ACMSH(688082) 东吴证券·2025-03-01 23:45Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company is expected to achieve significant revenue growth in 2024, with total revenue projected at 56.18 billion yuan, representing a year-on-year increase of 44.5%. The growth is driven by strong demand in the semiconductor equipment sector and successful expansion into new markets and customer bases [7][8] - The company's net profit for 2024 is forecasted to be 11.53 billion yuan, reflecting a year-on-year growth of 26.7% [8][10] - The report highlights the company's stable profitability, with a gross margin of 48.9% and a net profit margin of 20.5% for 2024 [9][12] Summary by Sections Revenue and Profitability - In 2024, the company achieved total revenue of 56.18 billion yuan, with cleaning equipment revenue at 40.57 billion yuan (up 55.2%), accounting for 72.2% of total revenue. Other semiconductor equipment generated 11.37 billion yuan (up 21.0%), and advanced packaging wet process equipment contributed 2.46 billion yuan (up 53.6%) [7][8] - The company's net profit for 2024 is projected at 11.53 billion yuan, with a net profit margin of 20.5% [8][10] Financial Stability - The gross margin for 2024 is reported at 48.9%, with a slight decrease of 3.1 percentage points year-on-year. The sales expense ratio is 7.5%, and the R&D expense ratio is 13.0%, showing a decrease of 2.8 percentage points [9][12] - The company reported a significant improvement in operating cash flow, reaching 6.49 billion yuan in Q4 2024, indicating better cash collection and increased prepayments due to rising sales orders [14] Strategic Positioning - The company is strategically positioned to benefit from the growing demand for cleaning and plating equipment, with a market share of approximately 23% in cleaning equipment as of 2023. The company has successfully developed various technologies that are internationally competitive [19] - The report emphasizes the company's commitment to a "technology differentiation" and "product platform" strategy, which includes a diverse range of equipment such as cleaning, plating, and coating systems [19] Earnings Forecast - The report maintains the profit forecast for 2025 and 2026 at 15.5 billion yuan and 18.7 billion yuan, respectively, with an expected net profit of 20.7 billion yuan in 2027. The current stock price corresponds to dynamic P/E ratios of 32, 27, and 24 for the years 2025, 2026, and 2027, respectively [20]