AMEC(SH:688012) Soochow Securities·2026-04-01 02:51Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company continues to experience steady revenue growth, with a projected revenue of 12.39 billion yuan in 2025, representing a year-on-year increase of 36.6%. The net profit attributable to shareholders is expected to reach 2.11 billion yuan, up 30.7% year-on-year [8] - The company is advancing its platform layout, which will cover core processes such as etching, thin film deposition, and measurement. This includes the introduction of new etching equipment and the acquisition of Hangzhou Zhonggui to enhance its competitiveness in the CMP field [8] - The company has seen a slight decrease in gross margin but a significant increase in R&D investment, which rose by 52.7% year-on-year to 3.74 billion yuan in 2025 [8] Financial Summary - Total revenue is projected to grow from 9.065 billion yuan in 2024 to 23.749 billion yuan in 2028, with a compound annual growth rate (CAGR) of approximately 20.89% [1] - The net profit attributable to shareholders is expected to increase from 1.616 billion yuan in 2024 to 4.257 billion yuan in 2028, reflecting a CAGR of 23.02% [1] - The company's earnings per share (EPS) is forecasted to rise from 2.58 yuan in 2024 to 6.80 yuan in 2028, indicating strong profitability growth [1] - The price-to-earnings (P/E) ratio is projected to decrease from 122.75 in 2024 to 46.59 in 2028, suggesting an attractive valuation as earnings grow [1]