Analysis of Potential Drivers of HBM Localization on Maiwei Shares' Semiconductor Equipment Business

The following analysis is based on verifiable public data and company-disclosed information, focusing on the ‘Potential Drivers of HBM Localization Process on Maiwei Shares (300751.SZ) Semiconductor Equipment Business’, and clarifies the known and to-be-verified parts.

• Business Structure: Maiwei Shares (300751.SZ) takes photovoltaic equipment as its core business, while expanding into display panel and semiconductor packaging equipment, and promotes new fields relying on three technical platforms: vacuum, laser, and precision equipment [0][1].
• HBM-related Equipment Capability: On December 27, 2025, the company stated on the interactive platform that it is long-term optimistic about the prospect of HBM localization, and its ‘high-selectivity etching equipment and hybrid bonding equipment can be used in DRAM (High Bandwidth Memory HBM) processes’ [1].
• Market Positioning and Signals: This statement indicates that the company has partial equipment capabilities for HBM-related process links, but currently has not disclosed public information about achieving mass production orders in leading HBM production lines or entering the core supply chain; subsequent customer verification and order announcements need to be tracked.

• Market Size and Growth Rate: Industry research reports/media estimates show that the HBM market was approximately USD 17.4 billion in 2024, and is expected to increase to approximately USD 98 billion by 2030, with a CAGR of about 30%+; the overall DRAM market is also expected to continue growing [2].
• Localization Motivation: AI and high-end computing power drive the increase in demand for HBM. Supply chain security demands have led to policy and financial support for domestic HBM (and related equipment), and the long-term localization direction is clear [3].
• Process and Equipment Intensity: HBM manufacturing involves key steps such as TSV etching, thin film deposition, CMP, bonding/packaging; hybrid bonding and high-selectivity etching are two important process nodes among them, which have high requirements for equipment precision and reliability [2][3].

Under the assumption that domestic HBM capacity expansion continues and equipment localization substitution progresses steadily, the potential driving sources of the company’s related equipment include:

• Equipment Segment Opportunity: High-selectivity etching and hybrid bonding are key steps in HBM manufacturing; if the company’s equipment passes verification and is introduced into mainstream HBM capacity construction, it will bring equipment orders and revenue increments.
• Cycle and Penetration: Equipment introduction usually requires a cycle from customer verification, small-batch trial production to capacity expansion, and revenue contribution may show a gradual release characteristic; the pace depends on the construction and verification progress of domestic HBM production lines.
• Strategic Synergy: The photovoltaic business provides stable cash flow, and the semiconductor/display panel business forms diversified growth; if the semiconductor equipment passes verification, it is expected to increase the valuation premium of the company’s platform-type equipment.

• Verification and Orders: Current public information shows that the company’s equipment ‘can be used’ in related processes, but specific HBM orders, customers, or mass production verification progress have not been disclosed; subsequent announcements and verification progress need to be followed.
• Competitive Landscape: Many domestic manufacturers have laid out HBM-related equipment (e.g., some have entered some memory factory production lines or are undergoing verification), and there are uncertainties in competition intensity and substitution pace [3].
• Valuation and Volatility: The company’s valuation is at a relatively high level (TTM P/E of about 57 times), and short-term stock prices are highly volatile driven by themes and events; it is necessary to be alert to volatility risks caused by emotional changes [0].
• Technology and Yield: HBM process iteration is fast (from HBM3 to HBM4/HBM5), which has extremely high requirements for equipment precision and yield; equipment needs continuous iteration to match technological evolution.

• Customer and Verification: Whether to disclose entry into the supplier list of major domestic HBM/DRAM manufacturers or pass key process verification.
• Orders and Delivery: Whether to announce equipment orders related to HBM capacity and delivery cycles.
• Revenue Proportion: Whether the revenue proportion and gross profit margin of the semiconductor equipment business in future financial reports show significant improvement.
• Policy and Localization Substitution: Implementation of national and local support for the memory and HBM industry chain.

• Industry Level: The rigid demand for HBM driven by AI and high-end computing power, and the clear localization direction, provide long-term potential space for related equipment [2][3].
• Company Level: Maiwei Shares has two types of equipment capabilities (high-selectivity etching and hybrid bonding) that can be used in HBM/DRAM processes, but currently has not disclosed explicit HBM orders or mass production verification; the actual pull of its semiconductor equipment business on performance depends on the pace of subsequent verification, orders, and capacity implementation [1][0].
• Investment Perspective: At the current stage, it is more suitable to track it as a structural opportunity of ‘theme + verification’; after obtaining clearer customer/order signals, then evaluate the magnitude and sustainability of its semiconductor equipment business’s contribution to the company’s growth.

[0] Jinling API Data (Company Overview, Market Quotes, Financial Indicators)
[1] Maiwei Shares’ Interactive Platform Content on December 27: “Long-term optimistic about the prospect of HBM process localization; high-selectivity etching and hybrid bonding equipment can be used in DRAM (including HBM) processes”
[2] Public summaries by industry and media on HBM market size/process and equipment requirements (e.g., “2025 Memory ‘Surge’ Price Increase Exceeds Expectations—In-depth Analysis of Magnitude, Sustainability, and…”, and “Domestic Semiconductor Equipment, Making a Big Push into HBM”, etc.)
[3] Public materials on the key role of equipment such as hybrid bonding/TSV etching in HBM manufacturing and the trend of domestic substitution (e.g., “Qiushi Yuan Semiconductor Weekly News - Mo Dakang (2025.12.1)”, etc.)