AMEC(SH:688012) China Post Securities·2025-12-18 06:31Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Insights - The company's ICP etching equipment has achieved large-scale production in over 50 customer production lines across logic, DRAM, and 3D NAND sectors as of the first half of 2025, with a cumulative installation of over 1200 units [4] - The new Primo Menova™ 12-inch ICP single-chamber etching equipment focuses on metal etching, suitable for power semiconductors, memory devices, and advanced logic chip manufacturing, showcasing excellent etching uniformity and high efficiency [4] - The company is benefiting from the expansion of storage chip manufacturing, with significant applications of its plasma etching equipment in advanced 3D flash memory and dynamic random-access memory production [5] Financial Projections - The company is expected to achieve revenues of 121 billion, 157 billion, and 198 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 21 billion, 31 billion, and 43 billion yuan for the same years [6] - Revenue growth rates are projected at 44.73% for 2024, 33.36% for 2025, 29.79% for 2026, and 26.12% for 2027 [9] - The company's earnings per share (EPS) is forecasted to be 2.58 yuan for 2024, increasing to 6.88 yuan by 2027 [9]