AMEC(SH:688012) Huajin Securities·2024-10-30 15:01Investment Rating - The investment rating for the company is maintained at "Buy-A" [1][3]. Core Views - The company has maintained a high growth rate in new orders, with total new orders expected to reach 11-13 billion yuan for the year [1]. - In Q3 2024, the company achieved revenue of 2.059 billion yuan, representing a year-on-year growth of 35.96% and a quarter-on-quarter growth of 11.77% [1]. - The revenue from etching equipment reached 1.715 billion yuan, with a year-on-year increase of 49.41% and a quarter-on-quarter increase of 25.83% [1]. - The net profit attributable to shareholders was 396 million yuan, showing a year-on-year growth of 152.63% and a quarter-on-quarter growth of 48.11% [1]. - The company expects to deliver 110-130 billion yuan in new orders for 2024, with advanced processes accounting for over 70% of the new orders [1][3]. Summary by Sections Financial Performance - In Q3 2024, the company reported a gross margin of 43.73%, a decrease of 2.01 percentage points year-on-year, but an increase of 5.56 percentage points quarter-on-quarter [1]. - R&D investment reached 573 million yuan, a year-on-year increase of 75.12%, reflecting the company's commitment to enhancing its R&D capabilities [1]. - For the first three quarters of 2024, the company received new orders totaling 7.64 billion yuan, a year-on-year increase of approximately 52.0% [1]. Order and Delivery Metrics - The company delivered 1,514 units of specialized equipment in the first three quarters of 2024, a year-on-year increase of 239% [1]. - The balance of goods shipped at the end of September 2024 was approximately 3.507 billion yuan, an increase of 26.40 billion yuan compared to the beginning of the year [1]. - The contract liability balance at the end of September 2024 was approximately 2.988 billion yuan, an increase of about 22.16 billion yuan compared to the beginning of the year [1]. Future Projections - Revenue projections for 2024 to 2026 are estimated at 8.368 billion yuan, 11.163 billion yuan, and 14.590 billion yuan, with growth rates of 33.6%, 33.4%, and 30.7% respectively [3][4]. - The net profit attributable to shareholders is projected to be 1.810 billion yuan, 2.396 billion yuan, and 3.235 billion yuan for the same period, with growth rates of 1.4%, 32.4%, and 35.0% respectively [3][4].