AMEC(SH:688012) KAIYUAN SECURITIES·2025-04-20 12:33Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - 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, which was the main driver of revenue growth [3][4] - The company reported a net profit attributable to shareholders of 1.616 billion yuan, a year-over-year decrease of 9.53%, and a gross margin of 41.1%, down 2.7 percentage points year-over-year [3] - The company is expected to see revenue growth in the coming years, with projected revenues of 12.2 billion yuan, 16 billion yuan, and 20 billion yuan for 2025, 2026, and 2027 respectively, and net profits of 2.212 billion yuan, 3.193 billion yuan, and 4.469 billion yuan for the same years [3][6] Financial Summary - The company’s revenue for 2023 was 6.264 billion yuan, with a year-over-year growth of 32.1%, and is projected to grow to 12.197 billion yuan in 2025, reflecting a year-over-year growth of 34.5% [6][9] - The gross margin is expected to be 40.9% in 2025, slightly down from 41.1% in 2024, but is projected to recover to 42.6% in 2026 and 44.4% in 2027 [6][9] - The company’s earnings per share (EPS) is projected to increase from 2.60 yuan in 2024 to 3.55 yuan in 2025, and further to 5.13 yuan in 2026 [6][9] Product Development and Strategy - The company is making significant progress in product development, particularly in etching equipment for logic chips, which are now in mass production from 65nm to 5nm nodes [4] - The company’s high-temperature MOCVD equipment for deep ultraviolet LED manufacturing has been validated on customer production lines, leading to repeat orders [4] - The company’s strategy of high-end and platform-based development is expected to enhance market space and profitability, contributing to future revenue growth [4]