ACMSH(SH:688082) Soochow Securities·2025-08-09 13:59Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company continues to experience high growth in H1 2025, with revenue reaching 3.27 billion yuan, a year-on-year increase of 35.8%, driven by strong demand in the semiconductor equipment sector and successful expansion into new markets [7] - The company's net profit attributable to shareholders for H1 2025 was 700 million yuan, reflecting a year-on-year growth of 57% [7] - The report highlights the company's strong cost control and stable profitability, with a gross margin of 50.7% and a net profit margin of 21.3% in H1 2025 [7] - The company is focusing on platform-based development in cleaning, electroplating, and coating equipment, which is expected to benefit from new demands in HBM [7] - The report projects net profits for 2025-2027 to be 1.55 billion, 1.87 billion, and 2.07 billion yuan respectively, with corresponding dynamic P/E ratios of 33, 27, and 24 times [7] Financial Summary - Total revenue forecast for 2023A is 3.888 billion yuan, with a projected growth of 35.34% [1] - The net profit attributable to shareholders for 2023A is estimated at 910.52 million yuan, with a year-on-year increase of 36.21% [1] - The latest diluted EPS for 2023A is projected to be 2.06 yuan per share [1] - The company’s total assets are expected to reach 12.128 billion yuan by 2024A, with total liabilities of 4.463 billion yuan [8] - The operating cash flow for 2024A is projected at 1.216 billion yuan [8]