ACMSH(688082) 开源证券·2024-07-09 07:30Investment Rating - Buy rating (首次) [2] Core Views - The company is a leading domestic cleaning equipment manufacturer, expanding globally with a diversified product portfolio including cleaning, electroplating, advanced packaging wet processes, vertical furnace, coating/developing, and PECVD equipment [3] - Revenue CAGR from 2018-2023 was 47.87%, with strong market recognition both domestically and internationally [3] - Expected net profit for 2024-2026 is 1.071/1.569/2.067 billion yuan, with EPS of 2.46/3.60/4.74 yuan [3] - Current PE ratios for 2024-2026 are 35.1/23.9/18.2x [3] Cleaning Equipment - The company's SAPS+TEBO+Tahoe technologies cover 90%-95% of cleaning steps, with IPA and supercritical CO2 drying technologies enhancing competitiveness [4] - Aims to achieve 55%-60% market share in China [4] Multi-Category Product Matrix - Rapid progress in vertical furnace development, with applications in LPCVD, oxidation, annealing, and ALD [5] - Differentiated electroplating technology and comprehensive product range, making it one of the few companies globally with core patents in chip copper interconnect electroplating [5] - Advanced packaging wet process equipment benefits from the growing demand in the post-Moore era [5] Growth Potential - Entry into PECVD and coating/developing markets, with 2-3 core PECVD customers expected by 2024 and revenue contribution starting in 2025 [6] - Plans to launch ArF coating/developing iteration equipment by the end of 2024, along with immersion ArFi Track, offering differentiated product designs [6] Financial Performance - Revenue CAGR from 2018-2023 was 47.87%, with 2023 revenue reaching 3.888 billion yuan, a 35.34% YoY increase [20] - Net profit CAGR from 2018-2023 was 57.84%, with 2023 net profit at 911 million yuan, a 36.21% YoY increase [20] - 2024Q1 revenue was 921 million yuan, a 49.63% YoY increase, while net profit was 80 million yuan, a 38.76% YoY decrease [20] Market Position - The company is ranked third in domestic semiconductor equipment revenue in 2023, with 3.888 billion yuan in revenue [41] - Its platform strategy covers multiple product lines, making it one of the few domestic companies with international competitiveness [42] Industry Overview - The global semiconductor equipment market exceeded 6 billion, with the company aiming for a 55%-60% market share in China [4][31]