deepen its existing market and expand into new markets [1] Company Summary - The company is a leading player in domestic semiconductor cleaning equipment and is expected to benefit from performance growth driven by domestic production [1] - The company's products are continuously iterated and upgraded, with successful market promotion of new products [1] - Profit forecasts for the company are as follows: 2025 net profit of 1.476 billion yuan, 2026 net profit of 1.829 billion yuan, and a new forecast for 2027 net profit of 2.285 billion yuan, corresponding to PE ratios of 59x, 47x, and 38x respectively [1] - The company maintains a "buy" rating [1]