AMEC(SH:688012) KAIYUAN SECURITIES·2025-04-20 12:28Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a revenue of 9.065 billion yuan, representing a year-over-year increase of 44.73%, with etching equipment contributing approximately 7.277 billion yuan, a year-over-year increase of 54.72% [3][4] - The net profit attributable to the parent company was 1.616 billion yuan, a year-over-year decrease of 9.53%, with a gross margin of 41.1%, down 2.7 percentage points year-over-year [3][4] - The company expects revenues for 2025, 2026, and 2027 to reach 12.2 billion yuan, 16 billion yuan, and 20 billion yuan respectively, with net profits of 2.212 billion yuan, 3.193 billion yuan, and 4.469 billion yuan [3][4] Financial Summary - The company reported a revenue of 6.264 billion yuan in 2023, with a year-over-year growth of 32.1%, and a projected revenue of 12.197 billion yuan in 2025, reflecting a growth rate of 34.5% [6][9] - The gross margin is expected to be 40.9% in 2025, with a net margin of 18.1% [6][9] - The company’s return on equity (ROE) is projected to improve from 8.2% in 2024 to 10.1% in 2025 [6][9] Product Development and Strategy - The company is advancing its high-end and platform strategies, with successful R&D progress across various product lines, including etching equipment for logic chips and storage chips [4] - New MOCVD equipment for deep ultraviolet LED manufacturing and silicon-based gallium nitride power devices has been validated and received repeat orders [4] - The company has achieved efficient R&D and delivery of six types of thin film deposition equipment, with significant progress in key projects expected to enter customer validation soon [4]