Sheng Hui Integration (603163) Limit-Up Analysis: TSMC's Better-Than-Expected Earnings and Surge in Orders Drive Strong Limit-Up in Stock Price

Sheng Hui Integration (603163) hit the daily limit-up board on January 16, 2026, with a closing price of RMB 91.15, representing a 10.00% gain. The turnover on the day reached RMB 263 million, with a turnover rate of 2.96%. Notably, during the abnormal fluctuation period (January 14-16), the stock recorded a cumulative gain of 26.16% and a cumulative deviation value of 27.05%. Main capital posted a net inflow of RMB 138 million, accounting for 29.47% of total turnover [1]. The stock has hit the limit-up 22 times in the past year, showing a strong historical tendency for limit-ups [1].

On January 15, 2026, TSMC released its Q4 2025 earnings report, delivering impressive results. Q4 net profit rose 35% year-over-year, exceeding market expectations; it expects 2026 capital expenditure to reach US$52-56 billion, representing a 27%-37% increase from US$40.9 billion in 2025 [2][3]. As a semiconductor cleanroom engineering service provider, Sheng Hui Integration directly benefits from the global semiconductor capacity expansion wave. As an industry bellwether, TSMC’s upward revision of capital expenditure has driven a re-rating of the entire industry chain.

According to the company’s announcement on January 16, 2026, as of December 31, 2025, the company’s outstanding order balance reached RMB 2.538 billion (excluding tax), up 46.28% year-over-year [1][2]. Among these, orders from the IC semiconductor industry amounted to RMB 2.046 billion, accounting for a high 80.6%. The ample outstanding orders provide a solid guarantee for the company’s performance growth in the next 1-2 years. The Q3 2025 report shows that the company’s revenue increased 59.40% year-over-year, net profit rose 93.89% year-over-year, and operating cash flow jumped 450.34% year-over-year [4], indicating a strong growth momentum in fundamentals.

Sheng Hui Integration has a leading layout in the Southeast Asian market, and has recently won large orders consecutively. The Kin Ting Vietnam project is worth RMB 278 million, and the Thailand Peng Sheng project is approximately RMB 432 million (about 1.967 billion Thai Baht) [2][4]. The company’s overseas revenue proportion has exceeded domestic revenue, with multi-point layouts in Vietnam, Thailand, and Malaysia. It deeply benefits from the trend of global semiconductor industry chain transfer to Southeast Asia, with significant growth potential in overseas business.

According to data from the Dragon and Tiger List and main capital analysis, during the abnormal period, main capital recorded a net inflow of RMB 138 million, accounting for 29.47% of total turnover, while retail capital recorded a net outflow of RMB 85.32 million, accounting for 18.2% [1][5]. Main capital has strong control over the stock, with solid limit-up closing orders reaching a high of 43,890 lots, equivalent to RMB 349 million, indicating strong bullish sentiment in the market.

The semiconductor industry chain rallied collectively today. In the packaging and testing sector, Changdian Technology, Tongfu Microelectronics, etc. hit limit-ups, while in the cleanroom sector, Mei-Air Technology, Yaxiang Integration, Bocheng Co., Ltd., etc. also hit limit-ups in linkage [2][3]. The Sci-Tech Innovation Semiconductor ETF (588170) closed up 6.5%, rising for 3 consecutive days, with continuous capital inflows, reflecting the continued warming of market optimism towards the semiconductor sector.

Sheng Hui Integration’s limit-up is not an isolated event, but the result of resonance of multiple factors. From a macro perspective, AI computing power has driven a surge in chip demand, and the global semiconductor industry chain is undergoing a structural re-rating. The capital expenditure expansion of leading enterprises such as TSMC has brought deterministic orders to upstream equipment and cleanroom service providers. From the company’s perspective, Sheng Hui Integration is deeply tied to leading customers such as SMIC, Foxconn, and SPIL. The combination of ample outstanding orders and rapid expansion of overseas business forms a dual driver of “semiconductor cycle recovery + overseas expansion dividends”. Main capital has flowed in sharply in the short term while retail investors have exited, leading to concentrated chip holdings, which is conducive to the continuation of the stock’s strong pattern.

: The current price-to-earnings ratio is about 58x. Although the corresponding P/E ratio may fall to around 36x after 2026 performance is realized, the short-term increase is large, leading to demand for a technical correction [4]. : The company has a high customer concentration and strong dependence on major customers; if capital expenditure in the global semiconductor industry slows down, it will directly affect the company’s order acquisition. In addition, the increasing proportion of overseas business brings exchange rate fluctuation risks. : The short-term rise is too fast, so pressure from profit-taking needs to be watched; recent volatile trends in external markets such as the S&P 500 may disturb market sentiment [1].

: The Yangtze Memory Technologies Phase II cleanroom engineering order is expected to be RMB 800-1000 million, and the United Microelectronics Singapore plant secondary distribution project is expected to be RMB 300-500 million. If these orders are finalized, they will provide further upward momentum for the stock price. : If the 2025 full-year performance forecast exceeds expectations, it is expected to drive valuation switching. : As a leading enterprise in the semiconductor cleanroom field, during the industry’s upward cycle, continuous inflow of institutional capital is expected to push up the valuation center.

Positive factors such as TSMC’s upward revision of capital expenditure and price increases in packaging and testing continue to ferment, and sentiment in the semiconductor sector is warm. The stock price is expected to maintain a strong pattern. Focus on the pressure at the integer threshold of RMB 100 as a key resistance level, and the 5-day moving average (about RMB 83) and 10-day moving average (about RMB 72) as support levels. Considering the strong control of main capital and solid closing orders, the short-term correction space is limited.

Institutions have given a mid-term target price of RMB 60 (corresponding to 36x P/E for 2026), but considering the current market sentiment premium and the overall valuation rise of the semiconductor sector, the short-term target price may move up to the range of RMB 85-90 [4]. Focus on subsequent order announcements and the 2025 full-year performance forecast; better-than-expected performance is expected to open up upward space.

The company is expected to fully benefit from the dual dividends of global semiconductor capacity expansion and domestic substitution, and the proportion of overseas business is expected to continue to increase. As performance is gradually realized, the valuation is expected to switch to a more reasonable range, highlighting its long-term allocation value.

Sheng Hui Integration’s limit-up today is the result of the combined effect of multiple factors such as TSMC’s better-than-expected earnings, surge in outstanding orders, and breakthroughs in overseas business. As a leading enterprise in the semiconductor cleanroom field, the company has solid fundamentals and ample orders, benefiting from the re-rating of the global semiconductor industry chain and the trend of capacity transfer to Southeast Asia. Main capital has strong control, the sector linkage effect is obvious, and market sentiment is warm. In the short term, risks of a technical correction need to be watched; in the medium and long term, it is expected to continue a volatile upward trend driven by performance.

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[1] Eastmoney - Sheng Hui Integration Dragon and Tiger List Data (01-16)
[2] CNGold - Sheng Hui Integration Hits Limit-Up
[3] Sohu Securities - Sci-Tech Innovation Semiconductor ETF Market Commentary
[4] 163.com - Limit-Up Revealed! Full Analysis of Main Capital Operation for Sheng Hui Integration (603163)
[5] Dabanke - Analysis of Reasons for Sheng Hui Integration’s Limit-Up and Limit-Down
[6] EET-China - Price Hikes + Order Boom! Strong Tailwinds for Semiconductors
[7] Sina Finance - Memory Chip Concept Active and Rallying