【行业研究报告】万业企业-Corp Day Takeaways:Positive outlook on “1+N” product platform

WehostedaninvestorcallwithWanyeEnterprisesduringourTechnology
CorporateDay.Mgmt.wasoptimisticonboomingdemandfromdomestic
semiconductorequipmentdrivenbylocalizationanddomesticfoundries’rapid
capacityexpansion.Itssubsidiary,Kaishitong,isadomesticionimplanterleader
withmajorfocusonlow-energylargebeamionimplanterandhigh-energyion
implanter,andmgmt.expectedstrongordervisibilityin2023.Mgmt.believedthe
companywillleverageitsleadingtechnology,R&Dexpertiseand“1+N”product
platformtodrivefuturegrowth.
Kaishitong’sionimplantertoaccelerateclientpenetration;goodorder
visibilityinFY23E.Kaishitongobtainedbatchordersincluding12-inchlow-
visibilityinFY23E.Kaishitongobtainedbatchordersincluding12-inchlow-
energylargebeamionimplanterandlow-energylargebeamultra-low
temperatureionimplanterfrommajorcustomers,withorderamount
exceedingRMB680mnin1Q22.On26Apr2022,Kaishitongsuccessfully
deliveredthefirstbatchofmultiplesetsoflargebeamionimplanters’orders
tocustomers.Mgmt.expectedfastpenetrationintocustomersonceproduct
competenceisverified,andremainedconfidentonordervisibilitygoinginto
2023.
JiaxinSemiconductortobenefitfromrobust8&12-inchproduction
demand.SubsidiaryJiaxinSemiconductoroffersanestablishedfront-end
equipmentproductline,includingetching,filmdeposition,rapidheattreatment,
annealingandcleaningequipment.Mgmt.expectedstrongdemandfrom
domestic8-inch&12-inchcapacityexpansion,andtargetedanannualoutput
of2,450newequipment(95%+oftotalequipment)and50re-manufactured
equipmentinthefuture.
“1+N”productplatformstrategytodrivegrowthmomentum.Mgmt.
believedtheduallayoutofKaishitong’sionimplanterandJiaxin
Semiconductor’sproductsprovidesasolidfoundationof“1+N”platform
strategy,whichofferscustomerswithgreaterflexibilityinselectingvarious
front-endequipment.Webelievethisstrategywillprovidelong-termgrowth
opportunitiesandfurtherdrivemarketsharegaininfront-endequipment
market.