AMEC(SH:688012) Guoxin Securities·2025-05-09 10:00Investment Rating - The report maintains an "Outperform the Market" rating for the company [6][4]. Core Views - The company achieved a revenue of 2.173 billion yuan in Q1 2025, representing a year-on-year growth of 35.40%, with a net profit attributable to shareholders of 313 million yuan, up 25.67% year-on-year [1]. - In 2024, the company reported a revenue of 9.065 billion yuan, a year-on-year increase of 44.73%, while the net profit attributable to shareholders decreased by 9.53% to 1.616 billion yuan due to increased R&D investments [2]. - The company is actively developing over twenty new devices across six major categories, enhancing its product coverage and entering mass production verification stages for advanced equipment [3]. Summary by Sections Financial Performance - Q1 2025: Revenue of 2.173 billion yuan (YoY +35.40%), net profit of 313 million yuan (YoY +25.67%), and a gross margin of 41.54% [1]. - 2024: Revenue of 9.065 billion yuan (YoY +44.73%), net profit of 1.616 billion yuan (YoY -9.53%), and a gross margin of 41.06% [2]. - The company plans to achieve revenues of 11.896 billion yuan, 15.132 billion yuan, and 19.333 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 2.232 billion yuan, 3.138 billion yuan, and 3.986 billion yuan [4][5]. Product Development - The company has significantly increased the shipment volume of high-end etching products, particularly in advanced logic and storage manufacturing [1]. - It has successfully launched new thin film deposition equipment, contributing 156 million yuan in revenue, and has received substantial orders for various equipment types [2][3]. Market Position - The company is positioned as a leading domestic semiconductor equipment manufacturer, benefiting from strong demand in the semiconductor sector and expanding its market share in etching and thin film equipment [4].