Productive Technology (00650) surged more than 26% again, bringing its cumulative gain for the month to over 160%. At the time of writing, the stock was up 26.42%, trading at HKD 0.67 with a turnover of HKD 24.754 million. On the news front, according to SEMI data, global sales of semiconductor manufacturing equipment reached USD 135.1 billion in 2025, setting a new record high for the third consecutive year, with forecasts for 2026 and 2027 being revised further upwards. SEMI anticipates that the mainland China semiconductor equipment market will continue to lead the world through 2026, accounting for approximately 30% of global investment. The localization of equipment is accelerating, with the share of domestic equipment usage rising from 25% in 2024 to 35% in 2025. Huaxin Securities pointed out that considering the company's semiconductor equipment is in the initial stage of launching new products (LPCVD, tank cleaning) and its strategic positioning in the two critical segments of high-end semiconductor cleaning and thin film deposition; as the equipment undergoes large-scale verification in wafer fabs and transitions to batch delivery, the company is expected to reach an inflection point for profitability in the 2027 fiscal year, with profit margins entering an upward trajectory. The company's net profit margin is projected to see a significant leap forward. The long-term growth potential of the company is viewed favorably, leading to a first-time "Buy" rating.
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