AMEC(688012) 东方证券·2025-04-22 12:33Investment Rating - The report maintains a "Buy" rating for the company with a target price of 226.67 CNY [3][5][9] Core Insights - The company has shown continuous high revenue growth, with a projected revenue of 90.7 billion CNY in 2024, representing a 45% year-on-year increase [8] - The company significantly increased its R&D investment to approximately 2.45 billion CNY in 2024, a 94% increase compared to the previous year, driven by the rising demand for new equipment [8] - The company's contract liabilities surged by 235% to approximately 2.59 billion CNY by the end of 2024, indicating strong order expectations [8] Financial Performance Summary - Revenue (in million CNY) is projected to grow from 6,264 in 2023 to 20,009 in 2027, with year-on-year growth rates of 32%, 45%, 33%, 30%, and 28% respectively [4] - The net profit attributable to the parent company is expected to rise from 1,786 million CNY in 2023 to 4,463 million CNY in 2027, with growth rates of 53%, -10%, 51%, 38%, and 33% [4] - The gross margin is projected to decline from 45.8% in 2023 to 41.1% in 2024, primarily due to structural changes in customer composition and discounts offered [8] Equipment Sales and Market Position - The company experienced significant growth in etching equipment sales, with over 1,200 reaction chambers shipped in 2024, marking a historical high [8] - The company's new deposition equipment, including LPCVD and ALD, has successfully entered the market, with over 150 reaction chambers shipped in 2024 [8] - The ICP etching equipment has been installed in over 1,025 reaction chambers across more than 50 customer production lines, achieving an average annual growth rate exceeding 100% over the past four years [8]