Chinese etching tools giant Advanced Micro-Fabrication Equipment (AMEC) expects revenue last year to grow more than 30% from 2022, as core technology breakthroughs enabled the firm to deploy more chip-making gear to domestic semiconductor fabrication plants, reports the South China Morning Post. Shanghai-based AMEC said in a regulatory filing on Sunday that its 2023 revenue is expected to reach RMB 6.26 billion ($879 million), up 32.1% from the previous year, on the back of strong domestic demand. The company said it recorded 8.36 billion yuan worth of new orders, a 32.3% year-on-year increase.
Net profit last year is projected to be from RMB 1.7 billion to RMB 1.85 billion, representing year-on-year growth of between 45% and 58%.
AMEC’s positive earnings guidance reflects its successful strategy to expand sales on the mainland, months after founder, chairman and chief executive Gerald Yin Zhiyao said the firm had devised a detailed road map to replace foreign-produced components with domestic parts amid tightened US semiconductor sanctions.