According to the China Merchants Securities Research Report, Tuojing Technology was granted the first batch of 5.55 million shares in 2026 equity incentives, covering 1,200 incentive targets, and setting targets for the assessment of 2026-2029 revenue and net profit deduction of non-return to mother. PECVD and ALD continue to receive batch orders, and 3D integrated equipment is gradually being industrialized. This incentive is expected to enhance the stability of the core team and support the development and industrialization of new products. The expansion of production in domestic fabs has led to an increase in demand for equipment. The company PECVD and ALD continue to receive batch orders, and 3D integrated equipment is gradually industrialized. The proposed acquisition of Wuxi Shangji is expected to supplement the PVD product line. This equity incentive is expected to enhance the stability of the core team and support the development and industrialization of new products, but share payment fees will have an impact on phased report profits. The estimated operating income for 26-28 was 88.77/127.01/17.678 billion yuan, respectively, and net profit to mother was 20.76/29.36/38.72 billion yuan, respectively. The corresponding PE was 91.6/64.8/49.1 times, respectively, maintaining the “Highly Recommended” investment rating.

Disclaimer:Webull uses external vendor Google Translation Service for news translations where we endeavour to ensure these are correct, however, we recommend that you please double-check this information accordingly. Webull is not responsible for translation errors or issues.