AMEC(SH:688012) Orient Securities·2025-11-02 11:26Investment Rating - The report maintains a "Buy" rating for the company with a target price of 324.77 CNY [3][11][6] Core Insights - The company has shown strong revenue growth, with a 46% year-on-year increase in revenue to 8.063 billion CNY in the first three quarters, and a net profit growth of approximately 33% to 1.211 billion CNY [10] - The company has significantly increased its R&D spending, which rose by 63% year-on-year to 2.523 billion CNY, accounting for about 31% of revenue [10] - Contract liabilities reached a record high, increasing by 47% year-on-year to 4.39 billion CNY [10] - The etching equipment revenue has maintained rapid growth, with a 38% year-on-year increase to 6.101 billion CNY [10] - The thin film equipment segment has also seen substantial growth, with revenue increasing 13 times year-on-year to 403 million CNY [10] Financial Forecasts - The company is projected to achieve earnings per share of 3.19 CNY, 5.40 CNY, and 7.17 CNY for the years 2025, 2026, and 2027 respectively [3][11] - Revenue is expected to grow from 6.264 billion CNY in 2023 to 20.009 billion CNY by 2027, reflecting a compound annual growth rate [5] - Operating profit is forecasted to increase from 1.980 billion CNY in 2023 to 5.114 billion CNY in 2027 [5] Valuation Metrics - The report employs a DCF valuation method, resulting in a target price of 324.77 CNY [3][11] - The company’s P/E ratio is projected to decrease from 98 in 2023 to 39 in 2027, indicating improving valuation over time [5] - The net profit margin is expected to stabilize around 22.4% by 2027 [5]