华润微：价格趋势向好、毛利率持续修复，但合资公司亏损延缓盈利改善

CR Micro's 3Q26 results showed clear pricing increases and GPM expansion as the positive pricing trend continued. Management noted a second round of broader price increases in July reflecting supply tightness and rising input costs, and GPM surpassed 30% for the first time in three years. That said, net profit missed expectations as Chongqing/Shenzhen JV losses widened. Revenue grew 18% YoY (+3% QoQ) to another record-high of Rmb3.36bn (in line), while GPM rose 2.8ppts QoQ to 30.6% (above 28.9%/28.2% Street/Citi est.) after price hikes and improved mix. Opex remained flattish YoY at Rmb514mn (15.3% of revenue). However, losses from JVs widened to Rmb253mn (vs. Rmb139mn in 2Q26), so net profit fell 35% QoQ (+36% YoY) to Rmb255mn, below BBG consensus/Citi est. of Rmb347mn/373mn. Runxi (Phase 1) demand has exceeded its 30k wpm capacity and management plans to expand to 45k wpm from 2H27;