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 5 AI consumers· 3 recurring
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 |
|---|---|---|---|---|---|---|---|
| Cambricon | lead2 | -48.7 | -21.2 | +77.1 | +420 | +120.1 | +27 |
| GigaDevice | lead2 | +7.3 | -17 | -45.1 | +103.8 | +147.9 | +18.3 |
| Qualcomm | lead2 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +0.2 |
| Hygon | lead2 | · | · | +54.2 | +93.4 | +106.9 | -7.8 |
| Hua Hong Semiconductor | lead1 | -19.8 | -19.5 | -53 | +61.6 | +412.1 | -5.8 |
| SMIC | lead1 | -29.6 | -7.4 | -18.3 | +169.9 | +98.4 | -10.9 |
| AMEC | node | -22.7 | -11.6 | +8.9 | +58.3 | +93.5 | +43.8 |
YTD as of 2026-09-04 · source: Yahoo Finance
AMEC operates across SSE STAR, Etch equipment, China's No.2 localization play. Momentum stayed firm and it is +43.8% in 2026. The stock (+43.8%) and its demand side (avg -8.3%) are moving in step. Among connected nodes the furthest ahead is Hua Hong Semiconductor (-5.8%) and the furthest behind is SMIC (-10.9%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. 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.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 2 · Hold 0 · Sell 0 · Avg. target ¥445 · Price ¥335.42 (09-04) · Upside +33%
| 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