中微公司- 二季度营收同比增长 51%；因新产品拓展研发费用仍高企；给予买入评级-AMEC Rev +51% YoY in 2Q; R&D expenses remain elevated on new product expansion; Buy

18 July 2025 | 5:17PM HKT AMEC (688012.SS): Rev +51% YoY in 2Q; R&D expenses remain elevated on new product expansion; Buy AMEC pre-announced 2Q Rev of Rmb2.8bn (+51% YoY), which is largely in-line with GSe and Bloomberg consensus. 2Q GM was down to 38.5% (vs. 41.5% in 1Q25 and 38.2% in 2Q24). With R&D expenses remaining high at Rmb652mn (+84% YoY) resulting from new product developments, 2Q25 net income came in at Rmb367mn417mn (+37%+56% YoY). In 1H25, the company's etching equipment sales were Rmb3.8bn ...