AMEC 2Q26 Preliminary: Rev slightly missed, net income mainly from investment gains, NPM in-line

研报英文原文证据摘录

AMEC 2Q26 Preliminary: Rev slightly missed, net income mainly from investment gains, NPM in-line

3 August 2026

Qingyuan Lin, Ph.D.

+852 2123 2654

China Semiconductors qingyuan.lin@bernsteinsg.com

Advanced Micro-Fabrication Equipment Inc China Kai Zhang

+852 2123 2665

Rating kai.zhang@bernsteinsg.com

Outperform Francis Ma

Price Target +852 2123 2626

francis.ma@bernsteinsg.com

688012.CH 500.00 CNY

AMEC 2Q26 Preliminary: Rev slightly missed, net income mainly

from investment gains, NPM in-line

On Aug 3rd, 2026, AMEC reported its preliminary 1H26 earnings (Exhibit 1). Results are Close Date 3 Aug 2026

mixed, revenue is slightly below our estimation and consensus, NPM better than our 688012.CH Close Price (CNY) 309.85

projection but lower than consensus, and net income grow massively but is mainly from Price Target (CNY) 500.00

investment income. We think the market might react negatively to the print given the weak Upside/(Downside) 61%

sentiment, but is probably the last dip. Next catalyst - YMTC IPO prospectus - is coming up in 52-Week Range 500.00/125.64

a few months, order growth for the company is still underestimated, reiterate Outperform. ASIAX 1,914.70

FYE Dec

Rev missed slightly, net income mainly from investment gain. AMEC 2Q26 revenue at Div Yield 0.1%

RMB 3.78 billion, YoY 35.5%, -3% vs cons. Net profit attributable to shareholders reached

Market Cap (CNY) (M) 296,787

RMB 1.87 billion, YoY + 375.9%, mainly from RMB 1.98 billion investment gains in 1H.

EV (CNY) (M) 289,035

Excluding the impact from investment gains, the company’s recurring net profit attributable

to shareholders was between RMB 1.0-1.2 billion, YoY +85.6%-122.7%, the NPM at 16.5% Performance YTD 1M 6M 12M

is better than our projection at 15.7% but below cons. at 18.6%.