On January 14, AMEC released its 2024 performance forecast, predicting that its operating income in 2024 will be about 9.065 billion yuan, an increase of about 2.802 billion yuan from 2023, a year-on-year increase of about 44.73%. Among them, the sales of etching equipment in 2024 will be about 7.276 billion yuan, a year-on-year increase of about 54.71%; the sales of MOCVD equipment will be about 379 million yuan, a year-on-year decrease of about 18.11%; the first LPCVD thin film equipment will be sold in 2024, with annual equipment sales of about 156 million yuan.
It is estimated that the net profit attributable to the parent company's owners in 2024 will be 1.5 billion yuan to 1.7 billion yuan, which will be a decrease of 286 million yuan to 86 million yuan compared with the same period last year (statutory disclosure data), a year-on-year decrease of approximately 16.01% to 4.81%.
It is estimated that the net profit attributable to the owners of the parent company after deducting non-recurring gains and losses in 2024 will be 1.28 billion yuan to 1.43 billion yuan, which will increase by 89 million yuan to 239 million yuan compared with the same period last year, an increase of approximately 7.43% to 20.02% year-on-year.
AMEC said that the main reasons for the expected year-on-year change in the company's 2024 performance are as follows:
1. The etching equipment and thin film equipment of the company's main products are key core equipment for the semiconductor front-end, with broad market space and high technical barriers. The company's etching equipment and thin film equipment continue to be recognized by many customers, and the new shipments and sales of high-end products for key processes in chip manufacturing have increased significantly.
The company has always emphasized technological innovation and maintained high-intensity R&D investment. Currently, the projects under development cover six types of equipment and the development of more than 20 new equipment. The company has achieved remarkable results in the development of new products. In the past two years, the newly developed LPCVD thin film equipment and ALD thin film equipment have entered the market and received repeated orders. Among them, the cumulative shipments of LPCVD thin film equipment have exceeded 100 reaction tables, and many other key thin film deposition equipment R&D projects are progressing smoothly; the company's EPI equipment has successfully entered the client mass production verification stage.
The company has made good progress in the development of MOCVD equipment in the fields of Micro-LED and high-end displays, and is actively deploying markets for silicon carbide and gallium nitride-based power device applications.
The company's production and R&D bases of about 140,000 square meters in Nanchang and about 180,000 square meters in Lingang, Shanghai have been put into use, supporting the company's product delivery and rapid sales growth. At the same time, the company's production and operation management level has been continuously improved, and the ability to control product costs and operating expenses has been effectively enhanced.
The company continues to develop key component suppliers to promote a stable and secure supply chain, maintain a high equipment delivery rate, and the timely delivery of equipment also provides strong support for the company's sales growth.
2. The main reasons for the year-on-year decrease in net profit attributable to the parent company are:
(1) With operating income increasing by 44.73% in 2024, gross profit will increase by approximately RMB978 million compared to last year;
(2) Due to the sharp increase in market and customer demand for AMEC to develop a variety of new equipment, the company will significantly increase its R&D efforts in 2024 to lay the foundation for future business growth. In 2024, the company's R&D investment will be approximately RMB 2.45 billion, an increase of RMB 1.188 billion (an increase of approximately 94.13%) over the previous year. In 2024, the proportion of R&D investment to the company's operating income will be approximately 27.03%. In 2024, the R&D expenses will be RMB 1.415 billion, an increase of approximately RMB 599 million (an increase of approximately 73.32%) over the previous year.
(3) In 2023, the Company sold part of its shares in Tuojing Technology Co., Ltd., generating a net profit of approximately RMB406 million after tax, while the Company had no gain from the disposal of such equity in 2024.
3. The year-on-year increase in net profit attributable to shareholders after deducting non-recurring items was mainly due to the 44.73% increase in operating income in 2024, the increase in gross profit by approximately RMB 978 million compared with last year, and the increase in R&D expenses by approximately RMB 599 million in 2024 compared with last year.
