AMEC(688012) 国盛证券·2025-03-21 22:27Investment Rating - The report initiates coverage with a "Buy" rating for the company [3]. Core Views - The company is positioned as a leader in domestic high-end semiconductor equipment, focusing on etching and MOCVD equipment, with a strong emphasis on R&D and innovation to drive growth [12][18]. - The company has demonstrated robust revenue growth, with revenue and net profit expected to continue increasing significantly in the coming years [3][24]. Summary by Sections Company Overview - Established in May 2004, the company has developed a platform-based growth model centered on etching and MOCVD equipment, expanding into thin film deposition and measurement equipment [1]. - The company's plasma etching technology has reached below 5nm, with increasing market share and substantial orders from leading clients [1][12]. Market Position and Technology - The company has delivered over 3,800 CCP reaction chambers and has more than 700 ICP reaction chambers in production, covering over 95% of etching applications [2]. - The company’s MOCVD equipment leads the market in GaN-based devices, with ongoing development for new applications in power devices and Micro-LED manufacturing [1][3]. Financial Performance - Revenue and net profit have shown a compound annual growth rate (CAGR) of 33.0% and 61.7% respectively from 2018 to 2024, with projected revenues of approximately 120.7 billion and 158.0 billion for 2025 and 2026 [1][3]. - The company achieved a revenue of 62.64 billion in 2023, a year-on-year increase of 32.15%, with a net profit of 17.86 billion, up 52.67% year-on-year [24]. Future Projections - The company is expected to achieve revenues of 120.7 billion and 158.0 billion in 2025 and 2026, with corresponding net profits of 25.5 billion and 35.6 billion [3]. - The gross margin is projected to be 42.9% in 2025 and 43.9% in 2026, indicating a favorable valuation with a PE ratio of 49x and 35x for the respective years [3].