ACMSH(SH:688082) Bank of China Securities·2026-03-04 01:29Investment Rating - The investment rating for the company is "Buy" [1][5] Core Views - The company is expected to maintain rapid revenue growth in 2026, with a median revenue forecast of 8.5 billion RMB, representing a year-over-year increase of 25% [3][8] - The company's influence in the cleaning equipment market is expanding, and other semiconductor equipment revenues are also anticipated to grow rapidly [3][8] Revenue and Profit Forecast - The company’s revenue is projected to be 5.618 billion RMB in 2024, 6.786 billion RMB in 2025, and 8.495 billion RMB in 2026, with growth rates of 44.5%, 20.8%, and 25.2% respectively [7] - The EBITDA is expected to reach 1.296 billion RMB in 2024, 1.385 billion RMB in 2025, and 1.984 billion RMB in 2026 [7] - The net profit attributable to the parent company is forecasted to be 1.153 billion RMB in 2024, 1.396 billion RMB in 2025, and 1.736 billion RMB in 2026, with growth rates of 26.7%, 21.0%, and 24.4% respectively [7] Valuation Metrics - The estimated earnings per share (EPS) for 2026 is adjusted to 3.62 RMB, with corresponding price-to-earnings (P/E) ratios of 47.6 for 2026, 38.8 for 2027, and 32.4 for 2028 [5][7] - The company’s market capitalization is approximately 82.7 billion RMB as of February 27, 2026 [5] Market Position - The company is ranked fourth globally in the cleaning equipment market with an estimated market share of 8.0% in 2025 [8] - The company’s other semiconductor equipment business is expected to generate 1.661 billion RMB in revenue in 2025, reflecting a year-over-year growth of 46% [8]