AMEC(688012) Guolian Securities·2024-10-30 09:03Investment Rating - The investment rating for the company is "Buy" [4][9]. Core Views - The company reported a significant improvement in its quarterly performance, with a year-on-year revenue increase of 36.27% to 5.507 billion yuan in the first three quarters of 2024. However, the net profit attributable to shareholders decreased by 21.28% to 913 million yuan [2][6]. - The company's core product, etching equipment, continues to grow rapidly, with revenue from this segment reaching 4.413 billion yuan, a year-on-year increase of approximately 53.77% [8][9]. - The company is making good progress with new products, including MOCVD and LPCVD equipment, which are expected to contribute positively to future revenue growth [8][9]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 2.059 billion yuan, a year-on-year increase of 35.96% and a quarter-on-quarter increase of 11.77%. The net profit attributable to shareholders for Q3 was 396 million yuan, up 152.63% year-on-year and 48.11% quarter-on-quarter [7]. - The gross margin and net margin for Q3 were 43.73% and 19.22%, respectively, showing improvements in profitability compared to the previous quarter [7]. Revenue and Profit Forecast - The company is expected to achieve revenues of 8.416 billion yuan, 11.097 billion yuan, and 14.280 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 34.36%, 31.86%, and 28.69% [9][10]. - The net profit attributable to shareholders is projected to be 1.895 billion yuan, 2.415 billion yuan, and 3.124 billion yuan for the same years, with growth rates of 6.12%, 27.41%, and 29.36% [9][10]. Valuation Metrics - The earnings per share (EPS) are forecasted to be 3.05 yuan, 3.88 yuan, and 5.02 yuan for 2024, 2025, and 2026, with corresponding price-to-earnings (P/E) ratios of 59x, 46x, and 36x [9][10]. - The company maintains a strong market position as a leading domestic etching equipment manufacturer, with new business lines expected to sustain high growth [9].