The Zhitong Finance App learned that Cathay Pacific Haitong released a research report stating that it is concerned about order quality and profit fulfillment. Overseas UMC has begun the expansion of Singapore's P4 clean room; domestic companies have successively laid out new factory real estate line construction. The bank believes that the new construction and expansion of fab plants will drive cleanroom system integration, plant system and secondary distribution engineering requirements, and that the project construction schedule determines the pace of order delivery and revenue confirmation for relevant enterprises.
Cathay Pacific Haitong's main views are as follows:
Facility management system: Most corporate revenue grew in the first three quarters of 2026, but it will take time for recurring profit improvements
In the first three quarters of 2026, the revenue of Zhengfan Technology, MeiAir Technology, and Xinlai Yingcai was +16.64%/11.70% year-on-year, respectively. The revenue of 6 of the 7 companies increased year-on-year in the Q3 single quarter. On the profit side, the gross margin of most companies declined year-on-year. Zhengfan Technology's net profit to mother was +281.11% year-on-year, but net profit loss of 48 million yuan after deduction was mainly affected by the delivery of low-profit orders in the early period; even Pure Technology and Shengjian Technology also experienced losses. MayAir Technology's gross margin and non-profit deductions have improved significantly.
Clean room system integrators: project execution drives revenue growth, high-margin overseas projects drive profit release
In the first three quarters of 2026, the operating income of Yaxiang Integrated and Baicheng Co., Ltd. was +29.14%/36.49%, respectively. Among them, Baicheng's Q3 revenue in a single quarter was +113.51% year-on-year, mainly driven by the centralized construction of newly undertaken projects. Yaxiang Integrated's net profit was +78.76% year-on-year, and gross margin increased by 3.91 pct, benefiting from better gross margin of construction projects and effective control of contract costs; Shenghui Integrated's net profit was +58.61% year-on-year, and high-margin overseas projects contributed greatly. On the order side, the unfinished contract amount for Yaxiang Integration at the end of the first half of the year was 7.898 billion yuan. Ongoing orders at the end of the third quarter for Shenghui Integration and Baicheng Co., Ltd. increased 72.64% and 153.43% year-on-year respectively, providing project reserves for subsequent results.
Industry chain summary: Order demand continues to be released, and project structure and fulfillment efficiency have become the key to profit growth
In the first three quarters of 2026, demand for orders in the semiconductor cleanroom industry chain continued to grow, but the expansion of orders did not synchronize with the improvement in current performance. Factory system companies are affected by early low-margin order delivery, project execution cycle and business structure changes, and some companies' revenue growth has not been effectively converted into profit; clean room system integrators are affected by the pace of project acceptance, overseas business share, and cost control capabilities, and there are differences in profit levels. Looking ahead, continued semiconductor capital expenditure, promotion of high-margin overseas projects, and expansion of OPEX and high-end component businesses are expected to provide growth impetus for the industrial chain. The bank believes that order quality, revenue recognition efficiency, and cash repayment ability will be the core indicators for judging the sustainability of corporate profits.
Risk warning: Downstream semiconductor capital expenditure falls short of expectations; risk of project delivery and revenue recognition falling short of expectations; risk of increased industry competition and declining profitability; risk of accounts receivable recovery and operating cash flow risk; new product development and domestic substitution process falling short of expected risk.