AMEC(688012) 东吴证券·2025-01-15 04:25Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is expected to achieve a revenue of 9.07 billion yuan in 2024, representing a year-on-year increase of 44.7%. The sales of etching equipment are projected to be approximately 7.28 billion yuan, up 54.71% year-on-year [8] - The net profit attributable to the parent company is forecasted to decline by 16.0% to 4.8% due to increased R&D expenses and a high base from the previous year [8] - The company is expanding its platform layout and has established a subsidiary in Chengdu to develop key equipment [8] Financial Forecasts - Total revenue is projected to grow from 6.26 billion yuan in 2023 to 8.36 billion yuan in 2025, with a compound annual growth rate (CAGR) of 37.25% from 2024 to 2026 [9] - The net profit attributable to the parent company is expected to reach 1.68 billion yuan in 2024, 2.43 billion yuan in 2025, and 3.40 billion yuan in 2026 [9] - The earnings per share (EPS) is forecasted to be 2.69 yuan in 2024, 3.91 yuan in 2025, and 5.46 yuan in 2026 [9] Revenue and Profitability - The company anticipates a gross margin of 42.54% in 2024, down from 45.83% in 2023, primarily due to increased R&D investments [8] - The net profit margin is expected to decrease to 20.06% in 2024 from 28.51% in 2023 [9] Market Position and Product Development - The company continues to lead in etching products and is successfully expanding its deposition product lines [8] - Significant advancements have been made in the development of third-generation semiconductor equipment, particularly in the MOCVD market [8] Investment in Future Growth - The company plans to invest approximately 3.05 billion yuan in establishing a subsidiary in Chengdu, focusing on R&D and production of CVD and ALD equipment [8]