Advanced Micro Fabrication Inc (688012) Fair Value & Analysis
Technology · CN · Market cap 336B CNY (≈ $50.2B) · ISIN CNE100003MM9
What is Advanced Micro Fabrication Inc really worth?
A solid business, but trading 509% above our fair value of ¥55.05.
Strengths
Risks
For context
Fair value as of: Aug 13, 2026
From 26 valuation models · updated 22 days ago
Fair value updated Aug 13, 2026, revised from ¥41.79 to ¥55.05 (+31.7%) since Jul 19, 2026. Share price −6.3% over the past month.
What runs behind every stock
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What matters now
- The price sits above even our optimistic bull case (¥66.97). The favourable scenario is already priced in.
- The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
- Solid but not exceptional quality (66/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range ¥80.15 – ¥490.33 · fair‑value band ¥41.43 – ¥66.97 · the ¥335.42 price screens above the ¥55.05 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.
Analysis
Advanced Micro Fabrication Inc (688012) currently trades at ¥335.42, while our model-based Fair Value estimate is ¥55.05, implying the stock looks roughly 509.4% overvalued today. The Quality Score stands at 66/100 (solid quality), in the Technology sector. Bull case: the Growth Earnings group reads highest at a median of ¥111.41 per share, and 0 of the 26 models we run sit above the ¥335.42 price. Bear case: the Asset-Based group reads lowest at ¥15.00, and 26 of the 26 models stay below the price. Evidence for this calculation is low.
Over the trailing twelve months, Advanced Micro Fabrication Inc generated revenue of 13.1B CNY at a net margin of 20.8%. Revenue grew 34.1% year over year. It earns a return on equity of 12.0%. The balance sheet holds a net cash position of 7.0B CNY. Fundamentals as of Aug 13, 2026
Our scenario range runs from ¥41.43 (bear case) to ¥66.97 (bull case); at ¥335.42, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 37% below its 52-week high and 103% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at −70% fair-value upside, at −84%, 688012 screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly ¥1.81 per share, which is 2.7 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 26 models by family
Widest divergence: Growth Earnings (¥111.41) versus Dividend Discount (¥3.68). Highest evidence: FCF DCF (74).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 68 · Market factors (momentum, volatility) 64
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
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.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Advanced Micro Fabrication Inc reported revenue of 12.4B CNY in FY2025 versus 3.1B CNY in FY2021, a compound +41.3%/yr. Reported net income was 2.1B CNY in FY2025, compounding +20.2%/yr from FY2021.
688012 screens 509% overvalued. Compare with ASML Holding →
Peer Group
Semiconductor Equipment & Materials · 213 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Semiconductor Equipment & Materials median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 30/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Semiconductor Equipment & Materials stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| ASML Holding ASML | €1,494 | €604.27 | −60% |
| Applied Materials, Inc AMAT | $482.36 | $183.10 | −62% |
| Lam Research Corporation LRCX | $301.90 | $91.80 | −70% |
| KLA Corporation KLAC | $175.54 | $74.58 | −58% |
| NAURA Technology Group 002371 | ¥707.90 | ¥205.30 | −71% |
| Teradyne, Inc TER | $354.97 | $65.80 | −81% |
| Piotech Inc 688072 | ¥685.11 | ¥89.27 | −87% |
| Hon. Precision, Inc 7769 | 6,445 TWD | 1,804 TWD | −72% |
| Hangzhou Changchuan Technology Co 300604 | ¥284.80 | ¥46.26 | −84% |
| Qnity Electronics, Inc Q | $142.08 | $68.69 | −52% |
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