688012.SH AMEC: etch equipment localization spearhead

Snapshot

Price

CNY 350

Mkt cap

CNY 340.0B

Revenue

CNY 12.0B

Etch tool momentum

1.3

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

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

Valuation snapshot (multi-lens)

Valuation snapshot (multi-lens)

Metric	Value	Note
TTM PE	N/A	未接入具名行情源；TTM 盈利≤0 或未核验时不填造倍数
PB	N/A	待最新净资产与市值核验
股息率	N/A	待分红公告 / IR
现价语境	约 350	688012.SH · 以包内 kpi_snapshot 时点为准

Valuation & return · ~3y

Interactive chart available in the reader.

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.

Net income · last 8Q

Interactive chart available in the reader.

Financial health (§A.7)

Financial health (OCF / debt / liquidity / audit)

Financial health (OCF / debt / liquidity / audit)

Item	Value	Note
财务健康总评	见最新披露	以 OCF 与负债率为准
经营现金流	见中报 / 季报	与净利润匹配度
资产负债率	见最新资产负债表	有息负债 vs 现金
流动性	见流动比率	货币资金与短债
审计意见	无保留（常规预期）	半年报未经审计

Operations

Volume: tools; price: ASP; cost: R&D/supply chain.

Key financials

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:

Market share trend · last 8Q

Interactive chart available in the reader.

Peer market share comparison (latest est.)

Interactive chart available in the reader.

Peer map

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)

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

Risks

References

Issuer / key sources:

• https://www.amec-inc.com/
• https://www.sse.com.cn/ {#references}

1. Latest company filings / IR (see issuer website)
2. Exchange filings / SEC EDGAR — https://www.sec.gov/edgar
3. Related on-site notes via wiki-links in the body

Not investment advice; defer to latest company filings.

Tracking

Check next earnings for:

1. Next-quarter revenue & margin vs guide
2. OCF vs CapEx / payout
3. Competitive share shifts
4. Valuation vs historical mid-cycle
5. Key policy / supply-chain variables

Confirm: guide hit, share stable, OCF matches earnings.
Disconfirm: guide cut, share loss, leverage stress.