Hwatsing Technology (688120)2024-11-28 07:36Group 1: Company Performance and Orders - The company has seen a significant increase in new orders, particularly in CMP equipment and wafer regeneration, with a strong order backlog [2][3] - Approximately 90% of the company's revenue in the first three quarters comes from equipment sales, with CMP equipment being the primary contributor [3] - The gross margin and net margin are expected to remain stable due to ongoing efforts in developing new customers and products, improving processes, and cost reduction [3][4] Group 2: Product Development and Market Strategy - The company is focusing on the development of key equipment such as thinning, cutting, and wet processing equipment, guided by market and customer demands [3][4] - Recent advancements include the successful acceptance of the 12-inch ultra-precision wafer thinning machine and the delivery of integrated thinning and film application machines to leading domestic packaging companies [4] - The company is actively pursuing opportunities in advanced packaging fields like Chiplet and HBM, enhancing its competitive edge in the thinning equipment market [4] Group 3: Supply Chain and Localization - The company emphasizes increasing the localization rate of core semiconductor equipment components, with a high level of self-research and development for critical parts [5] - A wholly-owned subsidiary has been established to cultivate a stable supply chain and develop high-precision components for semiconductor equipment [5] - The company is well-prepared to handle potential export restrictions from countries like the U.S., relying on domestic suppliers for most components [5] Group 4: Expansion and Capacity Enhancement - The Tianjin Phase II project will support the expansion of CMP equipment and wafer regeneration production capacity, aiding in market share growth [5]