AMEC(SH:688012) Chang Jiang Shang Bao·2026-01-26 23:45Core Viewpoint - The semiconductor equipment leader, Zhongwei Company, has achieved a significant turnaround in its operating performance, with multiple key performance indicators expected to break records in 2025, including revenue exceeding 12.385 billion yuan and net profit surpassing 2 billion yuan for the first time [1][4]. Group 1: Revenue and Profit Growth - In 2025, Zhongwei Company anticipates revenue of approximately 12.385 billion yuan, marking a year-on-year increase of about 36.62% [1][3]. - The company's net profit attributable to shareholders is projected to be between 2.08 billion and 2.18 billion yuan, representing a year-on-year increase of approximately 28.74% to 34.93% [3][4]. - The revenue growth is primarily driven by strong sales of core products, particularly etching equipment, which is expected to generate around 9.832 billion yuan, accounting for 79.39% of total revenue [3][4]. Group 2: Factors Driving Growth - The surge in demand for advanced products and the successful mass production of these products are key factors contributing to the revenue growth [2][4]. - Zhongwei Company has also benefited from selling part of its holdings in listed companies, leading to an increase in investment income, with estimated non-recurring gains from equity investments of 611 million yuan in 2025 [4]. - The company has significantly increased its R&D investment, which is expected to exceed 3.736 billion yuan in 2025, accounting for approximately 30% of its revenue [5][6]. Group 3: R&D Investment and Innovation - Zhongwei Company's R&D investment has seen rapid growth, with expenditures increasing from 1.262 billion yuan in 2023 to 2.452 billion yuan in 2024, reflecting a year-on-year growth of 82.09% [5][6]. - The company has developed over ten new types of conductor and dielectric film equipment in the past two years, with several products already entering the market and receiving repeat orders [5][6]. - Zhongwei maintains a leading position in the international GaN-based MOCVD equipment market and is actively developing specialized MOCVD equipment for applications in micro-LED and other display fields [7].