AMEC(688012)2025-05-09 09:42Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Insights - In 2024, the company achieved a revenue of 9.065 billion yuan, representing a year-on-year growth of 44.73%. However, the net profit attributable to the parent company was 1.616 billion yuan, a decline of 9.53% year-on-year. The non-recurring net profit was 1.388 billion yuan, showing a growth of 16.51% year-on-year. In Q4 2024, revenue reached 3.558 billion yuan, up 60.11% year-on-year, with a net profit of 703 million yuan, an increase of 12.24% year-on-year [2][6]. Summary by Sections Financial Performance - The company reported a total revenue of 9.065 billion yuan for 2024, with a gross profit of 3.722 billion yuan, resulting in a gross margin of 41% [15]. - The company’s R&D expenses for 2024 were approximately 2.452 billion yuan, accounting for about 27.05% of total revenue, which is an increase of 6.90 percentage points compared to 2023 [11]. Growth Drivers - The etching equipment segment generated revenue of 7.277 billion yuan, a year-on-year increase of 54.72%, significantly contributing to overall performance. The company has maintained an average annual growth rate of over 50% in this segment over the past four years [11]. - The company has made substantial progress in platform development, with new equipment for various applications entering the market and receiving repeat orders [11]. Future Outlook - The company is expected to achieve revenues of 11.9 billion yuan and 15.2 billion yuan in 2025 and 2026, respectively [8]. - The company is expanding its production capacity with new facilities in Nanchang, Shanghai, Guangzhou, and Chengdu to support future growth [11].