AMEC(SH:688012) Changjiang Securities·2024-03-31 16:00Investment Rating - The investment rating for the company is "Buy" and is maintained [5] Core Views - The company reported a significant increase in new orders, with a total order amount of approximately 8.36 billion yuan in 2023, representing a year-on-year growth of about 32.3% [7] - The sales revenue from etching equipment reached approximately 4.703 billion yuan, a year-on-year increase of about 49.43%, accounting for 75% of total revenue [7] - The company has made progress in its platform layout through self-research and investment, with successful development of various new equipment [8] Summary by Sections Financial Performance - In 2023, the company achieved operating revenue of 6.264 billion yuan, a year-on-year increase of 32.15%, and a net profit attributable to shareholders of 1.786 billion yuan, up 52.67% year-on-year [2][6] - The fourth quarter of 2023 saw operating revenue increase by 31.0% year-on-year, and net profit attributable to shareholders rose by 66.1% [2][6] Order and Market Position - The company’s market share in etching equipment has increased, leading to a substantial rise in new orders, particularly in the domestic market [7] - The company’s new orders for etching equipment amounted to approximately 6.95 billion yuan, reflecting a year-on-year growth of about 60.1% [7] Product Development - The company has successfully validated its first CVD tungsten equipment and received repeat orders from customers, indicating strong demand for its new products [8] - New products, including ALD titanium nitride equipment and various etching devices, are expected to enter the market for validation in 2024 [8] Future Projections - The company is projected to achieve net profits of 2.017 billion yuan, 2.605 billion yuan, and 3.287 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 48, 37, and 30 [8]