AMEC(SH:688012) Changjiang Securities·2025-11-17 09:22Investment Rating - The investment rating for the company is "Buy" and it is maintained [8] Core Insights - The company achieved a revenue of 8.063 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 46.40%. The net profit attributable to the parent company was 1.211 billion yuan, up 32.66% year-on-year. The net profit excluding non-recurring items was 0.887 billion yuan, an increase of 9.05% year-on-year. In Q3 2025, the revenue reached 3.102 billion yuan, marking a year-on-year growth of 50.62% and a quarter-on-quarter increase of 11.29%. The net profit attributable to the parent company for Q3 was 0.505 billion yuan, up 27.50% year-on-year and 28.62% quarter-on-quarter [2][5][6] Summary by Sections Financial Performance - In the first three quarters of 2025, the company reported a revenue of 8.063 billion yuan, a year-on-year increase of 46.40%. The net profit attributable to the parent company was 1.211 billion yuan, reflecting a year-on-year growth of 32.66%. The net profit excluding non-recurring items was 0.887 billion yuan, up 9.05% year-on-year. For Q3 2025, the revenue was 3.102 billion yuan, with a year-on-year growth of 50.62% and a quarter-on-quarter increase of 11.29%. The net profit attributable to the parent company for Q3 was 0.505 billion yuan, showing a year-on-year increase of 27.50% and a quarter-on-quarter increase of 28.62% [2][5][6] Business Development - The company has made significant progress in its etching equipment segment, with revenue reaching 6.101 billion yuan, a year-on-year increase of approximately 38.26%. The revenue from LPCVD and ALD thin film equipment was 0.403 billion yuan, a remarkable year-on-year growth of approximately 1332.69%. The company has successfully increased the shipment volume of high-end products for key etching processes in advanced logic and memory device manufacturing, achieving large-scale production in various key etching processes [12] Research and Development - The company increased its R&D expenditure to 2.523 billion yuan in the first three quarters of 2025, a year-on-year growth of approximately 63.44%, accounting for about 31.29% of its revenue. The company has made significant advancements in developing high-end products for key etching processes, with notable progress in the development of LPCVD and ALD thin film equipment, which have successfully entered the market [12] Capacity Expansion - The company has expanded its production capacity significantly, with approximately 140,000 square meters of production and R&D facilities in Nanchang and 180,000 square meters in Shanghai. A new headquarters and R&D center of about 100,000 square meters is under construction in Shanghai. The company plans to build new production and R&D bases in Guangzhou and Chengdu to ensure sufficient facilities for future growth [12]