ACMSH(SH:688082) EBSCN·2024-10-18 04:38Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company is a leading domestic supplier of semiconductor cleaning equipment, focusing on original innovation and differentiated international competition [2]. - Continuous investment in R&D has established strong technical barriers, contributing to the growth of product sales and enhancing competitiveness [2]. - The company achieved significant product upgrades and breakthroughs in 2024, including the successful delivery of wet processing equipment [2]. - The sales revenue for the first half of 2024 reached 2.404 billion yuan, showing a continuous growth trend [2]. Summary by Relevant Sections Company Overview - The company specializes in semiconductor cleaning equipment and has developed a comprehensive intellectual property system through independent R&D [2]. - Key products include various cleaning equipment, semiconductor plating equipment, and advanced packaging process equipment [2]. Financial Performance - The company’s net profit forecasts for 2024 and 2025 have been adjusted to 1.156 billion yuan (up 5.57%) and 1.476 billion yuan (up 17.33%), respectively [3]. - The projected net profit for 2026 is 1.829 billion yuan, with corresponding P/E ratios of 41x, 32x, and 26x for the respective years [3]. Market Position - The company is positioned to benefit from the domestic semiconductor industry's growth, particularly from the trend of localization [3]. - The company’s products have received recognition from mainstream industry clients, enhancing their market competitiveness [2].