WUS’s 1H26 Data Comms revenue: High-Speed Switches = 63%, AI/HPC = only 16%. Blending them into one “AI PCB” story misses the real margin driver. Revenue structure matters more than aggregate growth.
AMEC's 1H2026 net profit surged 300.22%, but a RMB 953mn one-off share-sale gain inflated the figure. Recurring profit rose 108.36%, and the true P/E is ~143x, not 72x.
TFC Optical's 1H2026 revenue growth halved to 15.15%, sparking 'stalling' fears. Yet net profit rose 33.92%, more than double revenue growth. The gap points to a supply-side chip shortage, not fading AI demand.
Sungrow Power's 1H2026 revenue fell 28.99% and profit 32.01%, while its stock roughly halved. Yet gross margin rose to a multi-year high of 35.92%. The gap between shrinking revenue and improving profitability may signal a shift from volume to quality.
Rockchip (603893 SH): Transitioning from consumer SoC to AIoT platform. "Main SoC + coprocessor" strategy, RK3582/RK3572 ramp, RK36 pipeline. On-device AI, robotics, cockpit localization. Hua Chuang initiates Strong Recommend, 45x 2027E P/E, target RMB 277.22.