AMEC(688012) GOLDEN SUN SECURITIES·2025-04-18 03:23Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 9.065 billion yuan in 2024, representing a year-over-year increase of 44.7%. The net profit attributable to shareholders was 1.616 billion yuan, down 9.5% year-over-year, while the net profit after deducting non-recurring items was 1.388 billion yuan, up 16.5% year-over-year [1] - The company has significantly increased its R&D investment to 2.452 billion yuan in 2024, a year-over-year increase of 94.31% [1] - The company is expanding its equipment platform, with a notable increase in the installation of etching equipment and a continuous rise in market share [1][2] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 9.065 billion yuan, with a gross margin of 41.06% and a net margin of 17.8% [1] - The fourth quarter of 2024 saw a revenue of 3.558 billion yuan, a year-over-year increase of 60.11% and a quarter-over-quarter increase of 72.76% [1] - The company’s revenue projections for 2025-2027 are 12.074 billion yuan, 15.801 billion yuan, and 20.542 billion yuan, respectively, with corresponding net profits of 2.552 billion yuan, 3.560 billion yuan, and 4.850 billion yuan [3][4] Product Development - The company’s etching equipment generated revenue of 7.277 billion yuan in 2024, a year-over-year increase of 54.72% [1] - The MOCVD equipment maintained its leading position in the market, generating revenue of 379 million yuan in 2024, with successful product validations for Mini-LED and Micro-LED applications [2] - The LPCVD equipment achieved its first sales, contributing approximately 156 million yuan in revenue, with a total of 4.76 billion yuan in bulk orders for the year [2] Employee Incentives - The company plans to implement a new stock incentive plan, granting up to 12 million restricted shares to motivate employees and align their interests with the company's long-term growth [3]