AMEC(SH:688012) KAIYUAN SECURITIES·2024-10-31 07:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant growth in Q3 2024, with a year-on-year revenue increase of 35.96% and a quarter-on-quarter increase of 11.77% [4] - The company is focusing on high-end etching equipment, which has seen a substantial increase in new shipments, particularly in advanced logic and memory device manufacturing [5] - The company is expected to achieve a total new order of 110-130 billion yuan for the year 2024, with a projected shipment increase of over 200% year-on-year [6] Financial Performance Summary - For Q1-Q3 2024, the company achieved a revenue of 55.07 billion yuan, representing a year-on-year increase of 36.27% [4] - The net profit attributable to the parent company for Q3 2024 was 3.96 billion yuan, showing a year-on-year increase of 152.63% [4] - The company has increased its R&D expenses significantly, with a year-on-year growth of approximately 64.38% in Q3 2024 [5] Order and Market Position - The company secured new orders worth 76.4 billion yuan in Q1-Q3 2024, marking a year-on-year increase of about 52% [6] - The company is positioned as a leader in the domestic etching market and is accelerating its expansion towards a platform-based company model [4][6] Financial Forecasts - The forecasted net profits for 2024, 2025, and 2026 are 17.92 billion yuan, 23.91 billion yuan, and 32.33 billion yuan respectively [4] - The expected earnings per share (EPS) for the same years are projected to be 2.88 yuan, 3.84 yuan, and 5.20 yuan respectively [4]