Both Engineering has released its 1H26 results: revenue rose 9.40% YoY to RMB2,652mn, attributable net profit grew 3.01% YoY to RMB86mn, and recurring net profit increased 6.16% YoY to RMB84mn. Since early 2026, investment in domestic high-tech industries such as semiconductors and new displays has expanded. The company's new orders hit a record high, and earlier orders are entering the execution phase, driving YoY growth in both revenue and attributable net profit. For 2Q26, revenue reached RMB1,792mn, up 29.21% YoY/108.44% QoQ, with attributable net profit of RMB54.93mn, up 39.77% YoY/76.72% QoQ. AI is fueling strong demand for upstream semiconductor and memory capacity expansion, while import substitution is accelerating investment deployment. We expect the company's orders to grow rapidly, and the competitive landscape of the domestic semiconductor cleanroom industry to improve. Maintain BUY.
We maintain our 2026/27/28 attributable net profit forecasts at RMB417/577/767mn, implying a 3Y CAGR of 55.18%, with EPS of RMB0.79/1.10/1.46. Comparable companies trade at an average 2026E PE of 29x on Wind consensus. Competitors from Germany and China’s Taiwan have shifted strategic focus to overseas markets, which we expect to help the company gain domestic market share. Meanwhile, import substitution is accelerating semiconductor capacity expansion in China, and as a leading domestic cleanroom engineering firm, the company is well positioned to benefit. We assign a 40x 2026E PE and maintain our target price of RMB31.6.

　　Q2营收/归母净利润同增29%/40%，Q3有望进一步提速。2026H1公司实现营业总收入27亿元（半导体及泛半导体/新型显示/生命科学/其他电子分别实现营业收入20/3/2/1亿元），同增9%；归母净利润0.86亿元，同增3%；扣非归母净利润0.84亿元，同增6%。分季度看：Q1/Q2分别实现营业收入9/18亿元，同比-17%/+29%；归母净利润0.31/0.55亿元，同比-30%/+40%。二季度收入增长显著提速，主因Q1签单逐步进入施工高峰期；盈利增长快于收入，主要得益于毛利率延续改善。今年Q1以来公司季度签单维持高位，考虑签单-进场-密集执行存在传导周期（开工后产值转化周期约6-12个月），预计Q3收入业绩将进一步提速。
　　毛利率稳步上行，Q2现金流显著改善。2026H1综合毛利率10.7%，同增0.6pct（Q2单季10.1%，同增0.1pct），盈利能力延续改善，环比略有下行预计主因Q2为开工旺季，成本开支较多，预计随着已执行环节逐步结算，毛利率有望环比提升。H1期间费用率4.2%，同增0.3pct，其中销售/管理/研发/财务费用率分别同比-0.1/+0.01/+0.02/+0.4pct，财务费率提升较多主因本期汇兑净损失增加影响。资产（含信用）减值损失0.52亿元，同比多计提0.12亿元。H1归母净利率3.2%，同降0.2pct（Q2单季3.1%，同增0.2pct）。H1经营现金流净流出6.1亿元，同比少流出0.37亿元，其中Q2单季现金流转正、净流入1.9亿元（同比多流入1.6亿元）。
　　新签订单创历史新高，在手订单充裕支撑全年业绩高增。2026H1公司新签订单额58亿元，已超去年签单总额，其中半导体及泛半导体/新型显示/生命科学及食品药品大健康/其他电子分别新签45.8/8.0/1.5/2.9亿元，占比78.6%/13.7%/2.6%/5.0%。分区域看，境内/境外分别新签55/3.7亿元，占比94%/6.3%。截至6月末公司在手订单56亿元，同比大幅增长222%，其中半导体及泛半导体/新型显示分别占比75%/17%。年初至8月25日公司累计新签订单额已达69亿元，国内两存等龙头扩产提速带动签单高景气延续，预计将驱动下半年业绩大幅增长。
　　模块化业务规模快速扩张，出海持续突破。2026H1公司模块化业务新签订单0.32亿元，同比大幅增长123%，其中境外订单占比79%；实现营业收入1915万元，同比增长95%，业务规模延续高增。年初至8月25日，公司模块化业务累计新签订单已达0.49亿元，订单规模不断扩大。后续公司将进一步加大模块化建造方案在生物制药、数据中心、锂电等下游领域的延伸，随着产品成熟度提升、产能逐步释放及海外市场持续拓展，模块化业务规模有望显著扩张。
　　投资建议：考虑今年以来公司签单持续高景气，我们预计2026-2028年归母净利润分别为3.67/4.60/5.32亿元，同增79%/25%/16%，EPS分别为0.70/0.87/1.01元/股，最新PE分别为39/31/27倍，维持“买入”评级。
　　风险提示：境内半导体资本开支不及预期、行业竞争加剧、项目执行延后风险等。

　　柏诚股份发布2026年半年报，2026H1实现营收26.52亿元（yoy+9.40%），归母净利0.86亿元（yoy+3.01%），扣非净利0.84亿元（yoy+6.16%）。26年以来国内半导体、新型显示等高科技产业投资扩容，公司新签订单创历史新高，前期订单逐步进入执行期，收入和归母净利均实现同比增长，其中Q2实现营收17.92亿元（yoy+29.21%，qoq+108.44%），归母净利5492.78万元（yoy+39.77%，qoq+76.72%）。考虑到AI催生上游半导体、存储扩产建厂需求旺盛，叠加国产替代推进加速投资落地，公司订单迎来高速增长，且境内半导体洁净室产业竞争格局有望迎来改善，维持“买入”。
　　26H1下游泛半导体建厂需求修复，中国大陆市场竞争阶段性改善
　　26H1公司泛半导体/新型显示/食品药品领域洁净室工程收入分别为20.1/2.9/2.2亿元，同比+35.1%/-31.0%/+51.7%；分地区看，境内/境外分别实现营业收入24.1/2.4亿元，同比+11.5%/-8.4%；上半年国内半导体等高科技产业投资扩容，带动公司半导体相关项目收入实现较快增长。26H1公司综合毛利率10.72%，同比增加0.58pct，其中境内/境外业务毛利率分别同比+1.15/-4.06pct，我们认为毛利率同比改善或部分源于公司“提质增效”战略初具成效，此外德国系、中国台湾系竞争对手阶段性战略重心转移至海外市场，央企竞争对手业绩对赌结束后，亦回归对于“一利五率”的国资委考核导向上，均使得中国大陆行业竞争或迎来阶段性改善。
　　26H1应收账款规模同比进一步压降，现金流小幅改善
　　26H1公司整体费用率同比+0.33pct至4.21%，主因期间费用绝对值相对刚性，同比+18.8%至1.12亿元，收入规模增长短周期低于期间费用增幅，引起费率增加。上半年资产/信用减值损失分别为0.59/-0.07（冲回）亿元，减值规模整体增加0.12亿元，为项目执行结转周期中的正常增加。截至26H1末，公司账面应收账款净值为5.68亿元，同比-19.4%，应收账款规模显著收敛。26H1公司归母净利率为3.24%，同比-0.2pct，26Q2归母净利率为3.07%，同比+0.23pct/环比-0.55pct。26H1公司经营活动产生的现金流量净额-6.06亿元，同比改善0.37亿元。
　　新签订单快速增长，新业务拓展初具成效
　　上半年公司新签订单为58.3亿元，已超25年全年新签订单规模，其中半导体及泛半导体新签订单占比78.6%，AI应用落地，催生泛半导体产业扩产需求旺盛，带动半导体洁净室进入招投标景气周期，中国大陆竞争格局改善下，公司市场份额或有进一步提升，新签订单快速增长。截至26H1末，公司在手订单56.29亿元，同比+222.15%，其中境内/海外在手订单分别为52.8/3.5亿元。新业务拓展方面，公司持续推动模块化建造、化学分子过滤业务等新兴业务扩张，上半年，子公司柏信智造新签模块化订单同比+123%，子公司奇绎分子的产品逐步通过客户送样验证。
　　盈利预测与估值
　　我们维持公司26-28年归母净利润预测为4.17/5.77/7.67亿元（三年复合增速为55.18%），对应EPS为0.79/1.10/1.46元。可比公司26年Wind一致预期PE均值为29x，考虑到德国、中国台湾系竞争对手阶段性战略重心转移至海外市场，公司境内市占率有望迎来提升，同时境内市场国产化替代驱动半导体扩产提速，公司作为内资洁净室工程龙头有望充分受益，给予公司26年40倍PE估值，维持目标价为31.6元。
　　风险提示：国内半导体行业资本开支低于预期；半导体洁净室工程业务毛利率下滑超预期；公司新签订单或转化低于预期。

Both Engineering’s 2025 revenue fell by 21.19% YoY to RMB4,133mn, and attributable net profit (NP) came down 3.34% YoY to RMB205mn, missing our estimates of RMB5,700mn and RMB240mn, respectively, mainly due to uncertainties in the external environment, conservative investment in the semiconductor and optoelectronics-related industries, and contracting order intakes/revenue recognition. For 2025, recurring NP was RMB196mn (-3.91% YoY). For 4Q25, revenue was RMB857mn (-39.08% YoY, +0.50% QoQ), and attributable NP was RMB72.21mn (+34.80% YoY, +45.99% QoQ). Considering robust AI demand and accelerating investments driven by import substitution, we expect orders to grow rapidly. Furthermore, the competitive landscape of the domestic semiconductor cleanroom industry could improve. Maintain BUY.
Downstream plant construction delayed in 2025
For 2025, semiconductor/new display/food & pharmaceutical/life science/other electronics revenues were RMB2,870/540/230/130/360mn (-22.5/-40.6/+30.6%/ -49.6%/+87.4% YoY). Short-term geopolitical disruptions impeded plant construction progress in the downstream pan-semiconductor industry and order settlement. For 2025, newly signed orders were RMB3,760mn (-30.6% YoY). By region, domestic/overseas revenues were RMB3,760/360mn (-25.45/+101.0% YoY). Overall GPM climbed by 1.93pp YoY to 11.93%, which we attribute partly to the initial success of the company's "quality and efficiency enhancement" strategy. In addition, competitors from Germany and China's Taiwan region temporarily shifted their strategic focus to overseas markets, and central SOE competitors returned to the SASAC's "one profit and five ratios" evaluation standards after their performance commitments concluded. These factors may bring a phased improvement to the competitive landscape in the Chinese mainland market. For 2025, Chinese mainland GPM was 11.63% (+1.67pp YoY).
YTD new orders exceeded RMB4.3bn
In 2025, the overall expense ratio rose by 1.31pp YoY to 4.49%, mainly because the absolute value of overall expenses grew by 11.2% YoY to RMB185mn, and a smaller revenue base was less capable of diluting these expenses. Asset/credit impairment losses were RMB29/-6mn (reversal), with impairments narrowing by RMB38mn and showing a minimal drag on profitability. The net book value of accounts receivable was RMB608mn (-13.4% YoY). In 2025, net operating cash flow fell by 64.15% YoY to RMB77mn, mainly due to a lower revenue and the corresponding decline in total customer collections. As of the end of 2025, orders on hand were RMB2,448mn (-15.4% YoY), of which domestic/overseas orders on hand were RMB210/2,230mn. However, YTD newly signed orders amounted to RMB4,320mn, exceeding the figure for the full year of 2025. We expect this to offer strong support to the company's 2026 operating earnings.
Earnings forecasts and valuation
Driven by AI, buoyant chip and memory needs at home and abroad have prompted leading players to expand their capacity. In our view, this could support strong demand for cleanroom build-out in the medium to long term. Thus, we raise our 2026/2027 attributable NP forecasts by 57.44/104.58% to RMB417/577mn and add our 2028 forecast of RMB767mn, implying 2026/2027/2028 EPS of RMB0.79/1.09/1.45. To factor in competitors from Germany and China's Taiwan region temporarily shifting their strategic focus to overseas markets, which we expect to boost the company's domestic market share, we value the stock at 40x 2026E PE, a premium over its peers' average of 35x on Wind consensus. Our target price is RMB31.60 (previous: RMB17.92, based on 40x 2025E PE).
Risks: Lower capex in the domestic semiconductor industry than we expect, a sharper decline in semiconductor cleanroom GPM than we expect, order intakes and revenue conversion missing our expectations.

Both Engineering's 1Q26 revenue fell by 17.10% YoY/rose by 0.34% QoQ to RMB860mn, attributable net profit (NP) came down by 29.68/56.96% YoY/QoQ to RMB31.08mn, and recurring NP fell by 29.55% YoY to RMB29.74mn, mainly because the company primarily executed orders acquired at the end of 2025 during 1Q26. Newly signed orders in 1Q26 were still at the preliminary preparation and commencement stages, and projects had not yet entered intensive execution, contributing only c 7% to 1Q26 revenue. We expect operating earnings to climb quarter by quarter as newly signed orders enter the execution stage. Robust AI demand and accelerating investments driven by import substitution enabled 1Q26 orders to grow rapidly. Furthermore, the competitive landscape of the domestic semiconductor cleanroom industry could improve. Maintain BUY.
1Q26 GPM continued to improve YoY
In 1Q26, overall GPM climbed by 1.67pp YoY (-3.26pp QoQ) to 11.94%, driven by the company's efforts to improve operational quality and efficiency. The QoQ decline was mainly due to the off-season for construction in the first quarter – holidays impeded order settlements, while the execution costs of some projects were relatively rigid. For 1Q26, overall expenses grew by 13.4% YoY to RMB53mn, and the overall expense ratio rose by 1.66pp YoY to 6.18%. Sales/administrative/R&D/financial expense ratios were 1.0/4.8/0.08/0.30% (+0.2/+1.0/-0.1/+0.6pp YoY). Sales and administrative expenses rose on a large amount of newly signed orders in 1Q26. The higher financial expense ratio was mainly due to losses caused by forex rate fluctuations in 1Q26.
4M26 newly signed orders grew rapidly
For 1Q26, net operating cash flow was -RMB800mn (representing an additional outflow of RMB122mn YoY), and the cash receipts-to-revenue/cash payment- to-cost ratios were 65.4/162.0%. The short-term decline in operating cash collections led to a YoY increase of RMB6.26mn in the provision for bad debts of accounts receivable. For 1Q26, overall attributable NPM fell by 0.65pp YoY/ 4.81pp QoQ to 3.62%. Aside from factors such as GPM, overall expenses, and impairments, the company's molecular-level filtration consumables business was still at the stage of customer verification and order onboarding, with total losses in 1Q26 up by RMB2.96mn YoY. Driven by the investment expansion of downstream electronic industries such as semiconductors and new displays, newly signed contracts (excluding tax) from 1 January to 28 April 2026 amounted to RMB4,325mn, already exceeding annual newly signed orders in 2025. Orders from the domestic semiconductor and pan-semiconductor industries accounted for 80.33%.
Earnings forecasts and valuation
We maintain our 2026/2027/2028 attributable NP forecasts at RMB417/577/767mn (3Y CAGR: 55.18%), implying EPS of RMB0.79/1.09/1.45. As competitors from Germany and China's Taiwan region have temporarily shifted their strategic focus to overseas markets, which we expect to boost the company's domestic market share and profitability, we value the stock at 40x 2026E PE, a premium over its peers' average of 33x on Wind consensus. Our target price is unchanged at RMB31.60.
Risks: Lower capex in the domestic semiconductor industry than we expect, a sharper decline in semiconductor cleanroom GPM than we expect, order intakes and revenue conversion missing our expectations.

　　事件：8月25日公司公告1H2026实现营收26.5亿元，同比+9.4%，归母、扣非净利润0.9、0.8亿元，同比+3.0%、+6.2%。Q2单季度营收17.9亿元，同比+29.2%，归母、扣非净利润0.5、0.5亿元，同比+39.8%、+47.0%。
　　半导体收入及订单高增，模块化业务扩张加速。分业务来看，公司1H26半导体及泛半导体、新型显示、其他电子、食品药品大健康、生命科学分别实现营收20.1、2.9、1.0、2.2、0.2亿元，同比+35.1%、-31.0%、--、+51.7%、-88.5%；分别实现毛利率10.1%、10.3%、16.6%、12.1%、35.8%，同比+1.9、-3.0、--、-3.1、+26.9pct。新业务方面，1）公司模块化业务全资子公司柏信智造1H26实现新签3,173.32万元，同比+123.49%，其中，境外订单占比78.61%。7月1日至今公司模块化业务新签1,768.82万元，规模加速扩张；2）化学分子过滤业务方面，公司产品逐步通过部分客户的送样验证，开始实现小批量订单生产和销售。1H26奇绎分子实现归母净利润-407万元。订单来看：1H2026公司新签订单58.3亿元，已超过25年全年新签规模（37.6亿元），目前公司在手订单56.3亿元，同比+222.1%。
　　汇兑损失拖累盈利能力，经营现金流同比改善。公司毛利率为10.72%，同比+0.6pct，1H2026期间费用率同比+0.33pct至4.21%，主要因公司本期汇兑净损失814万元，财务费用率同比+0.40pct，1H2026公司资产及信用减值损失为0.52亿元，同比多损失0.1亿元，综合影响下净利率同比-0.20pct至3.24%。1H2026公司CFO净额为-6.1亿元，同比+0.37亿元，收现比、付现比同比分别-7.68pct、-12.24pct，至55.90%、76.83%。
　　投资建议：预计公司26-28年归母净利润为4.0、5.7、7.9亿元，对应PE为33、23、17倍，维持“增持”评级。
　　风险提示：项目推进不及预期，订单承接不及预期，化工品价格不及预期。

　　事件：4月21日公司公告2025年实现营收41.3亿元，同比-21.2%，实现归母净利润2.1亿元，同比-3.3%，扣非归母净利润2.0亿元，同比-3.9%，单季度看，公司Q4实现营收8.6亿元，同比-39.1%,归母、扣非归母净利润0.7、0.7亿元,分别同比+34.8%、+38.4%。2026年1月1日至4月21日公司新签订单达43.2亿元，超过25全年新签37.6亿元。
　　毛利率整体改善，出海战略成效显著。分下游来看，25年半导体及泛半导体、新型显示、其他电子、食品药品大健康、生命科学分别实现营收28.72、5.37、3.55、2.31、1.31，同比-22%、-41%、+87%、+31%、-50%，分别实现毛利率10.4%、16.5%、14.2%、15.6%、14.0%，同比+1.1、+5.6、+0.8、+2.4、+3.2pct。25年公司在手订单24.5亿，同比-15.43%，半导体及泛半导体、新型显示、生命科学及食品药品大健康、其他电子业务在手订单分别为16.42、4.18、2.78、1.04亿元，同比-15%、-14%、-7%、--。公司积极践行“出海战略”，大力拓展东南亚海外市场，已构建相对成熟的跨境运营体系，25年公司海外新签4.03亿元，实现营收3.58亿元同比+101%。
　　计提减值收窄，经营现金流入有所减少。公司毛利率为11.93%，同比+1.9pct，2025年期间费用率同比+1.31pct至4.49%，其中销售、管理、研发、财务费用率同比分别+0.29、+0.87、-0.09、+0.24pct，研发费用减少主要系本期归集到“研发费用”科目的研发投入减少所致。25年公司资产及信用减值损失为0.23亿元，同比少损失0.4亿元，综合影响下净利率同比+0.92pct至4.96%。2025年公司CFO净额为0.8亿元，同比-1.38亿元，收现比、付现比同比分别+4.92pct、+7.13pct，至95.01%、92.70%。
　　投资建议：26年以来AI浪潮推动算力需求，国内晶圆厂（如中芯国际、长鑫存储）扩产启动，公司作为国内洁净室系统集成头部企业有望充分受益，目前公司已进入订单集中释放期。我们预计26-28年公司归母净利润为4.0、5.7、7.9亿元，对应PE为31、22、16倍，维持“增持”评级。
　　风险提示：下游需求不及预期，行业竞争加剧，项目实施及回款不及预期。