AMEC(SH:688012) Zheng Quan Zhi Xing·2025-07-17 09:16Core Viewpoint - Zhongwei Semiconductor Equipment (Shanghai) Co., Ltd. continues to experience rapid revenue growth, with a projected revenue of approximately 2.787 billion yuan for Q2 2025, representing a year-on-year increase of about 51.26% [1] Financial Performance - The company expects a total revenue of approximately 4.961 billion yuan for the first half of 2025, reflecting a year-on-year growth of about 43.88% [1] - The projected net profit attributable to the parent company for the first half of 2025 is between 680 million yuan and 730 million yuan, an increase of 31.61% to 41.28% year-on-year [1] - The net profit excluding non-recurring gains and losses is expected to be between 510 million yuan and 560 million yuan, showing a year-on-year increase of 5.54% to 15.89% [2] Research and Development - The company has accelerated its R&D efforts, with R&D expenditures for the first half of 2025 estimated at approximately 1.492 billion yuan, an increase of about 53.70% year-on-year [1] - R&D spending accounts for approximately 30.07% of the company's revenue, significantly higher than the average R&D investment level of 10% to 15% for companies listed on the Sci-Tech Innovation Board [1] - The company is currently developing over twenty new equipment models across six major categories, with a notable reduction in the time required to develop competitive new equipment from three to five years to two years or less [1] Revenue Growth Drivers - The revenue from etching equipment is expected to grow by approximately 40.12%, reaching 3.781 billion yuan, driven by significant increases in the shipment of new products and the large-scale production of various key etching processes in advanced logic and memory devices [1] - The company emphasizes innovation, product differentiation, and intellectual property protection, aligning its development with leading semiconductor clients [1]