Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved steady growth in performance, with a focus on accelerating platform-based layout in the semiconductor sector [1] - The semiconductor equipment business is experiencing rapid growth, with a revenue increase of 29.51% year-on-year in the first half of 2025 [7] - The company is expected to benefit from the domestic substitution trend in the semiconductor equipment industry [7] Financial Performance Summary - Total revenue for 2023 is projected at 22,079 million RMB, with a year-on-year growth of 50.32% [1] - Net profit attributable to the parent company for 2023 is estimated at 3,899 million RMB, reflecting a year-on-year increase of 65.73% [1] - The company’s earnings per share (EPS) for 2023 is forecasted to be 5.40 RMB [1] Revenue and Profit Forecast - Revenue is expected to grow to 29,838 million RMB in 2024, 38,564 million RMB in 2025, and reach 57,163 million RMB by 2027 [1] - Net profit attributable to the parent company is projected to be 5,621 million RMB in 2024, 7,344 million RMB in 2025, and 11,265 million RMB in 2027 [1] - The company’s dynamic P/E ratios are forecasted to be 47.82 for 2024, 36.60 for 2025, and 23.86 for 2027 [1] Product Performance - The electronic process equipment segment generated revenue of 152.58 billion RMB in the first half of 2025, up 33.89% year-on-year, contributing over 85% to total revenue [7] - The company launched its first ion implantation machine and electroplating equipment at the 2025 SEMICON exhibition, expanding its product line [7] Inventory and Cash Flow - As of the end of Q2 2025, the company’s inventory reached 311 billion RMB, a 47% increase year-on-year, indicating a strong order backlog [7] - The net cash flow from operating activities for the first half of 2025 was -31.91 billion RMB, primarily due to increased cash payments for goods and services [7]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company continues to experience high growth in performance, particularly in the semiconductor equipment sector, with a projected revenue increase of 35.14% year-on-year in 2024 [7] - The company is positioned to benefit from the domestic substitution trend in the semiconductor equipment industry, with a comprehensive product line covering various equipment types [7] - The company has increased its R&D investment significantly, reaching 5.37 billion yuan in 2024, which is a 21.8% year-on-year increase [7] Financial Performance Summary - In 2024, the company achieved total revenue of 29.84 billion yuan, a year-on-year increase of 35.14%, with electronic process equipment revenue contributing 27.71 billion yuan, up 41.3% [7] - The net profit attributable to the parent company for 2024 was 5.62 billion yuan, reflecting a 44.17% increase year-on-year [7] - The company’s gross margin for 2024 was 42.9%, an increase of 1.8 percentage points compared to the previous year [7] Future Projections - Revenue is expected to reach 38.56 billion yuan in 2025, with a growth rate of 29.24% [1] - The net profit attributable to the parent company is projected to be 7.34 billion yuan in 2025, a year-on-year increase of 30.65% [1] - The earnings per share (EPS) is forecasted to be 10.52 yuan in 2024 and 13.75 yuan in 2025 [1]