ACMSH(688082) CSC SECURITIES (HK) LTD·2024-10-03 23:00Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to less than 35% [2][3]. Core Insights - The company has received orders for four wafer-level packaging equipment from overseas clients, which enhances its product line in the semiconductor equipment sector and validates its R&D and manufacturing capabilities [3][5]. - The domestic semiconductor equipment market is expected to grow, and the company is well-positioned to benefit from this trend due to its competitive advantages in cleaning equipment and its ongoing expansion into new semiconductor equipment products [3][5]. - The company's revenue for the first half of 2024 reached 2.4 billion RMB, a year-over-year increase of 49.3%, with a net profit of 440 million RMB, reflecting a 0.9% increase year-over-year [5]. Financial Performance - The company achieved a revenue of 2.48 billion RMB in Q2 2024, marking a 49.1% year-over-year increase and a 61% quarter-over-quarter increase, with a net profit of 360 million RMB, a 17.7% year-over-year increase [5]. - R&D expenses increased by 63% year-over-year to 350 million RMB in the first half of 2024, indicating a strong commitment to innovation [5]. - The company’s gross margin for the first half of 2024 was 50.7%, slightly down by 0.9 percentage points from the previous year, but still at a high level [5]. Earnings Forecast - The company is expected to achieve net profits of 1.13 billion RMB, 1.46 billion RMB, and 1.81 billion RMB for the years 2024, 2025, and 2026, respectively, with year-over-year growth rates of 24%, 30%, and 24% [6]. - The projected earnings per share (EPS) for the same years are 2.59 RMB, 3.35 RMB, and 4.16 RMB, respectively [6]. - The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are forecasted to be 35x, 27x, and 22x, respectively [6].