AMEC(SH:688012) ZHONGTAI SECURITIES·2024-03-28 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 149.26 CNY per share [2]. Core Views - The company's stock option incentive plan aims to enhance employee motivation, with 10.8 million restricted shares proposed for allocation, representing 1.74% of the total share capital. The grant price is set at 76.10 CNY per share, which is 50% of the closing price on March 27 [4]. - The incentive plan covers 99.72% of employees, which is expected to boost overall employee engagement and performance [5]. - In 2023, the company achieved a revenue of 6.26 billion CNY, a year-on-year increase of 32%, and a net profit of 1.79 billion CNY, up 53%. The fourth quarter of 2023 saw a revenue of 2.22 billion CNY, marking a 31% year-on-year increase and a 47% quarter-on-quarter increase [6]. - The company signed new orders worth 8.36 billion CNY in 2023, with a significant growth in etching orders, which increased by 60% [6]. - The company is expected to maintain a strong upward trend in performance due to a full order book and favorable industry conditions, with net profit forecasts for 2024-2026 adjusted to 2.12 billion CNY, 2.68 billion CNY, and 3.47 billion CNY respectively [7]. Summary by Sections Company Overview - The company is a leader in the etching segment, benefiting from domestic demand and expected to see revenue growth exceeding previous years [6]. Financial Performance - The company reported a significant increase in both revenue and net profit for 2023, with a notable performance in the fourth quarter [6]. - The financial forecasts for the upcoming years indicate continued growth in revenue and net profit, with corresponding P/E ratios decreasing from 44 in 2024 to 27 in 2026 [7]. Incentive Plan - The stock option incentive plan is designed to cover nearly all employees, which is anticipated to enhance motivation and align employee interests with company performance [5]. Market Position - The company is positioned well within the semiconductor equipment industry, with strong order growth and a favorable market outlook [6][7].