New stock outlook| Double revenue in the first half of the year, overseas market contribution is a key growth driver, Baofengtang Semiconductor "seize the opportunity" for IPO

Looking ahead to the global capital market in 2025, the technology sector can be said to be the hottest investment theme. Driven by the artificial intelligence boom and expectations of interest rate cuts by the Federal Reserve, tech companies both at home and abroad have hit historic highs in stock prices this year. Behind the rising stock prices, the continuous strengthening of growth expectations is undoubtedly a key factor. Take the most basic electronic component, PCB, for example. According to data from Frost & Sullivan, the global PCB market size is projected to increase from 527.2 billion yuan to 649.9 billion yuan between 2024 and 2028, with a compound annual growth rate of 5.4% during this period, significantly higher than the industry's average growth rate of 2.7% from 2018 to 2024. Benefiting from the prosperity of the technology industry, the upstream industry chain has also experienced an "accelerated run." For example, in the plasma processing equipment sector, driven by the growing demand in downstream markets such as semiconductors, PCBs, and consumer electronics, the global plasma processing equipment industry market size is expected to expand to 390.9 billion yuan by 2028, with a compound annual growth rate of approximately 9.2% from 2024 to 2028. Within this, the compound annual growth rate of PCB-related plasma processing equipment is expected to increase rapidly from 4.9% from 2018 to 2024 to 9.3% from 2024 to 2028; at the same time, the semiconductor sector as the major application area of plasma processing equipment is also expected to maintain a growth rate of approximately 9.2% in the next few years. Riding the high-growth express train of the industry, Zhuhai Baofengtang Semiconductor Co., Ltd. (hereinafter referred to as "Baofengtang"), a company engaged in the research, development, and sales of plasma processing equipment for semiconductors and PCB production, has achieved continuous development in recent years. Recently, Baofengtang has officially submitted its application for listing on the Hong Kong Stock Exchange, indicating that the company has set its sights on a broader stage. According to the prospectus, Baofengtang's business covers mainland China, Southeast Asia, North America, Europe, and other regions. From 2022 to 2024, Baofengtang ranked among the top three in the Chinese market for PCB plasma residue removal equipment; based on revenue generated in China in 2024, the company had a market share of approximately 3.9% in the Chinese market for PCB plasma processing equipment.