ACMSH(SH:688082) Guotai Junan Securities·2024-08-11 07:24Investment Rating - The report maintains a "Buy" rating for the company, with a target price raised to 136.35 CNY from the previous 119.49 CNY [6]. Core Insights - The company's Q2 performance exceeded expectations, prompting an increase in the annual performance guidance and a long-term revenue target raised from 1 billion USD to 3 billion USD, primarily driven by sustained growth in the Chinese market and expansion in overseas markets [3][10]. - The company is positioned to benefit from AI-driven demand for TSV plating equipment, which is currently in short supply, potentially opening a second growth curve for the company [3][10]. Summary by Sections 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 the parent company 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, reflecting a year-on-year increase of 32% [10]. Market Opportunities - The market space for the company's ECP (Electrochemical Plating) has been expanded from 800 million USD to 1.2 billion USD, with expectations for continued growth due to increased capital expenditures from major storage manufacturers in HBM (High Bandwidth Memory) [10]. - The company is the third-largest supplier globally and is expected to capture market share due to insufficient capacity from competitors LAM and AMAT [10]. Product Development and Expansion - The company has launched next-generation Ultra ECP products to meet the plating needs for GPU and HBM applications, enhancing its product portfolio [10]. - The company is expanding its overseas presence, with significant collaborations in South Korea and plans for a research and production base in Oregon, USA, to cover the American and European markets [10].