AMEC(688012) 申万宏源证券·2025-04-25 12:19Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown rapid growth in etching equipment and is accelerating the launch of new film deposition products [1] - The company reported a total revenue of 9.07 billion yuan in 2024, a year-on-year increase of 44.7%, while the net profit attributable to shareholders decreased by 9.5% to 1.62 billion yuan [8] - The company expects to sign new orders worth 11 to 13 billion yuan in 2024, reflecting a year-on-year growth of 31.6% to 55.5% [8] - The company is expanding its layout in the field of measurement equipment, particularly focusing on electron beam measurement [8] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 12.09 billion yuan, with a year-on-year growth rate of 33.4% [7] - Net profit attributable to shareholders is expected to reach 2.44 billion yuan in 2025, representing a year-on-year growth of 51.2% [7] - The company’s gross profit margin is projected to improve from 41.1% in 2024 to 42.5% in 2025 [7] - The return on equity (ROE) is expected to increase from 8.2% in 2024 to 11.0% in 2025 [7]