Thanks to the significant increase in new shipments of etched products, AMEC's revenue in the first quarter increased by 31%, but net profit fell by nearly 10% due to changes in non-recurring gains and losses.
On Thursday, April 25, AMEC announced its results for the first quarter ended March 31, 2024. According to the financial report, the operating income of the company in the first quarter was 1.605 billion yuan, a year-on-year increase of 31.23%, the company's net profit attributable to shareholders of listed companies in the first quarter was 249 million yuan, a year-on-year decrease of 9.53%, and after deducting non-recurring gains and losses, the net profit attributable to the parent company in the first quarter was 263 million yuan, a year-on-year increase of 15.4%.
From the perspective of products, the report shows that the company's revenue growth is mainly due to the significant increase in new shipments of etching equipment. In the first quarter of 2024, etching equipment achieved revenue of 1.335 billion yuan, an increase of about 64.05% over the same period of last year, and the proportion of operating income increased from 66.55% in the same period of last year to 83.20% in the current period.
MOCVD equipment occupies a leading market share in the domestic blue-green LED production line, but due to the fluctuation of the terminal market, the revenue of MOCVD equipment in this period was about 38 million yuan, a decrease of about 77.28% over the same period last year.
The decline in the company's net profit was mainly affected by non-recurring gains and losses. The non-recurring profit and loss for the period was a loss of 14 million yuan, a decrease of about 61 million yuan from the profit of 48 million yuan in the same period last year.
Specifically, there are two main reasons for the change: first, the company's secondary market share price fell in the first quarter, resulting in a decrease of about 40.77 million yuan in the fair value of its equity investment measured at fair value, and secondly, the government subsidy income was 14 million yuan, a decrease of about 23 million yuan from 37 million yuan in the same period last year.
In addition, the company has increased its R&D efforts, and the investment in R&D materials and the increase in employee salaries under the increase in R&D personnel have increased. The company's R&D investment in the first quarter reached 360 million yuan, an increase of about 139 million yuan from 222 million yuan in the same period last year, a year-on-year increase of about 62.43%.
As of today's A-share close, the company rose 0.19% to 135.78 yuan per share, and the company's share price has fallen 11.6% since the beginning of this year.
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