AMEC(SH:688012) Shanghai Aijian Securities·2026-03-03 02:43Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company's etching business shows steady growth, while the thin film business is accelerating its expansion [1] - The company achieved a revenue of approximately 12.385 billion yuan in 2025, representing a year-on-year growth of 36.6% [6] - The company’s net profit attributable to shareholders is expected to be around 2.111 billion yuan in 2025, with a year-on-year increase of 30.7% [6] - Significant investment in R&D, amounting to approximately 3.744 billion yuan in 2025, reflects a growth of 52.65% year-on-year [6] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2023: 6.264 billion yuan - 2024: 9.065 billion yuan - 2025E: 12.385 billion yuan - 2026E: 16.203 billion yuan - 2027E: 20.631 billion yuan - The corresponding year-on-year growth rates are 32.1%, 44.7%, 36.6%, 30.8%, and 27.3% respectively [5] - The projected net profit for 2025 is 2.111 billion yuan, with a growth rate of 30.7% [5] - The gross margin is expected to be 41.8% in 2025, with a slight increase to 42.7% in 2026 and 2027 [8] - Return on equity (ROE) is projected to be 9.7% in 2025, increasing to 12.6% in 2026 and 14.6% in 2027 [8] Business Segment Performance - The etching equipment segment is expected to generate sales of 9.832 billion yuan in 2025, accounting for approximately 79.39% of total revenue, with a year-on-year growth of 35.12% [6] - The thin film business is growing significantly faster than the overall business, with sales of 506 million yuan in 2025, a year-on-year increase of 224.23% [6] - The company has successfully developed and partially mass-produced over ten types of thin film equipment in recent years [6]