Gelonghui, June 26 | Shenwan Hongyuan's research indicates that Beifang Huachuang (002371.SZ) has built a large platform for semiconductor equipment components and laid out four types of integrated circuit equipment. The process coverage continues to improve, significantly benefiting from the demand for advanced processes to expand production. It is expected that the largest field of investment in Phase III of the Big Fund will still be mainly in the asset-heavy manufacturing sector. Advanced process logic and storage fabs are expected to expand production, and demand for domestic semiconductor equipment is even stronger. Advanced manufacturing processes require a long equipment verification cycle and high quality control requirements. As a platform equipment manufacturer with a broad layout, North China is expected to gain a higher share in the wave of advanced process production expansion. In addition, the company's three equity incentives cover thousands of employees, with the aim of strengthening technical barriers and talent barriers, and helping to continuously expand the scope of the company's business layout. The bank gave the company 39.3 times the 24-year dynamic PE, corresponding to a target market value of 223.6 billion yuan and a target price of 421.16 yuan, up 33.9% from the total market value at the close of June 25. The first coverage gave the company a “buy” rating.