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Leading Chinese maker of etch and deposition tools used to fabricate semiconductor wafers, competing with global equipment leaders.
Leading Chinese maker of etch and deposition tools used to fabricate semiconductor wafers, competing with global equipment leaders.
Sells plasma etch tools, and MOCVD systems for LED and compound-semiconductor chips, to Chinese chipmakers, with orders following their capacity build-outs. Each installed tool brings follow-on spares and service. It was founded in 2004 by Gerald Yin, a former Silicon Valley equipment executive, and listed on Shanghai's STAR Market in 2019.
In one line: China's Lam Research.
Moat: narrow (customer qualification, process know-how, IP / patents). Qualified etch tool-of-record at leading Chinese foundries amid a push to localise fab equipment.
Headquarters: Shanghai, China · Founded: 2004 · Employees: 2,963
Size Advanced Micro-Fabrication Equipment Inc. China (688012.SS) is a China Industrials company (Industrial Machinery) with a market value of $36.5B, the 48th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥254.00 on 6 Nov 2026.
Performance Over six months the shares gained 0.6%, against -11.2% for the median peer and -16.4% for the China market (cap-weighted) — 5th highest of 20 in its peer set.
Growth Revenue grew 26.1% over the last twelve months (peer median +8.1%); the operating margin is 12.1% (peer median 18.0%).
Valuation It trades at 51.5× forward earnings against a peer median of 23.2× (3rd most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 52% a year for seven years (Req g). Recent delivered growth is +40%, so the hurdle is +11 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.5 points below its cost of capital (9.9% WACC).
Next results Next results expected around 16 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥14.6B | CN¥12.4B | CN¥9.06B | CN¥6.26B | CN¥4.73B |
| Revenue growth | — | +36% | +45% | +32% | — |
| Gross profit | CN¥6.13B | CN¥4.72B | CN¥3.64B | CN¥2.81B | CN¥2.12B |
| EBITDA | n/a | CN¥1.59B | CN¥1.47B | CN¥1.36B | CN¥1.02B |
| Net income | CN¥5.03B | CN¥2.11B | CN¥1.62B | CN¥1.79B | CN¥1.17B |
| Free cash flow | CN¥1.30B | CN¥1.95B | CN¥705M | -CN¥969M | -CN¥751M |
| Capital expenditure | CN¥1.31B | CN¥855M | CN¥895M | CN¥870M | CN¥1.51B |
| Total debt | CN¥1.40B | CN¥754M | CN¥768M | CN¥527M | CN¥524M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Advanced Micro-Fabrication Equipment Inc. China 688012.SS | $36.5B | +1% | +26% | 12% | 51.5× | 51.7% |
| Lam Research LRCX | $250B | -32% | +33% | 37% | 19.6× | 26.4% |
| Tokyo Electron 8035.T | $122B | +41% | +18% | 28% | 23.1× | 28.8% |
| NAURA Technology 002371.SZ | $60.6B | +4% | +18% | 11% | 56.5× | 33.4% |
| Applied Materials AMAT | $264B | -24% | +8% | 31% | 18.8× | 25.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 688012.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -18.9% | -3.0% | 5th lowest of 21 |
| 6-month return | +0.6% | -11.2% | 5th highest of 20 |
| Distance from 52-week high | -49.2% | -30.7% | 3rd lowest of 21 |
| Revenue growth (TTM) | +26.1% | +8.1% | 3rd highest of 21 |
| Operating margin | 12.1% | 18.0% | 5th lowest of 21 |
| Forward P/E | 51.5× | 23.2× | 3rd most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 51.7% | 16.6% | most demanding of 19 |
| Growth delivered (Del g) | +40.3% | +9.2% | 3rd highest of 19 |
| Hurdle (Req g minus delivered) | +11.4 pp | +3.1 pp | 4th most demanding of 19 |
| ROIC minus cost of capital | -3.5 pp | +5.8 pp | lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Advanced Micro-Fabrication Equipment Inc. China 688012.SS | China | $36.5B | +1% | +26% | 12% | 51.5× | 51.7% | +40.3% |
| Eoptolink Technology 300502.SZ | China | $36.0B | -54% | +101% | 44% | 12.3× | 21.7% | +65.5% |
| ASM International ASM.AS | Netherlands | $35.5B | -28% | +13% | 31% | 27.0× | 30.0% | +19.0% |
| Schindler SCHN.SW | Switzerland | $39.4B | +17% | -3% | 13% | 28.2× | 2.3% | +0.6% |
| Yushu Technology 688836.SS | China | $39.8B | n/a | +333% | 19% | n/a | n/a | n/a |
| Daikin Industries 6367.T | Japan | $40.4B | -1% | +11% | 8% | 21.8× | 7.4% | +15.0% |
| Ingersoll Rand IR | United States | $31.9B | +10% | +8% | 19% | 21.8× | 17.3% | +14.0% |
| Gree Electric Appliances, Inc. of Zhuhai 000651.SZ | China | $31.2B | -3% | -11% | 16% | 8.6× | -16.4% | 0.0% |
| Fanuc 6954.T | Japan | $31.2B | -23% | +13% | 23% | 22.0× | 16.9% | +9.2% |
| Carrier Global CARR | United States | $42.9B | -22% | +3% | 9% | 17.2× | 19.0% | +4.5% |
| Veralto VLTO | United States | $28.5B | +35% | +6% | 22% | 24.6× | 8.3% | +4.8% |
| Dover DOV | United States | $27.1B | -7% | +8% | 18% | 17.6× | 12.2% | +3.9% |
| Alfa Laval ALFA.ST | Sweden | $22.5B | 0% | +4% | 18% | 24.2× | 7.9% | +10.9% |
| Xylem XYL | United States | $22.4B | -14% | +2% | 16% | 17.4× | 12.1% | +13.1% |
| SYM SYM | United States | $22.3B | -30% | +20% | 1% | 101.9× | n/a | n/a |
| NAURA Technology 002371.SZ | China | $60.6B | +4% | +18% | 11% | 56.5× | 33.4% | +45.5% |
| Smc 6273.T | Japan | $21.9B | -27% | +16% | 24% | 15.9× | 16.2% | +8.8% |
| Zhejiang Sanhua Intelligent Controls 002050.SZ | China | $21.5B | -28% | +3% | 15% | 33.3× | 23.8% | +20.8% |
| Honeywell Technologies HON | United States | $69.8B | -1% | -17% | 18% | 23.2× | 4.1% | +2.8% |
| VAT VACN.SW | Switzerland | $19.0B | -11% | -2% | 25% | 48.2× | 25.8% | +9.2% |
| Woodward WWD | United States | $18.7B | -14% | +22% | 16% | 31.0× | 18.9% | +7.4% |