Company profile: PNC (603690.SS, Not Covered) is the local supplier of wet cleaning tools, high purity system and components, mainly targeting semiconductor clients (87% of total revenues in 1H25). Key products include single wafer cleaning tools (S300D/ S300C) and trough cleaning tools (B300/ B200). Company's semi clients including foundry (SMIC/ Hua Hong/ Huali), memory (YMTC/ CXMT), and IDM (CR Micro, Silan) etc. Besides long-term orders, the company notes orders on hand were at Rmb5bn, and 85% of orders ...