AMEC(SH:688012) Guohai Securities·2024-08-26 12:31Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][5]. Core Insights - The company reported significant growth in orders and revenue in H1 2024, with a total revenue of 3.448 billion yuan, representing a year-on-year increase of 36.46%. However, the net profit attributable to shareholders decreased by 48.48% to 517 million yuan due to the absence of stock disposal gains that were present in the previous year [2][3]. - The company achieved its first sales of LPCVD equipment, contributing 28 million yuan to revenue. The etching equipment segment saw a revenue increase of 56.68% to 2.698 billion yuan, while MOCVD equipment revenue fell by 49.04% to 152 million yuan [2][3]. - The company added new orders worth 4.7 billion yuan in H1 2024, a growth of approximately 40.3%, with etching equipment orders increasing by 50.7% to 3.94 billion yuan [2][3]. Summary by Sections Financial Performance - In H1 2024, the company's gross margin was 41.32%, down 4.57 percentage points year-on-year. If calculated under previous accounting standards, the gross margin would have been 44.07% [2][3]. - The net profit margin for H1 2024 was 14.97%, a decrease of 24.70% year-on-year. The company’s operating expenses increased, with R&D expenses rising by 94.58% to 568 million yuan [2][3]. Market Position and Strategy - The company is a leader in plasma etching equipment and is actively expanding its portfolio in thin film deposition and inspection equipment. It aims to cover 50%-60% of the semiconductor equipment market in the next five to ten years [3][5]. - The company is developing advanced etching technologies and has successfully validated multiple new equipment products in customer production lines [3][5]. Earnings Forecast - The company is projected to achieve revenues of 8.367 billion yuan in 2024, 10.865 billion yuan in 2025, and 13.994 billion yuan in 2026, with corresponding net profits of 2.081 billion yuan, 2.660 billion yuan, and 3.514 billion yuan respectively [3][5].