It is always an interesting dynamic when a stock doubles in a matter of months and still looks cheap. Back in November, ACM Research ( ACMR ) was trading in the low $30s while printing fantastic growthI am a fundamental analyst focused on situations where market valuation has detached from underlying economics. My professional background in corporate financial analysis drives my perspective, leading me to prioritize cash flow durability, balance sheet strength, and capital structure risks.My approach identi ...

Core Viewpoint - ACM Research (ACMR) has experienced significant stock price appreciation, doubling in value within a few months, yet it still appears undervalued based on its growth potential [1]. Group 1: Company Analysis - ACMR was trading in the low $30s in November while demonstrating strong growth metrics [1]. - The analysis focuses on identifying mispriced opportunities in the small and mid-cap sectors, emphasizing the importance of cash flow durability, balance sheet strength, and capital structure risks [1]. Group 2: Market Dynamics - The current market sentiment towards ACMR is lagging behind its actual performance, indicating potential for substantial price discovery with modest changes in expectations [1].

以上内容基于公开资料整理，不构成投资建议。 经济观察网ACM Research,Inc.(ACMR.US)计划于2026年2月下旬发布2025年第四季度和全年财务业绩。 公司管理层在2026年1月更新展望时表示，预计2026年收入将实现更强劲增长，并加速对俄勒冈州半导 体制造设施的投资。 ...

Core Viewpoint - ACM Research, Inc. will release its financial results for the fourth quarter and fiscal year 2025 on February 26, 2026, before the U.S. market opens, followed by a conference call to discuss the results [1]. Group 1: Earnings Call Details - The earnings call is scheduled for 8:00 a.m. U.S. Eastern Time on February 26, 2026 [2]. - Participants must complete an online registration process to join the conference call via telephone, which aims to reduce delays due to operator congestion [2]. - A live and archived webcast of the conference call will be available on ACM's website [3]. Group 2: Company Overview - ACM develops, manufactures, and sells semiconductor process equipment, including cleaning, electroplating, and wafer-level packaging tools [4]. - The company focuses on delivering customized, high-performance, and cost-effective process solutions to improve productivity and product yield for semiconductor manufacturers [4].

证券日报网1月29日讯，盛美上海在接受调研者提问时表示，盛美上海和美国ACMR财报数据出现差异 的原因是会计准则不一样。对于盛美上海，公司的收入确认时点是在测试验收之后，通常是在设备发出 并调试验收后才确认收入。对于控股股东美国ACMR，根据其适用的美国会计准则，对于首台设备订 单，需要在设备测试验收以后才确认收入；对于此前已存在交易的重复设备订单，在发货后即可确认收 入。 ...

Summary of Conference Call on Greater China Semiconductors Industry Overview - The semiconductor industry in Greater China is experiencing a structural shift towards local equipment driven by strategic localization and domestic AI demand. Memory expansion may moderate temporarily in the first half of 2026, but breakthroughs in critical tools and repatriation of AI demand are expected to support this shift [1][4]. Key Insights Market Growth Projections - The 2026 wafer fabrication equipment (WFE) market growth forecast for China has been raised to 4% year-over-year (Y/Y), reaching approximately US$41 billion, driven by robust capital expenditures (capex) for domestic memory and advanced-node capacity [2][9]. - The global semiconductor market is projected to grow by 16% Y/Y, primarily due to demand from DRAM and TSMC [2]. Memory Sector Developments - ChangXin Memory Technologies (CXMT) plans to invest approximately Rmb34.5 billion (US$4.9 billion) over three years, aiming for a capacity addition of around 50,000 wafers per month (wpm) [2]. - CXMT is focusing on higher localization for its Gen4B (1z node) to mitigate risks from restricted access to US equipment, with phased procurement expected to accelerate once pilot-line yields stabilize [2][20]. Advanced Node Equipment - Domestic AI chip designers are repatriating supply chains to mainland China, leading to robust demand for high-performance AI computing over the next two years. Advanced-node equipment localization remains below 10%, but local vendors like Naura and AMEC are making significant progress in critical bottleneck tools [3][10]. Mature Node Market Dynamics - Concerns exist regarding the sustainability of mature-node foundry capex in China, with some government-backed projects facing utilization pressure amid soft demand. However, domestic players are well-positioned to consolidate market share due to rapid technical progress and aggressive pricing [4]. Stock Implications - Recommendations include maintaining an "Overweight" (OW) rating on Naura, AMEC, and ACMR, with revised price targets reflecting expected growth in the semiconductor equipment sector [4][15][16]. - **Naura**: Price target raised to Rmb550 from Rmb480, with expected EPS growth of 6% and 7% for 2026 and 2027, respectively [15][69]. - **AMEC**: Price target increased to Rmb400 from Rmb320, with anticipated EPS growth of 12% and 18% for 2026 and 2027 [16]. - **ACMR**: Price target raised to US$58 from US$40, with projected revenue growth driven by China's memory capacity ramp [16]. Additional Insights - The localization rate for advanced-node manufacturing in China is expected to remain low, with domestic WFE players expanding their portfolios to cover more wafer processes [11][34]. - The supply chain for leading-edge equipment is adapting, with Japanese and domestic alternatives covering most tool categories, reducing reliance on US-origin equipment [10][34]. - The IPO filings of CXMT and YMTC are anticipated to strengthen their capital positions, supporting long-term capacity expansion [19][20]. Conclusion The Greater China semiconductor industry is poised for growth driven by localization efforts and increasing domestic demand for AI and memory technologies. Key players are expected to benefit from these trends, with stock recommendations reflecting positive outlooks based on anticipated market dynamics and company performance.

Revenue Outlook - ACM Research updated its 2025 revenue outlook and provided an initial outlook for 2026 revenue[4] - The press release regarding the revenue outlook was issued on January 22, 2026[4] Company Information - The company is listed on The Nasdaq Stock Market under the trading symbol ACMR[2] - ACM Research is classified as an emerging growth company[2] Financial Management - Mark McKechnie serves as the Chief Financial Officer and Treasurer of ACM Research[10] Financial Reporting - The financial statements and exhibits related to the report are included in the filing[6]

Revenue Outlook - The company has updated its full year 2025 revenue outlook to a range of $885 to $900 million, compared to the previous range of $875 million to $925 million [1] - Projected revenue for 2026 is expected to be between $1,080 million and $1,175 million, based on assessments of international trade policies, customer spending scenarios, supply chain constraints, and tool acceptance timing [2] Growth Strategy - The company anticipates a higher revenue growth rate in 2026 due to healthy investments in production capacity and market share gains from newer products [3] - The company expects stable wafer fabrication equipment (WFE) spending from customers, with contributions from single-wafer SPM cleaning tools, Tahoe cleaning tools, and Furnace series tools [3] - Investments in Oregon are being accelerated to support the industry's shift towards domestic semiconductor production [3] Financial Reporting - The company plans to release its fourth quarter and full year 2025 financial results in late February 2026, with the 2025 revenue outlook being preliminary and subject to review and audit [3]

Core Insights - ACM Research (NASDAQ: ACMR) is set to release its quarterly earnings on January 22, 2026, with analysts expecting an EPS of $0.39, up from $0.36 in the previous quarter [1][3] - Revenue is projected at approximately $248.4 million, following a previous quarter where ACMR reported $269 million, exceeding expectations [1][3] Financial Health Indicators - The company has a P/E ratio of 28.13, indicating a premium valuation by investors [2][4] - ACMR's debt-to-equity ratio is 0.21, reflecting a manageable level of debt [2][5] - The current ratio stands at 3.48, showcasing the company's ability to meet short-term obligations [2][5] - The price-to-sales (P/S) ratio is 3.77, and the enterprise value to sales ratio is 2.90, providing insights into market valuation relative to sales [4] - The enterprise value to operating cash flow ratio is 57.66, and the earnings yield is 3.56%, indicating profitability from an investment perspective [5]

Core Viewpoint - The content emphasizes the importance of conducting personal due diligence and consulting with competent advisors before making any financial decisions, particularly in the context of investments in complex instruments like cryptocurrencies and CFDs [1]. Group 1 - The website provides general news, personal analysis, and third-party materials intended for educational and research purposes [1]. - It explicitly states that the information should not be interpreted as a recommendation or advice for investment actions [1]. - The accuracy and reliability of the information are not guaranteed, and users are cautioned against relying solely on the content provided [1]. Group 2 - The website includes information about cryptocurrencies, CFDs, and other financial instruments, highlighting their complexity and associated high risks [1]. - Users are encouraged to conduct their own research and fully understand the workings and risks of any financial instruments before investing [1].