AMEC(688012) 申万宏源·2024-10-31 01:16Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [7]. Core Insights - The company reported a net profit that exceeded expectations, with a revenue of 5.51 billion yuan for the first three quarters of 2024, reflecting a year-on-year growth of 36.3%. The gross margin stood at 42.22%, while the net profit attributable to shareholders was 910 million yuan, showing a year-on-year decline of 21.3% [4][5]. - New orders for the company reached 7.64 billion yuan in the first nine months of 2024, with a significant increase of over 50% in orders for etching equipment. The company’s market share for CCP and ICP etching equipment has also seen substantial growth [5][6]. - The company’s production capacity maintained a year-on-year increase, with a total output of 1,160 chambers in the first nine months of 2024, representing a 310% increase year-on-year [6]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 2.06 billion yuan, a year-on-year increase of 36.0% and a quarter-on-quarter increase of 11.8%. The net profit for the quarter was 400 million yuan, marking a year-on-year increase of 152.6% and a quarter-on-quarter increase of 48.1% [4][5]. - The gross margin for Q3 2024 improved to 43.7%, up 5.6 percentage points from Q2 2024. The R&D expense ratio decreased to 16.8%, contributing to a recovery in profitability [6]. Order and Production Insights - The company’s new orders for LPCVD equipment reached 300 million yuan in the first nine months of 2024, with a quarterly order of 132 million yuan in Q3 2024, indicating a strong demand [5]. - The company’s inventory of goods sent out reached 3.51 billion yuan by the end of September, reflecting a quarter-on-quarter increase of 740 million yuan [6]. Future Projections - The company is expected to benefit from the expansion of downstream storage manufacturers, with revenue projections for 2024 to 2026 set at 8.25 billion, 11.62 billion, and 14.92 billion yuan, respectively, with year-on-year growth rates of 31.7%, 40.8%, and 28.5% [7][8].