ACMSH(688082) Huaan Securities·2024-11-07 17:28Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a record high revenue of 1.6 billion yuan in Q3 2024, driven by strong domestic demand for semiconductor equipment and successful expansion into new markets and clients [2][3] - For the first three quarters of 2024, the company reported a revenue of 4 billion yuan, a year-on-year increase of 45%, and a net profit attributable to shareholders of 800 million yuan, up 13% year-on-year [2] - The company is expanding its product offerings from cleaning equipment to PECVD and other areas, enhancing its product portfolio [2][3] - The company is expected to achieve net profits of 1.214 billion yuan, 1.544 billion yuan, and 1.977 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 2.78 yuan, 3.54 yuan, and 4.53 yuan [2][3] Financial Summary - In Q3 2024, the company reported a revenue of 1.6 billion yuan, a quarter-on-quarter increase of 6% and a year-on-year increase of 38% [2] - The company's gross margin is projected to be 50.8% in 2024, 51.0% in 2025, and 50.1% in 2026 [3][6] - The company’s total revenue is forecasted to reach 3.888 billion yuan in 2024, 5.545 billion yuan in 2025, and 7.088 billion yuan in 2026, with year-on-year growth rates of 42.6%, 27.8%, and 25.0% respectively [3][5] - The company’s return on equity (ROE) is expected to improve from 15.4% in 2024 to 17.3% in 2026 [3][6]