Core Viewpoint - The company, Zhichun Technology, confirmed its ongoing collaboration with InnoScience, providing wet process equipment and special gas systems, indicating a stable partnership [1] Group 1 - Zhichun Technology answered investor inquiries on November 21 regarding its relationship with InnoScience [1] - The company stated that InnoScience is one of its clients, and the collaboration volume is normal [1]

Core Viewpoint - The company emphasizes the importance of maintaining a robust supply chain over short-term financial calculations, positioning itself strategically within the semiconductor industry [2]. Group 1: Company Strategy and Development - The company has evolved from a single system integrator to a comprehensive service provider covering "process-equipment-materials" in the semiconductor sector, focusing on high-purity processes [3]. - The company aims to tackle the most challenging technological gaps in the semiconductor industry, ensuring full process coverage in wet processing equipment [3][4]. - The company has successfully established a fully domestic 12-inch wafer gas supply factory, breaking the overseas supplier monopoly in the semiconductor gas supply market [4]. Group 2: Research and Development Focus - The company balances depth and breadth in its R&D efforts, ensuring alignment with market needs while also preparing for future technological advancements [5]. - The company has filed a total of 865 patents, including 356 invention patents, showcasing its commitment to innovation and development [5]. Group 3: Financial Management - The company maintains a debt ratio between 50% and 65% to ensure sufficient funding for growth opportunities while managing risks effectively [6]. Group 4: Industry Ecosystem Development - The company has built a strong service team across major semiconductor hubs in China, providing 24/7 support and tailored solutions to meet customer needs [7]. - The company focuses on becoming the preferred supplier for clients, emphasizing collaborative growth and innovation in equipment architecture to create real value [7].

Core Viewpoint - The company emphasizes the importance of maintaining a robust supply chain over short-term financial calculations, positioning itself strategically within the semiconductor industry [1] Group 1: Company Strategy and Development - The company has evolved from a single system integrator to a comprehensive service provider covering "process-equipment-materials" in the semiconductor sector, focusing on high-purity processes [2] - The company aims to tackle the most challenging technological gaps in the semiconductor industry, ensuring full process coverage in wet processing equipment [2][4] - The company has completed the development of equipment for the 28nm node and has secured orders for all equipment across various advanced process nodes [2] Group 2: Technological Advancements - The company has established the first fully domestically produced 12-inch wafer gas supply plant for 28nm, breaking the overseas supplier monopoly [3] - The company has a strong focus on R&D, with a total of 865 patent applications, including 356 invention patents, reflecting its commitment to innovation [5] - The company balances depth in technology research with broad application, ensuring that its production capabilities align with market demands [5] Group 3: Market Position and Ecosystem - The company has a high bid success rate in the domestic high-purity process system market, surpassing many international suppliers [6] - The company has built a nationwide service team to provide 24/7 rapid response, enhancing its competitive edge in customer service [6] - The company aims to be the preferred supplier for clients, focusing on collaborative growth and addressing both process challenges and value creation through equipment innovation [6]

● 本报记者 王婧涵 "保障产业链每一个环节都不掉链子，是比短期算财务账更重要的战略选择。"至纯科技董事长蒋渊在接 受中国证券报记者专访时，道出了公司在半导体热潮中的冷静抉择。 蒋渊表示，近两年半导体行业获得了极高的市场关注度："这是机遇也是挑战。短期内企业有很多方式 能快速吸引市场的热钱和资源，但如果没有坚定的价值和信念去挑战更深更难的技术，这种表象上的活 力是难以为继的。" "因此，至纯科技聚焦攻克最难的技术空白点，坚持以全工艺覆盖为目标，咬牙完成湿法四个平台全工 艺覆盖性开发。"蒋渊表示，"我们不做机会主义者，而是咬紧牙关，一个节点、一个节点地实现技术突 破。因为我们相信，在极端情况下，保障产业链的每一个环节都不掉链子，是比短期算账更重要的战略 选择。" 目前，至纯科技布局的湿法设备在产品平台和工艺搭载上已基本覆盖了全部湿法工艺。其中，28纳米节 点设备开发已经全部完成，全工艺机台均有订单；在更先进制程节点，聚焦先进湿法设备的子公司至微 科技也已取得部分工艺订单。高阶设备方面，对于高温硫酸、FIN ETCH、单片磷酸等机台产品，至纯 科技的交付和验证进度均处于国内领先水平。 在电子材料方面，至纯科技大宗 ...

Group 1: Industry Overview - The production of industrial robots in China has shown impressive growth, with a year-on-year increase of 29.8% in the first three quarters of 2025, reaching 595,000 units, surpassing the total production for 2024 [5][6] - Domestic brands have gained market share over foreign brands in the industrial robot sector, with exports of industrial robots increasing by 54.9% in the same period [5][6] - The rise of domestic robot manufacturers is attributed to breakthroughs in core component technologies and a deep understanding of the local market, enhancing cost efficiency and supply chain stability [6][7] Group 2: Market Demand and Applications - The automotive manufacturing sector remains a traditional application market for industrial robots, driving demand for welding, handling, and painting processes [7] - The lithium battery production sector has also seen increased robot applications across various stages, including handling, loading and unloading, gluing, stacking, and assembly [7] - The electronics industry, particularly in the 3C sector, has a growing demand for automation, with robots increasingly used in chip manufacturing, display assembly, and consumer electronics [7] Group 3: Company Analysis - Zhichun Technology (603690) - Zhichun Technology reported a revenue of 2.367 billion yuan for the first three quarters of 2025, a decrease of 10.33% year-on-year, with a net profit of 85 million yuan, down 56.08% [11][12] - The company's gross margin improved significantly in Q3 2025, reaching 35.07%, an increase of 8.24 percentage points from the previous quarter, driven by product structure optimization and cost control [13] - The company has focused on the integrated circuit sector, primarily serving leading domestic wafer manufacturers, with project scales and contract amounts expanding, although project execution cycles have lengthened, impacting short-term performance [12][14] Group 4: Investment Recommendations - The investment outlook for the industrial robot sector is positive, with a focus on leading companies such as Huichuan Technology and Estun, as well as component manufacturers like Greentec Harmonic [8] - For Zhichun Technology, despite short-term performance pressures, the long-term growth potential remains, with revenue projections for 2025, 2026, and 2027 adjusted to 3.263 billion, 3.765 billion, and 4.361 billion yuan respectively [15]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [19]. Core Insights - The company has achieved continuous high-speed revenue growth, with a reported revenue of 27.301 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 32.97% [1]. - The net profit attributable to shareholders for the same period was 5.130 billion yuan, up 14.83% year-on-year, while the net profit for Q3 2025 alone reached 1.922 billion yuan, reflecting a year-on-year increase of 14.60% [1]. - The company is expanding its platform layout in the semiconductor equipment sector, with significant growth in product offerings and market share, benefiting from the domestic semiconductor equipment market's expansion [8]. Financial Performance Summary - For the first three quarters of 2025, the company reported a gross margin of 41.41%, a decrease of 2.81% year-on-year, while the net margin was 18.24%, down 3.67% year-on-year [6]. - R&D expenses for the first three quarters of 2025 amounted to 3.285 billion yuan, marking a 49.86% increase year-on-year [6]. - The company’s inventory at the end of Q3 2025 was 30.199 billion yuan, reflecting a year-on-year growth of 30% [6]. Product and Market Expansion - The company has developed a comprehensive product lineup in the semiconductor equipment sector, including etching, thin film deposition, thermal processing, and ion implantation equipment [6]. - In H1 2025, the company generated over 5 billion yuan in revenue from wet processing equipment and over 10 billion yuan from thermal processing equipment [6]. - The acquisition of ChipSource Micro has enhanced the company's capabilities in the front-end cleaning equipment market, further broadening its product offerings [6]. Profit Forecast and Investment Recommendations - The company is projected to benefit from the domestic semiconductor equipment localization trend, with expected revenues of 38.884 billion yuan, 49.150 billion yuan, and 61.440 billion yuan for 2025, 2026, and 2027 respectively [8]. - The forecasted net profit for the same years is 7.582 billion yuan, 9.875 billion yuan, and 12.289 billion yuan, with corresponding EPS of 10.47 yuan, 13.63 yuan, and 16.96 yuan [8].

Core Viewpoint - The company reported strong revenue growth in Q3 2025, driven by accelerated revenue recognition and better-than-expected income from the acquisition of ChipSource, although net profit fell short of expectations due to increased R&D expenses and losses from ChipSource [1][2]. Financial Performance - Q3 2025 revenue reached 111.60 billion yuan, representing a year-over-year increase of 39.19% and a quarter-over-quarter increase of 40.63% [1][2]. - Net profit attributable to shareholders was 19.22 billion yuan, up 14.60% year-over-year and 18.13% quarter-over-quarter [1][2]. - The net profit margin for Q3 was 17.23%, down 3.75 percentage points year-over-year and 3.28 percentage points quarter-over-quarter, primarily due to changes in product mix and increased expenses [1][2]. Product and Market Development - The company experienced significant revenue growth in etching, thin film, thermal processing, and wet processing equipment, with a strong entry into ion implantation and coating development markets [1][3]. - In the first half of 2025, etching equipment revenue exceeded 5 billion yuan, thin film deposition equipment revenue surpassed 6.5 billion yuan, thermal processing equipment revenue exceeded 1 billion yuan, and wet processing equipment revenue exceeded 500 million yuan [3]. Strategic Expansion - The company officially entered the ion implantation equipment market in March 2025 and completed the acquisition of ChipSource, expanding its product matrix and enhancing its platform advantages [4]. - From 2026 to 2028, global spending on 300mm wafer fab equipment is projected to reach 374 billion USD, with China expected to lead in spending, benefiting from ongoing national policy support [4]. Earnings Forecast and Valuation - Following the consolidation of ChipSource, revenue forecasts for 2025-2027 have been adjusted upward, while net profit forecasts have been revised downward due to increased R&D expenses [5]. - The target price has been raised to 515.42 yuan based on a comparable company average PE of 41.3 times for 2026, maintaining a "buy" rating [5].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company has shown strong revenue growth in Q3 2025, with revenue reaching 11.16 billion RMB, a year-over-year increase of 39.19% and a quarter-over-quarter increase of 40.63% [1][2] - The net profit for Q3 2025 was 1.92 billion RMB, reflecting a year-over-year increase of 14.6% and a quarter-over-quarter increase of 18.13% [1][2] - The company is expected to benefit from the domestic semiconductor industry's expansion, particularly in advanced processes and storage, positioning itself as a key beneficiary [4] Summary by Sections Financial Performance - Q3 2025 revenue was 111.6 billion RMB, with a net profit margin of 17.23%, down 3.75 percentage points year-over-year [1][2] - The gross margin for Q3 2025 was 40.31%, showing a slight decline due to product mix changes [2][3] - The company has increased its R&D and management expenses, leading to a rise in the expense ratio to 22.32% [2] Product and Market Position - The company has seen significant revenue growth in its etching, thin film, thermal processing, and wet processing equipment segments, with revenues exceeding 50 billion RMB for etching and 65 billion RMB for thin film in the first half of 2025 [3] - The company has expanded its product matrix by entering the ion implantation equipment market and acquiring ChipSource, enhancing its competitive platform advantages [4] Future Outlook - The global market for 300mm wafer fab equipment is projected to reach 374 billion USD from 2026 to 2028, with China expected to lead in spending [4] - Revenue forecasts for 2025-2027 have been adjusted upwards, with expected revenues of 395.1 billion RMB in 2025, 481.6 billion RMB in 2026, and 597.7 billion RMB in 2027 [5] - The target price for the company's stock is set at 515.42 RMB, based on a 41.3 times PE ratio for 2026 [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][8] Core Insights - The company reported record-high quarterly performance in Q3 2025, achieving revenue of 27.301 billion yuan, a year-on-year increase of 32.97%, and a net profit attributable to shareholders of 5.130 billion yuan, up 14.83% year-on-year [4][7] - The company's Q3 2025 revenue reached 11.160 billion yuan, representing a year-on-year growth of 38.31% and a quarter-on-quarter increase of 40.63% [7] - The company continues to strengthen its technological leadership through high R&D investment, with R&D expenses reaching 3.285 billion yuan in Q3 2025, a 49.89% increase year-on-year, accounting for 12.03% of revenue [7] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 27.301 billion yuan and a net profit of 5.130 billion yuan, with Q3 figures showing significant growth [4][7] - The gross profit margin for the first three quarters was 41.41%, a decrease of 2.81 percentage points year-on-year, while the net profit margin was 18.24%, down 3.67 percentage points year-on-year [7] R&D and Market Position - The company has maintained a strong focus on R&D, with a notable increase in R&D expenses and a growing market share in the semiconductor equipment sector [7] - The company has established a comprehensive product lineup in various semiconductor equipment categories, positioning itself as a leader in the domestic market [7] Earnings Forecast - The projected earnings per share for 2025 and 2026 are 10 yuan and 13 yuan, respectively, with corresponding price-to-earnings ratios of 40 times and 31 times [8][9]

Core Viewpoint - North Huachuang is a leading enterprise in China's high-end integrated circuit equipment sector, demonstrating strong revenue and profit growth in the semiconductor industry [2][6][7]. Group 1: Business Performance - In Q3 2025, North Huachuang achieved a revenue of 27.301 billion yuan, ranking first among 22 companies in the industry, significantly higher than the industry average of 3.195 billion yuan and the median of 1.152 billion yuan [2]. - The company's net profit for the same period was 4.98 billion yuan, also leading the industry, with the average being 0.515 billion yuan and the median at 0.127 billion yuan [2]. - The main business revenue composition includes electronic process equipment at 15.258 billion yuan (94.53%) and electronic components at 0.868 billion yuan (5.37%) [2]. Group 2: Financial Ratios - As of Q3 2025, North Huachuang's debt-to-asset ratio was 50.90%, down from 52.89% year-on-year, which is higher than the industry average of 35.23% [3]. - The gross profit margin for the same period was 41.41%, slightly down from 44.22% year-on-year, but still above the industry average of 38.42% [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 11.57% to 85,100, while the average number of circulating A-shares held per shareholder decreased by 10.37% to 8,503.17 [5]. - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable increases in holdings [5]. Group 4: Strategic Developments - North Huachuang is expanding its product matrix and entering new markets, including the ion implantation equipment market and acquiring ChipSource to enhance its product line [6]. - The company reported a revenue growth of 29.51% year-on-year in the first half of 2025, with a net profit increase of 14.97% [6]. - The semiconductor equipment business is expected to contribute significantly to revenue, projected to reach 26.578 billion yuan in 2024, accounting for about 90% of total revenue [6]. Group 5: Management Compensation - The chairman, Zhao Jinrong, received a salary of 3.95 million yuan in 2024, a decrease of 321,300 yuan from 2023 [4]. - The general manager, Tao Haihong, earned 3.02 million yuan in 2024, down by 183,800 yuan from the previous year [4].