Gaoce | Pessimistic Expectations Fully Released, Second Growth Curve in Pan-Semiconductor Continuously Realized, Left-side Layout Opportunity

English summary

# Gaoce | Pessimistic Expectations Fully Released, Second Growth Curve in Pan-Semiconductor Continuously Realized, Left-side Layout Opportunity Recently, the stock price has continued to pull back, and the market is mainly concerned that overcapacity in the photovoltaic industry will suppress profitability. Combined with the company's latest public replies from the board secretary on Shanghai Stock Exchange e-Interaction, we objectively sort out the core investment logic: In the short term, the photovoltaic industry is in a capacity clearance cycle, and profitability along the industry chain is under pressure, disturbing the company's PV foundry and consumables businesses. However, the company clearly stated that production and operations are normal, there is no undisclosed material negative news, and it continues to increase R&D investment to promote profit recovery. The light-asset model of slicing foundry differs from heavy-asset wafer manufacturers, does not need to bear the pressure of silicon material impairment, and has stronger resilience during the industry downturn, continuously providing a cash flow base for new technology R&D. The market's biggest expectation gap lies in the pan-semiconductor precision processing equipment track. According to multiple confirmations by the board secretary, the company focuses on integrated solutions for semiconductor substrate cutting, beveling, and grinding, and its product line has expanded from a single cutting machine to a full set of equipment. The 12-inch semiconductor silicon wafer diamond wire slicing machine has received batch orders from leading wafer manufacturers and holds a leading domestic market share; ...