Stock

Advanced Micro-Fabrication Equipment Inc. China

688012.SS

Semiconductors · Technology

Price

¥335.42

-5.58 (-1.64%)

Market Cap

¥312.93B

Exchange

Shanghai Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Sep 5, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality

Mixed

Growth

Exceptional

Cash Flow

Strong

Stability

Exceptional

Valuation

Good

Dividends

Weak

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Share count rising — dilution

+8.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 574.7M (2021) → 621.0M (2025)

§Winston Score History

The full picture

Advanced Micro-Fabrication Equipment Inc. China engages in the research and development, manufacture, and sale of high-end semiconductor equipment and related semiconductor equipment in China, Taiwan, and internationally. The company offers etch products, including Primo D-RIE, Primo AD-RIE, Primo SSC AD-RIE, Primo iDEA, Primo HD-RIE, Primo TSV, Primo Nanova, Primo Twin-Star, and Primo UD-RIE; and MOCVD products, such as Prismo D-BLUE, Prismo A7, Prismo HiT3, and Prismo UniMax. It also provides Preforma Uniflex CW system, a CVD metal-tungsten deposition equipment; and Volatile Organic Compounds (VOC) air purifier for industrial use. Advanced Micro-Fabrication Equipment Inc. China was founded in 2004 and is headquartered in Shanghai, the People’s Republic of China.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+35.5% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+219.4% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

¥2.6B/ year

↑ Rising (+74% vs prior year)

21.0% of revenue

In line with sector average (15%)

Investing heavily in future products and technology

Cash Position

Cash flow positive

¥16.2B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Strong grower

Advanced Micro-Fabrication Equipment Inc. China is growing revenue at 35% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

38.9%

Modest — 38.9% gross margin

Profit after running costs

Operating Margin

10.0%

Modest — 10.0% operating margin

Return on the money invested

ROCE

9.2%

Below par — 9.2% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+33.4%

Fast-growing sales (+33.4% YoY)

Profit growth

EPS YoY

+99.3%

Earnings growing fast (+99.3% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

80%

Modest — 80% of profit becomes cash

Spare cash per sale

FCF Margin

15.3%

Converts sales into free cash efficiently (15.3%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.03

Conservative — low debt load (0.03)

Covers its interest

Interest Cover

165.67x

Comfortably covers interest (165.7x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

58.6x

Expensive — P/E 58.6

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+25.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (58.6 → 33.4)

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Dividends

Dividend

Dividend Yield

0.16%

Small dividend — 0.16% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

N/A

Data not available

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