ACMSH(SH:688082) Xin Lang Cai Jing·2025-10-16 08:26Core Viewpoint - The company reported a significant increase in its order backlog, reaching 9.072 billion yuan as of September 29, 2025, representing a year-on-year growth of 34.10% due to strong demand in the semiconductor equipment sector [1] Group 1: Order Backlog and Market Demand - As of September 29, 2025, the company's order backlog totaled 9.072 billion yuan, marking a 34.10% increase compared to the same period last year [1] - The semiconductor equipment demand in China has remained robust since the beginning of 2025, allowing the company to deepen its existing market presence and explore new markets [1] Group 2: Fundraising and Investment - On September 30, 2025, the company announced a plan to issue A-shares to specific investors, aiming to raise 4.482 billion yuan by issuing 38.6013 million shares at a price of 116.11 yuan per share [1] - The raised funds will primarily be allocated to three projects: research and development, high-end semiconductor equipment iteration, and supplementing working capital [2] Group 3: Product Development and Innovation - The company emphasizes product research and development, with new products contributing to sustained order growth [2] - In March 2025, the company’s self-developed high-temperature SPM equipment successfully passed key customer validation, which is crucial for the manufacturing of next-generation semiconductor devices [2] - The company’s ECP equipment has achieved full coverage in electroplating technology, with the 1500th electroplating chamber delivered in the first half of 2025 [2] - The company’s panel-level horizontal electroplating equipment received the "Technology Enablement Award" from the 3D InCites Association, highlighting its innovation [2] Group 4: Profit Forecast and Valuation - The company maintains profit forecasts for 2025 and 2026 at 1.476 billion yuan and 1.829 billion yuan, respectively, with a new forecast for 2027 at 2.285 billion yuan [3] - Corresponding PE ratios are projected at 59x, 47x, and 38x for the respective years [3] - The company is positioned as a leading player in the domestic semiconductor cleaning equipment market, expected to benefit from performance growth driven by domestic production [3]