受益于全球AI资本开支，规模和业绩双增长
　　公司发布26年中报，公司上半年实现营业收入25.48亿元，同比+51.36%，主要原因系新加坡多个项目持续推进，本期完成的工程量较上期增加。实现归母净利润4.9亿元，同比大幅+204.80%，主要原因为本期施工项目毛利率较好且有效控制发包成本，工程毛利较多所致。
　　受益于全球AI上涨需求带动半导体产业需求，公司具备高端洁净室交付能力，看好公司订单持续上行。上调公司26-28年归母净利润13.1亿/16.6亿/19.4亿至14.9亿/21.2亿/25.1亿，对应PE为24、17、14倍，维持“买入”评级。
　　海外业务增长快，新加坡市场成增长核心引擎，订单保障
　　2026年，AI算力需求的快速增长成为产业扩张的核心引擎。公司盈利能力提升，2026年H1综合毛利率为24.25%，同比+7.36pct。分地区看，新加坡/中国大陆/越南分别实现收入约17.28亿元、8.10亿元、0.10亿元，其中新加坡收入同比+77.14%，收入占比67.83%，而国内收入同比+23.53%，收入占比31.79%。地区盈利能力差异显著，2025年新加坡业务毛利率达到30.35%，同比+10.55pct，国内业务毛利率约11.6%，同比-1.46pct。截至2026H1末，公司未完工项目合同金额达79亿元。
　　净利率提升、经营稳健，分红慷慨
　　2026年半年度公司期间费用合计0.40亿，费率为1.55%，同比-3.52pct，其中销售、管理、研发、财务费用率为0.10%、1.52%、0.95%、-1.02%，同比+0.01pct、-1.05pct、-0.20pct、-2.29pct，财务费用下滑主要原因系上期新加坡分公司美元定期存款因美元对新加坡币汇率变动形成的汇兑损失较多，而本期因汇率变动形成的收益金额较小所致。公司归母净利率为19.25%，同比+9.69pct；现金流层面，2026年H1公司经营性现金流净流入-1.31亿元。期末货币资金28.68亿元，同比-7.3%，资产负债率56.42%，比上年末57.01%下降0.59pct，财务风险整体可控。分红层面，拟每10股派发现金红利16.50元（含税），分红总额约为人民币3.52亿元。
　　风险提示：下游需求/项目实施不及预期、国际贸易摩擦及地缘政治、结算延迟风险、股价波动等

L&K Engineering has reported 1H26 results:revenue reached RMB2,548mn(+51.36%YoY),attributable net profit came in at RMB490mn(+204.80%YoY),and recurring net profit was RMB490mn(+205.75%YoY),in line with the company's earlier profit alert.For 2Q26,revenue was RMB1,417mn(+67.08%YoY,+25.38%QoQ),with attributable net profit of RMB242mn(+207.28%YoY,-2.21%QoQ).According to the group's latest investor conference,new orders in Southeast Asia reached approximately RMB57.4bn in 1H26,already far exceeding the full-year 2025 total.The order backlog stands at nearly RMB70bn.Given that new cleanroom and MEP projects in Southeast Asia should be undertaken by the subsidiary,we believe L&K Engineering's potential order backlog may have grown well ahead of market expectations.Maintain BUY.
Singapore subsidiary:1H26 gross/net margin 30.3/25.4%
For 1H26,gross margin was 24.25%,+7.36pp YoY/-4.3pp HoH.For 2Q26,gross margin was 23.63%,+3.3pp YoY/-1.4pp QoQ.We attribute the sequential margin decline primarily to ahigher revenue mix from China mainland and Vietnam.In 1H26,China mainland&Vietnam/Singapore generated revenue of RMB820mn/RMB1,730mn,with the China mainland&Vietnam revenue share rising 13pp HoH from 2H25.The Singapore subsidiary posted net profit of RMB440mn.We estimate 1H26 Singapore gross margin at 30.3%,+10.6pp YoY/-1.4pp HoH,and net margin at 25.4%,+13.3pp YoY/-2.3pp HoH.As of end-1H26,accounts receivable on the balance sheet jumped 143%from end-2025 to RMB1,107mn,mainly due to ashort-cycle increase in billed-but-uncollected amounts from Singapore projects during the settlement cycle.This drove apassive rise in 1H26 impairment provisions to RMB27mn(vs.a reversal of RMB12mn in 1H25),causing some near-term volatility in Singapore's net margin.
Group order backlog near RMB70bn at end-1H26
According to the group's latest investor conference(24 July 2026),new orders in Southeast Asia reached TWD276.4bn(RMB57.4bn)in 1H26,up 194%from 11M25.As of end-1H26,the group's Southeast Asia order backlog stood at TWD334.5bn(RMB69.5bn),up 281%from end-November 2025.Under the non-compete agreement,new cleanroom and MEP projects in Southeast Asia should be undertaken by the subsidiary.Major projects under construction in Singapore are predominantly full-turnkey contracts for wafer foundry or memory fabrication facilities.We estimate that the subsidiary L&K Engineering's share of the backlog,including orders pending allocation from the group,accounts for nearly half of the total,which should support revenue conversion and profit delivery.
Earnings forecasts and valuation
Given the stronger-than-we-expected growth in the order backlog,including orders pending allocation from the group,we raise our 2026/2027/2028 attributable net profit forecasts to RMB1,556/2,554/3,287mn(unchanged/+17.97%/+37.52%vs.previous),implying athree-year CAGR of 54.44%and EPS of RMB7.30/11.97/15.40.The average 2026E PE for comparable companies is 38x on Wind consensus.We assign a38x 2026E PE,lifting our target price to RMB277.40(previous:RMB235.62,on 32x 2026E PE).In mid-2026,the company distributed acash dividend of RMB1.65/share from 2025 residual distributable profit,implying arestated 2025 dividend payout ratio of 79%.The payout ratio has risen each year over the past three years.Assuming an 80%payout ratio is maintained over the next three years,we forecast 2026/2027/2028 dividend yields of 3.15/5.31/7.55%.We deem the dividend cushion at the current share price substantial.BUY.
Risks:escalating geopolitical conflicts,sharper-than-we-expected slowdown in semiconductor industry capex,and settlement delays.

　　亚翔集成发布半年报，2026年H1实现营收25.48亿元（yoy+51.36%），归母净利4.90亿元（yoy+204.80%），扣非净利4.90亿元（yoy+205.75%），符合公司此前发布的业绩预告。其中Q2实现营收14.17亿元（yoy+67.08%，qoq+25.38%），归母净利2.42亿元（yoy+207.28%，qoq-2.21%）。根据集团最新法人说明会，集团东南亚区域1H26新签订单约574亿人民币，远超2025全年；在手订单近700亿人民币，考虑到东南亚新增的洁净室及机电工程应由子公司承担，我们预计亚翔集成目前潜在在手订单规模或超预期增长，维持公司“买入”评级。
　　1H26新加坡公司毛利率/净利率30.3%/25.4%
　　1H26综合毛利率为24.25%，同比+7.36pct/环比-4.3pct；单二季度毛利率为23.63%，同比+3.3pct/环比-1.4pct，毛利率环比下降，我们认为主因中国大陆及越南区域收入占比提升；1H26中国大陆及越南/新加坡区域分别实现收入8.2/17.3亿元，中国大陆及越南收入占比环比2H25提升13pct；新加坡分公司实现净利润4.4亿元，测算1H26新加坡区域毛利率为30.3%，同比+10.6pct/环比-1.4pct；净利率25.4%，同比+13.3pct/环比-2.3pct。截至1H26末，公司账面应收账款较25年底增长143%至11.07亿元，主因项目结算周期中新加坡已结算未收款金额短周期增加，带动1H26减值计提被动提升至0.27亿元（1H25同期为冲回0.12亿元），导致新加坡短期净利率略有波动。
　　1H26末集团在手订单近700亿，预计子公司未来或承接近半
　　根据集团最新法人说明会（20260724）披露，1H26集团东南亚区域新签订单为2764亿新台币（合人民币574亿元），较25年前11月新签增长194%；截至1H26末，集团东南亚区域在手订单规模为3345亿新台币（合人民币695亿元），较25年11月底增加281%；根据避免同业竞争协议约定，东南亚区域新增的洁净室及机电工程应当由子公司承担，新加坡区域重大在建项目主要为晶圆代工、或存储制造的厂房相关的全案统包工程，我们推测其中归属于子公司亚翔集成的在手及待集团分拆的订单规模占比近半，有望支撑子公司未来订单结转收入及利润兑现。
　　盈利预测与估值
　　考虑到公司在手及待集团分拆订单规模增长超预期，我们上调公司26-28年归母净利润至15.56/25.54/32.87亿元（较前值分别持平/+17.97%/+37.52%，三年复合增速为54.44%），对应EPS为7.30/11.97/15.40元。可比公司26年Wind一致预期PE均值为38x，认可给予公司26年38倍PE估值，上调目标价为277.40元（前值235.62元，对应32倍26年PE）。26年中期公司对25年剩余可分配利润进行分配，每股现金分红1.65元，还原后25年股利分配率为79%，近3年公司分红比例逐年提升，若未来3年维持80%分红比例，预测26-28年股息率为3.15%/5.31%/7.55%，当前股价位置股利安全垫较厚，维持“买入”评级。
　　风险提示：地缘政治冲突加剧，半导体产业投资超预期下滑，结算延迟风险。

　　Q2收入环比显著提速，业绩高增符合此前预告中枢。2026H1公司实现营业总收入25.5亿元，同增51%；归母净利润4.9亿元，同增205%，与此前业绩预告中值一致。分季度看：Q1/Q2分别实现营业收入11.3/14.2亿元，同比35%/67%；实现归母净利润2.5/2.4亿元，同增202%/207%，Q2营收环比提速、业绩延续翻倍以上增长，主要得益于新加坡多个项目持续推进，本期工作量大幅增长，叠加海外项目总体盈利能力较优，带动整体业绩增速显著快于收入。分区域看：2026H1新加坡/中国大陆分别实现营收17.3/8.1亿元，新加坡市场贡献占比68%。公司公告中期分红规划，拟每10股派发现金红利16.5元，合计分红3.52亿元，占H1归母净利润的72%。
　　毛利率改善、费率摊薄驱动净利率上行。2026H1公司综合毛利率24.25%，同增7.4pct；Q2单季毛利率23.6%，同增3.3pct，毛利率提升预计主要因新加坡项目总体毛利率较高，且依托有效内部管理，公司发包成本有所降低。Q2毛利率环比Q1有所降低，预计主要因二季度确认较多境内项目（上半年境内/新加坡区域毛利率分别为12%/30%）。H1期间费用率1.6%，同降3.5pct，其中销售/管理/研发/财务费用率分别同比+0.01/-1.05/-0.2/-2.3pct，管理费率下降预计主因收入规模扩大摊薄，财务费用率下降较多主因上年同期汇兑损失基数较高。2026H1减值损失净冲回0.16亿元（合同资产减值冲回），同比多冲回0.22亿元；Q2单季净计提0.20亿元，主要因应收款余额增加致计提额被动增长，后续回款后有望冲回。2026H1归母净利率19.2%，同增9.7pct（Q2单季17.1%，同增7.8pct）。
　　AI扩产提速带动洁净室需求增长，母公司订单显著放量。当前AI算力扩容拉动上游GPU、存储、先进封装需求大幅增长，上游多领域价格中枢持续上修、龙头加速扩产，持续验证AI资本开支步入超级景气周期：今年以来美光多次上调CAPEX预期，近日再次将2035年美国本土累计投资由2000亿美元上修至2500亿美元。母公司台湾亚翔已与美光在厂务相关建设中建立深度合作，近期法说会披露Q2末尚未施工工程合约4401亿新台币（折合人民币916亿元），较2025年底增长147%，其中东南亚占比76%、半导体占比81%；2026年1-6月新签合同额3037亿新台币（折合人民币632亿元），其中东南亚占比91%、半导体占比98%。根据上市签署协议，后续东南亚项目机电/洁净室环节预计将陆续分包苏州亚翔集成，有望带动公司订单持续增长（截至Q2末公司未完合同额79亿元，较25年底增长65%，在手订单充裕）。截至2026年7月，公司总人数1028人，较2025年底增长21%，持续打开年产值上限，其中新加坡编制增至166人，为后续开拓美国市场奠定团队基础。
　　投资建议：公司在手订单充裕，盈利能力优异，我们预计公司2026-2028年归母净利润分别为14.11/18.33/26.63亿元，同增58%/30%/45%，对应EPS分别为6.62/8.59/12.48元/股，当前股价对应PE分别为22/17/12倍，维持“买入”评级。
　　风险提示：在手订单执行进度不及预期、半导体资本开支下行、海外市场开拓不及预期等。

L&K Engineering Suzhou reported 1Q26 revenue of RMB1,130mn (+35.38% YoY, -37.12% QoQ), attributable NP of RMB248mn (+202.41% YoY, -44.86% QoQ), and recurring NP of RMB247mn (+202.36% YoY), in line with the company's previous profit alert. In our view, the QoQ decline in revenue and profit is likely due to disruptions to construction settlement progress from holidays such as the Chinese New Year in 1Q26; additionally, the VSMC project reached 66% completion progress by 2H25, with the peak of project construction settlements having passed, and we expect the scale of single-quarter settlements to decline in the later period. The Singapore memory project initially entered settlements at end-2025, and we expect single-quarter settlements to gradually increase in the later period. As the company benefits meaningfully from buoyant investments in the global semiconductor industry, where leading companies continue to expand capacity, we expect the scale of new orders and subsequent potential follow-on orders to continue to rise, with profit margins for major projects remaining elevated and showing good sustainability. Maintain BUY.
Earnings forecasts and valuation
We maintain our attributable NP forecasts for 2026/2027/2028 at RMB1,557/ 2,165/2,390mn (3Y CAGR: 38.88%), implying 2026/2027/2028 EPS of RMB7.30/10.15/11.20. Considering the company's revenue has reached a meaningful scale but profit upside remains more sensitive to downstream investment cycles, we maintain our valuation at 32x 2026E PE (below its peers’ average of 44x on Wind consensus), for our target price of RMB235.62.
Risks: Intensified geopolitical tensions, a steeper decline in semiconductor capex than we expect, project settlement delay.