AMEC(688012) 东吴证券·2024-11-01 17:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Views - The company has shown continuous revenue growth, with a 36.3% year-on-year increase in revenue for the first three quarters of 2024, reaching 5.507 billion yuan. The revenue from etching equipment was 4.413 billion yuan, a 53.77% increase year-on-year, accounting for 80.1% of total revenue [2][11] - The net profit attributable to the parent company for the first three quarters of 2024 was 913 million yuan, a decrease of 21.3% year-on-year, primarily due to increased R&D expenses and a high base from the previous year [2][11] - The company has significantly increased its R&D investment, with R&D expenses rising by 96% year-on-year, reaching 1.544 billion yuan for the first three quarters of 2024, which constitutes 28% of total revenue [3][15] Summary by Sections Revenue and Profitability - The company achieved total revenue of 5.507 billion yuan in the first three quarters of 2024, with a year-on-year growth of 36.3%. The etching equipment revenue was 4.413 billion yuan, up 53.77% year-on-year [2][11] - The net profit attributable to the parent company was 913 million yuan, down 21.3% year-on-year, mainly due to increased R&D investment and a high base from the previous year [2][11] Margins and Expenses - The gross margin for the first three quarters of 2024 was 42.22%, a decrease of 3.6 percentage points year-on-year. The net profit margin was 16.56%, down 12.1 percentage points year-on-year [3][13] - R&D expenses accounted for 16.6% of total revenue, reflecting a significant increase in investment in new projects [3][15] Orders and Inventory - As of the end of Q3 2024, the company's contract liabilities were 2.988 billion yuan, a year-on-year increase of 119%. Inventory reached 7.822 billion yuan, up 66% year-on-year [4][17] - The company signed new orders totaling 7.64 billion yuan in the first three quarters of 2024, a 52% increase year-on-year, with expectations of 11-13 billion yuan in new orders for the entire year [4][17] Profit Forecast and Valuation - The forecasted net profits for 2024-2026 are 1.68 billion yuan, 2.43 billion yuan, and 3.40 billion yuan, respectively, with corresponding P/E ratios of 67, 46, and 33 times [5][23] - The company maintains a high growth potential, justifying the "Buy" rating [5][23]