中微公司2026年第二季度：订单增长加速，供应链韧性十足

研报英文原文证据摘录

20 August 2026

Qingyuan Lin, Ph.D.

China Semiconductors

Advanced Micro-Fabrication Equipment Inc China

Kai Zhang

Rating

Outperform

Francis Ma

Price Target

688012.CH

660.00 CNY

AMEC 2Q26: Accelerating order growth, resilient supply chain

AMEC released 2Q26 earnings on Aug 19th and hosted a call on Aug 20th 2026. They already

released preliminary numbers so market should have the earnings priced in. In the call the

mgmt continue to deliver a very positive tone, as they see the demand is strong and growth

in order is expected to further accelerate in 2H26. Reiterate Outperform, we updated our

model to reflect the earnings but maintain PT unchanged.

Order growth accelerating. Demand from local customer is very strong, 1H26 order

growth in line with rev growth, but 2H26 growth is expected to reaccelerate to be faster

than 1H26. Demand from local customer is clearly strong, but the mgmt also saw that more

and more oversea customers were talking to company to get AMEC’s tools verified, on top

of the existing leading global foundry customer who continue to purchase from them. CEO

highlighted that their tool is differentiated on size, throughput and cost, which is becoming

increasingly attractive. They are expanding their manufacturing capability aggressively and

the current clean room capacity can support up to 70bn RMB of revenue, leaving ample room

for the multi-year revenue growth.

Close Date

20 Aug 2026

688012.CH Close Price (CNY)

365.50

Price Target (CNY)

660.00

Upside/(Downside)

81%

52-Week Range

500.00/126.78

ASIAX

1,922.63

FYE

Dec

Div Yield

0.1%

Market Cap (CNY) (M)

350,091

EV (CNY) (M)

340,833

Performance

YTD

1M

6M

12M

Absolute (%)

99.7

6.7

58.1

175.0

ASIAX (%)

17.6

3.0

7.5

29.1

Relative (%)

82.1

3.7

50.6

145.9

Source: Bloomberg, Bernstein estimates and analysis.

Component supply chain is still resilient. AMEC also saw global component supply was

getting tight, but they maintained a 100% on-time delivery record in 1H26, with no shipment Price Performance, 1YR

delays so far. 2H will be more challenging as orders ramp faster, but the company is securing CNY500

CNY450

the supply chain with three key levers: weekly meeting with oversea vendors and increasing

…