Summary of Yitang Co., Ltd. Conference Call Company Overview - Yitang Co., Ltd. is a leading semiconductor equipment supplier in China, focusing on three main platforms: stripping, thermal processing, and etching. The products are utilized by top manufacturers in memory and advanced logic chip production, benefiting from domestic substitution and downstream customer expansion [2][3]. Key Business Segments Stripping Equipment - Yitang's stripping equipment includes three series: Suprema, Hydrasys, and Optimax, addressing customer needs for photoresist removal. The dry stripping technology has a market share of 34.6%, ranking second globally, and is applied in TSMC's 5nm and 3nm processes [2][5]. Thermal Processing (RTP) - The RTP equipment, including Helios and Melius series, is used to activate the electrical properties of silicon wafers. Yitang holds a 13% market share in the global RTP market, ranking second. The technology covers spike annealing, isothermal annealing, and millisecond annealing [2][6]. Etching and Surface Treatment - Etching and surface treatment are identified as new growth points. Yitang offers ICP and CCP etching, along with differentiated atomic-level surface treatment and high selectivity etching technologies to meet advanced process customer needs [2][7]. Financial Performance - Since 2018, Yitang has maintained rapid growth, with projected revenue of 500 million RMB in 2024, reflecting a compound annual growth rate (CAGR) of 68.5%. Revenue for the first three quarters of 2023 reached 520 million RMB, with etching equipment revenue increasing to 12.5% of total revenue [4][10]. Market Trends - The global semiconductor equipment market is expected to rebound, reaching $138 billion by 2026, with China accounting for 42% of the demand. The increase in domestic production rates will benefit companies like Yitang, presenting significant growth opportunities [4][11]. Team and Shareholding Structure - Yitang has a clear shareholding structure, with Beijing Yizhuang Guotou as the largest shareholder. The team is experienced, with the CEO having a background in equipment R&D at Marvell Technology and Intel, and the management team possessing over 20 years of experience in fab management [2][8]. Future Outlook - The company plans to leverage its existing technology in stripping to expand into etching equipment, anticipating significant demand growth due to the increasing complexity of chip manufacturing processes. The etching equipment market is projected to exceed $30 billion by 2032 [13][14]. Investment Plans - In 2025, Yitang plans to raise 2.5 billion RMB, focusing on etching and surface treatment equipment. The new Rina-1 platform has already received bulk orders from clients [15]. Product Development - Yitang currently holds a 0.21% global market share but expects to increase this as it expands its product offerings. The company is also exploring atomic-level surface treatment for advanced logic processes, which is anticipated to grow in demand as technology evolves [16].