AMEC(SH:688012) Changjiang Securities·2024-02-24 16:00Investment Rating - The report maintains a "Buy" rating for the company [9] Core Insights - The company is a leading domestic semiconductor etching equipment manufacturer, expanding from CCP to ICP etching processes, and continuously validating more etching processes, which enhances its market reach [2][5] - With the resumption of capacity expansion by major domestic wafer fabs and the acceleration of equipment localization, the company is expected to experience a dual boost in order growth and market share [2][5] - The company is actively diversifying its product offerings by expanding into thin film deposition and inspection equipment, aiming to replicate the success of international giants [2][8] Summary by Sections Company Overview - The company focuses on high-end semiconductor equipment and general semiconductor equipment research, production, and sales, with MOCVD equipment becoming a major revenue source since its breakthrough in 2017 [5][30] - The company has become a global leader in GaN-based LED MOCVD equipment since 2018, and its core business in etching equipment has been steadily increasing its share of total revenue [5][34] Market Dynamics - Plasma etching equipment has the highest value share in production lines, accounting for approximately 22% of the value of wafer manufacturing equipment, making it the largest category [6][50] - The demand for etching equipment is expected to rise significantly due to the increasing complexity of semiconductor manufacturing processes and the expansion of wafer fabs in mainland China [6][50] Growth Potential - The company is well-positioned to capture a significant share of the domestic market for advanced logic and memory production lines, with a strong growth elasticity in its etching equipment segment [7][36] - The company anticipates achieving revenues of 6.26 billion, 8.21 billion, and 10.50 billion yuan for 2023, 2024, and 2025 respectively, with corresponding net profits of 1.779 billion, 1.907 billion, and 2.428 billion yuan [8][31] Competitive Landscape - The company is developing a platform-based layout through self-research and investments, aiming to cover more segments of the semiconductor equipment industry [8][56] - The global etching equipment market is dominated by three major players, with the company currently at an early stage in market share [56]