AMEC(688012) 群益证券·2024-06-04 01:30Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 165 RMB, indicating a potential upside of over 35% [5][8]. Core Insights - The establishment of the third phase of China's semiconductor big fund, which has a registered capital of 344 billion RMB, is expected to enhance the domestic semiconductor industry's competitiveness. The company, as a leading semiconductor etching equipment manufacturer, is well-positioned to benefit from this investment [6]. - The company has recently expanded its product line to include advanced deposition equipment, which is expected to contribute to future revenue growth. The first quarter of 2024 saw record high revenues of 1.61 billion RMB, a year-on-year increase of 31.2% [6]. - The company is set to be included in the SSE 50 Index on June 14, which is anticipated to further boost its stock price [6]. Company Overview - The company operates in the machinery and equipment sector, with a market capitalization of approximately 80.46 billion RMB. The stock price has seen a decline of 25.1% over the past year [1]. - The product mix consists of 79% sales of specialized equipment, 19% sales of spare parts, and 1% from equipment maintenance [3]. Financial Performance - The company reported a net profit of 1.17 billion RMB in 2022, with projections of 1.97 billion RMB for 2024, reflecting a year-on-year growth of 10.3% [3]. - Earnings per share (EPS) are expected to grow from 2.89 RMB in 2023 to 3.19 RMB in 2024, with a projected price-to-earnings (P/E) ratio of 40.7 for 2024 [3]. Market Position - The company has a significant market presence, with institutional investors holding 54% of the circulating A-shares, including 22.4% by funds and 31.6% by general corporations [4].