Key takeaway

In 1H26, the company recorded revenue of RMB715mn, up 55.39% YoY, and net profit attributable to shareholders of the parent company of RMB128mn, up 54.63% YoY. This was mainly driven by robust downstream demand, a strong order backlog, and higher production capacity and output. The company is accelerating the commercialization of its full range of X-ray sources and continues to make breakthroughs in emerging inspection scenarios, including high-layer-count PCBs, liquid cooling plates, optical modules, and advanced semiconductor packaging. Meanwhile, the integration of SSTI and the company's global expansion are progressing steadily, and its industrial inspection platform capabilities are gradually taking shape. As customer validation and order conversion for new products advance and overseas production capacity increases, the company's medium- to long-term growth momentum is expected to strengthen further.

Event

The company released its 2026 interim report. In 1H26, it recorded operating revenue of RMB715mn, up 55.39% YoY, and net profit attributable to shareholders of the parent company of RMB128mn, up 54.63% YoY. In 2Q26 alone, the company recorded operating revenue of RMB419mn, up 60.78% YoY, and net profit attributable to shareholders of the parent company of RMB84mn, up 76.70% YoY.

Quick Take

Robust downstream demand and a strong order backlog drive rapid growth in inspection equipment revenue

In 1H26, the company recorded operating revenue of RMB715mn, up 55.39% YoY. This was mainly driven by robust downstream market demand and a strong order backlog, as the company continued to increase production capacity and output and expand its operating scale. By product, X-ray intelligent inspection equipment generated revenue of RMB582mn, accounting for 81.41% of operating revenue. Inspection equipment for integrated circuits and electronics manufacturing, new energy batteries, and castings, weldments, and materials generated revenue of RMB231mn, RMB212mn, and RMB119mn, accounting for 32.25%, 29.67%, and 16.57%, respectively.

Other intelligent inspection equipment and spare parts and other products generated revenue of RMB52mn and RMB80mn, respectively. By region, domestic and overseas revenue amounted to RMB618mn and RMB97mn, respectively, with overseas revenue accounting for 13.62% of the total.

Gross margin improves steadily, while economies of scale reduce the period expense ratio In 1H26, the company's overall gross margin was 44.98%, up 0.87 pct YoY. The gross margins of inspection equipment for integrated circuits and electronics manufacturing and new energy batteries were 51.38% and 30.52%, respectively. The selling expense, administrative expense, R&D expense, and finance expense ratios were 10.80%, 7.69%, 11.51%, and -0.37%, respectively. The total period expense ratio was 29.63%, down 1.15 pcts YoY.

The company invested RMB82mn in R&D, up 51.24% YoY, mainly due to an increase in R&D personnel for strategic emerging markets, higher share-based payment expenses, and R&D investment by newly consolidated companies.

A leading provider of intelligent industrial X-ray inspection equipment, with an increasingly extensive platform-based and global presence UNICOMP is a leading domestic supplier of intelligent industrial inspection equipment and core components. The company primarily engages in the R&D, production, sales, and servicing of intelligent industrial X-ray inspection equipment and core components. It has established a full-industry-chain presence spanning X-ray sources, intelligent inspection equipment, and imaging software. Its products are mainly used to inspect integrated circuits and electronics manufacturing, new energy batteries, castings, weldments and materials, and foreign matter in food. Under its development strategy of “high-end positioning, platform-based expansion, and globalization,” the company continues to expand its semiconductor inspection and other industrial inspection technologies. Its products are exported to more than 70 countries and regions, and it is committed to becoming a world-class platform-based industrial inspection company.

X-ray source commercialization capabilities continue to improve, while bus iness expansion in AI-related inspection scenarios advances steadily The company has begun volume shipments of its newly developed nanoscale open-tube X-ray sources and high-power microfocus X-ray sources. The penetration rate of its X-ray sources for internal use and the volume of standalone external sales continue to rise. The company has shipped high-layer-count PCB inspection equipment to manufacturers including VGT, Avary Holding, and KINWONG. Its liquid-cooling plate inspection equipment has entered volume shipment, with related revenue increasing substantially YoY. For optical module inspection, the company has partnered with several downstream manufacturers to conduct trial inspections of their optical module samples using relevant intelligent X-ray inspection equipment. It has also secured its first order from a leading domestic optical communications company. The company has shipped inspection equipment for solid-state and semi-solid-state batteries to leading downstream manufacturers. The company’s advanced semiconductor packaging inspection equipment has received positive feedback on static testing and inspection image quality. The company is accelerating customer validation, industrialization, and commercialization.

M&A integration and global expansion advance in tandem, with industrial inspection platform capabilities gradually taking shape Controlled sub-subsidiary SSTI has launched joint R&D with a world-leading wafer foundry and a leading domestic memory chip company, and has secured repeat orders or order breakthroughs from these customers and a global technology giant, resulting in a robust order backlog. The company continues to develop inspection technologies covering optics, ultrasonics, electrical performance, and electron sources, whi le advancing the acquisition of Feilai Testing. The company has established R&D, production, and service operations in Wuxi, Chongqing, and Shenzhen in China, as well as Singapore, Malaysia, Hungary, and the United States overseas. All overseas bases are now receiving orders and conducting production and sales as normal, and subsequent capacity expansion is expected to generate incremental growth. Investment recommendation : The company has ample downstream orders, and its core industrial intelligent X-ray inspection equipment business continues to grow rapidly; the ongoing commercialization of proprietary X-ray sources will help strengthen control over core components and enhance product competitiveness. In the AI computing power value chain, the company has achieved successive breakthroughs in inspection applications for high-layer-count PCBs, liquid-cooling plates, optical modules, and advanced packaging. It is also expanding its multimodal inspection capabilities through investments and acquisitions, gradually taking shape as an industrial inspection platform company.

(1) Intelligent X-ray inspection equipment: Steady growth in traditional applications, with emerging inspection scenarios creating new growth opportunities. The company continues to strengthen its presence in traditionally strong sectors, including integrated circuits and electronics manufacturing, new energy batteries, and automotive components. It is also actively expanding into inspection demand from AI computing, advanced semiconductors, and other emerging industries. Driven by growing downstream demand, the continued rollout of new products, and the gradual ramp-up of capacity, revenue from intelligent X-ray inspection equipment is projected at RMB1.375bn, RMB1.800bn, and RMB2.300bn in 2026, 2027, and 2028, respectively, representing YoY growth of 46.4%, 30.9%, and 27.8%; gross margins are projected at 43.4%, 43.7%, and 44.0%, respectively. As the product mix improves, the share of proprietary core components increases, and economies of sca le emerge, the business's gross margin is expected to rise steadily.

(2) Other intelligent inspection equipment: Expansion of non-X-ray inspection technologies is accelerating and is expected to become a second growth driver. The Company remains focused on building an industrial inspection platform and continues to expand into semiconductor inspection, electrical performance inspection, and other multimodal inspection technologies, broadening its product coverage and downstream applications. Given that the new businesses remain in a phase of rapid market introduction and volume rampup, revenue from other intelligent inspection equipment is expected to reach RMB105mn, RMB350mn, and RMB580mn in 2026-2028, up 383.4%, 233.3%, and 65.7% YoY, respectively; gross margins are expected to be 55.0%, 52.0%, and 51.0%, respectively. As revenue expands and the product mix becomes more diversified, the gross margin may normalize but is still expected to remain high.

(3) Spare parts and others: After-sales and core component demand grows steadily as the installed equipment base continues to expand. As the Company expands equipment sales and adds more downstream customers, demand for maintenance, upgrades, retrofits, and spare parts for the installed equipment base is expected to grow accordingly. Meanwhile, the Company continues to promote the in-house production of core components and enhance its product portfolio, which should support solid profitability in the related businesses.

Revenue from spare parts and other businesses is expected to reach RMB187mn, RMB250mn, and RMB348mn in 2026-2028, up 61.0%, 33.7%, and 39.2% YoY, respectively; gross margins are expected to be 60.2%, 56.5%, and 54.0%, respectively, continuing to provide the Company with relatively stable revenue and gross profit.

Risks

(1) Risk of fluctuations in downstream demand: If investment slows in downstream industries such as semiconductors, electronics manufacturing, and new energy, orders and revenue growth for inspection equipment may be affected. Assuming that the Company’s gross margins in 2026-2028 each decline by 2 pcts due to weaker-than-expected downstream demand or intensified industry competition, net profit attributable to shareholders of the parent company would reach RMB293mn, RMB434mn, and RMB617mn over the same period, up 66.68%, 47.94%, and 42.19% YoY, respectively.

(2) Risk of slower-than-expected commercialization of new products: New products for advanced packaging, optical modules, and other applications still require ongoing customer validation, creating uncertainty around the pace of commercialization.

(3) M&A integration and goodwill impairment risk: The company continues to pursue industry M&A. If the targets’ operating performance or business synergies fall short of expectations, the company may face goodwill impairment pressure.