SSE STAR · Etch equipment · China's No.2 localization play
AMEC
A Shanghai etch-equipment maker (Zhongwei) where CCP/ICP etch is 75% of revenue (RMB 9.8B etch in 2025), with strength in ultra-high-aspect-ratio (HAR) etch — a pillar of China's equipment localization. As US sanctions push Chinese fabs toward domestic tools, SMIC has installed 800+ and cumulative shipments have passed 5,000, driving 2025 revenue of RMB 12.4B (+37%). Some tools are even used in TSMC's supply chain (65nm-3nm), but continued reliance on externally sourced critical chamber components is the remaining hurdle to self-sufficiency.
688012.SS Updated Jul 12, 2026 2 AI consumers
Per the valuechain.wiki graph, AMEC is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 6 companies within two hops; the links are backed by 2 dated sources, 1 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · 2025 revenue RMB 12.4B (+37%)
- Customer concentration · SMIC 800+ tools; strong in HAR etch.
- Segments · CCP/ICP etch (75%) · Deposition
Revenue from
- SMIC High confidence
Supplies CCP/ICP etch tools to SMIC — the largest customer with 800+ installs, the core demand of China's localization shift. - Hua Hong Semiconductor Medium confidence
Supplies CCP/ICP etch tools to Hua Hong — the second axis of Chinese-fab localization. - China memory · foundry (etching) Medium confidence
Supplies etch/deposition to YMTC, CXMT, etc.
Pays to
- components, materials & R&D (undisclosed) Low confidence
Etch-tool parts, materials, R&D. - litho & core components (undisclosed) Low confidence
Sources etch chambers and critical components externally — the still-incomplete upstream dependence and a geopolitical risk.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| GigaDevice | lead2 | +7.3 | -17 | -45.1 | +103.8 | +147.9 | +94.6 |
| Cambricon | lead2 | -48.7 | -21.2 | +77.1 | +420 | +120.1 | +65.9 |
| Hygon | lead2 | · | · | +54.2 | +93.4 | +106.9 | +33.6 |
| Qualcomm | lead2 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +11.7 |
| Hua Hong Semiconductor | lead1 | -19.8 | -19.5 | -53 | +61.6 | +412.1 | +59.2 |
| SMIC | lead1 | -29.6 | -7.4 | -18.3 | +169.9 | +98.4 | +5.6 |
| AMEC | node | -22.7 | -11.6 | +8.9 | +58.3 | +93.5 | +86.3 |
YTD as of 2026-07-10 · source: Yahoo Finance
China's No.2 etch-equipment maker (Zhongwei), a core localization play with strength in ultra-high-aspect-ratio (HAR) etch central to China's semiconductor self-sufficiency. As sanctions accelerate Chinese fabs' switch to domestic tools, SMIC's 800+ installs and cumulative shipments past 5,000 drove 2025's +37% growth. The growth case ties directly to expansion cycles at SMIC, Hua Hong, YMTC and CXMT, but reliance on externally sourced critical chamber components — self-sufficiency still incomplete — and geopolitical regulation are the risks. Upstream on the graph, the trigger is capacity investment by Chinese foundry and memory fabs, and this node is among the biggest beneficiaries of that localization demand.
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 2 · Hold 0 · Sell 0 · Avg. target ¥445 · Price ¥434.51 (07-10) · Upside +2%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Huatai Securities | Buy | ¥472.54 | May 5, 2026 | Report ↗ |
| BOCOM International | Buy | ¥418 | Apr 3, 2026 | Report ↗ |
Huatai Securities and BOCOM International keep Buy ratings with sharply raised targets on surging etch-tool orders and accelerating semiconductor equipment localization.
Analyses covering this node
- Export controls wind China's chain clock: the makers rise, not the buyers Jul 10, 2026
- China replicates the chain in parallel: the second map that sanctions drew Jun 23, 2026