AMEC(688012) 群益证券·2025-01-15 07:47Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside in the stock price [7][10]. Core Insights - The company is expected to achieve a revenue growth of 45% in 2024, outperforming expectations, with new product LPCVD equipment orders confirmed to generate revenue of 160 million RMB, marking a new growth point for performance [7][10]. - As a leader in the domestic semiconductor etching equipment sector, the company is enhancing its market share while continuously expanding its product offerings, thereby improving its competitiveness in the high-end semiconductor equipment market [7][10]. - The stock is currently trading at a price-to-earnings (P/E) ratio of 53x and 44x for 2025 and 2026, respectively, suggesting room for valuation improvement amid escalating US-China tech tensions [7][10]. Financial Summary - The company forecasts a net profit of 1.58 billion RMB for 2024, a decrease of approximately 12% year-on-year, primarily due to last year's equity investment gains [10]. - Revenue projections for 2024-2026 are 9.065 billion RMB, 11.266 billion RMB, and 13.629 billion RMB, respectively, with corresponding net profits of 1.58 billion RMB, 2.204 billion RMB, and 2.662 billion RMB [9][10]. - The company plans to invest 2.45 billion RMB in R&D in 2024, a significant increase of about 94.1%, which is expected to enhance long-term competitiveness despite short-term profit limitations [10]. Market Context - The demand for semiconductor equipment in China is expected to continue rising, driven by the need for advanced processes amid US restrictions on high-tech industries [10]. - Domestic wafer fabs are likely to focus more on investments in advanced process technologies to meet the growing demands of industries such as AI, providing greater market opportunities for local equipment manufacturers [10].