AMEC(SH:688012) Tai Ping Yang·2024-10-23 03:09Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [1][7]. Core Views - The company's revenue growth is driven by the strong performance of etching equipment, with a significant increase in new orders, suggesting a positive outlook for the future [1]. - In the first half of 2024, the company achieved a revenue of 3.448 billion yuan, representing a year-on-year growth of 36.46%, while the net profit attributable to shareholders decreased by 48% to 517 million yuan [1]. - The company's etching equipment revenue reached 2.698 billion yuan in the first half of 2024, a year-on-year increase of approximately 56.68%, accounting for 78.26% of total revenue [1]. Financial Summary - The company is projected to achieve revenues of 8.260 billion yuan, 12.036 billion yuan, and 15.227 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 31.87%, 45.73%, and 26.51% [3][5]. - The net profit attributable to shareholders is expected to be 1.886 billion yuan, 2.670 billion yuan, and 3.359 billion yuan for the years 2024, 2025, and 2026, with corresponding growth rates of 5.61%, 41.57%, and 25.81% [3][5]. - The company’s diluted earnings per share (EPS) are projected to be 3.04 yuan, 4.30 yuan, and 5.41 yuan for the years 2024, 2025, and 2026, respectively [3][5]. Order and Production Insights - The company received new orders totaling 4.7 billion yuan in the first half of 2024, a year-on-year increase of approximately 40.3%, with etching equipment orders growing by about 50.7% to 3.94 billion yuan [1]. - The company has maintained a leading position in the domestic semiconductor equipment market, with significant growth in the shipment of plasma etching equipment [1].