AMEC(688012) 国盛证券·2025-04-18 02:53Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 9.065 billion yuan in 2024, representing a year-over-year increase of 44.7%, while the net profit attributable to shareholders was 1.616 billion yuan, down 9.5% year-over-year [1] - The company has significantly increased its R&D investment to 2.452 billion yuan in 2024, a year-over-year growth of 94.31% [1] - The company is expanding its equipment platform, particularly in etching and MOCVD devices, which are seeing substantial revenue growth and market share increases [2][3] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 9.065 billion yuan, with a gross margin of 41.06% and a net margin of 17.8% [1] - The fourth quarter of 2024 saw a revenue of 3.558 billion yuan, a year-over-year increase of 60.11% [1] - The company forecasts revenues of 12.074 billion yuan, 15.801 billion yuan, and 20.542 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 2.552 billion yuan, 3.560 billion yuan, and 4.850 billion yuan [3][4] Product Development - The etching equipment segment generated 7.277 billion yuan in revenue in 2024, growing 54.72% year-over-year [2] - The MOCVD equipment segment achieved 379 million yuan in revenue, maintaining a leading position in the international market for GaN-based MOCVD equipment [2] - The company has launched its first LPCVD equipment sales, generating approximately 156 million yuan in revenue, with a total of 4.76 billion yuan in bulk orders for 2024 [2] Employee Incentives - The company plans to implement a new stock incentive plan, granting up to 12 million restricted shares to motivate employees and align their interests with the company's long-term growth [3]