Core Viewpoint - Yitang Co., Ltd. maintains a solid position in its core business with a leading global market share, particularly in dry stripping and rapid thermal processing (RTP) technologies [1] Group 1: Market Position and Technology - The company has a global market share of approximately 35% in dry stripping equipment, ranking second worldwide, and holds an absolute leading position in logic process technology [1] - The global market share for RTP equipment is around 13%, with a long-term gross margin exceeding 40% [1] Group 2: Growth and Development - The company is making multiple breakthroughs in the etching sector, creating a new growth driver [1] - Localized supply chain strategies are being implemented to reduce costs and improve efficiency, with proactive inventory management reflecting confidence in future demand [1] Group 3: Research and Capacity - The company continues to invest heavily in research and development, with a research expense ratio exceeding 14%, ensuring technological advancement [1] - The capacity release from the Beijing Yizhuang base will effectively meet the growing demand for high-end equipment from domestic wafer fabs [1]
研报掘金丨东北证券：首予屹唐股份“增持”评级，刻蚀设备带来第二成长曲线