AMEC(688012) 东方证券·2024-09-13 08:10Investment Rating - The report maintains a "Buy" rating for the company with a target price of 175.25 CNY [1][4] Core Insights - The company has experienced rapid revenue and order growth, with a 36% year-on-year increase in revenue for the first half of 2024, reaching 3.45 billion CNY. However, the net profit attributable to the parent company decreased by 48% to 517 million CNY due to increased R&D expenses and changes in accounting standards [1][4] - The company’s etching equipment revenue grew by 57% to 2.7 billion CNY, with new orders increasing by 51% to 3.94 billion CNY, indicating a significant market share gain in key etching processes for advanced logic and memory devices [1][4] - The thin film deposition equipment has started to contribute, with the first sales of LPCVD equipment generating 28 million CNY in revenue and 168 million CNY in new orders [1][4] Financial Summary - Revenue is projected to grow from 6,264 million CNY in 2023 to 8,384 million CNY in 2024, reflecting a 34% year-on-year increase. The net profit attributable to the parent company is expected to decrease to 1,444 million CNY in 2024, down from 1,786 million CNY in 2023 [1][6] - The gross margin is forecasted to decline to 41.5% in 2024, while the net margin is expected to be 17.2% [1][6] - The company’s return on equity (ROE) is projected to be 7.8% in 2024, increasing to 13.6% by 2026 [1][6]