AMEC(SH:688012) KAIYUAN SECURITIES·2024-08-24 08:00Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has maintained high revenue growth in Q2 2024, with a year-on-year increase of 41.37% in revenue and a total revenue of 34.48 billion yuan for H1 2024, reflecting a year-on-year growth of 36.46% [4] - The company is focusing on high R&D investments, which have increased by 110.84% year-on-year to 9.7 billion yuan in H1 2024, contributing to market share growth [5] - New orders have shown strong growth, with a total of 47 billion yuan in new orders for H1 2024, representing a year-on-year increase of 40.3% [6] Financial Summary - Revenue for 2024 is projected to be 84.44 billion yuan, with a year-on-year growth of 34.8% [6] - The net profit for 2024 is estimated at 2.09 billion yuan, with a year-on-year increase of 17.2% [6] - The company's gross margin is expected to be 46.5% in 2024, slightly improving from 45.8% in 2023 [6] - Earnings per share (EPS) are projected to be 3.37 yuan for 2024, increasing to 5.83 yuan by 2026 [6] Order Growth and Market Position - The company expects to achieve over 75 billion yuan in new orders in the first three quarters of 2024, with a total annual target of 110-130 billion yuan [6] - The company aims to increase the number of units shipped by over 200% year-on-year in 2024, establishing a solid foundation for revenue recognition [6] - The company is positioned as a leader in the etching equipment market and is accelerating its expansion towards a platform-based business model [4][6]