AMEC(688012) 东吴证券·2025-04-25 07:02Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company experienced rapid revenue growth, with Q1 2025 revenue reaching 2.17 billion yuan, a year-on-year increase of 35.4% driven by higher shipments of high-end etching equipment and repeat orders for new products [7] - The gross margin improved sequentially to 41.5%, with R&D investment significantly increasing by 90.5% year-on-year to 690 million yuan in Q1 2025 [7] - The company has a strong order backlog, with contract liabilities increasing by 162.4% year-on-year to 3.07 billion yuan and inventory rising by 33.4% to 7.45 billion yuan [7] - The company is leading in etching products and successfully expanding its coating products, with significant advancements in various semiconductor technologies [7] - The profit forecast for 2025-2027 is maintained at 2.43 billion, 3.40 billion, and 4.45 billion yuan respectively, with corresponding dynamic P/E ratios of 48, 34, and 26 times [7] Financial Summary - Total revenue for 2023 is projected at 6.26 billion yuan, with a year-on-year growth of 32.15% [1] - The net profit attributable to shareholders for 2023 is estimated at 1.79 billion yuan, reflecting a year-on-year increase of 52.67% [1] - The latest diluted EPS for 2023 is expected to be 2.87 yuan per share [1] - The company’s total assets are projected to reach 32.58 billion yuan by 2025, with total liabilities of 10.41 billion yuan [8]