[Dongfang Communication - Semiconductors] CXMT has made its move, 'blood-sucking' concerns are now overblown, high-alpha flexible equipment deserves a sharp rebound, continue to recommend Jingzhida and Zhongke Feice!

English summary

CXMT's listing did not have the so-called 'blood-sucking' effect on semiconductor equipment. As CXMT's trading volume shrinks later, concerns about capital drain have become overblown. Continue to strongly call for suppressed high-alpha flexible equipment: Jingzhida and Zhongke Feice. Jingzhida: 26-year new orders are expected to reach 7-8 billion, and it has achieved customer verification for all categories of test equipment across DRAM, NAND, CPU, and optical modules, with orders landing within the year. It has already achieved batch orders from major customers such as CXMT, Hygon, Innolight, and JH. It is expected to achieve 80-100 billion market cap within 26 years, with more than doubling space! Zhongke Feice: the only leading supplier in the domestic measurement and inspection segment, with a share of over 60% at CXMT. Since bright-field, dark-field and other categories require long-term algorithm iteration and database accumulation, catching-up companies basically have no chance. Maintain recommendation for 225 billion market cap!