AMEC(688012) 国泰君安·2024-11-03 02:15Investment Rating - The report maintains an "Accumulate" rating for the company [3][9]. Core Views - The company achieved a significant year-on-year increase in net profit of 152.63% in Q3 2024, reaching 396 million yuan, driven by a robust order intake and the ramp-up of new products [2][9]. - The company is positioned as a leader in semiconductor etching equipment, with a strong growth outlook supported by new product launches and a saturated order book [9]. Financial Summary - Q3 2024 revenue reached 2.059 billion yuan, up 35.96% year-on-year and 11.77% quarter-on-quarter, with etching equipment revenue contributing 1.715 billion yuan, a 49.41% increase year-on-year [9]. - The gross margin improved to 43.7%, reflecting a 5.5% increase from the previous quarter [9]. - New orders for the first three quarters of 2024 totaled 7.64 billion yuan, a 52.0% increase year-on-year, with etching equipment orders at 6.25 billion yuan, up 54.7% [9]. Product Development - The company is increasing its R&D investment, with expenditures of 914 million yuan in the first three quarters of 2024, an 81.92% increase year-on-year [9]. - New product developments include MOCVD for silicon carbide and gallium nitride applications, LPCVD equipment with initial sales of 28 million yuan, and EPI equipment entering mass production verification [9]. Valuation - The target price is set at 194.30 yuan, based on a 61.7x PE ratio for 2024, reflecting the company's leadership in the semiconductor etching equipment market and its potential to expand its market coverage [9].