AMEC(SH:688012) Xin Lang Cai Jing·2025-09-26 07:30Core Insights - The AI chip industry has seen a continuous increase in prosperity since 2025, with significant growth in the semiconductor equipment sector driven by AI-related investments [1] - Global semiconductor equipment company revenues are projected to grow by 12% year-on-year in 2025, with a 24% increase in Q2 2025 compared to the same period last year [1] - The demand for high-performance SoC testing machines and storage testing machines has surged due to the complex requirements of AI chips [1] Industry Overview - The overseas semiconductor equipment market has experienced a 40% year-on-year growth, particularly in testing and packaging equipment [1] - In contrast, the Chinese market saw a slight decline of 1% year-on-year in the first half of 2025, although the domestic semiconductor equipment localization rate increased by 6 percentage points to 21% [1] Company Performance - In the first half of 2025, various semiconductor equipment manufacturers showed performance divergence, with nine front-end equipment companies achieving revenue growth, but some like Jingce Electronics and Tuojing Technology saw significant declines in net profit [2] - Notably, North Huachuang's revenue and net profit in Q2 2025 grew by 22.5% and declined by 1.6% respectively, while Zhongwei Company experienced a 51.3% revenue increase and a 46.8% net profit increase [3] Product Development - Zhongwei Company's main product, plasma etching equipment, generated revenue of 3.781 billion yuan in the first half of 2025, contributing over 75% of the company's total revenue [3] - The company has installed over 4,500 CCP etching devices, with significant installations of its high-precision and ultra-high aspect ratio equipment [3] - Zhongwei is developing nearly 40 types of conductor thin film deposition equipment, with nine already completed and six in mass production [4] Research and Development - Zhongwei Company has increased its R&D investment to approximately 1.492 billion yuan in the first half of 2025, a year-on-year increase of 53.7%, representing about 30.07% of its revenue [5] - The company's contract liabilities reached 3.17 billion yuan, reflecting a 24.8% year-on-year increase, indicating a strong order backlog [5]