AMEC(SH:688012)2024-03-21 16:00Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Views - The company reported a revenue of 6.26 billion yuan for 2023, reflecting a year-on-year growth of 32.2% [2] - The gross profit margin for 2023 was 45.83%, showing a slight increase of 0.09 percentage points year-on-year [2] - The net profit attributable to the parent company reached 1.79 billion yuan, a significant increase of 52.7% compared to the previous year [2] - The company has seen a substantial increase in new orders for etching equipment, with a 60.1% year-on-year growth, accounting for over 80% of total new orders [2][3] - The company’s process coverage for etching equipment is nearing 100%, with significant advancements in global market penetration [2][3] Financial Data and Profit Forecast - The company’s total revenue is projected to grow from 8.29 billion yuan in 2024 to 15.02 billion yuan in 2026, with year-on-year growth rates of 32.3%, 40.3%, and 29.2% respectively [3][8] - The net profit attributable to the parent company is expected to increase from 2.02 billion yuan in 2024 to 3.48 billion yuan in 2026, with growth rates of 12.9%, 33.6%, and 29.2% respectively [3][8] - The earnings per share are forecasted to rise from 3.26 yuan in 2024 to 5.62 yuan in 2026 [8] - The dynamic price-to-earnings ratios are projected to decrease from 48 in 2024 to 28 in 2026 [3][8]