AMEC(SH:688012) Zhongyuan Securities·2024-03-31 16:00Investment Rating - The report assigns a "Buy" investment rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [17]. Core Insights - The company achieved a revenue of 6.264 billion yuan in 2023, representing a year-on-year growth of 32.15%, with a net profit of 1.786 billion yuan, up 52.67% year-on-year [3][4]. - The company's etching equipment continues to drive revenue growth, with a 49.43% increase in etching equipment revenue to 4.703 billion yuan, accounting for 75% of total revenue [4][5]. - The company has a competitive advantage in etching equipment, with a significant increase in new orders, totaling 8.36 billion yuan, a year-on-year growth of 32.3% [5][8]. Summary by Sections Market Data - Closing price: 149.26 yuan - Circulating market value: 92.434 billion yuan - Price-to-book ratio: 5.19 [1]. Financial Performance - The company reported a gross margin of 45.83% in 2023, a slight increase of 0.09% year-on-year [4]. - The net profit margin improved to 28.48%, up 3.84% year-on-year, aided by non-recurring gains from the sale of shares [4][5]. Revenue and Profit Forecast - Projected revenues for 2023-2025 are 8.339 billion yuan, 10.806 billion yuan, and 13.651 billion yuan, respectively, with corresponding net profits of 2.066 billion yuan, 2.661 billion yuan, and 3.357 billion yuan [7][8]. - Earnings per share (EPS) are expected to grow from 2.88 yuan in 2023 to 5.42 yuan by 2026 [7][8]. Competitive Position - The company has developed a comprehensive range of etching equipment that covers most applications for 28nm and below, enhancing its market share [5]. - New product developments in the thin film deposition equipment sector are expected to contribute significantly to future revenue growth, with plans to launch over 10 new models in 2024 [8].