AMEC(SH:688012) 光大证券研究·2025-08-23 00:06Core Viewpoint - The company anticipates significant revenue and profit growth in the first half of 2025, driven by increased sales of advanced etching and LPCVD equipment, alongside substantial R&D investments aimed at expanding its product offerings [3][4][6]. Group 1: Financial Performance - The company projects a revenue of approximately 4.961 billion yuan for the first half of 2025, representing a year-on-year growth of about 43.88% [3]. - The expected net profit attributable to shareholders for the same period is between 680 million and 730 million yuan, indicating a year-on-year increase of 31.61% to 41.28% [3]. Group 2: Equipment Sales Growth - Revenue from etching equipment is expected to grow by approximately 40.12%, reaching 3.781 billion yuan, while LPCVD film equipment revenue is projected to increase by 608.19%, amounting to 199 million yuan [4]. - The company has significantly increased the shipment volume of high-end products for critical etching processes in advanced logic and storage devices, achieving large-scale production [4]. Group 3: R&D Investments and New Product Development - R&D expenditure for the first half of 2025 is estimated at around 1.492 billion yuan, a year-on-year increase of 53.70%, accounting for approximately 30.07% of the company's revenue, which is notably higher than the average R&D investment level of 10% to 15% for companies listed on the Sci-Tech Innovation Board [6]. - The company has accelerated its new product development cycle, reducing the time required to develop competitive new equipment from three to five years to two years or less [5]. - The cumulative shipment of LPCVD film equipment has surpassed 150 reaction chambers, with several key film deposition equipment projects progressing well towards customer validation [6].