688012.SH · A-shares
688012.SH AMEC: etch equipment localization spearhead
AMEC Plasma etch-focused equipment name leveraged to logic/memory fab builds and localization—watch share, new-tool quals, and GM.
Cite a section with a deep link, e.g. /en/r/amec-688012-research#thesis
Snapshot
- Price
- CNY 350
- Mkt cap
- CNY 340.0B
- Revenue
- CNY 12.0B
- Etch tool momentum
- 1.3
Thesis
AMEC Plasma etch-focused equipment name leveraged to logic/memory fab builds and localization—watch share, new-tool quals, and GM.
Business
Model: etch (and related) process tools. Flagships: CCP/ICP etch. Edge: process breakthroughs + domestic fab wins. Strategy: broaden tools into advanced nodes.
Value chain
Equipment midstream; same risk set as NAURA: parts, quals, CapEx cycle.
Valuation
High-growth equipment; sensitive to memory/logic CapEx.
Financial trend (~24 months)
Illustrative 8Q with YoY/QoQ (reconstructed from public disclosures; not audit-line):
Revenue · last 8Q
Interactive chart available in the reader.
Gross margin · last 8Q
Interactive chart available in the reader.
Operations
Volume: tools; price: ASP; cost: R&D/supply chain.
Key financials
| Item | Value | YoY | Note |
|---|---|---|---|
| 定位 | 刻蚀设备龙头之一 | 国产替代 | 尖兵 |
| 客户 | 国内晶圆厂 | 导入加深 | 存储+逻辑 |
| 毛利率 | 偏高制造设备（示意） | 产品结构 | 服务 |
| 对照 | 北方华创/LAM | 竞争 | 谱系差异 |
Competition
Peer strengths/weaknesses:
Peer map
| Company | Share/role | Margin | Strength | Weakness |
|---|---|---|---|---|
| 中微 | 刻蚀强 | 高 | 工艺 | 谱系相对聚焦 |
| 北方华创 | 平台 | 中高 | 全面 | 单品竞争 |
| Lam Research | 全球刻蚀 | 高 | 技术 | 对华政策 |
| 拓荆等 | 薄膜 | 高 | 细分 | 不同工序 |
Management
Management (24m)
| Role | Name | Since | 24m change |
|---|---|---|---|
| 董事长/CEO | 尹志尧等核心 | 长期 | 技术驱动 |
| CFO | 财务负责人 | 在任 | 科创板 |
| 研发 | 技术团队 | 关键 | 新产品 |
Stability: Strong tech-founder DNA; focused etch strategy.
Outlook
Track etch wins, advanced-node quals, GM, parts localization.
Scenarios
| Scenario | Condition | Implication |
|---|---|---|
| Bull | Demand/execution beats | Upside |
| Base | Trend continues | Hold/watch |
| Bear | Cycle/competition worsens | Drawdown/reassess |
Risks
References
Issuer / key sources:
- https://www.amec-inc.com/
- https://www.sse.com.cn/ {#references}
- Latest company filings / IR (see issuer website)
- Exchange filings / SEC EDGAR — https://www.sec.gov/edgar
- Related on-site notes via wiki-links in the body
Not investment advice; defer to latest company filings.