AMEC(688012) 东吴证券·2025-04-25 08:20Investment 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%. This growth is attributed to a significant increase in the delivery volume of high-end etching equipment and repeat orders for new products like LPCVD and ALD [7] - The gross margin improved sequentially to 41.5%, with R&D investment increasing by 90.5% year-on-year to 690 million yuan in Q1 2025. The company is actively developing over 20 new devices across six categories [7] - The company has a strong order backlog, with contract liabilities reaching 3.07 billion yuan, up 162.4% year-on-year, and inventory increasing 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 technologies and applications [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%. The net profit attributable to the parent company is expected to be 1.79 billion yuan, reflecting a 52.67% increase [1] - The company’s earnings per share (EPS) for 2025 is estimated at 3.91 yuan, with a projected P/E ratio of 47.94 [1] - The company’s total assets are expected to reach 32.58 billion yuan by 2025, with a debt-to-asset ratio of 31.97% [8]