1 October 2025 | 3:03PM HKT Equity Research Piotech (688072.SS): Advanced deposition tools shipment ramp up; Private placement plan announced on new product expansion; Neutral Piotech is expanding to advanced deposition tools for both logic and memory clients, with flowable CVD ramp up in 1Q25 and expanding products for advanced nodes. The company recently announced a private placement plan (Link) with investment at Rmb4.9bn for capacity expansion and high-end product development vs. the company's R&D spend ...