AMEC(SH:688012) Guotou Securities·2024-04-29 03:00Investment Rating - The report assigns a "Buy-A" investment rating to the company with a target price of 172.38 CNY, based on a projected PE of 51.00X for 2024 [5][6]. Core Insights - The company achieved a revenue of 6.264 billion CNY in 2023, representing a year-on-year increase of 32.15%. The net profit attributable to the parent company was 1.786 billion CNY, up 52.67% year-on-year [2][3]. - In Q4 2023, the company reported a revenue of 2.222 billion CNY, a 30.97% increase year-on-year and a 46.71% increase quarter-on-quarter. The net profit for the same period was 626 million CNY, reflecting a 66.08% year-on-year increase and a 299.11% quarter-on-quarter increase [2][3]. - The company’s order intake for 2023 reached approximately 8.36 billion CNY, a 32.3% increase year-on-year, with etching equipment orders growing by 60.1% to 6.95 billion CNY [3][4]. Financial Performance Summary - The company’s revenue for 2024 is projected to be 8.268 billion CNY, with net profits expected to reach 2.093 billion CNY. By 2026, revenue is anticipated to grow to 14.406 billion CNY, with net profits of 3.470 billion CNY [5][6]. - The gross profit margin for Q1 2024 was reported at 44.94%, remaining stable compared to the previous year [3][4]. - The company’s earnings per share (EPS) for 2023 was 2.88 CNY, with projections of 3.38 CNY for 2024 and 5.60 CNY for 2026 [6][8]. Market Position and Product Development - The company is focusing on advanced etching equipment for chip manufacturing, with several products already validated in customer production lines. The thin film deposition equipment is also expanding its market coverage [4][5]. - The company has successfully launched multiple products in the tungsten series for thin film deposition, achieving validation from various clients in both logic and memory sectors [4].