ACMSH(SH:688082) Soochow Securities·2024-08-09 11:30Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company experienced significant revenue growth in the first half of 2024, with total revenue reaching 2.404 billion yuan, a year-on-year increase of 49.3% [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 [4] - The demand for HBM (High Bandwidth Memory) is expected to drive new growth for the company's cleaning and plating products, as these products are essential for HBM processes [4] Financial Performance Summary - Total revenue for 2022 was 2.873 billion yuan, increasing to 3.888 billion yuan in 2023, and projected to reach 5.411 billion yuan in 2024, reflecting a year-on-year growth rate of 39.17% [2] - The net profit attributable to the parent company was 668.49 million yuan in 2022, increasing to 910.52 million yuan in 2023, and expected to reach 1.244 billion yuan in 2024, with a growth rate of 36.63% [2] - The company's gross margin for the first half of 2024 was 50.7%, with a net margin of 18.4%, although the net margin decreased by 8.9 percentage points year-on-year [3] Cash Flow and Orders - The company reported a significant increase in operating cash flow, reaching 602 million yuan in Q2 2024, a year-on-year increase of 966% [3] - As of the end of Q2 2024, the company's contract liabilities stood at 1.042 billion yuan, a year-on-year increase of 3% [3] Market Position and Future Outlook - The company is benefiting from strong downstream demand in the semiconductor industry, which has led to substantial growth in its performance [3] - The company has made significant progress in expanding its domestic and international market presence, securing multiple new orders [4]