AMEC(688012) 国海证券·2025-04-25 12:06Investment Rating - The report maintains a "Buy" rating for the company [1][6][9] Core Insights - The company achieved a revenue of 2.17 billion yuan in Q1 2025, representing a year-on-year increase of 35.4% and a quarter-on-quarter decrease of 38.9% [5][6] - The net profit attributable to the parent company was 313 million yuan, up 25.7% year-on-year but down 55.4% quarter-on-quarter [5][6] - The company’s R&D expenses surged by 116.8% year-on-year, indicating a strong commitment to innovation despite pressure on profit margins [6] - The gross margin for Q1 2025 was 41.5%, a decrease of 3.4 percentage points year-on-year, primarily due to changes in accounting standards affecting warranty costs [6] - The company’s inventory and contract liabilities increased by 5.8% and 18.6% respectively compared to the end of 2024, reflecting future growth potential [6] Revenue and Profit Forecast - Revenue projections for 2025-2027 are 11.7 billion yuan, 15.1 billion yuan, and 19.3 billion yuan, with year-on-year growth rates of 29%, 29%, and 28% respectively [6][8] - Net profit forecasts for the same period are 2.4 billion yuan, 3.3 billion yuan, and 4.3 billion yuan, with growth rates of 50%, 35%, and 32% respectively [6][8] - The corresponding price-to-earnings ratios (PE) for these years are projected to be 48 times, 36 times, and 27 times [6][8]