AMEC(688012) 国信证券·2024-11-04 13:44Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][8] Core Views - The company has seen a significant increase in revenue, with a year-on-year growth of 36.27% in the first three quarters, reaching 5.507 billion yuan. The etching equipment revenue grew by 53.77% [1] - New orders signed increased by approximately 52.0%, indicating strong demand in the semiconductor equipment sector [1] - The company is expected to achieve a cumulative new order of 11-13 billion yuan in 2024, reflecting a robust market outlook [1] Financial Performance Summary - Revenue for the first three quarters was 5.507 billion yuan, with a net profit of 913 million yuan, showing a year-on-year decrease of 21.28% [1] - The third quarter revenue was 2.059 billion yuan, up 35.96% year-on-year, and net profit reached 396 million yuan, a significant increase of 152.63% year-on-year [1] - The gross margin for the third quarter improved to 43.73%, up 5.56 percentage points quarter-on-quarter [1] Order and Production Summary - The company delivered over 1,000 CCP devices in the first three quarters, with a total of 1,514 specialized equipment units shipped, marking a year-on-year increase of 238.7% [1] - The company has successfully entered mass production verification for its EPI equipment, receiving high recognition from clients [1] Future Projections - Revenue projections for 2024-2026 are estimated at 8.364 billion yuan, 11.467 billion yuan, and 14.959 billion yuan respectively, with corresponding net profits of 1.546 billion yuan, 2.204 billion yuan, and 3.184 billion yuan [2][4] - The current price-to-earnings ratio (PE) is projected to be 75.9, 53.3, and 36.9 for the years 2024, 2025, and 2026 respectively [2][4]