Hwatsing Technology (SH:688120) China Post Securities·2026-01-06 10:30Investment Rating - The report maintains a "Buy" rating for the company [7][8] Core Insights - The company benefits from the expansion of storage and has a comprehensive layout in 3D IC technology. It continues to upgrade its CMP equipment, launching products that adapt to various materials and advanced processes, including the Universal-S300 CMP equipment, which has been successfully delivered to leading domestic integrated circuit manufacturers [3][4] - The company is actively developing a full-process solution for 3D IC, including thinning and cutting equipment, with significant market recognition for its Versatile-GM300 thinning and polishing integrated machine [4] - The company is advancing its ion implantation equipment, focusing on high-current types, and has successfully delivered its first 12-inch low-temperature ion implantation machine, iPUMA-LT, to a leading domestic logic chip manufacturer [5] Financial Projections - The company is expected to achieve revenues of 46 billion, 59 billion, and 74 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 12 billion, 16 billion, and 21 billion yuan for the same years [8][10] - The projected growth rates for revenue are 35.82% for 2024, 34.16% for 2025, and 29.57% for 2026 [10][13] - The earnings per share (EPS) is projected to be 2.89 yuan for 2024, increasing to 5.80 yuan by 2027 [10][13]