AMEC(SH:688012) Haitong Securities·2024-09-12 03:39Investment Rating - The investment rating for the company is "Neutral" [2][11] Core Viewpoints - The company has experienced significant growth in plasma etching equipment revenue, with a 50.7% year-on-year increase in new orders for the first half of 2024 [6][7] - 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% [6][8] - The company is planning to develop more products in the LPCVD equipment category, with new orders amounting to 168 million yuan in the first half of 2024 [7][8] - The company expects total new orders to exceed 7.5 billion yuan in the first three quarters of 2024, a year-on-year increase of over 50% [8] Summary by Sections Financial Performance - In the first half of 2024, the company's revenue from plasma etching equipment reached 2.698 billion yuan, up 56.68% year-on-year, while MOCVD equipment revenue fell by 49.04% to 152 million yuan [6][8] - The company's gross profit margin for the first half of 2024 was 41.32%, a decrease of 4.57 percentage points [6][8] - The company forecasts revenues of 8.2 billion yuan, 11.6 billion yuan, and 14.05 billion yuan for 2024E, 2025E, and 2026E respectively, with year-on-year growth rates of 30.92%, 41.47%, and 21.10% [7][11] Order and Delivery Insights - The company has delivered a record number of etching equipment, with new orders for etching equipment reaching 3.94 billion yuan in the first half of 2024, a year-on-year increase of 50.7% [6][7] - The company has accumulated over 3,600 CCP etching reaction chambers produced and shipped by June 2024 [6][8] Market Position and Future Outlook - The company is positioned as a leader in the MOCVD market for GaN-based LEDs and is developing new products for various applications, including deep UV LEDs and Mini-LEDs [8][9] - The company plans to expand its market share in the semiconductor equipment sector, particularly in advanced processes and mature process expansions in domestic wafer fabs [8][9]