China Semi Equipment "China's SPE imports down 12% YoY in May" Yu

研报英文原文证据摘录

China Semi Equipment "China's SPE imports down 12% YoY in May" Yu

orts).

Assuming a 20% lithography share of total WFE TAM, we estimate China's litho imports Kenji Yasui

in the last 12 months could support US$49.6bn total WFE demand (incl. litho, vs our US Analyst

kenji.yasui@ubs.com

$47.5bn China WFE forecast in 2026E). ASML's mgt still guide China's revenue mix at

+81-3-5208 6211

20% (mid-point) for 2026 amid a solid growth year (UBS expects ASML total system

revenue to rise 25% to EUR30.5bn in CY2026), indicating a potential pick-up of China's Randy Abrams

litho imports into 2H26. For litho imports from the Netherlands, by province, Shanghai Analyst

randy.abrams@ubs.com

imported two units at a total cost of US$119m, and Beijing imported three units at a

+886-2-8722 7338

total cost of US$123m in May. YTD, Shanghai and Beijing accumulated litho imports

from the Netherlands have increased 92%/65% YoY. Sunny Lin

Analyst

sunny.lin@ubs.com

Non-litho equipment imports: deposition outperformed etch in May

+886-2-8722 7346

Non-litho equipment imports declined 14% YoY to US$1.6bn in May, with solid demand

Xinlei Li

for deposition (US$708m, +12% YoY), particularly CVD (US$545m, +31% YoY), offset

by weakness in etch (US$382m, -33% YoY). Share by region: Singapore (likely AMAT) S1460522090008

remained dominant in deposition (61% share in May and 59% YTD), while suppliers of xinlei.li@ubs.com

dry etch were more diversified: Taiwan/ Malaysia (likely Lam)/ Japan share reaching +86-21-3866 8805

29%/22%/13% in May (26%/36%/17% share YTD, +7ppt/ +1ppt/ -11ppt YoY),

Qing Luo

respectively. For total imports, Singapore (US$593m, +49% YoY) continued to lead Associate

exporters in May, followed by Japan (US$345m, -28% YoY, mainly dragged by dry etch) S1460125090001

and the Netherlands.