TacticScaleWhat PNC Process Systems (至纯科技) Does & How It Makes Money (603690.SS)
Updated October 2026 · reflects PNC Process Systems's latest reported financials
Chinese maker of semiconductor process equipment, integrated systems and electronic materials. It earns revenue by selling semiconductor process equipment and electronic materials, and from system integration projects that build support equipment for customers' production facilities.
How PNC Process Systems makes money
It earns revenue by selling semiconductor process equipment and electronic materials, and from system integration projects that build support equipment for customers' production facilities. Professional services add further income.
What PNC Process Systems does
PNC Process Systems Co., Ltd. is a Shanghai-based industrial company founded in 2000. It researches, develops, produces and sells semiconductor process equipment, system integration and support equipment, and electronic materials, and also provides professional services. The business has three segments: System Integration, Electronic Materials, and Equipment Business. It serves customers in the electronics, biology and energy industries in China, which makes it part of the country's semiconductor and advanced manufacturing supply chain.
Products & services
- Semiconductor process equipment
- System integration and support equipment
- Electronic materials
- Professional services
至纯科技是做什么的？
至纯科技（PNC Process Systems）成立于2000年，总部位于上海。公司研发、生产和销售半导体工艺设备、系统集成及支持设备和电子材料，并提供专业服务。 公司有三个业务板块：系统集成、电子材料和设备业务。客户主要来自中国的电子、生物和能源行业，是国内半导体和高端制造产业链中的一家供应商。
What is PNC Process Systems worth?
On an owner-earnings DCF, PNC Process Systems's most-likely value is about ¥24 versus a recent price near ¥22 (11% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~¥12) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
⚠ High leverage — net debt is 6.1× annual cash flow. Net debt is subtracted from this fair value, but refinancing at higher rates, principal timing, and share dilution aren’t modeled — the equity can be worth far less if cash flow weakens.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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