AMEC(SH:688012) EBSCN·2024-08-24 02:07Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company has significantly increased its R&D investment, with a 110.84% year-on-year growth in R&D spending, reaching 970 million yuan in the first half of 2024 [3] - New orders have shown robust growth, with a 40.3% year-on-year increase in new orders, totaling 4.7 billion yuan in the first half of 2024 [3] - The company is expected to benefit from domestic production increases, with projected net profits for 2024 and 2025 being adjusted upwards by 7.41% and 21.32%, respectively [3] Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 3.448 billion yuan, a 36.46% increase year-on-year, while net profit attributable to shareholders was 517 million yuan, a decrease of 48.48% [2][3] - The revenue from plasma etching equipment reached 2.698 billion yuan, up approximately 56.68%, while MOCVD equipment revenue fell by about 49.04% to 152 million yuan [3] Order Growth - The company secured new orders worth 4.7 billion yuan in H1 2024, with plasma etching equipment orders accounting for 3.94 billion yuan, reflecting a 50.7% increase [3] - The company produced 833 chambers in H1 2024, a 420% increase year-on-year, laying a solid foundation for future revenue recognition [3] Profit Forecast and Valuation - The net profit forecasts for 2024 and 2025 have been raised to 2.073 billion yuan and 2.686 billion yuan, respectively, with a new forecast for 2026 set at 3.468 billion yuan [3][6] - The corresponding P/E ratios are projected to be 42x for 2024, 32x for 2025, and 25x for 2026 [3][6]