[HYDZ HL] Core Lithography Targets Industry Progress Update

English summary

》 HuiCheng Vacuum 1) Lithography: Has obtained orders for more than 5 lithography coating equipment for D/E lithography; customer guidance for 2027 is over 20 units. In the medium term, the company's lithography coating equipment will not only benefit from mainland lithography development but also participate in global market competition, expanding market space. 2) Consumer electronics: Fully benefits from Apple product upgrades; expected to receive 25-30e coating equipment orders in 2026-27, with delivery starting in 2027. 3) Optical communication coating equipment is expected to ship in August, with marketing in September and small-batch orders within the year. Maolai Optics: 1) Lithography: Mainland: I-line continues to ramp, DUV has received small-batch R&D orders for projection objective systems from Y customer. Overseas: Strong overseas demand drives order growth, with deep cooperation with A customer continuing. 2) Measurement/inspection: Introduced major customer O, orders from customers such as Feice have multiplied, overall shipments more than double this year, and next year's order outlook is positive. Currently, both stocks have deeply corrected, overall drawdown risk is relatively controllable, and from an industry perspective, they are targets with both lithography and main business changes. As flexible choices, recommend.