中微公司：刻蚀设备龙头，迈向平台化发展

Investment Rating - The report initiates coverage on Advanced Micro-Fabrication Equipment Inc (AMEC) with a "Buy" rating [3][32] Core Views - AMEC is a leading domestic etching equipment manufacturer, expanding towards platform-based development [1] - The company's MOCVD equipment dominates the blue and green LED production line market share [2] - AMEC's CCP etching machine Primo SD-RIE has entered verification with leading domestic logic chip manufacturers [2] - The company's Primo UD-RIE has demonstrated capability to etch structures with aspect ratios ≥60:1 [2] - ICP etching equipment Primo Nanova series has achieved >100% CAGR in installed chambers over the past three years [2] Financial Performance - Revenue is projected to grow from 6,264 million yuan in 2023 to 13,870 million yuan in 2026, with a CAGR of 30% [1][29] - Net profit is expected to increase from 1,786 million yuan in 2023 to 2,928 million yuan in 2026 [1][29] - EPS is forecasted to rise from 2.87 yuan in 2023 to 4.71 yuan in 2026 [1][29] - P/E ratio is expected to decline from 64.6 in 2023 to 39.4 in 2026 [1] Industry Outlook - Global semiconductor equipment market is projected to recover to $105.3 billion in 2024 [2][18] - China's wafer production capacity is expected to lead globally by 2026, driving long-term semiconductor demand [2][18] - Domestic substitution in semiconductor equipment is gaining momentum [2] Product Development - AMEC's 3D strategy is progressing steadily, with etching and MOCVD equipment maintaining competitive advantages [3] - CCP etching equipment has achieved multi-batch sales, with Damascene etching process progressing smoothly [3] - ICP etching equipment has expanded its process coverage in advanced logic chips, DRAM, and 3D NAND [24] - The company has developed 4 new thin film deposition products [27] Market Position - AMEC has accumulated over 2,800 CCP etching reaction chambers delivered by end of 2023 [23] - The company's etching equipment covers most CCP etching applications above 28nm and many below 28nm [23] - AMEC maintains a leading position in the international GaN-based MOCVD equipment market [25] R&D and Innovation - R&D investment reached 1,262 million yuan in 2023, accounting for 20.15% of revenue [23] - The company has over 20 new equipment developments in progress [15] - R&D personnel increased to 967 in H1 2024, representing 46.38% of total staff [15]