ACMSH(SH:688082) Soochow Securities·2024-08-09 10:30Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has experienced significant revenue growth due to strong downstream demand, with a 49.3% year-on-year increase in revenue for the first half of 2024, reaching 2.404 billion yuan [3] - The company has raised its full-year revenue forecast for 2024 to a range of 5.3 billion to 5.88 billion yuan, up from the previous estimate of 5 billion to 5.8 billion yuan, driven by improved market conditions and successful order acquisition [3][4] - The demand for High Bandwidth Memory (HBM) is expected to drive new growth for the company's cleaning and plating products, as HBM technology relies heavily on TSV (Through-Silicon Via) processes [4] Summary by Sections Financial Performance - For the first half of 2024, the company reported total revenue of 2.404 billion yuan, a 49.3% increase year-on-year, and a net profit of 443 million yuan, a 0.9% increase year-on-year [3] - The second quarter alone saw revenue of 1.483 billion yuan, up 49.2% year-on-year and 61% quarter-on-quarter, with a net profit of 363 million yuan, reflecting a 17.5% year-on-year increase and a 353.7% quarter-on-quarter increase [3] - The gross margin for the first half of 2024 was 50.7%, down 0.9 percentage points year-on-year, while the net margin was 18.4%, down 8.9 percentage points year-on-year [3] Earnings Forecast and Valuation - The company maintains its profit forecasts for 2024-2026 at 1.24 billion, 1.55 billion, and 1.87 billion yuan respectively, with corresponding dynamic P/E ratios of 32, 26, and 21 times [4] - The projected earnings per share (EPS) for 2024 is 2.85 yuan, with a P/E ratio of 32 times based on the current stock price [2][4] Market Data - The closing price of the company's stock is 96.60 yuan, with a market capitalization of approximately 42.13 billion yuan [6] - The company has a price-to-book ratio of 6.19 and a total circulating A-share market value of 7.33 billion yuan [6]