AMEC(688012) Soochow Securities·2025-04-18 06:57Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing rapid revenue growth and accelerating platform layout, with a projected revenue of 9.065 billion yuan in 2024, representing a year-on-year increase of 44.73% [1] - The company's high-end etching equipment shipments have significantly increased, contributing to revenue growth, while R&D expenses have risen by 94.3% [7] - The company maintains a strong order backlog, with contract liabilities increasing by 235.2% year-on-year [7] Financial Performance Summary - Total revenue for 2023 was 6.264 billion yuan, with a projected increase to 9.065 billion yuan in 2024, and further growth expected in subsequent years [1][8] - The net profit attributable to shareholders is forecasted to decrease to 1.616 billion yuan in 2024, before rebounding to 2.432 billion yuan in 2025 [1][8] - The company's gross margin for 2024 is expected to be 41.06%, a decrease of 4.8 percentage points year-on-year [7] Revenue and Profit Forecast - Revenue is expected to grow to 11.472 billion yuan in 2025 and 14.179 billion yuan in 2026, with a compound annual growth rate (CAGR) of 26.55% and 23.60% respectively [1][8] - The net profit attributable to shareholders is projected to reach 4.454 billion yuan by 2027, with a significant increase in profitability expected [1][8] Market Position and Product Development - The company has established a leading position in etching products, with significant advancements in various equipment categories, including CCP and ICP devices [7] - The company is actively developing third-generation semiconductor equipment and has made progress in the Micro-LED market [7] Valuation Metrics - The current stock price corresponds to a dynamic P/E ratio of 73.77 for 2024, decreasing to 26.76 by 2027 [1][8] - The projected earnings per share (EPS) for 2024 is 2.60 yuan, with expectations of growth to 7.16 yuan by 2027 [1][8]