AMEC(SH:688012) Haitong Securities·2024-03-27 16:00Investment Rating - The report maintains a "Neutral" rating for the company, indicating an expected industry return between -10% and 10% relative to the benchmark index [15][18]. Core Insights - The company has shown significant growth in its etching equipment segment, with new orders reaching 6.95 billion yuan in 2023, a year-on-year increase of approximately 60.1% [8]. - The company's revenue for 2023 is projected at 6.264 billion yuan, reflecting a year-on-year growth of 32.15%, with a net profit of 1.786 billion yuan, up 52.67% from the previous year [9][10]. - The company plans to launch over 10 new types of thin film deposition equipment in 2024, expanding its product coverage in this area [8][10]. Financial Data and Forecast - Revenue and profit forecasts for the company from 2024 to 2026 are as follows: - 2024E Revenue: 8.269 billion yuan, YoY growth of 32.02% - 2024E Net Profit: 1.907 billion yuan, YoY growth of 6.76% - 2025E Revenue: 11.112 billion yuan, YoY growth of 34.38% - 2025E Net Profit: 2.542 billion yuan, YoY growth of 33.30% - 2026E Revenue: 14.390 billion yuan, YoY growth of 29.50% - 2026E Net Profit: 3.411 billion yuan, YoY growth of 34.21% [9][10][12]. Business Segments - The company primarily provides etching equipment, MOCVD equipment, and thin film deposition equipment for semiconductor manufacturing, including integrated circuits and LED products [10]. - The etching equipment segment is expected to see sales growth of 38%, 35%, and 30% from 2024E to 2026E, respectively [10]. - MOCVD equipment sales are projected to grow by 5%, 15%, and 20% over the same period [10]. Valuation - The report employs a PE valuation method, suggesting a reasonable market capitalization range of 66.731 billion yuan to 85.797 billion yuan for the company, with a corresponding share price range of 107.76 yuan to 138.54 yuan [9][10].