ACMSH(688082) 群益证券·2024-11-08 12:03Investment Rating - The report assigns a "Trading Buy" rating, indicating a potential upside of 5% to 15% in the stock price [4][6]. Core Insights - The company has raised its full-year revenue guidance to RMB 56-58.8 billion, with the lower end increased by approximately RMB 3 billion, clarifying its performance outlook [4][5]. - The company is transitioning from cleaning equipment to a broader range of semiconductor equipment, including coating, developing, and wet etching, supported by recent order receipts that validate its R&D and manufacturing capabilities [4][6]. - The stock is currently trading at P/E ratios of 44x, 34x, and 27x for 2024, 2025, and 2026, respectively, suggesting a favorable valuation for long-term investment after the release of lock-up risks [4][6]. Revenue and Profitability - For Q3 2024, the company reported a revenue of RMB 16 billion, a year-on-year increase of 38%, and a net profit of RMB 3 billion, up 35% year-on-year [5]. - The company’s R&D expenses increased by 36% year-on-year to RMB 540 million, reflecting a strong commitment to innovation [5]. - The net profit forecast for 2024-2026 is projected to be RMB 1.13 billion, RMB 1.46 billion, and RMB 1.81 billion, with year-on-year growth rates of 24%, 30%, and 24% respectively [6]. Shareholder Information - The major shareholder is ACM Research, Inc., holding 82.01% of the shares [4]. - A total of 360 million shares (82% of the total) will be unlocked on November 18, which may temporarily affect market sentiment [4][5]. Market Performance - The stock price as of November 7, 2024, is RMB 112.60, with a 12-month high of RMB 139.99 and a low of RMB 68.34 [4]. - Over the past month, the stock has decreased by 7.6%, but it has increased by 17.9% over the past three months [4].