AMEC(SH:688012) Shanghai Aijian Securities·2026-03-03 03:24Investment 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 projected net profit attributable to shareholders for 2025 is approximately 2.111 billion yuan, with a year-on-year increase of 30.7% [6] - The company has significantly increased its R&D investment, reaching approximately 3.744 billion yuan in 2025, which is a 52.65% increase year-on-year [6] Financial Data and Profit Forecast - Total revenue forecast for 2026 is 16.203 billion yuan, with a growth rate of 30.8% [5] - The projected net profit for 2026 is 3.155 billion yuan, reflecting a growth of 49.6% [5] - The company’s gross margin is expected to stabilize around 42.7% from 2026 onwards [8] - The return on equity (ROE) is projected to increase to 12.6% in 2026 and 14.6% in 2027 [8] Business Segment Performance - The etching equipment segment generated 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, including LPCVD and ALD equipment, achieved sales of 506 million yuan in 2025, a remarkable 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] Market Position and Future Outlook - The company is positioned to benefit from the increasing complexity of advanced logic processes and the evolution of high-layer 3D NAND technology, which is expected to enhance market demand [6] - The company has established a solid foundation for mass application in critical processes, indicating a clear path for growth and a strong competitive edge [6]