中微公司1H26预告净利高增但主要由投资收益驱动

AMEC voluntarily released 1H26 preliminary results today (3 August), indicating that 1H26 net profit could jump by 282%-311% YoY to Rmb2.70bn-2.90bn due to not only 35% YoY revenue growth but also investment income including equities revaluation gains being Rmb1.8bn higher than 1H25 level (Rmb168mn). Recurring profit also grew strongly by 86%-123% YoY to Rmb1.00bn-1.20bn in 1H26. 1H26 preliminary results imply that AMEC's 2Q26 revenue and gross profit could increase by 35%/39% YoY to Rmb3.78bn/1.50bn, 3%/4% below Bloomberg consensus. However, with ~Rmb1.59bn investment income in 2Q26, AMEC's net profit could grow by 350%-401% YoY to Rmb1.77bn-1.97bn in 2Q26, beating consensus estimate by 145%-173%. AMEC attributed the solid results to its capability of faster new product launches and the edge at advance technology nodes. We reaffirm our Buy rating with the strong 1H26/2Q26 preliminary results.
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Implications — We see upside to CitiE/Consensus 2026E earnings estimates since the mid point of AMEC's 1H26 net profit has reached 83%/79% of CitiE/Consensus 2026E full-year numbers. This is primarily due to AMEC's stronger-than-expected investment income including equity revaluation gains in 1H26 – Rmb1.98bn vs. our 2026E full-year estimate of Rmb1.0bn. AMEC's profit structure – a portion of earnings coming from revaluation gains of its stock holdings – makes us prefer it over NAURA (002371.SZ) in the semiconductor upcycle.