ACMSH(688082) 群益证券·2025-02-27 08:34Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [7][9]. Core Insights - The company reported a record high performance in Q4 2024, with revenue growth exceeding 44% year-over-year and net profit growth of 27%, aligning with expectations [7][9]. - The company is expanding its product offerings beyond cleaning equipment into areas such as coating, developing, and wet etching, suggesting strong growth potential in the long term [7][9]. - The stock is currently trading at a price-to-earnings (PE) ratio of 32 times for 2025 and 27 times for 2026, which is considered relatively low [7][9]. Summary by Sections Company Overview - The company operates in the electronics industry, with a current stock price of 111.16 yuan as of February 27, 2025, and a market capitalization of approximately 48.19 billion yuan [2]. - Major shareholder is ACM Research, Inc., holding 81.53% of the shares [2]. Financial Performance - For 2024, the company achieved revenue of 56.2 billion yuan, a year-over-year increase of 44.5%, and a net profit of 11.5 billion yuan, up 26.7% year-over-year [9]. - The gross margin was reported at 48.9%, a decrease of 3.1 percentage points compared to the previous year [9]. - The company’s revenue from semiconductor cleaning equipment reached 40.6 billion yuan, a growth of approximately 55% year-over-year [9]. Future Projections - The company is expected to achieve net profits of 15.3 billion yuan and 17.6 billion yuan in 2025 and 2026, respectively, with year-over-year growth rates of 33% and 15% [9]. - Earnings per share (EPS) are projected to be 3.51 yuan and 4.04 yuan for 2025 and 2026, respectively [11]. Market Context - The demand for semiconductor equipment in China is expected to grow due to the ongoing technological competition and the need for advanced semiconductor processes [9]. - The company is strategically positioning itself to capture a larger market share in the semiconductor equipment sector by diversifying its product range [9].