Circuit Fabology Microelectronics Equipment - Domestic Champion

Circuit Fabology Microelectronics Equipment Co., Ltd. (“CFMEE”) is a Chinese maker of high-precision lithography systems for the PCB and semiconductor industries. It specializes in direct imaging and direct-writing lithography equipment, which eliminate photomasks and improve throughput. CFMEE is the world’s largest supplier of PCB direct imaging equipment, with ~15.0% global market share by revenue in 2024. As of mid-2025 it is reportedly the only company with commercialized lithography products covering all of PCB, IC substrates (carrier boards), advanced packaging, and mask-making applications.

We believe CFMEE is a beneficiary of AI server GPU. Its lithography and advanced packaging equipment are core processes for the manufacturing process. As the GPU gets more complex, the demand for high end lithography equipment will increase. And CFMEE will capture a larger market share in this segment thanks to its technology breakthrough and expanded production capacity. We it’s undervalued and have 50%+ upside, driven mainly by doubling net profit growth next year.

See full report here:

https://www.horizonscapitals.com/s/CFMEE-intro.pdf