中国半导体 拓荆科技：拓荆科技2026年第二季度：营收超预期，盈利能力改善

研报英文原文证据摘录

20 August 2026

Qingyuan Lin, Ph.D.

China Semiconductors

Piotech Inc

Kai Zhang

Rating

Outperform

Francis Ma

Price Target

688072.CH

1,200.00 CNY

Piotech 2Q26: Revenue beat, profitability improving

On Aug 20th, 2026, Piotech reported its 2Q26 earnings (Exhibit 1). Results are good, revenue

beat our estimation and consensus, GPM is recovering and largely in-line, NPM greatly

surpassed our estimation and consensus, but mainly from non-recurring investment income.

We think the improving profitability is a good sign, reiterate Outperform. We updated our

model to reflect the earnings but maintain PT unchanged.

Revenue beat with improved profitability. Piotech 2Q26 revenue at RMB 1.8 billion,

YoY 44.6%, 5% better than cons. The GPM in 2Q26 recovered to 40.6% from 38.8% in

2Q25 (+176 bps), we highlighted that the previous low GPM was one-off impact due to

first time shipment to NAND customers, and now it’s back to normal. Net profit attributable

to shareholders reached RMB 772 million, mainly from non-recurring fair value gains on

trading financial assets. Excluding the impact, Piotech’s recurring net profit attributable

to shareholders was RMB 265 million, +21.4% YoY. Adj. NPM was 14.7%, also improving

compared to previous quarter.

Close Date

20 Aug 2026

688072.CH Close Price (CNY)

671.26

Price Target (CNY)

1,200.00

Upside/(Downside)

79%

52-Week Range

945.00/163.18

ASIAX

1,922.63

FYE

Dec

Div Yield

0.1%

Market Cap (CNY) (M)

195,121

EV (CNY) (M)

188,639

Performance

YTD

1M

6M

12M

Absolute (%)

103.4

5.4

106.5

286.0

ASIAX (%)

17.6

3.0

7.5

29.1

Relative (%)

85.9

2.3

99.0

256.9

Source: Bloomberg, Bernstein estimates and analysis.

Deposition is still driving the growth, with packaging as the second leg. Piotech’s

earnings commentary pointed to continued scale-up across the deposition tools (PECVD,

Price Performance, 1YR

ALD, SACVD, HDPCVD, Flowable CVD), with many tools entering volume production for

CNY900

2200

advanced memory/logic. OPN, SiB, and Bianca converted more volume to revenue, and PECNY800

2100

ALD SiO2/SiCO won repeating orders from advanced memory. On the packaging side, the

CNY700

2000

1900

…