AMEC(SH:688012) Chang Jiang Shang Bao·2025-07-20 22:51Core Viewpoint - The semiconductor equipment leader, Zhongwei Company, is experiencing strong growth in operating performance driven by high investment in R&D, with expected revenue of nearly 5 billion yuan in the first half of 2025, representing a year-on-year increase of over 40% [1][3]. Revenue and Profit Growth - Zhongwei Company anticipates a revenue of approximately 49.61 billion yuan in the first half of 2025, reflecting a year-on-year growth of about 43.88% [6]. - The company expects a net profit attributable to shareholders of over 6.8 billion yuan, with a year-on-year growth of over 30% [1][6]. - In the first quarter of 2025, the company reported revenue of 21.73 billion yuan, a year-on-year increase of 35.40% [4]. - The second quarter of 2025 is projected to see revenue of approximately 27.87 billion yuan, marking a year-on-year increase of about 51.26% [3]. R&D Investment - Zhongwei Company invested approximately 14.92 billion yuan in R&D in the first half of 2025, a year-on-year increase of about 53.70%, accounting for approximately 30% of its revenue [1][12]. - The company has significantly increased its R&D personnel, with 1,190 employees dedicated to R&D, making up 47.98% of the total workforce by the end of 2024 [2]. - The R&D investment in 2024 was about 24.52 billion yuan, a year-on-year increase of approximately 94.31% [12]. Product Performance - The core product, etching equipment, is expected to generate approximately 37.81 billion yuan in revenue in the first half of 2025, accounting for 76.21% of total revenue, with a growth rate of about 40.12% [6]. - The LPCVD film equipment revenue is projected to grow significantly by approximately 608.19%, reaching 1.99 billion yuan [6]. - Zhongwei's etching equipment has been successfully applied in advanced 5nm and below integrated circuit manufacturing lines, with over 300 units in operation [11]. Market Position and Strategy - The global etching equipment market is characterized by a monopoly, with a few overseas companies holding significant market shares [11]. - Zhongwei Company emphasizes the importance of semiconductor equipment in the digital age, stating that a country must become a leader in semiconductor micro-processing equipment to thrive in the digital era [10]. - The company has accelerated its new product development cycle, reducing the time to develop competitive new equipment from three to five years to two years or less [12].