AMEC(SH:688012) CMS·2025-08-29 09:01Investment Rating - The report maintains an "Accumulate" investment rating for the company [1][4]. Core Insights - The company reported robust revenue growth in Q2 2025, with a year-on-year increase of 51.3%, and a steady profit growth, attributed to increased R&D investments and accelerated new product launches [1][8]. - The company is experiencing significant growth in its etching equipment for advanced process lines, with successful validation progress for new products like EPI [1][8]. - The projected revenues for 2025, 2026, and 2027 are estimated at 119.3 billion, 151.2 billion, and 185.0 billion respectively, with corresponding net profits of 22.1 billion, 29.9 billion, and 38.9 billion [8]. Financial Data and Valuation - Total revenue for 2023 is projected at 626.4 million, with a year-on-year growth of 32% [3][11]. - Operating profit for 2025 is estimated at 239.4 million, reflecting a 41% increase compared to the previous year [3][11]. - The company's net profit attributable to shareholders is expected to reach 22.1 billion in 2025, with a PE ratio of 63.8 [3][11]. - The company’s total assets are projected to grow from 21,526 million in 2023 to 38,594 million by 2027 [10][11]. Performance Metrics - The company’s gross margin is expected to stabilize around 42% in 2025, with a net margin of 18.6% [11]. - The return on equity (ROE) is projected to improve from 8.6% in 2024 to 10.7% in 2025 [11]. - The asset-liability ratio is expected to increase slightly from 24.7% in 2024 to 26.3% in 2025 [11].