ACMSH(SH:688082) Guotai Junan Securities·2024-08-11 07:31Investment Rating - The report maintains a rating of "Buy" for the company, with a target price raised to 136.35 CNY from the previous 119.49 CNY [6]. Core Insights - The company has exceeded expectations in Q2, raising its long-term revenue target from 1 billion USD to 3 billion USD, driven by continuous growth in the Chinese market and expansion in overseas markets [4][10]. - The AI-driven TSV plating equipment is in high demand, positioning the company to open a second growth curve [10]. - The company is benefiting from the semiconductor equipment industry's average valuation of 40 times PE in 2024, and as a leading supplier in plating equipment, it is expected to gain market share due to insufficient capacity from competitors [10]. Financial Performance - In Q2 2024, the company achieved operating revenue of 1.483 billion CNY, a year-on-year increase of 49.14% and a quarter-on-quarter increase of 60.90%. The net profit attributable to shareholders was 363 million CNY, up 17.66% year-on-year and 352.73% quarter-on-quarter [10]. - The total shipment volume in Q2 2024 reached 202.5 million USD, representing a year-on-year increase of 32% [10]. - The company has adjusted its EPS forecasts for 2024-2026 to 3.03, 4.05, and 5.42 CNY, respectively, from previous estimates of 2.61, 3.87, and 5.27 CNY [10][11]. Market Expansion - The company is expanding its overseas business through partnerships with several manufacturers in South Korea and Taiwan, including potential product opportunities with Hynix in HBM [10]. - A new R&D base has been established in Oregon, USA, to cover the American and European markets, with orders already secured from wafer-level packaging companies [10]. - The company has completed final qualification certification for SAPC cleaning equipment in Europe [10]. Industry Position - The company is the third-largest supplier globally, with a market share of 2% in the plating equipment sector, while LAM holds 80% and AMAT holds 16% [10]. - The market for ECP is expected to grow from 800 million USD to 1.2 billion USD, with further growth anticipated [10]. Valuation Metrics - The report suggests a valuation premium for the company, assigning a 2024 PE of 45 times, reflecting its leadership in the plating equipment sector and the demand driven by AI [10].