AMEC(SH:688012) Xin Lang Cai Jing·2025-04-29 02:40Core Viewpoint - The company reported a revenue of 2.173 billion yuan for Q1 2025, reflecting a year-on-year increase of 35.40%, although the growth rate has slowed compared to Q4 of the previous year, attributed to the timing of shipments and acceptance [1] Financial Performance - The net profit attributable to the parent company was 313 million yuan, up 25.67% year-on-year, while the net profit excluding non-recurring items was 298 million yuan, representing a year-on-year increase of 13.44% [2] - The gross margin stood at 41.54%, down 3.40 percentage points year-on-year, with the decline attributed to changes in accounting standards and product mix [2] R&D and Profitability - High R&D investment led to profits falling short of expectations, with R&D expenses for the quarter reaching 464 million yuan, a significant year-on-year increase of 116.8%, resulting in an R&D expense ratio of 21.37%, up 8.02 percentage points year-on-year [3] - The company's contract liabilities at the end of Q1 were 3.067 billion yuan, an increase of 18.60% from 2.586 billion yuan at the end of the previous year, indicating normal shipment activities [3] Industry Outlook - The domestic semiconductor industry is entering an innovation-driven phase, making high R&D investment essential for equipment companies, with a focus on the company's platform development and key equipment validation progress [3] - Revenue forecasts for 2025-2027 are projected at 11.943 billion yuan, 15.656 billion yuan, and 19.710 billion yuan, respectively, with net profits of 2.312 billion yuan, 3.241 billion yuan, and 4.197 billion yuan, corresponding to a PE ratio of 50X for 2025, maintaining a "strong buy" rating [3]