AMEC(SH:688012) Ping An Securities·2024-08-24 13:03Investment Rating - The report maintains a "Recommended" investment rating for the company [2][4]. Core Views - The company achieved a revenue of 3.448 billion yuan in the first half of 2024, representing a year-on-year increase of 36.46%. However, the net profit attributable to shareholders decreased by 48.48% year-on-year to 517 million yuan, primarily due to the absence of gains from the sale of shares in 2023 [3][4]. - The company continues to invest heavily in research and development, with R&D expenses reaching 970 million yuan in the first half of 2024, a 110.84% increase from the previous year [4][5]. - New orders surged to 4.7 billion yuan in the first half of 2024, a year-on-year growth of approximately 40.3%, with etching equipment orders increasing by 50.7% [4][5]. Summary by Sections Financial Performance - In the first half of 2024, the company's overall gross margin was 41.32%, down 4.57 percentage points year-on-year, and the net margin was 14.97%, down 24.7 percentage points year-on-year [4]. - The revenue from etching equipment was 2.698 billion yuan, a 56.68% increase year-on-year, while revenue from MOCVD equipment fell by 49.04% to 152 million yuan [4][5]. Market Position and Product Development - The company is a leader in etching equipment, with a comprehensive range of products that are widely used by top-tier clients in the semiconductor industry [5]. - The company is also making progress in developing MOCVD equipment for third-generation semiconductor applications, with successful initial results in Micro-LED applications [5]. Future Outlook - The report forecasts net profits for the company to be 2.073 billion yuan, 2.565 billion yuan, and 3.160 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 42x, 34x, and 27x [5][7].