Soochow's research reports indicate that Huahai Qingsi (688120.SH) has acquired the remaining 82% stake in its subsidiary, Xinyu Company, establishing Ion Implantation as the second growth pole for the company. Based on the company's high growth potential, the "Buy" rating is maintained. The trade will be completed in three phases based on the subsidiary's performances from 2024 to 2026, with a counter-guarantee mechanism to reduce acquisition risks: Huahai Qingsi adheres to a platform development strategy of "Equipment + Service" and successfully enters the Ion Implantation field through this acquisition. This transaction will be completed in three phases based on performance, revenue structure, and number of equipment delivered from the acquired symbol from 2024 to 2026. The company’s key products, CMP equipment and thinning equipment, are essential core equipment for chip stacking technology and advanced packaging technology, which will gain broader applications.