AMEC(SH:688012) CMS·2025-10-30 07:04Investment Rating - The report maintains an "Accumulate" investment rating for the company [1][3]. Core Insights - The company reported a robust revenue growth of 50.6% year-on-year in Q3 2025, with total revenue reaching 3.1 billion yuan and a net profit of 505 million yuan, reflecting a year-on-year increase of 27.5% [1][7]. - The company is accelerating its R&D efforts, with significant advancements in the development of the 90:1 CCP etching equipment, which is set to enter the market soon, alongside rapid production increases in thin film deposition equipment [1][7]. - The company’s revenue for the first three quarters of 2025 reached 8.063 billion yuan, a year-on-year increase of 46.4%, with net profit growing by 32.66% to 1.211 billion yuan [7]. Financial Data and Valuation - The company’s projected total revenue for 2025 is 11.929 billion yuan, with a year-on-year growth rate of 32% [2][10]. - The projected net profit for 2025 is 2.054 billion yuan, corresponding to a PE ratio of 90.5 [2][10]. - R&D expenditure for the first three quarters of 2025 was 2.523 billion yuan, accounting for 31.29% of total revenue, marking a year-on-year increase of 63.44% [7]. Stock Performance - The current stock price is 296.66 yuan, with a total market capitalization of 18.58 billion yuan [3].