Research Reports Gold Mining丨China Securities Co.,Ltd.: Maintain Buy rating on Advanced Micro-Fabrication Equipment Inc. China, with on-hand Orders maintaining a good level.

On May 7, Gelonghui reported that CSC's Research Reports indicate that in 2024, Advanced Micro-Fabrication Equipment Inc. China (688012.SH) will achieve a revenue growth of 45%, realizing rapid growth, with the first sales of thin film Deposition Equipment; the Net income attributable to shareholders will decrease by 10% year-on-year, mainly due to the company's sales discounts offered to some customers, a significant increase in research and development expenses, and reduced gains from equity disposals. In Q1 2025, the company's revenue will grow by 35%, maintaining high growth, while Net income attributable to shareholders will increase by 26%, lower than the revenue growth rate, mainly due to the significant increase in research and development expenses. The company's inventory and contract liabilities maintain good growth, indicating that orders on hand are at a good level. The company is actively promoting a platform-based layout, its etching equipment competitiveness is continuously strengthening, various models of thin film Deposition Equipment are progressing rapidly, and plans to cover a variety of metrology equipment products, which is promising for the future. Maintain a 'Buy' rating.