AMEC(SH:688012) Changjiang Securities·2025-05-08 09:46Investment Rating - The report maintains a "Buy" rating for the company [8] Core Insights - The company reported a revenue of 2.173 billion yuan in Q1 2025, representing a year-on-year growth of 35.4%. The net profit attributable to shareholders was 313 million yuan, up 25.67% year-on-year, while the net profit excluding non-recurring items was 298 million yuan, reflecting a 13.44% increase year-on-year [2][6] - The company is expected to achieve revenues of 11.9 billion yuan and 15.2 billion yuan in 2025 and 2026, respectively [8] Summary by Sections Financial Performance - In Q1 2025, the company experienced rapid revenue growth, with net profit growth slightly lagging behind revenue growth due to increased R&D expenses, which rose approximately 116.80% year-on-year. The company also reported a significant increase in inventory and contract liabilities, with inventory at 7.448 billion yuan and contract liabilities at 3.067 billion yuan, both showing substantial increases [6][11] R&D and Product Development - The company significantly increased its R&D investment to approximately 687 million yuan in Q1 2025, a year-on-year increase of about 90.53%, accounting for approximately 31.60% of its revenue. The company is working on over twenty new devices across six major categories, with a notable acceleration in the development cycle [11][11] Capacity Expansion - The company has expanded its production and R&D facilities, with a 140,000 square meter base in Nanchang and an 180,000 square meter base in Shanghai now operational. Additionally, new facilities are planned in Guangzhou and Chengdu to support future product development and production capacity [11][11]