Advanced Micro-Fabrication Equipment Inc. China is expected to release its first-quarter report on April 28, 2026, with projected revenue ranging from 3.27 billion to 4.49 billion yuan, representing a year-on-year increase of 50.2% to 106.7%.
Huaxing Securities analysis indicates that the company's revenue and net profit attributable to shareholders grew by 36.6% and 30.7% year-on-year in 2025, respectively, driven by significant increases in sales of etching equipment and LPCVD/ALD equipment. The company maintained high research and development investment, accounting for 30.7% of its revenue, with multiple new product lines advancing simultaneously. Both CCP and ICP products demonstrated rapid growth in key etching processes, maintaining a leading market share. Revenue from thin film deposition equipment surged by 224.2% year-on-year. The company plans to complete the development of 40 types of thin film equipment within 5 to 6 years, gradually achieving import substitution. R&D expenditure in 2025 increased by 52.65% year-on-year, and significant R&D investment is anticipated to continue in 2026. The company has raised its revenue forecasts for 2026 and 2027, while adjusting its earnings per share projections downward for 2026 and upward for 2027.
By business segment: 1) CCP and ICP Products: The company's single-station dielectric etching products for key CCP processes maintained rapid growth. Good progress was made in the development of ICP etching and chemical vapor deposition equipment, with processing precision and repeatability reaching the single-atom level. 2) Thin Film Deposition Equipment: Revenue from LPCVD and ALD equipment sales increased by 224.2% year-on-year. The company aims to complete the development of 40 types of thin film equipment within 5 to 6 years, progressively replacing imported alternatives.
Aijian Securities analysis notes that the company's 2025 performance report showed revenue and net profit attributable to shareholders growing by 36.62% and 30.69% year-on-year, respectively. R&D expenditure rose by 52.65%, and the expense ratio increased to 30.23%. The etching equipment business grew steadily, accounting for nearly 80% of sales revenue, driven by industry demand from multi-patterning and 3D memory structure upgrades. The company achieved stable mass production in advanced logic and ultra-high aspect ratio etching for memory applications, with cumulative installations exceeding 7,800 units. The thin film business revenue grew rapidly, with the product portfolio expanding into multiple fields. Sales of LPCVD and ALD equipment increased by 224.23% year-on-year, raising their contribution to total revenue. Silicon and SiGe EPI equipment entered mass production verification stages. The company maintained its leading position in MOCVD equipment for compound semiconductors and display applications, with some new products entering the verification phase.
(Note: This content is generated based on AI technology from Chongyang Yongjing. Related profit forecast data are sourced from the Chongyang Yongjing profit forecast database.) Risk Warning: The data or cases presented herein are for reference only and should not be used as a basis for future investment. Investing in stocks carries risks; market fluctuations, company performance, policy factors, and other variables may cause stock price volatility. Please fully understand relevant information before investing and make investment decisions according to your own risk tolerance.
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