AMEC(SH:688012) Zhong Guo Jing Ying Bao·2025-12-26 20:31Core Viewpoint - The semiconductor equipment leader, Zhongwei Company, is advancing its "platformization" strategy by planning to acquire a controlling stake in Hangzhou Zhonggui Electronic Technology Co., thereby enhancing its product line and market competitiveness in the semiconductor equipment industry [3][5][10]. Group 1: Acquisition Details - Zhongwei Company is set to acquire a controlling stake in Hangzhou Zhonggui through a share issuance, with stock suspension expected for no more than 10 trading days starting December 19, 2025 [3][5]. - The acquisition is seen as a necessary step for integrating the semiconductor equipment supply chain, filling the gap in wet processing equipment, and achieving a complete solution for semiconductor manufacturing [3][6][11]. Group 2: Strategic Implications - The acquisition will enable Zhongwei Company to transition from a single equipment supplier to a platform-type semiconductor equipment enterprise, enhancing customer loyalty and market competitiveness [3][5][11]. - By integrating dry and wet processing equipment, Zhongwei Company aims to provide a comprehensive process solution, thereby increasing its value proposition to customers [6][11]. Group 3: Financial Performance - In the first three quarters of 2025, Zhongwei Company reported revenues of 8.063 billion yuan, a year-on-year increase of approximately 46.40%, with etching equipment revenue at 6.101 billion yuan, up 38.26% [8][9]. - The revenue from LPCVD and ALD equipment surged by 1332.69% year-on-year, driven by increased demand and a low base effect from the previous year [9]. Group 4: Market Context - The domestic demand for CMP equipment is urgent as local wafer fabs accelerate advancements in processes of 14nm and below, with current domestic wet equipment market share being less than 10% [6][8]. - The acquisition aligns with the broader trend of semiconductor companies pursuing platformization to break international monopolies and enhance competitive advantages through integrated solutions [10][11]. Group 5: Investment Strategy - Zhongwei Company's previous investment in Hangzhou Zhonggui, where it held a 12.04% stake, laid the groundwork for this acquisition, allowing for a controlled risk environment and facilitating strategic integration [7][8]. - The shift from financial investment to controlling acquisition reflects a reassessment of the strategic value of wet processing equipment, aiming to accelerate the domestic production of CMP equipment [8][12]. Group 6: Ecosystem Development - Zhongwei Company's investments in various semiconductor companies are not merely financial but are aimed at building an industrial ecosystem that enhances supply chain security and fosters innovation [12][13]. - By securing stakes in key component suppliers, Zhongwei Company aims to mitigate supply chain risks and enhance its competitive position in the semiconductor industry [13].