Company Profile · Technology

Hwatsing Technology Co. Ltd. A

688120 · Shanghai
Industry
AI Semiconductor Equipment
Exchange
Shanghai
Country
China
Employees
2,654
Website
www.hwatsing.com
Current Price
¥226.86
Live · Jun 22, 2026
Fair Buy
≤ ¥125
Margin-of-safety entry
Baillie Growth Score
43/100
Weak
Intrinsic Value · Three-Tier Range Current price ¥226.86 Live · Between the fair and optimistic ranges

Composite valuation range · conservative ¥110–¥125 / fair ¥155–¥205 / optimistic ¥262–¥320. At ¥226.86, Between the fair and optimistic ranges.

At publication ¥267.5 (Jul 5, 2026)

Financial snapshot
Market capCN¥135.11B
Revenue (TTM)CN¥4.94B
EBITDACN¥1.23B
Profit margin22.23%
ROE15.19%
P/E (TTM)123.02
Forward P/E0
EPSCN¥2.22
Dividend yield0.1%
52-week rangeCN¥74.41 – CN¥356.64

Data from EODHD, shown in the reporting currency; for reference only, not investment advice.

About the company

Hwatsing Technology Co., Ltd. engages in the research, development, production, sales, and technical services of semiconductor equipment in China and internationally. The company offers chemical mechanical polishers, implanters, grinders, bevel polishers, dicers, wet process and film metrology equipment, wafer regeneration and reclaim services, and consumables and maintenance services. Its products are mainly used in integrated circuits, advanced packaging, advanced packaging, large silicon wafers, MEMS, micro-LED, and other third-generation semiconductors. The company was founded in 2013 and is headquartered in Tianjin, China.

Background

History

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Industry position

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Research on this stock
43/100 Avoid Hwatsing Technology: A Real CMP Champion, Priced as if the Platform Story Is Already Won Hwatsing Technology (688120.SHG) is China's domestic leader in chemical-mechanical-polishing equipment, expanding from a single CMP tool into a broader semiconductor-equipment and services platform. 2025 revenue grew 36.5% to CNY 4.65 billion and net profit rose to CNY 1.08 billion, but operating cash flow fell 30.7% as inventory and receivables absorbed cash, even as the stock trades near 120.6x trailing earnings around the 99th percentile of its own valuation history. Rating Avoid: the CMP franchise and platform ambition are real, but the price already assumes a platform future the segment disclosures cannot yet prove, with the ideal buy zone at CNY 110 to 125. Hwatsing Technology Co., Ltd.688120 · ShanghaiAI Semiconductor EquipmentJul 5, 2026