Core Viewpoint - The report from Aijian Securities highlights that Zhongwei Company is a leading manufacturer of core process equipment in China, with its etching products covering both CCP and ICP systems, meeting the demands from 65nm to 5nm and beyond, and achieving large-scale adoption among first-tier domestic and international clients [1] Group 1: Company Performance - Zhongwei's etching equipment is continuously validated in mainstream wafer fabs and is applied in advanced logic nodes [1] - The company's film deposition product line is ramping up, with significant breakthroughs in key processes such as LPCVD, ALD, metal gate, and tungsten [1] - New products from the film deposition line have begun to enter the stage of large-scale production, showcasing the company's rarity in the semiconductor equipment industry [1] Group 2: Market Trends - The capital expenditure of major wafer fabs in China has been revised upward, indicating a positive trend in the industry [1] - Investment in AI-driven computing power is on the rise, further supporting the demand for advanced semiconductor equipment [1] Group 3: Valuation - Despite the current valuation being higher than some peers, the company is considered to deserve a premium due to its unique position and advancements in technology [1] - The report initiates coverage with a "Buy" rating for Zhongwei Company [1]