Piotech (SH:688072) Jing Ji Guan Cha Wang·2026-02-12 10:04Group 1 - The core viewpoint of the news is that the National Big Fund Phase III is accelerating its investment in the semiconductor equipment sector, with a specific focus on Tuojing Technology's subsidiary, Tuojing Jianke (Haining) Semiconductor Equipment Co., Ltd., which received funding that increased its registered capital to 15.1142 million yuan, indicating stronger policy support for domestic semiconductor equipment [1] Group 2 - In the recent stock performance, Tuojing Technology's share price has shown a downward trend over the past week, with a cumulative decline of 3.88% and a volatility of 6.88%. The latest closing price on February 12 was 316.89 yuan, down 1.63% for the day, with a trading volume of 1.694 billion yuan. Additionally, there was a net outflow of 161 million yuan from main funds, reflecting cautious short-term market sentiment [2] Group 3 - According to the Q3 2025 financial report, Tuojing Technology achieved an operating income of 4.22 billion yuan, representing a year-on-year growth of 85.27%. The net profit attributable to shareholders was 557 million yuan, up 105.14% year-on-year, with a gross margin maintained at 33.28%. This high growth is primarily driven by the demand for domestic substitution in semiconductor equipment, although the company has a financial risk with a debt-to-asset ratio of 67.72%, which is higher than the industry average [3] Group 4 - A deep report published by Mingge Value Analysis on February 10, 2026, highlights Tuojing Technology as a leader in domestic thin-film deposition equipment, emphasizing its technological scarcity. The company is expected to benefit from domestic substitution and advanced packaging demand. The report sets a target price of 355-365 yuan for 2025 but cautions about the need to monitor R&D progress and supply chain risks [4]