全球半导体资本设备：中国晶圆制造设备进口追踪（2026年4月）：年初至今同比下降13%，受供应限制光刻设备进口疲软

China WFE Import Tracker (Apr 2026): YTD YoY -13% with weakerlithography import due to supply constrain We track monthly Wafer Fabrication Equipment (WFE) imports to China through data fromChina Customs (link); this call provides an update to the April 2026 data (excel) and ouranalysis. April import was $2.7 billion, -12% MoM and -3% YoY. YTD YoY -13%, still weakerthan expected mainly due to Lithography YTD YoY -27% because of supply constrain. Qingyuan Lin, Ph.D.+852 2123 2654qingyuan.lin@bernsteinsg.comStacy A. Rasgon, Ph.D.+1 213 559 5917stacy.rasgon@bernsteinsg.comDavid Dai, CFA+852 2918 5704david.dai@bernsteinsg.com Weaker YTD import does not indicate that China WFE is slowing down as it’s justLitho supply constrain, other equipment continue to show growth. Apr single month total WFE imports at USD 2.7bn, lower than last year averageof $3.2bn. AprYTD at USD 10bn, YoY -13%. Lithography hit a record low import withonly $142 million, YoY -60%, only accounting for 5% of total import but could be justmonthly fluctuations. YTD’s weak import was mostly dragged by Lithography, ProcessControl & Others. By region, import from Singapore/Malaysia showed strong growth, YoY+34%/17%. Litho import was extremely low at USD 142mn, YoY – 60%. YTD Litho importwas USD 1.85bn, YoY-27%. Import from Singapore + US + Malaysia was USD 1.4bn, YoY Zheng Cui +852 2123 2694zheng.cui@bernsteinsg.comFrancis Ma+852 2123 2626francis.ma@bernsteinsg.comAlrick Shaw+1 917 344 8454alrick.shaw@bernsteinsg.com April Litho imports of EUR 87Mn from the Netherlands were down 87% MoMand 65% YoY, marking it the lowest month since July 2022.Our regression modelestimates that China sales will decline sharply to EUR 0.44Bn in Q1, down 64% QoQ and71% YoY, reflecting weak imports in April. This implies that China will represent only 7%of total system sales in Q2. Monthly import data can be lumpy. During Q1 results, ASMLreiterated that China revenue is expected to decline to 20% of total revenue in FY26,compared to 33% in FY25. While we believe China demand will remain resilient, supported Arpad von Nemes+1 917 344 8461arpad.vonnemes@bernsteinsg.com Juho Hwang+852 2123 2632juho.hwang@bernsteinsg.com Carmine Milano, CFA+44 20 7762 1857carmine.milano@bernsteinsg.com For LRCX, the April data (1-month correlation) suggests Jun-Q China revenueswould decrease ~28% QoQ, with China exposure landing at ~22% of total revenuesbased on consensus revenue estimates.This appears at least directionally consistent AMAT’s April quarter results on China revenue is in-line with our regression.AMAThas already reported their April quarter results, hence the April data (3-month correlation)carries no predictive power, rather we will use it as a check/verification. To that end, thecorrelation suggested China revenues would be flattish in the quarter, and land at ~26.5% Continued on next page For KLAC, the April data (1-month correlation) suggests Jun-Q China revenueswould increase ~17% QoQ, with China exposure landing at ~27% of total revenuesbased on consensus revenue estimates.Management didn’t provide guidance for their For TEL, our regression suggests TEL’s China revenue could be +3% YoY and +14%QoQ.Our 1-month regression implies slight upside to TEL’s JunQ revenue, tracking aheadof consensus of -4% QoQ, and an implied China contribution up to 32% vs. 27% in Q4. For Kokusai, our regression suggests their China revenue could be +48% YoY and+101% QoQ.Our 1-month regression implies slight upside to consensus of +10% QoQ,and an implied China contribution of 51% vs. 28% in Q4. For Screen, our regression suggests their China revenue could be -50% YoY and-73% QoQ.Our 1-month regression implies downside to consensus of -1% QoQ, and animplied China contribution of 12% vs. 46% in Q4. For Advantest, Our regression suggests their China revenue is could be +35% YoYand -7% QoQ.Our 1-month regression implies slight downside to consensus of +5%QoQ, and an implied China contribution of 15% vs. 17% in Q4. BERNSTEIN TICKER TABLE INVESTMENT IMPLICATIONS NAURA (Outperform, CNY 680.00): As the domestic WFE leader, NAURA has the broadest product portfolio coveringDeposition (PVD, CVD), Dry Etch (ICP), Thermo Processes, and Cleaning, as well as a more diverse client base covering leadinglogic, DRAM, NAND players, benefiting from the WFE domestic substitution in China with acceleration share gain. AMEC (Outperform, CNY 500.00): Primarily focused on Dry Etch (CCP, ICP) with rapid expansion in Deposition (ALD, LPCVD,EPI), commonly perceived as the domestic WFE company with the best technology and widest global recognition, continue tobenefit from the WFE domestic substitution in China with acceleration share gain. Piotech (Outperform, CNY 580.00): Rising domestic WFE vendor primarily focused on Deposition (PECVD, HDPCVD, SACVD,ALD) with expansion in W2W and C2W hybrid bonding equipment for advanced packaging. Piotech has a strong track record ofproduct innovation, which should