On August 3, the semiconductor equipment leader Advanced Micro-Fabrication Equipment Inc (688012.SH) released its semi-annual performance forecast for 2026, projecting first-half operating revenue of approximately 6.691 billion yuan, a year-on-year increase of about 34.89%. Net profit attributable to the parent company is expected to be between 2.7 billion yuan and 2.9 billion yuan, representing a sharp year-on-year rise of 282.48% to 310.81%. The company also forecasts that its net profit attributable to the parent company excluding non-recurring gains and losses for the first half of 2026 will range from 1 billion yuan to 1.2 billion yuan, an increase of 85.61% to 122.73% year-on-year.
According to the announcement, the significant profit growth for Advanced Micro-Fabrication Equipment Inc is primarily driven by two factors. First, core business continued to expand, with gross profit increasing by approximately 682 million yuan compared to last year. Second, gains from fair value changes and investment income on external equity investments totaled about 1.982 billion yuan, an increase of roughly 1.815 billion yuan from the 168 million yuan recorded in the first half of 2025.
Looking at quarterly performance, the company reported a net profit of 930 million yuan for the first quarter. Based on this, second-quarter net profit is estimated to be between 1.77 billion yuan and 1.97 billion yuan, marking a quarter-on-quarter growth of 90% to 112%.
In terms of R&D investment, Advanced Micro-Fabrication Equipment Inc spent approximately 2.042 billion yuan in the first half of 2026, accounting for 30.52% of its revenue. This ratio is significantly higher than the average R&D investment level of 10% to 15% seen among listed companies on the STAR Market. The announcement stated: "The pace of developing new products has accelerated notably. Previously, it took three to five years to develop a new piece of equipment; now, we can develop competitive new equipment and successfully bring it to market in two years or less. To date, the company has developed 54 types of high-end semiconductor equipment."
In a research report released on July 27, Citigroup noted that Advanced Micro-Fabrication Equipment Inc's addressable market continues to expand and new order growth is strong. The bank significantly raised its target price for the company by 66% to 460 yuan. Driven by the rapid growth in AI infrastructure construction and memory demand, the overall semiconductor equipment industry remains at a high level of prosperity. Meanwhile, domestic wafer fabs are continuously expanding production, accelerating the process of equipment localization and substitution.
An industry research report, the "Mid-Year Total Semiconductor Equipment Market Forecast Report" published by SEMI, predicts that global sales of semiconductor manufacturing equipment (OEM) will reach a record high of $165.9 billion in 2026, a year-on-year increase of 23.2%. The growth momentum is expected to continue through 2028, with total equipment sales potentially hitting a record $229.5 billion, marking five consecutive years of growth. SEMI President and CEO Ajit Manocha stated: "AI is accelerating the demand for more powerful and efficient chips, thereby driving investment growth across the entire semiconductor capital equipment market. The mid-year forecast shows that the equipment spending trajectory is rising as chipmakers invest in the cutting-edge logic, advanced memory, testing, and packaging required for the AI era."
According to Tianyancha App, Advanced Micro-Fabrication Equipment (Wuhan) Co., Ltd. was recently established, with Yin Zhiyao as its legal representative and a registered capital of 50 million yuan. Its business scope includes the manufacturing of specialized equipment for semiconductor devices and the manufacturing of electronic specialized equipment. Shareholder information shows the company is wholly owned by Advanced Micro-Fabrication Equipment Inc.
On August 1, Yin Zhiyao, Chairman and General Manager of Advanced Micro-Fabrication Equipment Inc, stated at an event that over the next five years, the company will cover at least 60% of high-end semiconductor equipment, exceeding 100 types, through independent development and external acquisitions. By then, its annual production capacity is expected to rise to over 70 billion yuan.
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