AMEC(SH:688012) Soochow Securities·2025-08-29 10:35Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company continues to experience sustained growth in performance, with a platform-based layout gradually being implemented [1] - Revenue for the first half of 2025 reached 4.96 billion yuan, a year-on-year increase of 43.9%, driven by a significant rise in high-end etching equipment shipments [7] - The company's net profit attributable to shareholders for the first half of 2025 was 710 million yuan, up 36.6% year-on-year, with a notable increase in gross profit due to revenue growth [7] - The company has a robust order backlog, with contract liabilities reaching 3.17 billion yuan, a year-on-year increase of 24.8% [7] Financial Performance Summary - Total revenue is projected to grow from 6.26 billion yuan in 2023 to 17.54 billion yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 23.7% [1][8] - The net profit attributable to shareholders is expected to increase from 1.79 billion yuan in 2023 to 4.45 billion yuan in 2027, with a significant growth rate of 50.53% in 2025 [1][8] - The earnings per share (EPS) is forecasted to rise from 2.85 yuan in 2023 to 7.11 yuan in 2027, indicating strong profitability growth [1][8] Product and Market Positioning - The company has established a leading position in etching products, with significant advancements in its LPCVD and ALD equipment, which saw a revenue increase of 608.2% year-on-year [7] - The company is actively expanding its product offerings in the third-generation semiconductor equipment market, particularly in LED and Micro-LED sectors [7] - The company has successfully delivered over 4,500 reaction chambers, with a notable increase in installations for advanced processes [7]