AMEC(SH:688012) GF SECURITIES·2024-03-20 16:00Investment Rating - The investment rating for the company is "Buy" with a current price of 154.38 CNY and a fair value of 222.62 CNY [1]. Core Insights - The company reported a significant increase in orders and performance in 2023, with a revenue of approximately 6.264 billion CNY, representing a year-over-year growth of 32.15%. The net profit attributable to shareholders for 2023 was 1.786 billion CNY, up 52.67% year-over-year [3]. - The company has seen a substantial increase in new orders, totaling approximately 8.36 billion CNY in 2023, which is a 32.3% increase year-over-year. The new orders for etching equipment reached about 6.95 billion CNY, marking a 60.1% increase year-over-year [3]. - The company is advancing its high-end etching product breakthroughs and diversifying its deposition business line, with plans to launch over 10 new types of thin film deposition equipment in 2024 [3]. Financial Summary - Revenue Forecast: - 2022A: 4.740 billion CNY - 2023A: 6.264 billion CNY - 2024E: 8.259 billion CNY - 2025E: 10.976 billion CNY - 2026E: 14.358 billion CNY - Revenue growth rates are projected at 52.5%, 32.1%, 31.9%, 32.9%, and 30.8% respectively [1][6]. - Profitability Forecast: - Net profit attributable to shareholders: - 2022A: 1.170 billion CNY - 2023A: 1.786 billion CNY - 2024E: 2.167 billion CNY - 2025E: 2.664 billion CNY - 2026E: 3.426 billion CNY - Net profit growth rates are expected to be 15.7%, 52.7%, 21.4%, 22.9%, and 28.6% respectively [1][6]. - Earnings Per Share (EPS): - 2022A: 1.90 CNY - 2023A: 2.89 CNY - 2024E: 3.50 CNY - 2025E: 4.30 CNY - 2026E: 5.53 CNY [1][6]. - Valuation Ratios: - Price-to-Earnings (P/E) ratios are projected at 51.58, 53.15, 44.11, 35.89, and 27.91 for the years 2022A to 2026E respectively [1][6].