华海清科 - 晶圆减薄、划片、抛光设备订单稳健且产品扩张；2025 年符合预期；中性

3 September 2025 | 12:23AM HKT Hwatsing (688120.SS): Solid orders and product expansion to thinning/dicing/polishing equipment; 2Q25 in line; Neutral We are positive on Hwatsing and see it riding on the increasing semiconductor capex in China, along with its product expansion from CMP to Ion implementation, thinning / dicing / polishing, and cleaning tools. The company's 2Q25 revenues sustained +27% YoY/+14% QoQ growth to Rmb1.0bn (vs. +34% YoY/-4% QoQ revenues growth in 1Q25), in-line with GSe and was supp ...