HTSC·2025-03-31 12:57Investment Rating - The semiconductor industry is rated as "Overweight" [4] Core Insights - The domestic semiconductor equipment localization rate is continuously improving, with both listed and unlisted equipment manufacturers actively expanding their core equipment layout [1] - The demand for downstream expansion is strong, with optimistic outlooks for equipment manufacturers in 2025, driven by advanced process needs from domestic semiconductor manufacturers [2] - Numerous new products have been launched by equipment manufacturers, indicating a robust expansion of product matrices [3] Summary by Sections Industry Overview - The Semicon 2025 conference highlighted the active launch of new products by domestic semiconductor equipment manufacturers, including North Huachuang and Zhongwei Company, focusing on ion implantation, etching, and deposition technologies [1] - New Kai Lai's participation in the conference introduced several new products, which may impact the supply structure of the semiconductor equipment industry [1] Market Demand - The demand for advanced processes is expected to accelerate due to the influence of open-source large models like DeepSeek, which will benefit domestic equipment manufacturers [2] - The combination of domestic expansion and geopolitical risks is expected to drive the localization rate of domestic equipment steadily upward [2] Product Development - North Huachuang launched its first ion implantation machine, Sirius MC 313, and a 12-inch electroplating device, Ausip T830, marking its entry into the ion implantation and electroplating equipment markets [8] - Zhongwei Company introduced its first wafer edge etching device, Primo Halona, and achieved a breakthrough in etching precision with its ICP dual reaction chamber etching machine, Primo Twin-Star [9] - Tuojing Technology released a series of new products in ALD, 3D-IC, and advanced packaging, indicating its strong R&D capabilities [15][19] Investment Recommendations - Key recommended stocks include: - Fuchuang Precision (688409 CH) with a target price of 83.52 and a "Buy" rating [20] - North Huachuang (002371 CH) with a target price of 469.20 and a "Buy" rating [20] - Zhongke Feice (688361 CH) with a target price of 93.94 and a "Buy" rating [20] - Tuojing Technology (688072 CH) with a target price of 218.45 and a "Buy" rating [20] - Huahai Qingke (688120 CH) with a target price of 224.64 and a "Buy" rating [20]