ACMSH(688082) 中银证券·2025-03-04 07:31Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company aims to become a leader in cleaning and plating equipment in China, with a revenue guidance midpoint of 6.8 billion RMB for 2025, indicating steady growth [3][8] - The company is expanding into new growth areas such as furnace tubes, Track, and PECVD equipment, which are expected to contribute to its second growth curve [3][8] Financial Projections - The company’s projected revenues for 2023, 2024, and 2025 are 3.888 billion RMB, 5.618 billion RMB, and 6.862 billion RMB respectively, with growth rates of 35.3%, 44.5%, and 22.2% [7] - The estimated EPS for 2025 is 3.34 RMB, with corresponding PE ratios of 32.0, 26.4, and 22.3 for 2025, 2026, and 2027 respectively [5][7] - The company expects a net profit of approximately 1.466 billion RMB for 2025, reflecting a year-on-year growth of 27.1% [7][8] Market Position - As of the first half of 2024, the company holds approximately 30% market share in cleaning equipment in mainland China, with a target to increase this to 55-60% [8] - The company also aims to capture 50-55% of the market share in copper plating equipment in mainland China [8] Recent Performance - The company reported a revenue of approximately 5.618 billion RMB for 2024, with a year-on-year increase of 44% [8] - The gross margin for 2024 is expected to be around 48.9%, slightly down by 3.1 percentage points year-on-year [8]