China SPE: Memory and Advanced Logic Capacity Expansion

This report highlights a constructive outlook for China SPE and semiconductor material names driven by capacity expansion and AI demand. Analysts have reset valuation frameworks to a 2030E discounted P/E model, significantly increasing price targets.

Key Takeaways

• 1.China semiconductor equipment (SPE) and material companies are benefiting from advanced node capacity expansion and generative AI demand.
• 2.Analyst has shifted valuation methodology for China SPE/material names to 2030E discounted P/E to reflect improved long-term visibility.

Table of Contents

• NAURA
• AMEC
• ACMR
• Anji Micro
• Price Target Risks and Methodology - NAURA
• Price Target Risks and Methodology - AMEC
• Price Target Risks and Methodology - ACM Research
• Price Target Risks and Methodology - Anji Micro
• Disclosure Appendix

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