AMEC(688012) 华金证券·2025-01-15 23:50Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is expected to maintain high revenue growth in 2024, with an estimated revenue of 9.065 billion yuan, representing a year-on-year increase of approximately 44.73% [1] - The company is significantly increasing its R&D efforts, with a projected R&D investment of about 2.45 billion yuan in 2024, a year-on-year increase of approximately 94.13% [2] - The company is focusing on the development of thin film equipment and has achieved significant sales in its etching equipment, with a revenue of approximately 7.276 billion yuan in 2024, a year-on-year increase of about 54.71% [1][4] Summary by Sections Revenue and Profit Forecast - The company expects to achieve a net profit attributable to shareholders of 1.5 to 1.7 billion yuan in 2024, a year-on-year decrease of 4.81% to 16.01% [2] - The gross profit margin for 2024 is estimated to be around 42.45%, a decrease of 3.37 percentage points year-on-year [2] Quarterly Performance - For Q4 2024, the company anticipates a revenue of 3.558 billion yuan, a year-on-year increase of 60.10% and a quarter-on-quarter increase of 72.75% [3] - The expected net profit attributable to shareholders for Q4 2024 is between 587 million and 787 million yuan, with a year-on-year change of -6.24% to 25.71% [3] Product Development and Market Position - The company has seen a significant increase in the shipment volume and sales of its high-end etching products, with over 1,000 reaction chambers delivered in the first three quarters of 2024 [4] - The LPCVD thin film equipment has achieved its first sales in 2024, generating approximately 156 million yuan in revenue [1][5] Financial Data and Valuation - The projected revenue for 2024 to 2026 is 9.065 billion, 11.603 billion, and 14.620 billion yuan respectively, with growth rates of 44.7%, 28.0%, and 26.0% [10] - The estimated P/E ratios for 2024, 2025, and 2026 are 69.6, 49.5, and 36.1 respectively [11]